Pre approved BT card

katie4

I have been pre approved for 0% balance transfer card for 6 months
it could prove to be very good, saving me the interest i am currently paying on Aqua (42%) huge i know


but i wont obviously know the limit until i apply but they offer £200-£1,500


I dont want to apply and then only receive £200 as this really would be pointless i think


update: i have just remembered I used to have two cards with capital one before both for £200 they've been paid off a while now but i'm thinking they're more likely to give me the same amount again
would anyone have any advice please? thanks

EssexHebridean

OK if the £434 figure you're showing in your signature for Aqua is what is outstanding then even £200 on 0% will almost halve it, and at that interest I'd say that was worthwhile.

If you DO go the BT route then you absolutely must make sure of the interest rate once the 0% ends - ideally of course you'll pay it off ahead of it ending but it's as well to be clear on everything from the start, and as the card you've been pre approved for is evidently a "bad credit" one, it may be that the future rate will be very high indeed.

Have you cut back everywhere that you can in order to get Aqua shifted as soon as possible?

katie4

EssexHebridean wrote: »

OK if the £434 figure you're showing in your signature for Aqua is what is outstanding then even £200 on 0% will almost halve it, and at that interest I'd say that was worthwhile.

If you DO go the BT route then you absolutely must make sure of the interest rate once the 0% ends - ideally of course you'll pay it off ahead of it ending but it's as well to be clear on everything from the start, and as the card you've been pre approved for is evidently a "bad credit" one, it may be that the future rate will be very high indeed.

Have you cut back everywhere that you can in order to get Aqua shifted as soon as possible?

thanks for your reply
the £434 is actually what i have paid off the balance so far so i still have around £3.5k left on aqua

EssexHebridean

I'd suggest you might sort out a Statement of Affairs (SOA) which will help you to clarify exactly what you might be able to pay off the debts as things stand? The link is in my signature and also in the "sticky" post at the top of the board. Fill it in and post it here and we can take a look and might be able to help you get things sorted a bit sooner.

You're not still using credit cards at all, are you? If so that needs to stop as a priority.

katie4

EssexHebridean wrote: »

I'd suggest you might sort out a Statement of Affairs (SOA) which will help you to clarify exactly what you might be able to pay off the debts as things stand? The link is in my signature and also in the "sticky" post at the top of the board. Fill it in and post it here and we can take a look and might be able to help you get things sorted a bit sooner.

You're not still using credit cards at all, are you? If so that needs to stop as a priority.

no we havent used credit cards since i become full time so beginning of this year and we have/will be paying the extra income onto the cards
il submit soa a bit later

katie4

SOA
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1400
Benefits................................ 137
Other income............................ 0
Total monthly income.................... 2637
Monthly Expense Details
Mortgage................................ 361
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 123
Electricity............................. 44
Gas..................................... 47
Oil..................................... 0
Water rates............................. 43.02
Telephone (land line)................... 0
Mobile phone............................ 86
TV Licence.............................. 12.43
Satellite/Cable TV...................... 0
Internet Services....................... 29.78
Groceries etc. ......................... 240
Clothing................................ 0
Petrol/diesel........................... 300
Road tax................................ 37.18
Car Insurance........................... 89.28
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1627.69

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 86500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 57000....(361)......0
Total secured & HP debts...... 57000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3500......150.......42
credit card....................1200......45........18
credit card....................3300......60........18
loan........................................£200.........
Total unsecured debts.....8000......455.......-

Monthly Budget Summary
Total monthly income.................... 2,637
Expenses (including HP & secured debts). 1,827.69
Available for debt repayments........... 809.31
Monthly UNsecured debt repayments....... 455
Amount left after debt repayments....... 354.31
Personal Balance Sheet Summary
Total assets (things you own)........... 86,500
Total HP & Secured debt................. -57,000
Total Unsecured debt.................... -8,000
Net Assets.............................. 21,500


mobile cost is for 2 mobiles (in a contract for 2 years)
petrol is high as we have 2 cars and we both work in a different city to where we live
telephone & satellite/cable tv is all in the internet price

car maintenance needs amending as it is not £60 a month (please ignore this figure)
i know we have money available to pay off our debts now as I have just become full time in my job previous i only earner £500 a month so we are now putting the extra onto the credit cards

nannytone_2

You also have child benefit to add o/B]