3 cards , 3 offers, 1 headsctrach

wellsy07

Hi People
Iv already posted similar question, however iv got new scenario and
Was wondering what's the way foward sensibly

I have 3, card's.
Virgin now at 1744 (limit 3k) balance transfer onky 0% til december 2015
Halifax all in one with 360 (limit650) purchase and balance transfer 0%
Until April 2015

Barclays 228.(limit manually reduced by me to 4k from 6.5)
The promotional period on that ends next month, I know only low amount but still going to start interest all the same

After all bills now paid,and shopping done have 165 in current accounts to get by
(with 2.kids )

The offers iv got are
balance transfers from virgin until January 2015 0% but 2.90
Fee,

Barclays 0% transfers of new balances until february 2015 fee 3.9%
...... Also money transfer to current account 0%.until August 2014 at 1.9% fee

I'm ignoring tge fact I'm getting a smalling inheritance cash next month as I feel I shouldn't chuck it all at cards when it could make interest somewhere?

Thers a few idea's iv thtought but not good at all the maths/sensibility
I thought transfer Halifax to Barclays, then perhaps Barclays to virgin or Halifax?

Or transfer the 360 cash to account at 1.9% to pay Halifax and then use my current acounnt to pay lump of The 228.effectively transferring at 1.9% rather than 3.9?.is that right or am I being foolish?
Then I'd use Halifax as a "debit" card and keep paying on payday

Hope this makes sense

bigadaj

You are over complicating things, as you need a plan to clear this debt in the longer term, there's no guarantee you'll continue to get 0% cards and in any case you have to pay the fee.

If I were you I'd pay off the barclaycard and just coninue to use that for normal shopping paying off in full every month.

Potentially use your inheritance for that and put the remainder in a bank account to oay off the other zero per cent cards when they finish.

Probably useful to pay slightly over minimum on the cards as well, as this avoids minimum payment markers that could adversely affect your credit files.

You can try stoozing but interst rates are so low I personally don't think its worthwhile, unless you put into investments and there is risk in that that may well not be advisable.

CLAPTON

doesn't make any sense

you are unlikely to get 2% on any savings from the inheritance yet you are paying 2.9% -3.9% fee for BT


clear as much off the debts asap and then consider what debt you have left and try to clear that with the lowest interest and fees.

fuzzgun19

No advice, but wanted to tell you it's 'I've', not 'iv'...

wellsy07

hello fThank fuzz.....really usefull, I guess You have too much Time alone

Regarding the post,
I possibly am over thinking a bit
I fully intend on, and will clear all the balances by december 2015
But its the offers of transferring balances , shuffling I guess, that
Has made ne think will that be cheaper shuffling with offers than allowing the Barclays
To gain intest when it reverts back to standard 18.9 Apr for say 3 months?

The balance transfer fee vs intrest on a monthly basis

Judt the fact if I then switched the Halifax balance to Barclays
Existing customer offer i get to use the spender (halifax) for daily spending and clearing
Per month which I'm told helps credit history?

Sorry I'm probably not explaining brilliantly, but hope this makes it straighter

wellsy07

Oh and the offer of money transfer into account at 1.9% then 0% until august 2014
As opposed to a balance transfer, I'm guessing this be cheaper than
Transfer at the rates on offer? As this figure would be cleared by august easy

Cash_Flow

fuzzgun19 wrote: »

No advice, but wanted to tell you it's 'I've', not 'iv'...

"but wanted" ? maybe next time you could try----> but I wanted.

fuzzgun19

Cash_Flow wrote: »

"but wanted" ? maybe next time you could try----> but I wanted.

:rotfl::rotfl: