Will a DMP close my accounts?

ev8

EssexHebridean wrote: »

It's not weird at all - just something that you didn't understand - and it's fine not to understand stuff!

Essentially, no - so long as you can meet the minimum payment it's fine to go close to the offered limit.

Remember to cut up the card as soon as it arrives too - you've not going to need it for anything!

I just get kind of odd about things, like they can judge you! However I am doing it all online, so I actually don't have to talk to anyone while transferring it! So my laptop will not be judging me!!


That's really good then as it's enough to put over my large credit card, higher rate store cards and another card that's high interest. That only leaves me with a lower interest card to pay off.

Haha, I don't think I will, but, even though I do have the previous debt, I haven't used a card in a looong time and they aren't even kept in my purse. I also was given a large overdraft and haven't dared dip into it. Maybe I will for the symbol though, I don't know!

I'm not much of a spender any more, when I was younger I would have had a different perspective, but my outgoings are now very low, like a couple of second hand books low!

ev8

I am feeling a lot of relief, I was going to pay off certain cards in a lump sum, but that can go to my existing card now and I really feel I'll make so much headway and quickly like this now.

I really didn't even consider I would be able to get a 0% transfer card, so didn't even count it as an option.

ev8

Sorry to post so many questions. (I wonder if I should change the name of the thread if that's even possible?)

Anyway, I was thinking, is it worth applying for a further 0% card, or is that pushing it too far? It says I'm likely to get accepted on the Virgin one, so was wondering if I should give it a go and then I would have enough to transfer my remaining debt onto that one?

Thanks for any help....again!

ev8

OK, so I was a little bold (for me) and applied for the Virgin card and I was successful with that one too.

So, I now have the breathing room to put my other debt onto that card too, so won't be paying any interest at all, which is exactly what I wanted without having to get a DMP or the like.

So I'll purely be paying the balances off now, and I think I'll be able to do it in the time frames they both have, fingers crossed.

BabyStepper

Bold is good.

You really have grasped this...well done! When every single penny you pay towards your debt goes to reducing the balance, and there is no interest to pay, you will make really quick progress.

Can I ask how much your minimum payments were before the 0% cards?

ev8

BabyStepper wrote: »

Bold is good.

You really have grasped this...well done! When every single penny you pay towards your debt goes to reducing the balance, and there is no interest to pay, you will make really quick progress.

Can I ask how much your minimum payments were before the 0% cards?

Thank you. I'm not usually one to switch anything around, but I've missed out on things by doing that and not being bold enough!

Yes, I think, fingers crossed, everything will be free of interest, there was some doubt about store cards as they do not have Visa on the card, however I tried one of them anyway online, put in the details, and I believe it has been accepted as it's actually on my statement now, not even pending.

To just pay off a balance and no interest will make a huge difference and I'll have finished paying off all debts by the time the 0% deals come to an end and have zero debts.

I had the debt spread over a few cards, so the minimum payments varied from about £5 up to about £50.

EssexHebridean

Ev you've done SO well with all this - well done on getting the whole lot switched to 0%!

Can I suggest that now is a good time to run right through your budget to see where you might be able to make any small tweaks or savings that mean you can really start getting money set aside for that emergency fund, too!

ev8

EssexHebridean wrote: »

Ev you've done SO well with all this - well done on getting the whole lot switched to 0%!

Can I suggest that now is a good time to run right through your budget to see where you might be able to make any small tweaks or savings that mean you can really start getting money set aside for that emergency fund, too!

Thank you. That's very kind of you.

Also better news, I got a text to confirm the transfer of the first store card, so that went through no trouble. I had thought that was a stumbling block.

Thank you. I do already have an emergency fund set up. A certain amount of money goes straight to it and it's been building for a while now, so I have 'in case of emergency' money saved and it's not touched.

ev8

OK, so I have hit a small bump in the road.

After accepting one store card (which isn't Visa either) and it being confirmed and on my statement, another one wasn't accepted as it's not a Visa. So that one will not be on 0%.

I'm unsure if you can transfer it onto a Virgin credit card, I haven't received it in the post yet, so don't know if they will be the same rules as the Halifax card.

I was kind of annoyed, however, I have to be happy with what I have now, it's much better then it was a week ago, and even if I have one card with interest (with a smaller balance) it's much better then it was to begin with and I can clear that card relatively quickly if I try.