Here Goes...Starting Up on a Journey

Superhoopza

Couple more purchases to make but before it gets mixed in with my April pay I'm including them on the numbers below:

End of April-24 Update:

Credit Cards and Overdraft: £29,041
Loans: £20,085
Total Debt: £49,126

Emergency Fund: £160

Started Journey Jan-24.
Reduction in debt from previous month: £2,616
Total Reduction in Debt: £7,503

Notes:

• Delighted to not only break, but smash the £50k debt barrier this year.
• This month's figures included a net tax bonus of about £600 and tax rebate received for the 2023-24 tax year of a similar amount. No more windfalls now expected.
• Moved to salary sacrifice so that brings in £100 extra take home pay a month.
• Trip planned for end of the month and start of June, then nothing until the end of summer.
• Looking to clear the Barclaycard balance either this month or start of next, I will speak to them once I receive my May statement.
• End of year ambitious aim is to be at the £35k debt mark.

Appreciate all the continued support the community provides.

enthusiasticsaver

Well done for getting under the £50k barrier. 

Boss1815

I’ve just spent ages reading your whole thread, I am invested now in your debt free journey, 
No advice as currently on a DMP for 5 years, terrible credit history and £12,239 in debt 🙄, 
Good luck! 

Superhoopza

Boss1815 said:

I’ve just spent ages reading your whole thread, I am invested now in your debt free journey, 
No advice as currently on a DMP for 5 years, terrible credit history and £12,239 in debt 🙄, 
Good luck! 

Thank you and good luck to you too.

Superhoopza

Torn on this one. I'm a member of nationwide having got a savings account (with next to nothing) in it. I see they offer credit cards for members. I did an eligibility check and got told I 'may' be offered a card, pretty standard terminology. I've scouted around on here and found a few similar threads created asking for people's experiences with this terminology, mixed results. I asked on live chat and got told some people are declined at eligibility stage but no one is approved at this stage, they are either told no or 'may'. Even more interestingly, I put an initial request of a limit of £10k in and when told I 'may' be offered a card, they said I would be offered a maximum of up to £20k. This seems surprising given the level of debt a soft search would show up, but maybe being a 'member', with a decent salary, is helping my case. 

The dilemma is to apply and have a hard search, which in all honesty probably won't impact me much as I haven't done a search for a few months and probably won't be until I get 0% offers probably closer towards the end of this year. But in reality, no one except sub prime lenders are offering me anything at the moment, so I would be very surprised to get offered the card.

No one is able to tell me the right thing to do but wondered people's opinions on it.

Superhoopza

Superhoopza said:

Torn on this one. I'm a member of nationwide having got a savings account (with next to nothing) in it. I see they offer credit cards for members. I did an eligibility check and got told I 'may' be offered a card, pretty standard terminology. I've scouted around on here and found a few similar threads created asking for people's experiences with this terminology, mixed results. I asked on live chat and got told some people are declined at eligibility stage but no one is approved at this stage, they are either told no or 'may'. Even more interestingly, I put an initial request of a limit of £10k in and when told I 'may' be offered a card, they said I would be offered a maximum of up to £20k. This seems surprising given the level of debt a soft search would show up, but maybe being a 'member', with a decent salary, is helping my case. 

The dilemma is to apply and have a hard search, which in all honesty probably won't impact me much as I haven't done a search for a few months and probably won't be until I get 0% offers probably closer towards the end of this year. But in reality, no one except sub prime lenders are offering me anything at the moment, so I would be very surprised to get offered the card.

No one is able to tell me the right thing to do but wondered people's opinions on it.

Just ran it again, didn't notice last time there was a box to put student loan payments. Have entered them and got the same message but this time offered £10,900. Very specific number. It's making me think I would be accepted. It would save me £200 a month in interest, as well as maybe open the doors to quicker 0% deals with my current providers who have done this in the past (Barclaycard and MBNA).

enthusiasticsaver

It might be worth a try but obviously you run the risk of a decline.  Have you checked credit karma to see if there is anything on there re the interest holiday you got given by (Barclaycard?).  I am not sure how Nationwide score their applications.  It is a dilemma but in your position where you would save £200 in interest each month I think I would give it a go but you may not get the £10k or declined. I don't think anyone can tell you for sure. 

Superhoopza

enthusiasticsaver said:

It might be worth a try but obviously you run the risk of a decline.  Have you checked credit karma to see if there is anything on there re the interest holiday you got given by (Barclaycard?).  I am not sure how Nationwide score their applications.  It is a dilemma but in your position where you would save £200 in interest each month I think I would give it a go but you may not get the £10k or declined. I don't think anyone can tell you for sure. 

Nothing on credit karma about a payment holiday with Barclaycard no, just said made payment as usual. Although there's always a couple of months lag with Barclaycard and when they report. Tempted to apply, one credit search won't make much difference and as I said, I can't see myself getting a better offer in the next few months.

MFWannabe

Superhoopza said:

enthusiasticsaver said:

It might be worth a try but obviously you run the risk of a decline.  Have you checked credit karma to see if there is anything on there re the interest holiday you got given by (Barclaycard?).  I am not sure how Nationwide score their applications.  It is a dilemma but in your position where you would save £200 in interest each month I think I would give it a go but you may not get the £10k or declined. I don't think anyone can tell you for sure. 

Nothing on credit karma about a payment holiday with Barclaycard no, just said made payment as usual. Although there's always a couple of months lag with Barclaycard and when they report. Tempted to apply, one credit search won't make much difference and as I said, I can't see myself getting a better offer in the next few months.

Have you tried the eligibility calculator on here? 

That gives the % of chance you’ll be accepted and is only a soft search 

Superhoopza

MFWannabe said:

Superhoopza said:

enthusiasticsaver said:

It might be worth a try but obviously you run the risk of a decline.  Have you checked credit karma to see if there is anything on there re the interest holiday you got given by (Barclaycard?).  I am not sure how Nationwide score their applications.  It is a dilemma but in your position where you would save £200 in interest each month I think I would give it a go but you may not get the £10k or declined. I don't think anyone can tell you for sure. 

Nothing on credit karma about a payment holiday with Barclaycard no, just said made payment as usual. Although there's always a couple of months lag with Barclaycard and when they report. Tempted to apply, one credit search won't make much difference and as I said, I can't see myself getting a better offer in the next few months.

Have you tried the eligibility calculator on here? 

That gives the % of chance you’ll be accepted and is only a soft search 

Yes, nationwide is not on here I believe. I check all eligibility checkers about once a week.