One day I will be debt free...

savingholmes

I would be tempted to keep it. Vanquis rates are normally really high so if you can't repay it within the 6 months they may be planning to slap a high interest rate on later. Can you ring any of your high interest cards and see if they will give you a better rate? It's worth a shot...

Kitten868

I don't know if tesco are one of the companies that offer regular offers on balance transfers. I don't think they do.
You could keep it open a few months and see if they do.
I don't trust myself so I close as I go. The more you close the less available credit you have and the more attractive you become to lenders. I have found the quickest way to get more credit is to pay credit cards down - once you get out of the hole, they want you back in. I think you should snowball. Make minimum + £1 to all accounts so you aren't considered in 'persistent debt' and target one with overpayments.

The other option is to go to step change. If you are struggling to meet payments you could consider a DMP?

You will get there and it will get easier as you get closer. Once the balances start going down you'll get new offers. This is the tough bit where you're throwing everything at it and not getting anywhere but you are. Keep going xxx

Lemon_Tree

When I was first here I always closed cards as I paid them off so there was never a risk of me spending on them again, I'd done that too many times on the run up to my first LBM

creditcardchaos

Thanks everyone. I think I’ll keep it open for now see what happens and if no offers can close it in a few months. I don’t feel like I need a DMP just yet as I am managing to meet the minimum and even overpay. I don’t see the harm in trying for better interest rates so think I’ll try that!

This months interest has been. ...
Barclay - £64.87
Tesco - £18.79 (will be zero next month)
HSBC - £59.48
MBNA - £24.07
BOS doesn’t generate statement until 13th but that’s a total of £167.21 in interest this month already. Thank fully it’ll all be slightly less next month - by £20 at least. Every little helps!

creditcardchaos

Bonus this month - the 0% with BOS hasn’t ended on total balance so actually only been charged £3.88 in interest with means a total of £170. By no means great but far better than the £50/60 expected and will mean it should be £150ish next month in total now I’ve cleared the Tesco card.

creditcardchaos

Update 06/01/20...

Tesco £0
MBNA £900
BOS £3,550
BC £2526.68
£986.33
HSBC £6,775
VANQUIS £800 (0%)
= £15,538.01 (Was £16,370)

I’ve still to make payments at the end of this month but there’s also still interest to be added to BOS and HSBC. I’m pay £500/600 to them each month but there’s about £200 in interest charges. Aiming to get rid of Vanquis before 0% finishes then tackle MBNA before BOS.

Wish me luck for the New Year to tackle this!

creditcardchaos

I am now under £15k - yay! Interest is a killer right now - between £200-£250 every month. I am still not eligible for any 0% transfer deals so trying to knock down the balances in the hope that I can transfer between cards if an offer comes up... MBNA is down to £550 so almost paid off. 

creditcardchaos

MBNA - £400 / £1,900 Limit
BOS - £3,370 / £4,200 Limit
BC - £525 & £3,000 / £4,050 Limit
HSBC - £6,520 / £7,000 Limit
VANQ - £700 / £1,000 Limit
= £14,515 / £18,150 Limit 
I am still not eligible for a 0% transfer so paying in order of interest cost for now. It has been around about £200 per month in fees but 0% on HSBC is due to end so it might be nearer £250 this month. I am paying at least £625 monthly - more if and when I can. 

If I pay in order of interest the next ‘big’ card to tackle is BOS where the interest charged is £66 ish but I wondered whether anyone would advise paying more toward HSBC as I think that the interest charged on that will be nearer to £80 per month. Any advice appreciated x

Bizzywizard

Have you tried changing bank accounts. I switched 3 bank accounts, so made £575 last year. I also moved to Nationwide and did a refer a friend request, hubby had a nationwide account, so we both made and extra £100. The account offered me an interest free overdraft for a year. So I have had a year to get rid of it, but it also didnt cost me anything. I had about the same amount of debt as you last year. I have knocked mine down to £9kish. I want to have everything gone by Christmas!
It might be worth saying what the ApR on the credit cards are and when the Vanquis deal is up. It took about 4 months for me to get the 0% balance transfers on my husbands credit cards, with lots of moving money around. You need to tackle the Credit Cards with the largest amount of interest first. Good luck with your journey.

enthusiasticsaver

creditcardchaos said:

MBNA - £400 / £1,900 Limit
BOS - £3,370 / £4,200 Limit
BC - £525 & £3,000 / £4,050 Limit
HSBC - £6,520 / £7,000 Limit
VANQ - £700 / £1,000 Limit
= £14,515 / £18,150 Limit 
I am still not eligible for a 0% transfer so paying in order of interest cost for now. It has been around about £200 per month in fees but 0% on HSBC is due to end so it might be nearer £250 this month. I am paying at least £625 monthly - more if and when I can. 

If I pay in order of interest the next ‘big’ card to tackle is BOS where the interest charged is £66 ish but I wondered whether anyone would advise paying more toward HSBC as I think that the interest charged on that will be nearer to £80 per month. Any advice appreciated x

Good that the MBNA is almost gone. If I remember right the BOS is the higher rate but obviously the HSBC is costing you more as the balance is higher. I would be tempted to continue with your strategy of tackling the one with the highest interest rate so BOS. It is a pain you still are not getting any 0% offers.