Large Consolidation Loan - Help please....

Richy15

Mrcow... might be early for you.... but when you've been up since 4am for the 5th time this week trying to dig yourself out of a huge hole you've dug yourself into, its positively mid-afternoon lol

I am planning on sorting the RBS loan out next. My options are to use the SBT facility on the Virgin card (if they give me one), but if not, I have cleared down the EGG card because I believe that has the same facility and I will use it as a mule - i.e. take the 0% for the 5 months and then switch it to 5.9% after that. Anniversary date is August. Am I corect in assuming that I can still use the EGG card for a SBT even if its not a new one??????

In answer to your query over having to have balances at £0 to attract the 5.9% - I don't believe you do. What Goldfish told me was that they will leave the BT monies at 5.9% but the remainder stays at the current APR and furthermore, that the payments you make go to paying off the BT first - thus leaving the higher interest stuff untouched - thats why I've moved some debt off to clear space.

I really do feel like I'm getting somewhere here. What is really frightening is that for the first time in 10 years, I really understand where I am financially!!! I never knew that before and just lived for the day!

onwards and upwards!!!

mrcow

Richy15 wrote:

Am I corect in assuming that I can still use the EGG card for a SBT even if its not a new one??????

I've never had an Egg card, so sorry I don't know that one. I would have thought so, but they may charge a fee?

the remainder stays at the current APR and furthermore, that the payments you make go to paying off the BT first - thus leaving the higher interest stuff untouched

That was my point about the 5.9% transfers, it's best to clear those cards before you do the life of balance transfers.

What is really frightening is that for the first time in 10 years, I really understand where I am financially!!! I never knew that before and just lived for the day!

I actually got quite angry with myself when I first woke up to my own situation. I just wished that I'd done something about it years ago! But angry is good, as I certainly won't repeat my old mistakes!

mountainofdebt

As far as I am aware PROVIDED you had the Egg card before May 2005, then any BT to it are fee- free.

Another tip found on these boards is to get a statement with a nil balance on it before you make a transfer so I would be tempted to put all the debt from goldfish onto your green egg card and then when you get the said statement from goldfish, transfer the complete balance from egg so that it is completly free for your anniversary month.

Don't beat yourself up about not doing something about it earlier...you are know and that's all that matters.

Murtle

wow you are going great guns....good luck - have a look on the credit card forum if you have lots of cc's to switch around, you can get a good insight in to the better ones to use and what for!!

Good luck - the sun is shining on you today

Richy15

wooo hooooo - great news

Just had my acceptance through the post for a Virgin CC with a limit of £15k!!! Now I can get juggling properly. :T