My First Tart! (£1430 on Hfx CC > Virgin)

rc55

Hi,

I was just wondering what people's opinions were on my little plan of eliminating my CC debt. I do have other debts and overdrafts, but this one is the stinker so I'm going to start with it first.

I've basically got £1430 on a Halifax Classic Credit Card.

It's had a varying amount of purchases, and (doh!) cash withdrawals which compounds to me paying around £17 interest a month - and I've been doing so for years while it's lingered around its limit. Not only that, but on some occasions it's gone over and had late fees. Halifax have easily made a fair whack out of me but I'm determined to clear the balance as soon as I can.

I'm going to try my best to do my first tart by doing a full balance transfer to Virgin and clear as much of it in 9 months. I've already started ebaying off some of my frivolous purchases (£70 in the pot in 9 days so far!).

My only question is - Am I doing the right thing here?

I believe I have a strong enough will to tart effectively, I was just curious on whether I should jump to it.

Ruairi

ps_live

rc55 wrote:

My only question is - Am I doing the right thing here?

I believe I have a strong enough will to tart effectively, I was just curious on whether I should jump to it.Ruairi

Go for it You'll save over £200 on interest in the first 12 months alone.

cheers :rotfl:

Pete

rc55

I was always worried about switching banks. A lot of credit checks involve "How long have you been with your bank?" - I didn't realise that credit cards were a different affair.

I guess the next thing to tackle is my £300 loan with HFC, it's 0% until October, then it has a horrible default to something like 29%. Time to ebay the Mac mini!

It's worth it for financial liberation...

Ruairi

smartsaver

You can pay off a loan directly online with an EGG card

simonleblank

Why not ask Halifax to transfer it to a Halifax-1 card @ 0% for 9m?

rc55

Is it a good a deal as Virgin?

They both are 9m @ 0% Are there any transfer fees?

Does anyone see a reason why I shouldn't transfer to Halifax One? I'll do that instead of Virgin if people reckon it's a better idea.

Ruairi

fatboyonadiet

Should be the same, don't think they will charge a fee but confirm it with them, you could get a Virgin card anyway and do some Stoozing, but you need to be disciplined

thePhilster69

rc55 wrote:

I guess the next thing to tackle is my £300 loan with HFC, it's 0% until October, then it has a horrible default to something like 29%. Time to ebay the Mac mini!

NO!! Don't do that!! They're a cracking wee computer. Why not get an Egg card, and then do a super balance transfer and pay the loan off, and enjoy another 6 months or so interest free??

rc55

thePhilster69: I may well buy another one soon anyway, because if I sell it now I'll make a saving on the money that I would have had to spend on buying the Tiger upgrade.

I'm gonna look into the Super BT thing now..

I was wondering one other thing - do you need a good credit rating to stooze?

Ruairi

rc55

Hmm Egg only do 0% until October on BT's, and despite being good for Super BT's, I'm confused as to what the best thing to do is... :S

Ruairi

fatboyonadiet

You do need a good credit rating - but can still get refused if you do! Apply for an Egg and Virgin at the same time, that's your best bet, Egg is worth getting and keeping for their offers