Help...before I go crazy

Lucie_2

Will your electricity provider let you pay monthly? That way you won't be hit with a big bill every quarter but can pay monthly. It will help you to budget.

dosh

Stonk

(or enormous desire to prolong people paying them interest)

The reason for going for a 0% Card is to pay no interest at all.

(any company that gives him a £19K credit limit ought to be barred immediately from doing business!)

I was offered a credit limit of £20K by virgin last week.

Angels960 may not have enough of a credit limit to allow a £19K loan but he should be able to arrange a BT/SBT to substantially reduce his monthly debts (currently almost £400 per month).

9 months at 0% should give enough time to arrange a budget (as described in the posts above) and possibly pay off some of the BT/SBT.

If its not paid off after 9 months then he changes to another 0% card and carries on budgeting.

In the mean time at least he's got a life.

Stonk

The reason for going for a 0% Card is to pay no interest at all.

Of course, from your and my point of view. My facetious but nevertheless entirely accurate comment, however, was that the reason MBNA offer the small minimum payment is to encourage people to keep larger balances on which they are paying interest. Sensible customers don't so this.

I was offered a credit limit of £20K by virgin last week.

Indeed you may have been. But I was referring to the OP (read the message). Someone who has stated that they cannot service their existing debts should not be offered further credit, surely?

dosh

Stonk wrote:

Indeed you may have been. But I was referring to the OP (read the message). Someone who has stated that they cannot service their existing debts should not be offered further credit, surely?

Its not offering them further credit, its transferring their existing high interest credit card/loans (almost £400 per month) to a much lower one (ex. Virgin 0% for 9 months at £5 month).

This gives them time to arrange their finances and budget as suggested in the previous posts.

If they have extra cash after budgeting they can pay extra into their (Ex.Virgin) BT/SBT to pay that off.

If they haven't paid it off in 9 months they can move their debt to another 0% card and carry on budgeting.