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Balance transfer
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Just checked Zable interest rate is 28%
and that will be my only card that is acquiring interest£2820/£4000 0% 24 months pay £150 HSBC
£2,100/£3000 0% 27 months pay £150 M&S
£3,050/£4000 0% 27 months pay £150 HALI
£2,200/£7250 0% 14 months pay £60 RBS
£990/£2000 28% Zable closed £60
mortgage £22,000/£89,000 2 years left0 -
Altior said:It's the exit strategy. If you run out of road on a 0%, have no free funds and no access to new 0% deals or transfers, that is very tricky. Risks ending up paying the extortionate full interest rate on the card (which is what the providers hope to achieve).
but it’s not a option with that Zable now I could do what someone mention any bills I pay out my current account use the other credit card and use the cash to pay more off zable and balance transfer what the balance and what I’ve added off the other card.£2820/£4000 0% 24 months pay £150 HSBC
£2,100/£3000 0% 27 months pay £150 M&S
£3,050/£4000 0% 27 months pay £150 HALI
£2,200/£7250 0% 14 months pay £60 RBS
£990/£2000 28% Zable closed £60
mortgage £22,000/£89,000 2 years left1 -
Just make 100% sure that the 0% rate applies to purchases as well as transfers. Quite often they don't align, for example purchases could be for three months only.1
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No this card doesn’t what I’m saying is I could pay bills on a another credit card say £800 worth on a card that I can transfer from to the 0% then use the 800 to pay off Zable the can’t that I can’t transfer off£2820/£4000 0% 24 months pay £150 HSBC
£2,100/£3000 0% 27 months pay £150 M&S
£3,050/£4000 0% 27 months pay £150 HALI
£2,200/£7250 0% 14 months pay £60 RBS
£990/£2000 28% Zable closed £60
mortgage £22,000/£89,000 2 years left0 -
Pay the minimum payments on your 0% Halifax and HSBC cards and then pay any other spare money you have towards your 29% card/s and clear those as soon as possible.
If you've just applied for a 0% card then there's not much that can be done in the short term as making another application so soon may not be fruitful unfortunatelyNearly debt free
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Well I can definitely transfer one of the 29% just the Zable one I might be in luck as got a email from rmt today to accept the latest pay offer from my toc off the railway so May be able to pay that off now.
I applied for a 0% and got it with RBS but was only for 14 months with a limit of £7,500 but I’ll only be putting the £1,300 on it now£2820/£4000 0% 24 months pay £150 HSBC
£2,100/£3000 0% 27 months pay £150 M&S
£3,050/£4000 0% 27 months pay £150 HALI
£2,200/£7250 0% 14 months pay £60 RBS
£990/£2000 28% Zable closed £60
mortgage £22,000/£89,000 2 years left0 -
Regardless of whether you can pay it off in time or not, you want as much of your debt at 0% as possible (assuming the transfer fee is cheaper than the interest). You then want to focus on clearing anything that still charges interest.If all the debt is at 0%, you then have a choice of paying it down regularly or stooging the spare money after making the min payments to then clear off as much as possible with what you have been saving up. If you can't clear the whole amount, you then hope to shift the balance again, but assuming you haven't accrued more debt, the capital amount to shift will be less.If you only shift what you think you can 'clear', the remaining balance continues to accrue interest elsewhere, which you could have avoided.1
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I have everything set up to make payments to clear all the 0% cards before the offers expire I know I’m incurring interest on that 1 card at 29% but I don’t want to reduce what I’m paying as
1 I don’t think I’ll be strict enough if I reduce my payments to the 0% to then pay more off the 29% I can see me not paying it off
2 I don’t want to risk ending up with a balance left on these cards and then have to search for another 0% further down the line.Interest on the 29% is about £43 a month but been told all being well back pay could be in by Novembers pay so going to cost me £86 for waiting.£2820/£4000 0% 24 months pay £150 HSBC
£2,100/£3000 0% 27 months pay £150 M&S
£3,050/£4000 0% 27 months pay £150 HALI
£2,200/£7250 0% 14 months pay £60 RBS
£990/£2000 28% Zable closed £60
mortgage £22,000/£89,000 2 years left0 -
magpies79 said:I don’t think I’ll be strict enough if I reduce my payments to the 0% to then pay more off the 29% I can see me not paying it off0
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So I mean there timing couldn’t be more convenient lol but I’ve received a email from Zable notifying me that my interest rate is changing from 28% to 38% so again this card is hopefully going to be sorted soon however in the mean time it states in the email that I can reject the rate rise stay at my current apr rate card will be cancelled and account will remain open until balance is cleared and will still need to make monthly payments.
I’ve tried to let them know I wish to do this but there online chat just keeps telling me they can change the rate in line with the Bank of England rate rises.£2820/£4000 0% 24 months pay £150 HSBC
£2,100/£3000 0% 27 months pay £150 M&S
£3,050/£4000 0% 27 months pay £150 HALI
£2,200/£7250 0% 14 months pay £60 RBS
£990/£2000 28% Zable closed £60
mortgage £22,000/£89,000 2 years left0
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