Fighting an endless battle..

Ezra123

Hi, enthusiasticsaver,

Thanks for the comments, I loved London and without the debt would be able to survive there. However, I moved out in August last year and haven't really found a reason to move back, I mean its an hour and 10 on the train back to Euston.

I was renting a 1 bedroom house at £900 per month to where I have a 2 bedroom house at £630 a month with a garden and free parking - sometimes its a no brainer.

*N.B* - Due to my work, renting out the spare room is out of the question.

Ez

Ezra123

Hi, Drawingaline,

Thanks for the comments and advice above, I'll be certain to keep this thread updated with my monthly progress.

Ez

mumps

Ezra123 wrote: »

Hi, Sourcrates,

It certainly has it benefits.

Just did some quick calculations on the above, If I make the min repayments on everything else it'll give me £550 to pay onto barclaycard including my current repayment of £300.

Now, if I do this for 6 months, the debt would be around £3300 outstanding which should be enough to balance transfer into my NBNA at 0% Interest.

I'll be getting the wheels in motion on this when my next payday hits.

Thanks everyone so far for the awesome advice above! .

Ez

Are you going to balance transfer the £2,400 from the barclaycard now? I wasn't sure if you were saying you needed to pay it down first. Do transfer it as soon as you can as the saving on interest will mean the overpayment to barclaycard will be even better.

I think if you get the barclaycard down a bit they are likely to offer you a balance transfer, I get them every month.

It sounds like you will be doing great and won't be too long to get it all paid.

Ezra123

Hi, mumps,

I was going to pay it down first then balance transfer, otherwise I'll have to disburse payments across both cards.

I guess I need to work out which would be quicker in terms of paying off.

Thanks for the words of encouragements, its slowly making progress!

Ez

MrsTinks

Ezra123 wrote: »

Hi, MrsTinks,

Its funny you say that, I've had the card for three years and ever since my deal expired, they've never sent me anything - I raised a compliant and said I've been treated unfairly as a loyal customer, to which they refunded me that months interested which had occurred on the account, since then, I've had nothing more.

Although, I've heard of current customers being sent deals, is it one rule for one and so forth?....

Ez

May have something to do with how much available balance you have on the card. Once it's cleared or have majority available there has been no end to them...

They're balance transfer offers and that means you need to have the room to transfer a balance

Balance transfer the amount you can now - yes it's one more payment to make, but if you don't then you're paying interest on that £2400 for those 6 months.

No doubt someone inclined can do the maths for you but roughly at 21% for 6 months on £2400 I think you'd have paid £150 interest on just THAT part of the debt

Ezra123

Hi, MrsTinks,

Thanks for the insight, I have around £2,500 free on the card, I guess when its under or halfway they'll start sending me deals - if not, I'll be sure to log another complaint as I often get deals form Virgin, albeit not what I need but a deal is a deal.

I'll start the transfer tonight and workout the new repayments.

The one thing I do not have set up is Direct Debits, as I have a very detailed spreadsheet which allows me to pay what I want and being paid different days of the month would be very difficult to manage.

Thanks, appreciate your comments

Ez

MrsTinks

mmmm it's worth setting up a DD anyway - and I shall explain

Setting up the minimum payments means should anything happen to you (appendix and hospital stay as an example) then it's easy to miss a manual payment. We have seen that happen on here before and whilst some banks will be lenient if you can prove you were in hospital, others can be !!!!!!s.

with 13 pay cycles in a year treat them as 12 - so 1 per month and 13 is your "bonus" payment. It makes it far easier to budget If you can balance your budget on 12 of your 13 pay checks then this will be a doddle

EssexHebridean

A thought on the Barclaycard - it is them, I believe, who do the 6.9% "life of balance" card. Is it woprth giving them a call, explaining that you have been accepted for a 0% card from "another provider" and that you are looking to B/T the Barclaycard to it (don't be too specific on amounts unless they ask, at which point state the credit limit on the 0% card, but avoid again unless asked saying how much you'll be B/T'ing.) - Given the choice between losing you as a customer altogether, and hanging on to you albeit on a lower interest rate, they just may be willing to switch you to the low life of balance rate.

If you could swing that, that leaves Barclaycard as your lowest priority interest-carrying card on a far lower level of interest, meaning you can instead pay a chunk off the 17% card. If barclaycard say no, you can still follow the pattern as recommended above.

anna_1977

Ezra123 wrote: »

Hi Drawingaline,

The next catalogue is free interest, so I mark this at the bottom of my priorities and hardly use it now, the min repayments fall month on month as I overpay the required amounts.

Hi Ez,
Are you sure the next catalogue is free - taken from their website: A Next Credit Account allows you to spread the cost of purchases (subject to status and approval 22.9% APR variable representative).

Just check

kindofagilr

Barlcaycard, Tesco, MBNA, M+S, Halifax, Bank of Scotland, HSBC and Virgin have all offered us 0% and other offers once the cards have cleared. So deffo keep it open once you have transferred it to MBNA and then you can move something back onto it when you have the offer.

We have about the same debt as you, and in the beggining of our journey they all were on interest accounts, then last year I managed to get all of the debt on various 0% cards (we have 14) and we are targetting the one where the 0% runs out first