Day of days- clearing my debt!!!

headinthesand_3 · 3 January 2008 at 12:38AM

CAR cost £850!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

so more bloody debt!!!! Didn't have the spare cash at christmas, luckily i'm transfering it onto my virgin card so its interest free for 15 months!!!

haven't activated my virgin card yet so thinking about uping the limit i asked for which was £4000 to £8000 so i can transfer all credit card debt onto it, so it will all be 0% for 15months, I will have to speak to virgin in the morning,

headinthesand_3 · 3 January 2008 at 12:44AM

Snowball reckons around 23 months to pay off all credit cards, if virgin agree to let me increase limit

that of course isn't allowing for any lump sums i can make between now and then!!!! Hopefully there will be loads of them!!!

headinthesand_3 · 3 January 2008 at 10:28AM

Just got off the phone with virgin, card activated, £3500 transfered onto it from natwest card,

I spoke to adviser and she said they would be unlikely to increase my limit afer agreeing it and with it being a new card and also this would result in a further credit search, so i declined and she said they would prob review it in 6 months so I could transfer more onto it then. Probably for the best.

Virgin card now safely tucked away, it won't ever be used its just for transfering balances!!!

I've set up £100 a month direct debit onto that and i can make further chunks off it as i go.

headinthesand_3 · 3 January 2008 at 10:41AM

just checked bank to update sig

I think I've been over paid, by about £500, so like a good boy I've transfered it straight to my isa, so if they take it back next month i won't be short!! or if they don't i can take a lump of one of my cards!!!

saffronflowers · 3 January 2008 at 10:45AM

Well done HITS - now put your Virgin card in a plastic food bag - seal it and then put that in another bag fill it with water and freeze it!!!! This will avoid any chance that you will have an accidental spend.

SFx

headinthesand_3 · 3 January 2008 at 2:27PM

Heres a dilema!!!

Just transfered £3500 off my natwest card onto my virgin so thats 0% for 15months.

I have just under £1000 left on my natwest card.

I've just recieved natwests offer of transfering a balance for 0% for 10 months

Or 5.9% for the lifetime of the balance

I would be transfering £2663 from morgan stanley

What's the best advice???

Little_Pickle · 3 January 2008 at 2:36PM

oh goodness, HITS... I really don't know.I've only ever had one Creditcard...

no-one else wants me (I don't know why - creidt rating's okay and I've been paying back waaaayyyy over the monthly minimum for over a year now...oh well.

I just popped in to update your thread with our 'no spend challenge'.

You'll be pleased (or not) to hear that I have not spent out of budget yet!
but then again, it's only been 1 1/2 days! ha ha!

And don't worry, I will be completely honest about how much I've 'spent for no reason'.

I hope you figure out your crerdit card problem! - sorry I'm of no help there.
Little Pickle
xox

headinthesand_3 · 3 January 2008 at 3:30PM

Great to hear you've not spent out of budget, especially as there are so many sales on at the moment!!!

Well I've concidered the credit card problem and after much snowballing, both are pretty much as good as each other between 23 and 25 months to pay off totall credit card debt but i'm hoping to clear them well with in 2 years.

headinthesand_3 · 3 January 2008 at 6:16PM

Ok been thinking about the natwest transfer,

A few questions come to mind:

i already have £975 at around 17.9 ish so if I add £2665 at 5.9% for life I take it all my payments will go off the 5.9% balance, allowing the £975 to grow at 17.9%? in true bank robbing style!

Also if I transfer the balance can I still use this card or will it some how either switch to some ridiculous APR on any purchases? As i spoke to virgin and they said with their 0% transfer for 15 months, if i miss a payment or go over my credit limit the balance then all comes off the 0%!!!!!!!!!! and I guess i will go upto 29%!!!!!!!!!!!!! ( luckily i will never spend on that card as it is frozen in my freezer!!!!!!!)

So now even more unsure about transfering, maybe it is better to leave everything as it stands and just use the vigin card for balance transfers and smash the natwest in a few months then hit morgan!!

Anyone any ideas??

duchy · 3 January 2008 at 6:26PM

I do agree any changes in support need to negociated with your ex. There is nothing more infuriating than carefully working out a budget and then finding you get less than expected. Chil;d support is always a touchy subject at the best of times so please talk to her about changes first and save yourself some grief.