VM Balance Transfer Offers, order of repayment.

Dandytf

@born_again

I did micro sec think of making use of VM 0% until July '25.
Though not sure of repaying tomorrow's Cooker+Whatever Value of OD can be Transferred. 
I'll start with Cooker and if going well, then re considering part OD t/fer.

'Connectivity' WiFi Bedroom heater which I have kind off made some purchase savings.
Including Lower Cost of Dimplex Alta which includes Wifi.
I had originally chosen Dimplex Monterey which is slightly more expensive+Extra cost for RF Module to make use of existing Wifi Hub.

End of this thread Mser's thanks 

Nasqueron

born_again said:

Qyburn said:

Dandytf said:

I'm ordering Cooker today, I'de think maybe slight saving on this t/fer fee being 3% £16.56 approx.

That means the cooker was £552. It also means that the cooker cost you £552 plus an extra £218 per year every year until you get that overdraft paid off. You need to understand that every single thing you buy is costing you 39.49% per year. Either its cost is increasing your overdraft, or it's preventing you from reducing the overdraft. The effect is the same.

Buying on zero percent doesn't change that, you still need to pay off the balance with money that would otherwise have reduced your overdraft. Unless you're deliberately running up your credit lines with the intention of defaulting and never paying back. 

Look at it this way. Let's say you hold firm and take control of your own affairs. Stop buying stuff until that overdraft is down to zero. Now you have nearly an extra £800 per year available.

If OD is a issue.
Then look at 0% money transfer cards. Use that to pay OD off. Sit tight & stall any further purchases as long as possible, while paying CC off.

I'm in shock with recent Tech version of 'R' word, Consumers should cut back -I say on What?


Is your current cooker broken? If not then, you can push a new one back for now.

Connected heater? Which is what?
We are coming out of cooler months of the year. Again hang on for a while & they will drop in price in the warmer months.

OP doesn't think long term, it's the short term dopamine hit of new purchases with ever growing credit. He's been in a DMP before, he doesn't understand need vs want, he will be in a DMP again soon.

He has an EV which is many years old yet apparently had the range of a factor fresh battery but wants to evaluate a new EV for next year!

Logic won't work, feel free to keep advising but he won't listen as he loves his credit

MorningcoffeeIV

Nasqueron said:

born_again said:

Qyburn said:

Dandytf said:

I'm ordering Cooker today, I'de think maybe slight saving on this t/fer fee being 3% £16.56 approx.

That means the cooker was £552. It also means that the cooker cost you £552 plus an extra £218 per year every year until you get that overdraft paid off. You need to understand that every single thing you buy is costing you 39.49% per year. Either its cost is increasing your overdraft, or it's preventing you from reducing the overdraft. The effect is the same.

Buying on zero percent doesn't change that, you still need to pay off the balance with money that would otherwise have reduced your overdraft. Unless you're deliberately running up your credit lines with the intention of defaulting and never paying back. 

Look at it this way. Let's say you hold firm and take control of your own affairs. Stop buying stuff until that overdraft is down to zero. Now you have nearly an extra £800 per year available.

If OD is a issue.
Then look at 0% money transfer cards. Use that to pay OD off. Sit tight & stall any further purchases as long as possible, while paying CC off.

I'm in shock with recent Tech version of 'R' word, Consumers should cut back -I say on What?


Is your current cooker broken? If not then, you can push a new one back for now.

Connected heater? Which is what?
We are coming out of cooler months of the year. Again hang on for a while & they will drop in price in the warmer months.

Logic won't work, feel free to keep advising but he won't listen as he loves his credit

Are you suggesting that buying a heater with built-in wifi (just in time for those chilly summer days) or buying a working cooker to replace a working cooker, aren't essential purchases?

Dandytf

@Nasqueron
Thanks I enjoy making use of Credit.
@MorningcoffeeIV
Seasons follow Seasons, hopefully Dimplex Alta proves to be at least medium if not long term purchase.

thanks mser's

MorningcoffeeIV

Dandytf said:

@MorningcoffeeIV
Seasons follow Seasons

Or do seasons precede seasons?   

And if a WiFi connected heater falls over in the summer and no one is there to hear it, does it make a sound?

  

Nasqueron

Dandytf said:

@Nasqueron
Thanks I enjoy making use of Credit.
@MorningcoffeeIV
Seasons follow Seasons, hopefully Dimplex Alta proves to be at least medium if not long term purchase.

thanks mser's

As I said, nothing wrong with making sensible use of credit. Your issue is only that you can't afford it but keep taking on more debt on completely unnecessary things.

Do you have a list anywhere of your total debts and interest?

Qyburn

born_again said:

If OD is a issue.
Then look at 0% money transfer cards. Use that to pay OD off.

Thats just putting off the problem, not solving it. In fact it will make it worse, firstly because there'll be a fee for the transfer and second because it hides the debt it can lead to temptation to keep on borrowing and spending rather than trying to reduce debt. 

Sit tight & stall any further purchases as long as possible, while paying CC off.

He doesnt seem to be able to either. The fact he's already decided not to reduce his overdraft for at least a year (thus losing over £800) suggests he wouldn't pay off the suggested CC either.

That's if he'd even get one. A responsible lender wouldn't offer one.

born_again

Qyburn said:

born_again said:

If OD is a issue.
Then look at 0% money transfer cards. Use that to pay OD off.

Thats just putting off the problem, not solving it. In fact it will make it worse, firstly because there'll be a fee for the transfer and second because it hides the debt it can lead to temptation to keep on borrowing and spending rather than trying to reduce debt. 

Sit tight & stall any further purchases as long as possible, while paying CC off.

He doesnt seem to be able to either. The fact he's already decided not to reduce his overdraft for at least a year (thus losing over £800) suggests he wouldn't pay off the suggested CC either.

That's if he'd even get one. A responsible lender wouldn't offer one.

Nice selective quoting..

Add the rest of what I said & it is a whole new world of advice 👍

Use that to pay OD off. Sit tight & stall any further purchases as long as possible, while paying CC off.

So a expensive OD becomes 0% & can be paid off a lot quicker. So long as that is the target.

We can but advise the OP. If they take notice, great if not. That is up to them. 
But no point shooting down people offering advice, given your thoughts on the OP 🤷‍♀️

I'm well aware of OP posting history.

OP thread on beadroom heater

https://forums.moneysavingexpert.com/discussion/6452317/bedroom-future-heater-choices-dimplex-q-rad/p1

Dandytf

MorningcoffeeIV said:

Dandytf said:

@MorningcoffeeIV
Seasons follow Seasons

Or do seasons precede seasons?   

And if a WiFi connected heater falls over in the summer and no one is there to hear it, does it make a sound?

 

Seasons could do I guess precede.
Only WiFi sound I hear is from Philips Soundbar, Excellent BOE questions via popular broadcasters.

Dandytf

@born_again

I forgot to make CC Payment, caught up in excitement of Alta label after unclipping heater.
CC already shows Heater+smaller balance, not a great increased cost.
Not going to attempt to t/fer OD just yet, need to rest before Cooker De Install/Re Install tomorrow.
Maybe I could 50/50 OD balance in a few weeks time, thus avoiding using over 75% of VM CC Limit.

 thanks Mser's Delighted Test Alta 21c Comfort Hour is filling Bedroom impressively.