Hopefully debt free before Mortgage renewal in June 2026

MFWannabe

Tezzadp said:

It seems other people have been able to pay a hastings loan with a simple CC payment. I could get a money transfer CC but that would come with a 3.5% fee which wouldnt be worth it in my case, id be better off just paying the loan off before the end of Sept. 

I may try a daily payment with one of my CCs at some point over the weekend to test out if the payment goes thru or not, if it does then im in luck and will apply for the 0% CC and pay it all off and then transfer it over to the new 0% card. 

You were looking at getting the 0% NatWest card? 

Their 0% balance transfer card states it cannot be used to pay off a loan 

Tezzadp

MFWannabe said:

Tezzadp said:

It seems other people have been able to pay a hastings loan with a simple CC payment. I could get a money transfer CC but that would come with a 3.5% fee which wouldnt be worth it in my case, id be better off just paying the loan off before the end of Sept. 

I may try a daily payment with one of my CCs at some point over the weekend to test out if the payment goes thru or not, if it does then im in luck and will apply for the 0% CC and pay it all off and then transfer it over to the new 0% card. 

You were looking at getting the 0% NatWest card? 

Their 0% balance transfer card states it cannot be used to pay off a loan 

Correct I was going to get a NatWest card. But i also said, I was going to use my virgin/Tesco CC to make a normal payment (NOT a balance transfer as you're referring to above) to pay off the loan, which will probably be recorded as a cash advance (NOT a money transfer, as these have instant transfer fees) on that card and cost a lot more in interest per month than a normal transaction. 

But then once that transaction is complete and I have my loan balance on my virgin/Tesco CC, I would then use my new NatWest CC to do the 0% fee balance transfer to that card. Which would be a normal, CC to CC balance transfer, which you are referring to above. 

Tezzadp

I forgot to mention the standing order of £40.00 into the emergency/savings account which made the balance £274.50

Today i had a lovely day out with my daughter for her upcoming birthday this next week and in total for the day i spent £107.00 which i have transferred from my savings account to cover this. The balance in the savings account now stands at £167.50. I shouldn't need to touch this money now until Sept time, unless there is an emergency, so im hopeful i can build this figure back up again until then. 

No direct debits today

Debt payments

Hastings loan daily payment : £1.98 (Total paid so far this month* £11.73  - leaving a final payment of £84.13 in APRIL 2027  (25 monthly payments) = Balance outstanding now £1955.75

*This month refers to 31st March to 29th April (the day before pay day)

Tezzadp

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Tezzadp

Right, i have just tried out stage one my plan to get my loan down to 0% with zero fees for 12 months.

I have successfully made a £1.00 payment from my Virgin CC to my Hastings loan. Which now leaves me with £753.00 to pay on my Virgin CC and £1954.75 on my Hastings Loan.

These are my next steps following this successful test payment towards my loan from my Virgin CC : 

1. Apply for the Natwest CC that has 0% fees and 0% balance transfers for 12 months
2. Find out how much my credit limit is on this new Natwest card if accepted. Hopefully it will be enough to pay off the total of my Virgin CC and my Hastings loan amounts £2707.75
3. Use my Virgin CC to pay off all but £1 of my Hastings loan.
4. Use my New Natwest CC to balance transfer the full amount from my Virgin CC (which now includes my loan) with 0% transfer fees
5. Pay off this new Natwest CC as normal like i have been with the loan, but saving the interest amount every month, which will probably be around £100 in savings in total.
6. Pay off the remaining £1 on my loan the following, which will hopefully avoid them charging me extra interest which they add if i get a full settlement quotation. If they do charge the extra interest, then i have still managed to save money anyway, just less than i would have that is all. 

I hope all that makes sense? I have tried to make it as clear and as simple as possible for people to understand. 

I will update each step as and when/if i complete them.

Tezzadp

Good news. My credit limit will be enough for me to transfer all of my debts to this card (loan+Virgin CC and my Tesco CC balance) and i will have 12 months to pay them all off, before the 0% period runs out, which i think i can achieve.

Tezzadp

Natwest card is on its way 

Tezzadp

Im now awaiting for the credit card to be added to my Natwest app, so hopefully this will be done tomorrow. When it is, i will check the credit limit is correct, before then continuing to complete the steps outlined previously. I will post updates as they are completed 

Tezzadp

No money spent today
No direct debits today

So im still awaiting my new Natwest CC to go onto my app, which ive been told will be tomorrow as its the next working day. So for now i will continue my daily payments towards my loan from my bank account. 

Debt payments

Hastings loan daily payment : £1.99 (Total paid so far this month* £14.72  - leaving a final payment of £80.30 in APRIL 2027  (25 monthly payments) = Balance outstanding now £1952.76

*This month refers to 31st March to 29th April (the day before pay day)

Tezzadp

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