My credit card debt situation...

Rochdale_Guy

Hi all.

Hi Travelqueen. I don't mind you posting in this thread but you'll obviously get more of a response if you made a thread of your own, then the top people on here can give you their excellent advice as they have done with me ;D

Right then, I received a letter from TESCO confirming my account is now cancelled and "thankyou for my custom".

I also decided I was never gonna get accepted for this 0% APR for life no minimum spend Barclaycard offer, so have just phoned them up and cancelled my Barclaycard Gold Visa account. It did have a £3,200 credit limit but I just thought enoughs enough and to hell with them. So, I should get a letter from them soon confirming my account is closed and settled. ;D

Still can't decide on this CAPITAL ONE 1.94% offer until May 2004 as the small print says this new offer rate (1.94%) will come into effect after you have received your December 2003 statement, and mine is due on the 15th. Does that mean if I rushed in and made a transfer, I would have been charged at a higher APR from the day the transfer was made until the 15th December when this 1.94% kicks in ?

Sneaky s*ds eh ?

Should I stay or should I go now ? (as the song goes!!!)

Thanks for reading,
Rochdale_Guy

Rochdale_Guy

....so, latest standings are:

Current standings (!)

NatWest visa =  £750 @ 5.9% APR fixed until paid off.
American Express Blue = £1,450 @ 4.9% APR fixed until paid off.
Alliance & Leicester visa = £215 @ 3.9% APR fixed until March 2004 .
 
Capital One visa = ZERO balance.
MBNA visa = ZERO balance.
Tesco visa = ZERO balance, account now closed.
Barclaycard Gold Visa = ZERO balance, account now closed.

westernpromise

Does that mean if I rushed in and made a transfer, I would have been charged at a higher APR from the day the transfer was made until the 15th December when this 1.94% kicks in ?

I bet that's exactly what would have happened! And then you'd have had to argue the toss with them over it on the phone.

Rochdale_Guy

Hmmn, still no letter or closing statement off Barclays >:(

Had a letter off MBNA offering me 6.9% on balance transfers until May (I think!).

That's no good to me so do I close my £4,300 limit ZERO balance MBNA card too now ?

And what do I do about this CAPITAL ONE offer that doesn't kick in until my December statement arrives (about another week) ?

Please help ,
RochdaleGuy

??? :-[

westernpromise

Capital One's rate is lower than any other rate you're paying, but only until May. Therefore you should transfer to it whatever you think you can pay off before May.

The answer may be "I can't be sure I can pay anything off before May - I'm already committed to paying A & L £215 by then, and can't manage more". If so, then the only way to use the Capital One offer is to transfer some or all of your A & L balance to it.

This reduces the interest rate you're paying on that £215, from A & L's 3.9% to C1's 1.94%. You already have to pay that off by May, but now the interest is much lower.

If you can manage to pay a bit more than £215, then transfer not just the A & L balance, but some of the NatWest balance too. That's your most expensive debt at present.

As always...keep in mind what these rates revert to in 6 months' time.

As for your MBNA card...well, since they haven't offered you anything the others haven't bettered, I'd ditch the card. In about 18 months, apply for another one and see if they'll make you a better introductory offer then.

Afterthought: maybe keep the MBNA card after all - they and Egg are the only cards who'll put cash into your current account. Very useful for converting loan finance into 0% CC finance. If you're likely to want to do that any time soon, hang on the card - but keep it in a drawer until then.

You're doing well meanwhile. You've got your average APR down to 4.95% by my rough estimate now - cheaper than the cheapest personal loan.

Rochdale_Guy

Thanks for that. Here's the latest amounts owing :


NatWest visa =  £765 @ 5.9% APR fixed until paid off.

Eek ! The balance owed was HIGHER than I thought it was, hell

American Express Blue = £1,450 @ 4.9% APR fixed until paid off.
Alliance & Leicester visa = £160 @ 3.9% APR fixed until March 2004 .
 
Capital One visa = ZERO balance.
MBNA visa = ZERO balance.
Tesco visa = ZERO balance, account now closed.
Barclaycard Gold Visa = ZERO balance, account now closed.

Aargh. I hate edits  >:(

I'm getting there on the A&L balance transfer repayments  :D

But the darned NatWest is still a heavy weight to bare

Rochdale_Guy

NatWest visa =  £465 @ 5.9% until paid off  ;D

Capital One visa = £300 @ 1.94% until 15th May 2004

I took advantage of their balance transfer offer !

Andrea

Hi Rochdale Guy

Did you mean to say Natwest rather than Tesco in your last post?

Also, i've noticed sometimes you say your A&L card is 3.9% until 24 March and sometimes you say its life-of-balance. Could you clarify which one it is because if it is life of balance and you have a £3,400 credit limit you could transfer the Natwest and the Amex Blue onto that.

Andrea

zcaprd7

Rochdale guy,

Don't forget to ring up and pester your old credit cards with zero balance on them.

They might just offer a 0% for six months job - maybe wait until jan/feb/march.

I can understand your concern with these deals (will I pay it off before it reverts?) but if you can move each time to a 0% deal you will be laughing??

KP

Rochdale_Guy

Hi Rochdale Guy

Did you mean to say Natwest rather than Tesco in your last post?

Er, yes ! Edit made :-[

Also, i've noticed sometimes you say your A&L card is 3.9% until 24 March and sometimes you say its life-of-balance.  Could you clarify which one it is because if it is life of balance and you have a £3,400 credit limit you could transfer the Natwest and the Amex Blue onto that.

Andrea  :)

:-[ :-[ again !!!!

Sorry people. In my excitement I keep forgetting to put the A&L offer is fixed until March 2004 and NOT until paid off !!!! Sorry again for any confusion ! :-*