Where to begin/realistic expectations

chinaski11

Thanks Manyways, that’s good to know! So would it be worth doing anyway so that I can atleast reduce some of what I owe as all of what I pay will be paying off the balance? Or would I not be applicable to apply for it? 

Cheers! 

ManyWays

Personally I wouldnt if you intend to make the payments, because you can only have 1 a year and there may be some point in the next year that you actually need one. 

I suggest you settle down and get a good debt repayment plan underway. What is your first target?

chinaski11

Ok yeah that does make sense! I’m gonna sit on it for a few days whilst I work out the fine details of my plan and if I think I’ll be stable for the year I’ll go for it so that I can get abit extra paid off. 

Next steps are to consider selling the car and reducing my outgoing there as that should free up another £220 or so each month + scrap value of the car (need to work out the whether the risk of buying the part for £70 to see if it fixes it and then selling it for more is more prudent than just cutting my losses and scrapping it). Need to also have a workable plan so that will help me make progress so that I can sit down and have a talk with my partner about it. If anyone can link me to any discussions of people who have gone through this themselves and shared their experiences id be very thankful! 

Surprisingly, I’ve been pre approved for 2 balance transfers of £1500 and £1600 with a 12 month and 6 month interest free rate respectively (3% transfer fee for each and 49%apr). I’m thinking if I can transfer the Vanquis and Aqua balances over (minus the £100 excess + 3% transfer fee). First I’m thinking I’ll pay off the excess + Capital one, then work through the Vanquis transfer (6 months) followed by the Aqua (12 months). Then it’ll have to reassess from there what my finances are looking like. I’ll be losing about £130 a month in March if my secondment doesn’t get extended, but I’ve accounted for that too. Feeling like I can hopefully start making some headway and cutting it down! Just need to have the hard conversation now! 

Thanks everyone for their input and any more thoughts people have would also be very welcome! 

Cheers! 

ManyWays

3% transfer fee for each and 49%apr
That is a horrible follow on rate, is it from Zable? Zable is to be avoided as you cannot do a BT away from it, such a trap.

chinaski11

Yeah not the best rates in the world! However if I can get them paid off before the interest rates kick in it hopefully shouldn’t be an issue. 

Thankfully not Zable (though that’s good to know). 6 month is Jaja & 12 months is Loop.