I am such an idiot! When will I learn?

shoe*diva79

judi24 wrote: »

Shoe Diva thank you for the advice about CSA - the problem has just got more complicated as my DS is now with me full time - but I'm not sure how long for! The situation is really complicated as my ex won't have my son while he is on a trial of medication (my DS wants to be on the trial and it is having a fantastic effect! he has ADHD and has been struggling in school) but I don't know what will happen at the end of the 5 weeks - I am hoping my DS decides to stay with me rather than going back to shared care - so I don't know whether to apply now or wait - athough my ex hasn't paid anything since April! I did ask him just to help with DD3 school trips (£400) but he just says he can't afford it - its funny though that his partner is posting all over FB that they are going on a Carribean cruise! It really annoys me that he won't even help out a little!

Apply now. If your son decides to go back to shared care then you can let the CSA know there is a change in circumstances and they will recalculate.

judi24

Thanks for the advice Shoe Diva - I did phone them a few weeks ago but didn't do the full application as they wanted to look into the shared care regulations - they didn't ring back and as things seem to be constantly changing I didn't follow it up. Spoken to my son tonight and he is now saying he wants to saty with me full time only spending 2 weekends a month with his dad but his dad has some kind of hold on him so when he sees his dad again this might change!!

judi24

Ok credit card balance transfer question - bear with me its a bit complicated (hense the reason I can't work out what to do!) but I have no doubt some bright spark on here will be able to make sense of it!


I have been offered a 0% balance transfer on my Barclaycard but only until 1st May 2015 however I have very little spare balance to use. I have an empty Nationwide CC with 12.9% APR.
My balance on the Barclay card is £1038 at 6.89% (LOB) and £5345 at 17.88% APR. My Tesco CC has a balance of £4549 at 16.9% APR


My question is should I:


Transfer the £5345 of the barclaycard to the Nationwide (fee is 2.4%) then move the balance on the Tesco card to the Barclaycard (fee 1.9%)


I am paying around £800 a month off the credit cards - so not sure it is worth paying the fees or should I just keep paying down the balances hoping that Nationwide might offer me a better rate at some point!!!


Confused!!!

shoe*diva79

judi24 wrote: »

Thanks for the advice Shoe Diva - I did phone them a few weeks ago but didn't do the full application as they wanted to look into the shared care regulations - they didn't ring back and as things seem to be constantly changing I didn't follow it up. Spoken to my son tonight and he is now saying he wants to saty with me full time only spending 2 weekends a month with his dad but his dad has some kind of hold on him so when he sees his dad again this might change!!

You need to make this decision based on your current circumstances, which are that your children live with you with access visits to their father. If/when your son changes his mind then you can have a reassessment.

Your case will be very straight forward now. The CSA will check your ex salary via the HMRC interface that they have access to. He wont need to send in wage slips or anything.

judi24

shoe*diva79 wrote: »

You need to make this decision based on your current circumstances, which are that your children live with you with access visits to their father. If/when your son changes his mind then you can have a reassessment.

Your case will be very straight forward now. The CSA will check your ex salary via the HMRC interface that they have access to. He wont need to send in wage slips or anything.

I guess my real issue is whether I am willing to open the can of worms! My ex is a bit of a nightmare to deal with!

Butti

judi24 wrote: »

I guess my real issue is whether I am willing to open the can of worms! My ex is a bit of a nightmare to deal with!

I'm guessing Judi that being a bit of a nightmare is your ex's passive aggressive way of trying to avoid responsibility.

You could do balance transfers or pay off and wait. I found I started getting 0% offers about 6 months after I started paying big chunks off the CC's.

enthusiasticsaver

judi24 wrote: »

Ok credit card balance transfer question - bear with me its a bit complicated (hense the reason I can't work out what to do!) but I have no doubt some bright spark on here will be able to make sense of it!


I have been offered a 0% balance transfer on my Barclaycard but only until 1st May 2015 however I have very little spare balance to use. I have an empty Nationwide CC with 12.9% APR.
My balance on the Barclay card is £1038 at 6.89% (LOB) and £5345 at 17.88% APR. My Tesco CC has a balance of £4549 at 16.9% APR



My question is should I:


Transfer the £5345 of the barclaycard to the Nationwide (fee is 2.4%) then move the balance on the Tesco card to the Barclaycard (fee 1.9%)


I am paying around £800 a month off the credit cards - so not sure it is worth paying the fees or should I just keep paying down the balances hoping that Nationwide might offer me a better rate at some point!!!


Confused!!!

Hi Judi


I have modelled your proposal but obviously I have had to make certain assumptions. It is based on the interest on each credit card going on at the beginning of the month and the payment going on at the end (worst case scenario) and also assumed that the payments of £400 will come off the higher paying Barclaycard debt rather than the £1038 at 6.89%. Also I have assumed each month as having 30 days and the cards charging daily interest.


If you continue as now your debt on your Tesco card will be £2457 assuming the interest rate remains at 16.9% and the payments of £400 per month continue and interest paid will be £308 from November to April. The Barclaycard £1038 will remain as it is and the £5345 will stand at £3331 assuming 17.88% interest and you will pay £385 interest over the period in question.


If you move your Barclaycard balance(£5345) to Nationwide at 12.9% then the balance at the end of April would be £3221 (rounded up) but you would have a fee of £128 plus interest(£8) again assuming that the £400 comes off each month.


If you then move your Tesco balance of £4549 to Barclaycard then there will be 0% interest but presumably you will still be paying the £400 per month off this balance otherwise when you get to next May you will still have the higher balance then starting to attract highest interest (17.88%) unless you move it again. I would suggest therefore still paying this so it would stand at £2149 at the end of April but you would have a fee of £85 (not sure if this attracts interest). so altogether £2234.


So to summarise


debt at end of April 2015 as things stand now


Barclaycard 1038 (6.89%)
Barclaycard 3331 (17.88%)
Tesco 2457 (16.90%)
TOTAL £6826


If you move your Barclaycard debt of £5345 to Nationwide at 12.9% and your Tesco debt of £4549 to Barclaycard at 0% until 1 May 2015 it will be as follows:


Barclaycard 1038 (6.89%)
Nationwide 3357 (12.9%) including (2.4%)fee + interest of £128(+ comp interest on fee)
Barclaycard 2234 (0% until 1.5.15 then 17.88%) incl fee of (1.9%)£85
Total debt £6629


It does look very much as if it would be worthwhile to use the 6 months 0% deal on the Barclaycard if my assumptions are correct.


Hope this helps and good luck with your drp.

shoe*diva79

judi24 wrote: »

I guess my real issue is whether I am willing to open the can of worms! My ex is a bit of a nightmare to deal with!

He is a nightmare to deal with because you're letting him take the mick out of you. All the time he can get away without paying what he is legally and morally due to pay, he will. You need to stand your ground. What can he do? Refuse to pay? The CSA will take it direct from him wages.

judi24

enthusiasticsaver wrote: »

Hi Judi


I have modelled your proposal but obviously I have had to make certain assumptions. It is based on the interest on each credit card going on at the beginning of the month and the payment going on at the end (worst case scenario) and also assumed that the payments of £400 will come off the higher paying Barclaycard debt rather than the £1038 at 6.89%. Also I have assumed each month as having 30 days and the cards charging daily interest.


If you continue as now your debt on your Tesco card will be £2457 assuming the interest rate remains at 16.9% and the payments of £400 per month continue and interest paid will be £308 from November to April. The Barclaycard £1038 will remain as it is and the £5345 will stand at £3331 assuming 17.88% interest and you will pay £385 interest over the period in question.


If you move your Barclaycard balance(£5345) to Nationwide at 12.9% then the balance at the end of April would be £3221 (rounded up) but you would have a fee of £128 plus interest(£8) again assuming that the £400 comes off each month.


If you then move your Tesco balance of £4549 to Barclaycard then there will be 0% interest but presumably you will still be paying the £400 per month off this balance otherwise when you get to next May you will still have the higher balance then starting to attract highest interest (17.88%) unless you move it again. I would suggest therefore still paying this so it would stand at £2149 at the end of April but you would have a fee of £85 (not sure if this attracts interest). so altogether £2234.


So to summarise


debt at end of April 2015 as things stand now


Barclaycard 1038 (6.89%)
Barclaycard 3331 (17.88%)
Tesco 2457 (16.90%)
TOTAL £6826


If you move your Barclaycard debt of £5345 to Nationwide at 12.9% and your Tesco debt of £4549 to Barclaycard at 0% until 1 May 2015 it will be as follows:


Barclaycard 1038 (6.89%)
Nationwide 3357 (12.9%) including (2.4%)fee + interest of £128(+ comp interest on fee)
Barclaycard 2234 (0% until 1.5.15 then 17.88%) incl fee of (1.9%)£85
Total debt £6629


It does look very much as if it would be worthwhile to use the 6 months 0% deal on the Barclaycard if my assumptions are correct.


Hope this helps and good luck with your drp.

Thanks - that is really helpful response - I could pay the minimum on the Barclaycard and pay down the Nationwide card with the hope that by May I will either have another balance transfer offer or have repaired my credit enough to get another low iintrest balance transfer card

judi24

shoe*diva79 wrote: »

He is a nightmare to deal with because you're letting him take the mick out of you. All the time he can get away without paying what he is legally and morally due to pay, he will. You need to stand your ground. What can he do? Refuse to pay? The CSA will take it direct from him wages.

Thanks Shoe Diva I rang tonight but they had no advisor to speak to me - they are going to ring me back! You are right - I am putting off so I don't have to deal with the s**t he causes - but that is giving in to his bullying tactics!!!