Jelly Babies' Squidgy Easter Diary

redsquirrel80

Morning JB! Err am not very good at such things (hence why I have debt and an utterly cr*p credit record), I think Hypno's advice is good, but as you have to Friday you can think out all your options then make a decision based on whether the payrise comes through or not.

Am sure you'll get lots of advice on here though

Jelly_Babies

Thanks Squizz

I'm no good either, hence here and asking for advice :rotfl:

What to do, what to do...................I know win the lottery

taxi73

It's a hard one I agree.myself I haven't found that the credit crunch has had any effect on the availability of 0% deals and I have found that they are throwing credit at me and DH ...so in my case wouldn't be worried about the availability of 0% deals....even a life of balance transfer is cheaper than the loan...you must have a good credit history to be able to get 0% deals and if you have never paid late, missed a payment or no cjs against you then I wouldn't think it will be a problem.
Would it give you peace of mind to have the loan and please check to see if it is a FIXED interest rate on the loan as if it's not fixed then it could go up a lot but the flexibility is a good point for it...
hard deciscion I know...

Jelly_Babies

Thanks Taxi - you and Hypno are spot on with both sides of my thinking.

I think what worries me is the amount of CC debt we currently have and what would happen if we started getting loads of interest piled on then, I suppose in that situation I could then apply for an Egg loan?

I have a Barclaycard and they have sent me an offer for a Life of Balance of 3.9% which I could transfer the MBNA balance which is due to finish 0% next month, and then assess the situation in November when things are calmer?

Really not sure, DH has told me he will apply for the loan but if they need to speak to him he is going away on business after lunch so there will be no progress anyway. Suppose if we were offered it we could change our mind and say no :rotfl: :eek: :rotfl: See I have absolutely no idea!!!! :eek:

If I can keep getting 0% deals for the next 5 years it will be fine. Don't I go on...............................

Keeping_Positive

I would stick to cc's as long as deals available. If you start struggling to get deals then maybe look at a fixed rate loan.

It is a tough decision either way as I can see good and bad arguments for both. The loan will potentially cost more but easier to manage as long as all cc's go out the window and budget stuck to. Also room for overpayment built in.

My LBM came when I transferred the last of my buffer to my current account. I have been good and in 5 months no cc or od built up. Any cc bill paid of in full each month for tesco points and extra bit of interest free credit.

Seaxwyn

Hi JB - I do sympathise, I hate these kind of decisions.

My own instinct is to stick with the cards. All this talk of credit crunch is very scary but, like taxi, I am still having credit thrown at me. I have six credit cards and all but one just offered me very good long balance transfer offers well under the Egg interest rate. If I were you I would keep all the debt on cards, keep any empty cards open, and keep playing them off against each other to get low rates. This is what I'm doing, in fact I have just switched £3,300 FROM a loan onto a 0% card.

Sorry, not what you want to hear I know, and also I must stress I'm not an expert, just a fellow debtor!

Jelly_Babies

Ok, think I've made the decision (insert appropriate decision making music!)

DH has applied for the egg loan and they have rung him back but he's not here and obviously they won't talk to me. Already decided however not to take it.

Think I have just panicked TBH. Have had a look around, going to apply for a 0% card for DH with Barclaycard for the £5k on MBNA as there is a 13 month offer. We have't had any credit searches on our account since last October so should be search free save for the Egg one if that shows us so quickly? Then come October/November when things start to move again, I will reassess the 0% situation.

Is it best to keep the cards open or shut them as won't it look bad having loads of cards when someone does a search?

Once I have moved the MBNA debt to somewhere else I'm then going to focus on paying off the smallest card which is about £1800 and that should make me feel better, getting rid of one Also going to finally add the elusive and non existent overdraft to a 0% debt - as it really is there and I cannot pretend any longer :rolleyes:

Thanks for all your advice, think I have worked it out now.

Seaxwyn

Well done! Right decision!

I think, keep the cards open - as they offer special BT deals for existing customers and you can make them compete by telling them what others have offered you.

Jelly_Babies

Thank you

What should I do about Egg if they offer us the loan now, suppose it will show on credit search but doesn't show up amount of loan we asked for etc does it?

OMG - I am so full of questions today!

Seaxwyn

Don't worry about Egg. I've applied for loans, been offered them and not taken them on several occasions. Credit ratings are unfathomable things, mine always seems to remain good despite having masses of credit available to me, loads of searches, and no job! I wouldn't worry about it at all.