Small Steps Out Of Massive Debt!

GeorgianaCavendish

mumto2girlsandaboy wrote: »

Have you tried the eligibility calculators on here when applying for credit cards they give a good indication on if you will be accepted and dont damage your credit file. You are doing amazing with your repayments so hopefully it wont be long till you get offers. Hope the sofa doesn't work out too costly we had a bad year for repairs last year when we had to replace several appliances hence now we are saving an emergency fund.

I did try the eligibility calculator here, it was gutting when I got declined for the 90% match! I think that another factor against me is that I refinaced my personal loan in January. Even though I've kept the term the same and saved some money on monthly repayments, it still shows up as a new application on my credit file.

I am really hoping fixing the sofa works out. I suppose the benefit is that G Plan have such good after sales customer service and such long warranties that there might still be parts for our ancient sofa readily available. I need to check the model number tonight so I can do some research online before the weekend.

GeorgianaCavendish

Got an email from MBNA today offering me another 10.9% rate for 12 months on balance transfers. Obviously not the 0% of my dreams but much better than the 21% on HSBC. I'm out and about at the moment but am thinking that I should transfer the HSBC balance and as much of the Barclaycard balance as I can (I've got just over 6K available on the MBNA card at this rate). Does that sound like the best course of action?

Lumanous

Hello, Do you know what the standard rate is that it would revert to after the 12 months? I know mine are about 22.9 on MBNA so gather it might be that ballpark? If so, then might be worth considering vs. your HBSC especially if you expect to be able to pay off a fair chunk of it before it reverts to standard rate. (obvs without working out payments and timescales I wouldn't want to recommend anything but I'm trying to only be obsessive with my own numbers haha )

Naomim

Hi :wave:

Just popping in to say hello.. I'm still here (just). You've been doing fantastically with your debt.

I'll be back with the programme soon.

Naomi xx

Bobarella

GeorgianaCavendish wrote: »

Got an email from MBNA today offering me another 10.9% rate for 12 months on balance transfers. Obviously not the 0% of my dreams but much better than the 21% on HSBC. I'm out and about at the moment but am thinking that I should transfer the HSBC balance and as much of the Barclaycard balance as I can (I've got just over 6K available on the MBNA card at this rate). Does that sound like the best course of action?

Sounds like a plan!

GeorgianaCavendish

Lumanous wrote: »

Hello, Do you know what the standard rate is that it would revert to after the 12 months? I know mine are about 22.9 on MBNA so gather it might be that ballpark? If so, then might be worth considering vs. your HBSC especially if you expect to be able to pay off a fair chunk of it before it reverts to standard rate. (obvs without working out payments and timescales I wouldn't want to recommend anything but I'm trying to only be obsessive with my own numbers haha )

It would revert to 25.9% after 10th May 2018 :eek: But I am expecting some money in January 2018 (circa £1800) which would help with paying a chunk of this money. My furniture finance agreement ends in October this year which will free up an additional £85 a month for debt over payments.

GeorgianaCavendish

Naomim wrote: »

Hi :wave:

Just popping in to say hello.. I'm still here (just). You've been doing fantastically with your debt.

I'll be back with the programme soon.

Naomi xx

Hi Naomi, its great to hear from you! I've missed your diary

I think things will slow down a bit now, I haven't got many easy wins left! But I'm going to keep on plugging away. xxx

GeorgianaCavendish

I'm still making up my mind about the balance transfer to MBNA. I am more or less decided to transfer the HSBC balance because I have a solid plan for repayments based on money I will be receiving over the next 9 - 12 months (including a lump sum of £1800 due to me in January 2018). I'm also hoping that by clearing the HSBC balance, I may receive a balance transfer offer in time for when the promotional rates on the existing tranches of MBNA debt ends this Autumn. I am optimistic that I could pay off the first two tranches by October but not sure about the £960ish one ending in November.

At the moment, I'm trying to pad my budget to help cushion the blow of sofa repairs. I had a really interesting focus group last night and left with £50 (super pleased with this because I was only expecting £40); I had another £20.46 in my cashback account so I've withdrawn this too. Put together with the money from closing my Virgin Money account that is an extra £100.

I had a win at the dry cleaner yesterday. I had a rip in my trench coat and thought it would be expensive to repair, but because I took a few of my husband's suits for repairs not long ago the dry cleaner remembered me and gave me a £5 discount on my coat repair and said he'd throw in a dry clean for free

And lastly, I got my Barclaycard statement through. The 27.6% interest tranche of debt is officially dead! :j The overall balance is now £9490.38

GeorgianaCavendish

Focus Group last night. I was so worried that I wouldn't make it because the trains were totally messed up but I did just by the skin of my teeth. Another £70 to pad the budget and I'm feeling a little bit less anxious about the sofa situation!

Naomim

Love a focus group! I've applied for a few but not been successful for one reason or another. Not done one for ages now but they can be good fun. I was hoping to do one yesterday but it fell through.