Time to Face The Music

alt80

Salmon wellington fml that brings some memories back used to have that a lot as a kid, enjoy. I’ll have to do it one Sunday instead of a roast now you’ve mentioned it on here ha. My Mrs bought some tuna steaks for this evening I won’t be letting her cook them - will be overcooked for my taste 100% guaranteed. 1 min a side so not exactly going to take much time lol.

Pleased to hear you’ve started to get some 0% offers through though 4% is a really steep transfer fee. Last one I did was 1.5% iirc was a while back now. 12 month 0% also fairly short duration. Have a look on credit scoring apps under ‘offers’. Perhaps also worth looking at offers from whoever you bank with too.

RelievedSheff

alt80 said:

Salmon wellington fml that brings some memories back used to have that a lot as a kid, enjoy. I’ll have to do it one Sunday instead of a roast now you’ve mentioned it on here ha. My Mrs bought some tuna steaks for this evening I won’t be letting her cook them - will be overcooked for my taste 100% guaranteed. 1 min a side so not exactly going to take much time lol.

Pleased to hear you’ve started to get some 0% offers through though 4% is a really steep transfer fee. Last one I did was 1.5% iirc was a while back now. 12 month 0% also fairly short duration. Have a look on credit scoring apps under ‘offers’. Perhaps also worth looking at offers from whoever you bank with too.

That's the best he was eligible for the moment. This was a money transfer as well rather then a balance transfer which is why the fee was a bit steeper. Transferring some of the card debt from my name into his. 12 months is short but it is better than nothing and better than paying 29.9% for 12 months.

The transfer fee will be £120 so will be paid off in a month and then the remaining 11 months will be reducing the balance. The whole balance won't be paid off by the end of the 12 months but we can transfer it again and hopefully get some better transfer rates further down the line.

Right now we are just happy to get the cards onto 0% even if it is 12 month 0%.

alt80

Absolutely a better move than just keeping them where they are mate. Clearing within 12 months - possible if you just send the minimums to the rest whilst you're waiting for some 0% deals coming through for yourself?

RelievedSheff

alt80 said:

Absolutely a better move than just keeping them where they are mate. Clearing within 12 months - possible if you just send the minimums to the rest whilst you're waiting for some 0% deals coming through for yourself?

It possibly could be cleared in 12 months if we had to. The car HP is paid off in February so we could put that towards it, although we had that ring fenced for putting into a savings account for van costs. It won't need much spending on it next year but the year after is big bills time when it is ready for a major service, water pump and cam belt replacement and will probably be ready for brakes and tyres as well.

We are in no particular rush though once the cards are on 0%. We set a target of being credit card debt free (and hopefully vehicle finance free) in 5 years which will take us to our remortgage date in May 2026.

alt80

@RelievedSheff I'd clear it in the 12 month period by throwing the car HP payment at it and any costs on the van the year after put onto a 0% purchase. Up to you of course but I assume you won't have the issues with finding deals shortly?

Have you thought about what you're doing with the extra cash spare when debt free - another boat? 

RelievedSheff

alt80 said:

@RelievedSheff I'd clear it in the 12 month period by throwing the car HP payment at it and any costs on the van the year after put onto a 0% purchase. Up to you of course but I assume you won't have the issues with finding deals shortly?

Have you thought about what you're doing with the extra cash spare when debt free - another boat? 

We are wanting to get to the stage where we put nothing on the credit cards and they are there purely for emergency use only.

What will we do with the extra cash when it's all paid off? Absolutely no idea. We would like to reduce the term on the mortgage again when remortgage time comes around. If we could shave another couple of years off we would be happy, which would leave us eight years to go.

I really don't think we will get another boat. We have been there and done that now.I do think we will travel further afield with the van though when we can reduce our working hours and take more time off work. Europe is beckoning us. It is the one of the reasons we bought the van. We are considering changing our plans for our two week break at the end of next year and heading across the France instead of Devon and Cornwall.

joedenise

Definitely give France a go @RelievedSheff; it's brilliant and definitely set up for motorhomes and far cheaper too, although having said that you don't tend to use sites much so probably not quite as big a reduction as it is for us as we generally rally although do a bit of free camping when we can.

beanielou

Good news on the card 

Sun_Addict

That’s great about the 0% card, will save you a fair bit on interest. All heading in the right direction 😊 

amber03

When we got to 8 years left on our mortgage, we decided to double up and pay it off over 4 years . We could have had extra to spend each month but decided it should go towards the mortgage. It’s one thing I have always wanted to do, to own the house outright and we managed to do it when I was 48. It’s a great feeling not having a mortgage, so if you can I would definitely look at paying more off.x