15 grand loan by credit cards

stbdf

Hi i am a hesitant newcomer totally enthiused by this site.

I am looking to bring all my debt under control. my aim is to generate 15000 by credit card transfer this capital into my current account and then pay off a post grad loan currently 7.9 apr, a credit card bill of 4,390 and a parent loan of 7000. i would then like to transfer all the credit card debit onto a low apr for life card e.g. Texaco, and pay that off as if like a personal loan. my salary is 24000 pa, and i currently meet all my debit payments. I have been given 5500 by egg, 5000 by M&S and have been accpted by IF but not sure of the credit amount just yet. I have to get rid of 4390 of debt from a virgin card by 6th of June.
I feel i have entered into this process of tarting confidently, however i need and would like some experienced help to show if my plan is possible. most grateful for any help.
cheers.

Reaper

A few points - I assume you have just applied for the Egg, M&S and Virgin cards (good choices by the way), so you will be making use of their 0% deals. It's just that you mention getting a low APR LOB card too and I don't see a need for one until the 0% periods are about to run out. Even then you have the option of trying for more 0% cards.

Don't apply for too many cards at once as it makes you look desperate and the later ones may be more reluctant to give you one or they will give you low credit limits.

If you applied for all the 3 you mention recently then pause for a few months before applying for any more, even if you fall slightly short of your target.

Also if you get too many it will make it hard to get any more when the 0% runs out and you need to transfer the money on to new cards. Take it slowly and go for the long term.

Pay off the minimums amounts during the 0% period, if you can afford more then put it in savings for now ready to pay it all off later. You may as well earn some interest on it rather than paying off a debt you pay no interest on.

You seem to be on the right track. Good luck.

Jacster_2

stbdf wrote:

Hi I am looking to bring all my debt under control. however i need and would like some experienced help to show if my plan is possible. most grateful for any help.
cheers.

If you start a thread on the debt-free wannabe board there are lots of experienced people on their who can give advice if you post your budget - have a look at some of the other threads on there for inspiration.

Good luck;)

stbdf

Many thanks for your reassurances Reaper,
However, my virgin card is coming to an end and i have to transfer 4,000 to a new card, hence M&S, IF and EGG card applications, all of which have been accepted. I plan to then close the virgin card, is that wise? I plan not to apply for another card for another 5, months when the egg card offer expires, but i plan to hold onto that because of the sbt. Thanks also to Jacster, i shall check out the debt-free wannabe board.

Reaper

Yes, close the Virgin card. Eventually they will consider you a new customer again and you can come back and get another 0% deal. But leave it until you have used up all the other good 0% deals out there.

You are on the right track. Just make sure you use the break from paying interest to reduce the total debt. Some people just see it as as way to make the problem go away for a bit.