What to do??

CharlieandAlice

I've copy and pasted the following from the end of my SOA thread as i want to make sure people see it. Sorry if this was the wrong thing to do.

Advice needed again please. I had planned on moving the debt with the highest apr, Alliance and leicester (see below) to egg in august for my anniversary offer of 0% for 5mths with a fee to transfer but this morning i have received a letter from them offering me a fee free transfer of 5.9% life of balance. I don't currently owe anything on the card and i could put all the debt on it apart from the M & S 3.9% life of balance card and then wouldn't need to transfer again just keep working at paying it off. Would this be the right thing to do or should i hold out for the anniversary offer bearing in mind that after 5mths it will go up to 17.9%. I'm thinking i should just shift all the debt now. Oh and as of yesterday the HSBC O/D was £999.03 instead of the £2000 it was on the 23/6/07:T thanks to ebay selling and throwing every penny at it.

Debts Min Payment Total Owing apr Credit Limit
HSBC £2,000.00 18.6 £2000.00
Lloyds TSB £46.00 £2,281.00 15.938% £4500.00
M & S £104.00 £3,383.95 3.9% £4000.00
Alliance & Leicester£48.72 £2,227.82 24.9496% £3500.00
Egg £0.00 £0.00 17.9% £8500.00
HSBC £7.00 £240.81 14.9% £10000.00
Total £205.72 £10,133.58

Seaxwyn

Hi CharlieandAlice

I'm not an expert but I would say - yes, go for the fee-free low life of balance deal.

I've got nearly half my credit card on low LOB and it feels much better than stressing about whether you'll be able to transfer it again when the deal is up. Also paying fees surely undoes a lot of the benefit of having it on 0%.

Low LOB gives you more peace of mind so I'd say go for it.

CharlieandAlice

Thanks Seaxwyn, i've just gone onto egg and moved all the debt except M & S to egg. I've put the new figures in the snowball and my monthly interest payment has gone down from £105 to £36!!! and my dfd is now Dec 2008:rotfl:

Seaxwyn

Wow! Brilliant result! Good luck paying it all off.