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0% credit card or Loan?? Help
2kidsonedog
Posts: 69 Forumite
Hi we have hit our LBM.(hope that's right)
we want to add all our debits together so we only have one bill.
total owing is £7010. some on a 0% cc that runs till Nov some on cahoot loan & the rest is over spend.
we have £2000 bonus due in april so we know we can clear £2000 then so only need to pay £5000 from our monthly income.
i have been looking at taking out a new 0% for 12 months as i know & we will clear it by then.
or are we better gettting a loan to clear it all.
we can afford to pay £500 a month towards the debit as the money we owe is money spent doing work on our home which is now all done so we won't be adding to the debit.
thanks for all your advice
we want to add all our debits together so we only have one bill.
total owing is £7010. some on a 0% cc that runs till Nov some on cahoot loan & the rest is over spend.
we have £2000 bonus due in april so we know we can clear £2000 then so only need to pay £5000 from our monthly income.
i have been looking at taking out a new 0% for 12 months as i know & we will clear it by then.
or are we better gettting a loan to clear it all.
we can afford to pay £500 a month towards the debit as the money we owe is money spent doing work on our home which is now all done so we won't be adding to the debit.
thanks for all your advice
Debit.
Car Loan ----Cahoot [strike]£1650 [/strike] [strike]£1550[/strike] £450hope to be paid by oct.
Doing the house up ---- M&S 0% till nov. [strike]£4660[/strike] [strike]£4530[/strike] £4530moved to A&L 0%
& over spend this month [strike]£700[/strike]£300
total todate [strike]£7010[/strike]£5280
mortgage !!!!!!£107000 18years left 5.25% fixed 5years.
:T on the plus side
Ebay £298
Quido £176
Car Loan ----Cahoot [strike]£1650 [/strike] [strike]£1550[/strike] £450hope to be paid by oct.
Doing the house up ---- M&S 0% till nov. [strike]£4660[/strike] [strike]£4530[/strike] £4530moved to A&L 0%
& over spend this month [strike]£700[/strike]£300
total todate [strike]£7010[/strike]£5280
mortgage !!!!!!£107000 18years left 5.25% fixed 5years.
:T on the plus side
Ebay £298
Quido £176
0
Comments
-
If you can guarantee you will pay off the remaining £5k, and don't use the card, I would go for the 0% c/card. I would suggest you set up a standing order for £500 each month, then when you get your bonus you can pay a big lump off, then it should be cleared within the 12months
Good luck!0 -
Floss thanks that's what we thought just wanted to hear someone agree with us.Debit.
Car Loan ----Cahoot [strike]£1650 [/strike] [strike]£1550[/strike] £450hope to be paid by oct.
Doing the house up ---- M&S 0% till nov. [strike]£4660[/strike] [strike]£4530[/strike] £4530moved to A&L 0%
& over spend this month [strike]£700[/strike]£300
total todate [strike]£7010[/strike]£5280
mortgage !!!!!!£107000 18years left 5.25% fixed 5years.
:T on the plus side
Ebay £298
Quido £1760 -
I'll second what Floss said. Just transfer the lot then cut the card up.0
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