any advice would be gratefully appreciated

bridget81

evening all, i know theres lots of diaries on her but i find them very inspirational to read and a great source of motivation. Although i believe i'm dealing with my debts the best way i can i've just had a phone call from virign cc offering me a deal.

probably best if i post my debts then explain the deal;
natwest cc balance £2212 0% till july 08
tesco cc balance £1410 0% till march 08
overdraft currently £2200 dont know apr but interest is about £30 a month
graduate loan 1 £2525 7.9% apr £140.10 permonth
graduate loan 2 £2985 7.9% apr £132.63 per month

(i also have car finance and a student loan but want to get the above sorted before i make any overpayments on these the tackle to mortgage)

firstly i'm in the process of selling my car and going to use OH car which will clear my overdraft. :T

the 2 0% visas i am paying minimum payment.

HOWEVER my query is with regards to the loans, virgin cc (currently zero balance with £6000 limit) have just phoned me up offering a 0% balance transfer rate for 12 months. SHOULD I TRANSFER ONE OF THE LOANS TO THIS CARD??? bearing in mind that the loans both end may and july 2009 unless i can replay them earlier.

then whats the best way to do it, pay minimum payment on virgin and more on the other loan? or continue to pay what i am paying now off visa making it £140.10 per month and £132.63 off loan??

Also once overdraft is cleared i'll then have an extra £100 a month or so to throw into reduing my debts

i'm useless with things like this but obviously want to go with whatever way will enable me to pay less interest.

hope this makes sense!

thank-you for reading

oh, forgot to mention OH pays 95% of house bills, i pay £130 towards them, then the nursery fees and debts.

Larumbelle

There are too many variables that you have not told us: are there early repayment penalties on the loans? What are the rates on the cards after the 0% periods finish? How much money can you afford to pay off these debts at present? Can you cut back elsewhere to free up more money for paying things off?

You need to post a full and detailed SOA for anybody to give you accuarate advice on this.

omg_3

I think that you must have lived beyond your means for a long time? You need to sort this out first. This is the hard bit. I know this sounds harsh but from experience, you need to address this soonest

bridget81

some of the debts have been accumulated over time and used to assist setting up our business / shop which OH runs, one of the loans was to buy a van, the other to clear my student debt from university. overdraft was used up while i was on maternity leave.

my SOA

wage £1450
not entitled to tax credits

outgoings
nursery £507
petrol £180 (i dont work too close to home plus do business miles refunded within my wage.)
transfer to bills account £130
tranfer to car account £30 (to cover tax mot aa insurance)
transfer to egg savings £10 (clothes)
union fee £15.04 (required to cover my back due to job!)
life insurance £6
natwest cc £49 0% till jul 08
tesco cc £43 0% till march -8
loan 1 £140.10 7.9 % total owed £2525 ends may 09
loan 2 £132.63 7.0% total owed 2895 ends july 09
food £100

TOTAL £1342.77

child beneift is used to pay for xmas, birthdays

there are no penalties for repaying loans early as they are graduate loans

thanks again

bridget81

sorry just noticed i've not answered your question about interest rate following end of 0% period, i'm not sure but would aim to transfer the remaining balance to another 0% interest cc.

bridget81

additional info for SOA
i have a health plan which covers dentist, optician for me and OH,
i don't wear make up, dont go out we tend to have nights in with friends as we have a toddler.
haircuts are free from a friend

bridget81

horay, some good news today!:j

i've sold my car so my overdraft has greatly reduced!!! what a relief that is

chevalier

what stands out for me is the nursery costs, can either you or you OH get nursery vouchers through your company. Would save you a fair bit there
cheers
chev

bridget81

i know, its HUGE!, i'm currently waiting for work to send me some info on them as i know they do do them, but OH is self employed so he cant get them..

i'm also going to see if i can jiggle my hours about so his mum can have my little lad one day a week but she is only available 10-2 and i work 8.30 - 4.30 but including travel 7.30 - 5.30, so some mightly juggling would have to be done. boss can only say no but if i dont ask i'll never know.

thank-you for your help

skintscotslass

Hi Bridget, can I ask you where you sold your car about? I've been trying to sell mine for nearly a month, but no success. Ta xx

bridget81

this may not be of anyhelp at all, but we have a shop with a car park at the front on a busy main road, i parked it on there with big signs in all the windows.

are there any lay by's or anything near you? or a grass bit a front of your house if you live on a main road?

to be honest i was surprised it sold so quick, but i didnt really want to pay out to advertise it properly.

oh, does your local newspaper charge to advertise the cars under private sales? i know where i live they let you sell other items privately with a weeks free advert (well little desciption) but not sure about cars.

sorry i cant me more helpful. good luck with the car sale