Repayment to Interest Only

Noobie2011

libf wrote: »

The interest rate on withdrawing cash on a credit card is horrific. Don't do it.

I agree and not an ideal option but if I can cover that and still use that money withdrawn to eat into a high interest card then it would be better there than sitting on a low interest card and the money spread in small parts over all cards rather than making a big dent in one problem card.

Noobie2011

safestored4 wrote: »

Your water rates of £40 per month seem quite high for the two of you. Are you on a meter? If not I suspect that you could make savings by moving to this, we certainly did.

Not on a meter no and pretty much the standard price I have always paid roughly wherever we lived

andys15

I wouldn't advise spending anything on credit cards, but if you are insistent on withdrawing cash, you are better buying petrol with the credit card and then using the cash saved to do your credit card idea. What mobiles do you have?

Noobie2011

andys15 wrote: »

What phones do you have where it's costing £50 s month each? I have an iPhone 6 and that is £38 with 5gb, unlimited texts. How long into the contract are you? B

Well I am with Vodafone and contract ends in Nov 2016 and partner is with O2 and contract ends Sept 2016

Noobie2011

andys15 wrote: »

I wouldn't advise spending anything on credit cards, but if you are insistent on withdrawing cash, you are better buying petrol with the credit card and then using the cash saved to do your credit card idea. What mobiles do you have?

I know you don't agree with the idea but that would likely save me the time and expense of withdrawing the cash from them. Thank You

andys15

Yes but what phones do you have. For £50 a month they must be good phones. What are they?

Noobie2011

andys15 wrote: »

Yes but what phones do you have. For £50 a month they must be good phones. What are they?

Both iPhone 6's

WellKnownSid

Noobie2011 wrote: »

That is true however my payment to Peter each month is worked out on the balance being max'd and the low interest rate where as Paul's Interest rate is high and the more I pay to him makes more of an impact to the Interest and monthly payments.

It is not ideal and will probably just look at using the 118 money to get rid of the vanquis within 2 months and go from there

The trouble is - you can only rob Peter once. If you're only paying minimum repayment, there may not be any spare balance the following month as interest covers most of the repayment - so you'll still be maxed out the following month and have even less leeway overall.

Any other ways of raising cash? Car sharing options getting to work (either you getting petrol money or getting a lift?).

andys15

Well then you need to take the SIM cards out and get 2 cheap phones and sell them both. If you cannot get out of the contracts, they going to cost you £50 a month anyway. You will probably get about £600-700 for them. You cannot afford 2 x iPhones 6s.

WellKnownSid

Noobie2011 wrote: »

Both iPhone 6's

Maybe worth finding out how much to get out of the contract(s). They'll sell easily, although the replacements are out this week so you'll want to get them on eBay ASAP.

That could double your disposable in one go.

Buy a couple of PAYG phones from Tesco. Less than £20 job done.