stressed out.

kokimizuno

Hi great forum long time lurker not much of a poster but now I need some financial help please!


capital one £300 apr 14.1%
mbna £300 apr 26.4%
next £400 apr 25.99%
nationwide £950 apr 19.99%
Santander £1400 apr 19.9%
total £3350


I have the option of 0% until March 2015 on my mbna card which has a balance of £300 I am thinking of transferring the lot onto the card (limit £5200) to keep it in one place, now the transfer fee is 5% so will cost me £152.50 in fees, however this is a lot less than the minimum payments that i will be making over the year. Is this a good idea?


Also like to add its 0% on money transfers as well, i am thinking of paying the £300 and then transferring the money back to my bank account as i cannot afford to pay the £300 so this will cost £15 instead of roughly £60 i will be paying on the £300.


i am just looking for some thoughts as this is stressing me out on what to do ive, been sitting working it out in my head on and off for 3 days and i feel ready to explode.

Tixy

Hi

How much are you paying towards the debts in total a month? or how much do you intend to pay each month going forward?

Certainly likely to be worth transferring the nationwide and santander debts, for the other transfers depends on how much you are paying a month.

kokimizuno

Thanks for replying. I intend to pay approx. £100 towards this deby this is why I would like to put them all on the one card because I will get into a habit of paying just the minimum payments which will range between £10 - £25 and take me years to pay off.




The only thing that is putting me off making this transfer as I tend to fall into the habit of using the cards again and the thought of paying 26.4% after 0% ends on a couple of grand gives me a headache.


I also have a £12000 loan with TSB and £4000 balance on a Halifax credit card at 12.5% I pay £180 per month to loan and minimum payment of £45 to Halifax card this is why im so stressed out putting these on the one card I feel I may be in more control.

MallyGirl

if you only pay £100 pcm on the combined debts that will have only paid off £1200 by the time the 0% runs out. leaving over £2000 debt at the rate of 26.4% - more than you currently get charged on most of the debt.
I would only transfer what you can pay off in the 12 months - if it was me I would pay off Next and Nationwide (and close the account/cut up the cards) and pay just more than £100 to shift them both in the timeframe.

thecassman86

Is £100pm the amount you have in total for all of these debts? As Tixy suggested, we could do with knowing what the minimums are etc because you'll only pay £1200 in the next 12 months and if you were to do MallyGirl's suggestion above you'll have no money left over to cover your other cards.

MallyGirl

good point - always tricky to advise when you don't have all the facts