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Unsure whether to consolidate - please advise

edited 30 November -1 at 1:00AM in Loans
240 replies 102.2K views
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  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Hell everyone,
    Quick update - I've got myself a Sainsburys 0% on BT credit card for 24 months with 0% fee.
    I've transferred the VirginMoney debt over (as that runs out of 0% in July). I'm going to pay the minimum each month of £76 off this Sainsburys 0% and throw the extra money at the Zopa loan.
    Thanks for reading.
    PS I give permission for a moderator to move this thread as it does not really belong in the 'loan' section anymore.
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • StopItStopIt Forumite
    1.5K posts
    ✭✭✭
    Amazing stuff, well done.


    Remember to update your signature accordingly!

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    I know stopit about the signature! When everything is sorted in the wash at the end of this month, then I will do! My sister has just agreed to lend me £2k and I'll pay her back £133pm for 15 months. I'm going to use that £2k to hit that Zopa loan hard, and fast!
    Thanks for replying. :)
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • Hey ... pleased you're making some headway. A change is as good as a rest, eh? You maybe jumped a little early for the switch from Virgin to Sainsburys, but at least it is sorted and you've got 2 years grace and it was fee free (which I guess might not have been the case, had you waited)


    Don't forget to make sure Zopa know the overpayment is coming ... if they are anything like Sainsbury's, you should only need to inform them in advance of your first overpayment, not before every one.


    Look forward to seeing those figures in your sig. tumble ...
    174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Hey moneyrollercoaster thanks for the positive message.
    I probably did jump a little early but I'd rather be in control of the change then actively looking for a different card when against the clock.
    I overpaid Zopa a couple of months ago online, and it automatically reduced my monthly repayments. I didn't realise that some companies expect you to let them know if you overpay?
    Yes I hope to get those numbers tumbling soon. Someone has shown an interest in purchasing a collection of mine which would be possibly £250 which i can throw at the debt.
    Thanks
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • I think they've counted your previous payment as a forward payment. So, they're keeping the loan term the same, but reducing the monthly repayments.


    I don't know if they have the option, like a mainstream lender, to overpay and keep your DD the same ... that way you eat into the capital repayments faster and ultimately pay less interest and can repay earlier.
    174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Hi Money Rollercoaster - according to another poster on another thread I'm active on, Zopa do not allow this option. So he/she is suggesting that if they reduce the monthly payment, I just make an extra payment each month for the rest, to make up my usual monthly debit.
    Thank you.
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • Ah, I wondered if that might be the case.
    174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Just a quick end of month update for you all.
    Have done a BT for the whole of the virgin credit card to a 0% card for 24 months.
    Have been approved for a CC 0% on purchases for 25 months.
    Have agreed to borrow £2k from my sister and repay over a 15 month period, interest free which will go straight off the loan.
    Had a surplus at the end of month of £850 which will go against the Zopa loan.
    All going well!
    Savings as of June 2020
    Savings account 1 - £14081.15(14063.93)Savings account 2 - £4500.00(4000.00)
    Current account - £4116.53(3136.31)
    Total - £22697.68 (19453.38)
    Plus £840 (£120 per month between CS/BS) HTB £600
  • JReacher1JReacher1 Forumite
    3.9K posts
    Sixth Anniversary 1,000 Posts I've been Money Tipped!
    ✭✭✭✭
    Just a quick end of month update for you all.
    Have done a BT for the whole of the virgin credit card to a 0% card for 24 months.
    Have been approved for a CC 0% on purchases for 25 months.
    Have agreed to borrow £2k from my sister and repay over a 15 month period, interest free which will go straight off the loan.
    Had a surplus at the end of month of £850 which will go against the Zopa loan.
    All going well!

    Well done!

    I'm a bit confused why you've got a 0% purchase credit card. What are you planning on buying?

    I thought you were trying to reduce debt not get more!
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