Who should i give my money to????

Rob50k

Ok folks give us a hand, I have £10k to play with to pay off some of the credit card debts below, i want to then shuffle to get the debt on to best rates etc, i have spoken to each of them and as there is little if any credit left on them they won't give me any idea on preferential transfer rates. So who is the best bet to offer a decent transfer rate, who should i pay etc etc etc...... Help!

These are the offending cards and the even more offensive APR's


MBNA £4000 (29% APR)
Mint £4394 (20.9% APR on £2150 & 31.2% on £2250)
Tesco R £5350 (17.5% APR)
Tesco D £5700 (17.5% APR)
Barclaycard £9750 (21.9% APR on £9200 & 27.9% APR on £410)

Ta!

Rob

Viks

Clear the highest interest rate debts first as this will surely save you money. Then look at which cards give you a good 0% balance transfer rate and open with them and transfer over.

wayoflife

Rob50k wrote: »

Ok folks give us a hand, I have £10k to play with to pay off some of the credit card debts below, i want to then shuffle to get the debt on to best rates etc, i have spoken to each of them and as there is little if any credit left on them they won't give me any idea on preferential transfer rates. So who is the best bet to offer a decent transfer rate, who should i pay etc etc etc...... Help!

These are the offending cards and the even more offensive APR's


MBNA £4000 (29% APR)
Mint £4394 (20.9% APR on £2150 & 31.2% on £2250)
Tesco R £5350 (17.5% APR)
Tesco D £5700 (17.5% APR)
Barclaycard £9750 (21.9% APR on £9200 & 27.9% APR on £410)

Ta!

Rob

Where did you get the 10k from? by that I mean is it borrowed?

This is a situation which requires alot of time, set yourself a day aside to do this;

First of all call all of your card providers one by one (make a spreasdsheet and record all info on seperate sheets). You will need to explain your situation and be transferred to the companies debt management teams. Ask to speak to management/a supervisor. You can then negotiate the APR.
This MUST be your first step IMO, as it doesnt involve any external credit searches and you will have instant decisions.
After this pay your most expensive debts with the cash asap.

Secondly, take another look at all of your debts and calculate minimum payments on each. Ensure you have the correct % rates for each card

Judging by the amount of cards you have I assume you have a good credit status. I would then look at how long it is going to take you to pay off the cards...
This can be done by doing an overall budget of your spending for everything. Leave money aside for contingencies. there is a good one on the main site. When you have the figure left over then you know how much you can afford to pay each month.

Then look at good balance transfer cards. I would suggest getting less cards rather than more, and trying for the highest credit limits possible. This way you wont get confused with all of the different payments. Pick a card that suits your time to pay it off, 1) if you can pay it off in the next 12-15 months get a 0% card

2) if its longer than this then opt for a life of transfer card with no fee.

then look at your credit limit (fyi you can negotiate more with most companies so do this). and transfer your most expensive debts first.

Now work out your remaining minimum payments and add these all up to come to one figure.

Hopefully you will have cleared all of your balances. If not I would look at seeing how much extra money you can get together each month to pay your remaining standard APR cards. I would offsett any luxuries for at least 3-6 months and use this money to pay off your cards.

In 6 months time look at what other deals there are for cards and look at doing another balance transfer. Do this every 6 months.
Give your company a courtesy call 6 weeks before any offers are about to end, they may be able to give you another offer/ extend the offer.

Keep accurate records on a spreadsheet and keep them up to date
youll be surprosed at how much your debts will decrease

spend the time to do this and in 2 years I estimate you will have halved your debts

Rob50k

Many thanks,

I will do,

the 10K has come from cashing in shares and investments, which seem pointless having when the debt is going nowhere so fortunatly no extra debt plus it don't look like savings, shares and investments are gonna do much good over the next few years.

As for the otherr debts, yep doing the whole budget plan etc and am starting to make a dent in the monthly expenses and starting to see extra cash at the month end.:j

I also have another £7k in tied up shares and spare Land Rover but unlikley to see this money till april.

BUT! as a starter i have just spoken to Barclaycard, and as i am not in arrears with them and have continued to pay their bills for the last 10 years, they can't entertain a setelment or negotiate any offer on APR etc... I explained that if i paid the card off tommorrow becasue i could, they would realsie they are making no money from me and very soon be offering me transfer rates to clear my other cards so why can't they do a deal now, bloke just said sorry your right the only way os to take a punt and see what happens???? I'll try the others and see what happens.

Cheers

Rob

sicker

I found that on clearing A&L credit card (mbna) I was offered a 0% balance transfer (3% fee) for a further 9 months. If you got the same you could then use that to help clear the some of your other high interest debts whilst repaying mbna @ £25 a month (min payment?) 'till further funds become available. This would greatly reduce the amount of interest you are being charged.

wayoflife

Rob50k wrote: »

i have just spoken to Barclaycard, and as i am not in arrears with them and have continued to pay their bills for the last 10 years, they can't entertain a setelment or negotiate any offer on APR etc... I explained that if i paid the card off tommorrow becasue i could, they would realsie they are making no money from me and very soon be offering me transfer rates to clear my other cards so why can't they do a deal now, bloke just said sorry your right the only way os to take a punt and see what happens???? I'll try the others and see what happens.

Cheers

Rob

you need to make sure that you are talking to the right people. Dont just go through to the customer services. Visit the saynoto0870 website and you will find execultive numbers for most companies. For Barclaycard you need at least the customer relations number.