Credit card Advice

good_credit

Hi Guys,

Not sure if I have created the thread in the correct forum.

However, I need some help/advice with regards to my outstanding credit card debt.

I have the following cards

Name		Amount Owed	Limit	Card %
MBNA 1		£1,375.86	£1,400.00	12.02%
MBNA 2		£4,320.14	£6,500.00	33.49%
Santander		£3,192.12	£3,400.00	Interest Free Until April-25
Tesco Card		£2,030.26	£6,600.00	25%
Virgin Card		£2,290.38	£2,600.00	Interest Free Until Aug-24
Sainsburys		£9,678.51	£10,600.00	Interest Free Until April-24
Halifax		£1,254.17	£3,450.00	32.04%

Any advice on moving the amount owed?

Thank you

flipflopflo

Please can you complete a full SOA so that the board can better help you with your question. 

Fill it out as to your situation now, format to MSE and copy and paste here. 

https://www.lemonfool.co.uk/financecalculators/soa.php

EssexHebridean

At the moment I think most of us will have more questions than answers. 

Completing an SOA will allow far more nuanced and informed responses.

Purely on the information given currently though:

Are you able to afford the amounts currently being paid once your priority bills are paid?
Do you have surplus that can be paid towards one of the higher interest cards to bring the balance down on that faster?
Is your credit file in a state to allow you to make some balance transfers to 0% interest cards from the existing higher interest ones?
Are all these cards now un-used - ie you have a robust, tried and tested budget in place and are able to pay all your outgoings without resorting to using more credit?
Where you already have 0% cards in place do the amounts you are paying mean those balances will be cleared by the time the 0% ends?

Brie

Importantly what are your monthly payments for all of these.  Minimum vs what you are actually paying.

[Deleted User]

The total debt appears to have almost halved in three years unless, of course, the consolidation loan route was taken then.

https://forums.moneysavingexpert.com/discussion/6198859/advice-on-debt/p1

fatbelly

purdyoaten2 said:

The total debt appears to have almost halved in three years unless, of course, the consolidation loan route was taken then.

https://forums.moneysavingexpert.com/discussion/6198859/advice-on-debt/p1

On that basis the op is doing pretty well and will be debt free in another 3 years. I do note that if they had taken my advice on that thread they would only have a year to go.

For me that's an expensive way to avoid a few defaults that all drop off at the 6year point.

But each to his own as they say

Martico

I'm slightly concerned that they want advice on moving the debt, not getting rid of it. Makes me fear they may have secured the bunch from three years ago and returned to unsustainable spending. Let's hope not and see if they come back and fill in a few details

enthusiasticsaver

good_credit said:

Hi Guys,

Not sure if I have created the thread in the correct forum.

However, I need some help/advice with regards to my outstanding credit card debt.

I have the following cards

Name		Amount Owed	Limit	Card %
MBNA 1		£1,375.86	£1,400.00	12.02%
MBNA 2		£4,320.14	£6,500.00	33.49%
Santander		£3,192.12	£3,400.00	Interest Free Until April-25
Tesco Card		£2,030.26	£6,600.00	25%
Virgin Card		£2,290.38	£2,600.00	Interest Free Until Aug-24
Sainsburys		£9,678.51	£10,600.00	Interest Free Until April-24
Halifax		£1,254.17	£3,450.00	32.04%

Any advice on moving the amount owed?

Thank you

Obviously the critical cards are the ones you are paying high interest rates on like the MBNA 2 and Halifax. If you are able to get 0% deals then that should be the first step.

The second step is to do an soa and make sure you are spending within your budget. Three years ago you had £42k and now it is £24k so assuming you did not add the £30k to your mortgage to repay the cards you seem to be repaying around £6k a year. Have you stopped spending on them?