Newbie to the Forum-with a dilema.

Back_to_Black_2

Hello Everyone,
I've been comming to this site for a while but have not had the 'Omph' to register. This feels rather nerve wracking as it means more of a commitment. I've been trying to clear my debt and have been quite committed since early this year. It would be amazing to be free.
Although I do feel committed I think being on this forum will give me that extra push- Especially when I share my SOA.(see below, please feel free to comment)

I could do with some advice from some pro's! I need to move my £5.5k from a 0% MBNA card to somewhere else before the rates go up. I've been looking at credit cards and I think I have 2 options.

1. move it to Goldfish who have a 3.9%(with 3% transfer fee) till 2010. OR
2. move it to Godlfish who have a life time balance transfer (fee capped at £50) at 5.9%.
I worked out that if I pay £175 ongoing the latter will cost me just over £200 more by the time by the end of the payment.

My concern is that although I would like to apply for option 1 I think I might stand a better chance of getting option 2.

This is because I'm not on the electoral role. I share a flat with a friend who owns the property. she agreed to cover the council tax in my rent as she will get a discount(I realise it's not stricly legal but she was doing me a favour). if I want to be on the electoral role it will mean we have to split the council tax in half, which will add to my costs and reduce what I can pay off. I moved here about 18 months ago, I applied for the MBNA card while I was still on the electoral role in my previous rental property.

I fear that if I apply for 1 and get rejected it will be marked on my credit score and I will cause problems if I reapply for something else very soon after. And worse case scenario is that I wont be able to move it. Can anyone give me some advice please?

My SOA, (as far as I can work it out at present)
OD 1 1450 at 5.9%(need to check)
OD 2 1495.62 at 15%(need to check)
CC1-Virgin 289.12 14.9% (need to to check)
CC2-MBNA 5676 at 0%(expires Nov 07)
Loan 2285.79 at 6.7% (Not the absolute latest figure. Due to pay of Aug 08-started out at £7k!)

Total Debt - 11,196.53

Just Paid off Store card £44.94, will close account Monday.
MONTLY
Income 1533

Rent Inclusive- 550
Household contributions- 20
Mobile- 41
Food- 130 (Including lunches for work)
Travel card- 94
Loan repayment - 176.8
Standing order for CCs - 15
Fees incurred on Ods - 21
Repayment on OD- 30
Allocation to Repay other debt- 180
Treatments 15- Back problems that requires sports massage every other month
Clothes-20
Birthdays-20
Painting matrials/books-15
dry cleaning/shoe reparis-10
Eating out-15
Cinema/Drinks-35
Snacks & other-5
Savings for special items- 140 (Saving for camera, xmas, then any other immediate emergencies)
Total - 1532.8:eek:

hypno06

Hello! Having never dared to post my own SOA, I am not much qualified to comment on other peoples.

So, just wanted to say well done for finally posting, and now you have taken that step, to keep doing so.

If you are not on the electoral roll where you are living, are you on another one somewhere else eg at parents house and could you apply using that address? Not ideal, but might work?

beanielou

Hi & welcome.
Glad you felt able to post.
Not being on the electoral roll will go against you I think.
You would be best to reduce your savings at the mo & increase your debt repayments meantime.
Well done on paying off one card meantime.
Could you target Virgin meantime as its quite small & you could clear it quite quickly.
Keep posting & take care.

Back_to_Black_2

Thank you for such quick replies and advice.

I'm not on an electoral role eslewhere. My parents dont live in this country so they are out of the loop.
All my post and banking records are at my current address. A friend did offer to have me on her electoral role at her flat as she already pays council tax for 2 anyway. I dont know if or how that would work.