credit card advice please

gingerbread_cat

Hi,
Ive just moved house and had to put all the moving costs on credit cards. I've got a bankloan with Barclays that that I can extend and I wondered if it is sensible to do that to pay off the cards because it will bring the monthly payments down...not sure, anyone got any advice please?
Thankyou

[Deleted User]

0% BT card?

cmc_entertainment

How much do you owe on the cards, loan and aprs, term of loan etc?

This would help as a start.

thanks

gingerbread_cat

Sorry, I didnt give much info! Ive done the SOA which may help. Ive applied for tax credits but don't know if I'll get anything (the turn2us calculator thinks I will).

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 980
Partners monthly income after tax....... 0
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 1062

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 441
Management charge (leasehold property).. 0
Council tax............................. 130 - Ive applied for a single person discount
Electricity............................. 50 - guess - these are on key card thingys
Gas..................................... 50
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 30 includes internet
Mobile phone............................ 10 for 2 people
TV Licence.............................. 0 no tv
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 1 adult, 1 starving teenager, 2 dogs and 3 cats
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 25
Car maintenance (including MOT)......... 15
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 40
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1202


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
very...........................440.......30........35
virgin card....................1333......50........22.7
barclaycard....................960.......20........0
bank loan......................7999......202.......0 not sure
Total unsecured debts..........9733......302.......-


Monthly Budget Summary
Total monthly income.................... 1,062
Expenses (including HP & secured debts). 1,202
Available for debt repayments........... -140
Monthly UNsecured debt repayments....... 302
Amount short for making debt repayments. -442

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,733
Net Assets.............................. -4,733

cmc_entertainment

On regards to Tax credits, you should get a full/near award due to your income.

Confirm here:
http://taxcredits.hmrc.gov.uk/Qualify/DIQHousehold.aspx

You also could apply for Housing benefit, and if you are private renting, that could be paid direct to the landlord.?

cmc_entertainment

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 980
Partners monthly income after tax....... 0
Benefits................................ 82 - Is this just Child Benefit?
Other income............................ 0
Total monthly income.................... 1062

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 441 - Any chance of Housing Benefit?
Management charge (leasehold property).. 0
Council tax............................. 130 - Ive applied for a single person discount - Ask for a back payment maybe ?
Electricity............................. 50 - guess - these are on key card thingys - Any chance at all to go onto meters
Gas..................................... 50 - As above Any chance at all to go onto meters
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 30 includes internet
Mobile phone............................ 10 for 2 people
TV Licence.............................. 0 no tv - Is this correct. Im sure that you still need one even if you are watching ondemand/streaming. Correct me if I am wrong
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 1 adult, 1 starving teenager, 2 dogs and 3 cats - Sounds reasonable to me ~50/wk
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 0 - Nothing is here
Car Insurance........................... 25
Car maintenance (including MOT)......... 15
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 40
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1202


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
very...........................440.......30....... .35
virgin card....................1333......50........22.7
barclaycard....................960.......20....... .0
bank loan......................7999......202.......0 not sure
Total unsecured debts..........9733......302.......-


Monthly Budget Summary
Total monthly income.................... 1,062
Expenses (including HP & secured debts). 1,202
Available for debt repayments........... -140
Monthly UNsecured debt repayments....... 302
Amount short for making debt repayments. -442

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,733
Net Assets.............................. -4,733

greensalad

You shouldn't really be saving an emergency fund while you have debt. Paying your emergency fund off the credit card will reduce your interest meaning you can pay it off quicker. If disaster strikes, you can use the empty balance on your credit card to pay for the emergency...

greensalad

cmc_entertainment wrote: »

I'm sure that you still need one even if you are watching on demand/streaming

License only required while you're watching live broadcasts (whether that be via aerial, satellite, or internet). But if you only watch catch-up, Netflix or DVDs then it's fine to not have one.

cmc_entertainment

Seeing the above, and going back to your original Q of

I've got a bankloan with Barclays that that I can extend and I wondered if it is sensible to do that to pay off the cards because it will bring the monthly payments down

You currently are paying minimums and still not meeting your outgoings to incomings, and are -£442/month

anna_1977

gingerbread_cat wrote: »

Sorry, I didnt give much info! Ive done the SOA which may help. Ive applied for tax credits but don't know if I'll get anything (the turn2us calculator thinks I will).

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 980
Partners monthly income after tax....... 0
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 1062

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 441
Management charge (leasehold property).. 0
Council tax............................. 130 -
Electricity............................. 50 - gas/elec is high for 2 people I think
Gas..................................... 50
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 30 who arre you with? haggle
Mobile phone............................ 10 for 2 peoplethat's good
TV Licence.............................. 0 no tv
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 1 adult, 1 starving teenager, 2 dogs and 3 cats
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 0 no tax?
Car Insurance........................... 25
Car maintenance (including MOT)......... 15
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60what are these?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 40
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 40I'm sorry but this should be reduced
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1202


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
very...........................440.......30........35
virgin card....................1333......50........22.7
barclaycard....................960.......20........0
bank loan......................7999......202.......0 not sure
Total unsecured debts..........9733......302.......-


Monthly Budget Summary
Total monthly income.................... 1,062
Expenses (including HP & secured debts). 1,202
Available for debt repayments........... -140
Monthly UNsecured debt repayments....... 302
Amount short for making debt repayments. -442

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,733
Net Assets.............................. -4,733

Hi
Well done on doing the SOA
My comments are in red. How old is your child? Just thinking about timescales with benefits. You should definitely be entitled to benefits, how many hours do you work?
Do you NEED a car?
Good luck

gingerbread_cat

Thankyou all!

I haven't worked out the multi-quote thing, but

son is 15
gas/electric - Ive just read the MSE guide to ditching prepayment meters so will try that, thanks
my car is nil road tax - can't get rid of it cos I need it for work but its cheap to run
benefits - yes its just child benefit but I've claimed tax credits (yet to hear) and Ive just phoned for a housing benefit form. I work 30 hours.
Child related expenses - its school dinners, which are compulsory. No packed lunches allowed. Effing stupid, I know.
Entertainment, yes you are right, I will reduce it.
Emergency fund - I think I read about having one on one of the forums, but what you are saying makes sense.
TV licence - we are not watching or streaming - so should be fine.

I'm thinking if the tax credits calculator is right I will be able to make better repayments - we are quite frugal normally and its just circumstance that has knocked us so far out. Didn't realise I may get housing benefit either so thankyou for the suggestions!