Suicidal - please help me!

boredofbeingathome

Wol2 wrote: »

Hi Sporter

Don;t jump yet!!

Spent about an hour putting together a post for you earlier this evening and lost it (twice) because my puter went on the blink (twice!!)

Now trying again....but abbreviated version.

First..please read MSE again right the way through..lots of good advice and will back up what I am about to offer as my input.
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

Next... I take out a NEW card...and transfer my existing baalnces on to it. I DON't just up my limit on existing cards.

So what might work for you? worth touting the offer you have just got and speaking to some others.

First thoughts is to transfer both M & S and Barclays onto a new card and close the latter two down.
Try Barclaycard...they have lots of different cards and you will need to logon to their website here to decide the best one for you
http://www.barclaycard.co.uk/personal-home/cards/compare-all-cards/index.html?WT.mc_id=96255543420560-&TC=ASGLP16524
i.e. their current offer is not necessarily good neough...becuase it lreates to existing card...nto a NEW card...and you have to ask for the deal on the new card otherwise they won;t give it you!!

HOWEVER...you have differential rates for the other two (MBNA and Sainsburys) which is doing my head in...and to be honest..if you ever BT then keep your new BT card for that purpose only with no purchases or other transactions (as reccommended by MSE as otherwise you end up paying a fortune). Just set up minimum payment DD and watch it go down month by month.

Might therefore be better to pick ONE NEW card and try to BT all of them over...whether the ew card has either a 0% longish term BT rate (12 months) or a low rate life of balance rate.

You current actual credit limit on all 4 cards is £21,300.

Your actual balance owing is £20, 650. If you BT this amount the max handling fee (assuing 3%) will be £619.65 making a total of £21,274.65 owing...just under you total credit limit of £21,300.

i.e. be aware you are going to pay someone a fee of £600+ for the privelige of consolidating your CC's..but hey that is their incentive to help you!!

Ones to try (courtesy MSE): phone applications notinternet...and do tell them you are consolidating.... tell them your 4 cards and credit liits and indicate you preference to close them all down once you have a brand new card.

So your possible optioins are: (see MSE for rates or websites concerned)

a) Barclaycard...go for platinum 0% Flexi rate for 12 months (2.5% fee) or for the life of balance low rate (Long term Balance tranfer at 6.5%)

http://www.barclaycard.co.uk/personal-home/cards/compare-all-cards/index.html?WT.mc_id=96255543420560-&TC=ASGLP16524


b) Virgin...the longest term offered at mo...0% 15months....(2.98% fee) (this is really MBNA and as you have MBNA you can try to transfer over MBNA card plus M & S minimum plus try to include the other two...they must be depsrate for your business??) But ring them rather than apply over the web.


c) Egg 0% til May 09; 3% fee

d) MBNA platinum 0% til Apr 09; 3% fee. Try this as you already have existing card. This lus whatever else you BT over all need to be cancelled...and as I said ealier...they were really flexible in a phone call

e) Tesco and Abbey both offer 0% for 13 months on debts new customers shift to it, for a one off 2.5% fee. If you can pay the debt off within the thirteen months, then the lower fee makes these a better pick than Virgin (Abbey's been having some problems with online applications; if this happens, call it up: 0845 765 4321).

f) Finally you may want to opt instead for life of balance low rate:
MSE recommends Citibank
The gold standard for long term cards is a ‘life-of-balance' transfer deal; here the cheap rate lasts until the debt you've shifted is repaid in full. The current cheapest is the Citibank’s* life of balance card; which charges 5.8% for life, provided you shift the debt to it within 90 days of opening the account.


Alternative option is the Barclays life of balance at 6.5% as mentioned above.

Good luck..at home tomorwo morning so PM me with your phone number if you want further info

Much love and good luck
Wol2
xxx

A great well thought out post:T i am nominating this for post of the month-hope you don't mind. Bob x

sporter_2

I totally agree!!:beer:

Wol2

Hi S

Got your PM...but mine didn;t get through first time.

Will try again.now..and aw shucks ...thanks you S and BOB...you have no idea.... after my last 48 hours...it's a real lift.... So many thanks to you both!!

Hugs
Wol2
xx

Wol2

Sporter....have your PM.....you now have my number..;)

Hope we'll speak tomorrow HUn!!

Big BIIIIGGGGG hugs
Wol2
xxx

sporter_2

Just received a call from Church Wood Financial re going onto a DMP with them. They charge £30 per month :eek: and will be sending paperwork to me today. This would mean that they would deal with all the creditors on my behalf and the £30 would be inclusive within the payment I make every month.

Anyone heard of them?

Debt147

Sportster, why go with this company that charges rather than Payplan or CCIS, or have I missed something earlier in the thread?

shinyhead

Hi sporter,
Before you commit yourself to Church Wood have you been in touch with either Payplan or CCCS? They don't charge for their services, do the same thing and so that £30 will go towards paying your debts off sooner.

Don't assume that because they charge for their service it will be better than the debt charities.

Thanks D147 - or have I also missed something earlier?

medman

The first two are the ones that provide this service free of charge

Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

National Debtline - Website: National Debtline Telephone: 0808 808 4000

Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest

Community Legal Advice - Website: Community Legal Advice Telephone: 0845 345 4 345

Good luck and stay positive

MM

Burlesque_Babe

please don't use a company which charges sporter - that's £360 a year that could be going off your debt, why not call CCCS?

medman

A quote from Martins Debt Problems Guide

"Avoid any of the beasts that advertise debt help or management on the TV or in red top newspapers. They are commercial companies who simply want to make cash out of you, they don't care. While in the short term their plans will make your payments lower, in the long run it'll cost you dear. Avoid them. Don't touch them. Don’t go near them".

it's good advice

MM