The Secret DFW Diary of Eamd Aged 13¾

embarrassed_about_my_debt

Just phoned and got a settlement figure on my loan which was £4,247.51

Higher than i thought by £81.49 which i can only assume is a penalty for paying off early (one months interest?)

So do i leave my loan where it is and just transfer the mint cc

transfer loan & mint

or transfer the lot. which will put me back to the £10k mark

Any advice would be great.

ltm07

Hi EAMD! Can't advise you much myself but personally I would onl transfer everything onto Abbey card if I was certain that I could pay the lot off before next April, especially as we don't know how long te credit crunch will last & you may be declined when you have to transfer again next April. Good luck whatever you decide to do!

mizmir

Hi EAMD

Am not sure I see any benefit in transferring the loan? You would incur a penalty plus you say the figure already includes interest to the end so you are no better off than you would be by leaving it - and will have the penalty plus the transfer to pay for. I may have misunderstood but if this is the case definitely not a good move.

Perhaps just transfer the Mint and let the loan run its course?

embarrassed_about_my_debt

Hey ltm, I should be able to pay it off by april but if not all the credit will be on one card, i wont have had any credit searches for about a year and a half and i have a good credit rating, only ever missed one payments years ago that was a balance transfer mix up. Also i would be removing the loan and two credit cards from my current credit record (would show as cleared and closed).

Hey Mizmir, sorry should have made it clearer i will be paying off the loan early regardless of what happens as i want it gone by april aswell (actually runs to Nov 09) so will incur early repayment charges anyway but i see your point. I suppose one of the things that appeals to me is the fact that'll be able to see the exact amount of my debt, all in one place. I've got it all on my spreadsheet but i cant log in and check the loan like i can with the cc's.

Hope that makes sense.

mizmir

I can see the attraction of that - so is it worth the amount of the BT fee to you? Only you can answer that!

embarrassed_about_my_debt

Yea i suppose over a hundred pounds just so i can see it is rather excessive.

I think the plan is going to be

1.) Leave Barclaycard as it is and concentrate on paying it off once the £140 is cleared that is on the abbey card at the minute. (Then Close Barclaycard)

2.)Transfer Mint once the Abbey card is clear (so nothing interest bearing on it.) and Close Mint

3.)Leave loan as is until a point when im in a postion to settle it in full by savings.

So by the time the juggling is finished I'll only have the one credit card and one loan. Makes sense really just wanted somebody elses take on it and was getting carried away with getting debt onto 0% where i could see it.

The_Dragon

embarrassed_about_my_debt wrote: »

Yea i suppose over a hundred pounds just so i can see it is rather excessive.

I think the plan is going to be

1.) Leave Barclaycard as it is and concentrate on paying it off once the £140 is cleared that is on the abbey card at the minute.

2.)Transfer Mint once the Abbey card is clear (so nothing interest bearing on it.)

3.)Leave loan as is until a point when im in a postion to settle it in full by savings.

Makes sense really just wanted somebody elses take on it.

Sounds like the best idea hun, this way they all get paid off the cheapest AND quickest way!

Any more news on the tattoo situation?

mizmir

Sounds like an very good compromise. And since there is no benefit to paying off the loan in bits why not put the money aside for this into an internet access savings account so that you can easily see your progress there. Then you can treat it like a reverse loan account if you see what I mean!

embarrassed_about_my_debt

Cheers Mizmir - Thats what i plan to do at the end (once cc's are paid of, but balance will just be reducing in the mean time.)

Dragon - Been looking but still cant decide what to get. Really liked the japanese one but dont want it if its not right and other things havent grabbed me like that did, as i felt it was perfect for what i wanted. Might go to a couple of the tattoo shops near by and see what they have to browse but feel like i've hit a bit of a brick wall with that one at the minute.

Other idea i have is someone has written a couple of japanese sayings for me (so i have what the symbols should look like but just written how we would write by hand if that makes sense) so i could pay to get one of the 3 translated and then check it against what i have, if its correct then i will have the fonts to get the tattoo with but not as keen on the three i've got as i was about the remembered always.

The other three are:
You are always in our (my) memory
You are always with us (me)
We (I) will never forget you

embarrassed_about_my_debt

Morning all, :hello:

Well after the stupidity of yesterday (not stopping and thinking about what i was saying) im def going to stick to the above plan. Will do the balance transfer after this months statement (to make sure no interest gets added)

So now i have stopped and thought about and reformed my plan just got to concentrate on my Barclaycard once i get my £140 left on Abbey paid off this week.

Right time for a :coffee: i feel! Who else wants one?