New to this. Help!!!!

DMurphy13

Hi,

I am 22 years of age and currently renting a property. I make roughly £19,500 per year before tax and I am trying to settle into the way of paying for stuff!!!

As a student I opened a bank account and was given a free overdraft of £1150 ( which of course I maxed out!!!)

As I am now working full time I think it is important to pay off my debts,

I have car payments which are £93 per month (£4000 to settle the payments early) and also have to pay back my £1150 overdraft. I pay around £40 every quarter for this overdraft,

Does anyone know if it is possible to get a credit card and put these loans onto that card and just have one payment each month? And if so can anyone recommend any?

Any help would be great!!


Thanks,
Dave

CLAPTON

why would you want to do that?

makes no sense to transfer low interest rates debts to higher interest rate debts

grumbler

DMurphy13 wrote: »

....
I have car payments which are £93 per month (£4000 to settle the payments early)

APR? Months left? Any penalties for overpaying or early settlement?
Is £4000 just £93x(number of months)?

NPHammer

Clapton - what was the point in that comment? It was neither helpful in tone, nor factually accurate.

It Mr Murphy can get approval for a super balance transfer card (that allows you to transfer money to a current account) the OP has the potential to save a lot.

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Most MBNA powered cards offer this feature. The pick being the Virgin 26 month card. 4% fee for the balance transferred, You can use the MSE Eligibility checker for the card. You may also want to have a look at Fluid cards, also backed by MBNA which has it's own pre eligibility check.

patanne

As you are new to this I am going to try to be gentle (which I confess I am not very good at so I will apologise in advance). A few questions for you so that I think you will be able to answer your own question, which is always better than having someone answer it for you. Do you have £220 for the balance transfer fee? Do you know a cc that will let you have a limit of £5550 on an annual income of £20k? Have you been paying £150 per month off your overdraft? Are you sure you won't spend on this card or miss a payment & land up having to pay large interest rates on the debt? Having said all that, are you disciplined enough to be positive that you will pay it all off in the time allowed just in case you cannot get another cc at the end of the 0% period?

An answer of no to any of these questions then this would be a bad idea. I have to say I am with Clapton on this - just in case you wondered.

CLAPTON

NPHammer wrote: »

Clapton - what was the point in that comment? It was neither helpful in tone, nor factually accurate.

It Mr Murphy can get approval for a super balance transfer card (that allows you to transfer money to a current account) the OP has the potential to save a lot.

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Most MBNA powered cards offer this feature. The pick being the Virgin 26 month card. 4% fee for the balance transferred, You can use the MSE Eligibility checker for the card. You may also want to have a look at Fluid cards, also backed by MBNA which has it's own pre eligibility check.

If you are unable to understand my post then it's probably best for you to avoid commenting.

True, it states the blinding obvious but sometimes that is necessary.

NPHammer

MBNA will give a £5k limit on £20k income.

They will let you transfer up to 95% of your balance. So £4750, which would represent a fee of £190. Which I would put to you is vastly less than most car finance offers would cost you over 26 months.- allowing the OP to improve their situation around their most expensive debt.

If your main priority is to attempt (and fail) to appear wise and be condescending towards others rather than attempt to be genuinely helpful I would suggest you perhaps consider you motivations for your presence on this forum.

patanne

I believe my questions still stand as the situation is only viable if the answers are yes!!!

grumbler

patanne wrote: »

I believe my questions still stand as the situation is only viable if the answers are yes!!!

Not necessarily.

patanne wrote: »

Do you have £220 for the balance transfer fee?

The fee gets added to the balance. If it has to paid with the first monthly payment, the OP will need less than £220 as they won't need to pay £95 for the car.

Do you know a cc that will let you have a limit of £5550 on an annual income of £20k?

A smaller amount can be transferred. Every little helps.

BugsyBrowne

NPHammer wrote: »

MBNA will give a £5k limit on £20k income.

They will let you transfer up to 95% of your balance. So £4750, which would represent a fee of £190. Which I would put to you is vastly less than most car finance offers would cost you over 26 months.- allowing the OP to improve their situation around their most expensive debt.

If your main priority is to attempt (and fail) to appear wise and be condescending towards others rather than attempt to be genuinely helpful I would suggest you perhaps consider you motivations for your presence on this forum.

CLAPTON has 16,000 thank you's from posters to his name on this forum Mc-Hammer you've got 21, so I'm 100% sure he's not being condescending do you?

NPHammer

BugsyBrowne wrote: »

CLAPTON has 16,000 thank you's from posters to his name on this forum Mc-Hammer you've got 21, so I'm 100% sure he's not being condescending do you?

I'm 100% sure that if you were to type in English I'd have a better chance of making sense of your strange efforts to troll me.