How do I do it

Pontoon

I have spent the last year being a bit more decadent than I really should have. I have managed to rack up a bit of debt which I want to get rid of quickly and hopefully get myself into a saving money/making money situation.

I've noticed some stuff about Stoozing, and I am tempted to try it, but wondering if I've got the right idea.

Debt at the moment
Post Office Credit card = £1800 (limit £4000)
HBOS Credit Card = £800 (limit £2000)
HBOS Overdraft = £3000

Now from what I understand I can pay off the overdraft with credit card cheques, putting this all on my cards. Then balance transfer to a 0% card and pay minimum payments for the life of the 0% while putting money in a savings account to pay it off. Then at the end of the 0% either transfer the money to another 0% or pay it off.

My aim is to have the balance paid off within a year, but this isn't budgeting for random expenses.

I was looking at the RBS Platinum card, but i noticed the balance transfer charge and started trying to work out how much that would cost and whether this would all be worth it in the end. I have managed to lose myself in numbers so now I'm a bit confused as to whether this is worth it and which card to go for.

Can anyone advise me as to which card is best and if I should bother paying my overdraft or just try and get rid of it without the hassle of putting it on the credit card?

CLAPTON

essential pieces of information are your current APRs

Pontoon

Po is 15.9% I think, I'm just at the end of a 0% (I went on holiday to Canada so it was for the foreign money thing I got it for.) My total limit for this card I've just checked and its actually £5000

HBOS 13.9% This was 0% when I got it, but it ran out ... and I haven't got rid of it yet:-( Total limit is actually £3050

Overdraft 1.24%per month (15.9 EAR)

All I know is I need to do something soon before I get any worse and end up never getting out my overdraft. Once its paid off this time I'm cancelling it! Forever!

CLAPTON

steps in paying off debts

-increase income..maybe parttime job?

- reduce spending. start by working out a proper budget and sticking to it.

- pay less interest.

The RBS card seems a good option at only 2% BT fee and 0% for 13months.
As your OD is your cheapest debt, I would suggest you transfer as much as possible of the CCs to it subject of course to the credit limit.

Pontoon

Ironically I'm on much better income than I was this time last year (doubled it) Though this time last year I had hardly any debt at all. However I also decided to live on my own having split with my partner. As of October however that will be over and I'm moving in with a friend and will be reducing my outgoings by about half by doing this. Therefore the part time job isn't really needed just yet.

Reducing spending is going to be hard, but I'm pretty good generally. Most the debt was incurred going to canada for my friends wedding and being a contractor losing almost 3 weeks pay, which is my own fault for not having money saved prior to going. I do plan on having savings before the next time I decide to go on holiday.

I was just wondering if RBS cc is any good. I got bitten by previous offers which sounded good then due to demand ended up with poor customer service and trying to diddle folk out of the offers they originally applied for. I really want to reduce the overdraft as it it is too much of a temptation being there. I tend to live in it at the bottom. :-(

Can anyone let me know if they've had any bother with the 0% Balance transfers?