We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Help Managing Debt and Funding a Wedding

Options
2»

Comments

  • Mondy
    Mondy Posts: 44 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    MrsTinks wrote: »
    Well you can... assuming you can get one. Or assuming one of the cards you have cleared will give you a 0% offer. Never assume though - always plan for worst case.

    I would leave your cards as they are for now personally - there is a fair chance that they might offer you a decent 0% transfer when your current ones come to an end if you haven't managed to pay them all off by then.

    Can you clarify a bit more. I need to double check when my 0% deal ends on both the MBNA and the Tesco card but I thought that when it ended I could just find another car and transfer to it and continue paying at 0%. This is assuming I close existing cards down which have no balance on them.

    My Halifax card does have interest on it. Is there any point in speaking to them to ask if this can be set to 0% as I have been a life long customer and I have my mortgagee with them. Or should I try and find another 0% CC and balance transfer that amount.

    If I could consolidate my debt onto 3 (ideally 2) 0% cards that would make life easier.

    Sorry I am a bit new to all of this CC talk.
  • MrsTinks
    MrsTinks Posts: 15,238 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Name Dropper
    You MIGHT be accepted for another 0% card, you might not. THERE IS NO GUARANTEE!

    When you get closer to the end of your current 0% deals then call the exiting card providers and ask if they are doing or would do a 0% transfer offer and for how long. Forget all about loyalty from the lenders side - you are a number to them and nothing more. Being a nice person will NOT result in better deals.

    Barclay card usually does 0% offers - worth trying to transfer your Halifax amount there if they have a decent deal on.

    I really think you're in dangerous waters though as you're still not planning for "what if I can't get another 0% deal".
    Imagine the fun ti will be once you have got another £10k on top of your debts and you can't get 0% aprs and they all go up to 20-30% APR... Yes I'm trying to scare you - because this really could happen and I kinda want you to realize that NOW and not in 6 months time when you are looking at wrecking your credit file for 6 years or longer...
    DFW Nerd #025
    DFW no more! Officially debt free 2017 - now joining the MFW's! :)

    My DFW Diary - blah- mildly funny stuff about my journey
  • Mondy
    Mondy Posts: 44 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thanks for pointing out the pit falls and the dangers, I was of the understanding that once your 0% period ran out you could just apply and transfer. I will need to be careful in that respect.

    So should I be closing down my existing cards that I have cleared so that I have a better chance of getting another 0% card. My thinking behind that is if on record I don't have as much to potentially spend then lenders are more likely to give me a new card?
  • EssexHebridean
    EssexHebridean Posts: 24,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Firstly, congratulations on your upcoming wedding.

    Focus on the wedding that you two want - and if that's low key, and quiet, with just your closest friends and family members there, then that's what you should have. A friend of mine had THE most beautiful wedding in a rather stunning woodland up in Scotland - pretty much entire thing was handmade either by the couple themselves, or by friends, from napkins, to bunting, to the photographs. (And all three of those were contributed by people who are active on here, in fact!) It was a fabulous day - and didn't for even a second feel budget, or "on the cheap" - it just absolutely suited them.

    The best wedding present the pair of you can give each other is to start your married lives as close to debt free as possible, and then to keep it that way by honestly, and working together. Agree now to save for the things you want - the wedding itself, and then, in due course, that fabulous honeymoon - it just might be a few years down the line before you can go, but seriously, it will be all the sweeter when you get there for being fully paid for!
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
    £100k barrier broken 1/4/25
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • MallyGirl
    MallyGirl Posts: 7,202 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Mondy wrote: »
    Thanks for pointing out the pit falls and the dangers, I was of the understanding that once your 0% period ran out you could just apply and transfer. I will need to be careful in that respect.

    So should I be closing down my existing cards that I have cleared so that I have a better chance of getting another 0% card. My thinking behind that is if on record I don't have as much to potentially spend then lenders are more likely to give me a new card?

    I would start by giving Barclaycard a call - they send me 0% offers pretty much every month. If you could BT at 0%, even with a small fee, to pay off the Halifax and then close down Halifax that would be a good start.

    With your current available credit I think it would be wise to not assume you will get further 0% deals - they won't assume that you will pay off the other card so they will consider your current debt (and credit limits) before deciding to offer further credit.

    I am sure the Maldives would be lovely - it is on my list but I haven't made it there yet and I am not in debt. I would look for something a bit more affordable - Cancun maybe? Then, once your debt is cleared, save up for an anniversary trip in the future.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.