asked a thousand times I am sure - I am a newbie and in the ***t

Seaxwyn

Brilliant news you got a 0% BT card. Well done!! I'm sure that will be the start of your debt total tumbling.

Not sure it's such a good idea to bet to celebrate though....

Verbatim

I've been lurking (and laughing). Congratulations on the cc. Have you been told the credit limit yet? Hope it's large enough to transfer all you need.

Robflh

Hi Jelly Babies

When you transfer a balance to a Virgin card, you have to pay a transfer fee that is 2.98% of the amount transferred. A BT of £8,500 would incur a fee of £253.30, which is normally added to the amount transferred. This would make a total outstanding debt on the Virgin card £8,753.30.

In the terms and conditions, it says the following for my Amex card. Each statement will show the minimum amount you need pay us, which will be 3% of the total amount owing or £5, whichever is more. For my Capital one card, it is 2% of the outstanding debt

As you have a Virgin card, look at your last statement. It should have on it how much you must pay. Divide that amount by how much you owe them and then multiply the answer by 100. That will give you the percentage you have to pay each month.

At 2% depressed of lincolnshire will need to pay £175.01 and at 3% it will be £262.60. In both cases, that would be more then the amount currently being paid.

Robflh

Hi beinerts

I was so busy working out the figures that I completely forgot about the flexible mortgages. Pay back what you want to, when you want to, and with no penalties for settling the mortgage early.

Yes selling the caravan or remortgaging would free up money but one or the other and not both. After selling the caravan and paying off the loan for it there would be, with any luck, money left to pay off more of the debts. It would also make it worthwhile transferring the £8,500 to the Virgin card.

The net result would be a reduction in total debt, freeing up £220 a month and saving a shed load of interest. That is not a single whammy or a double whammy but a triple whammy.

Robflh

Hi Seaxwyn

With regards to the betting, read the last word right at the bottom of the post. It is in CAPITALS.

Jelly_Babies

Robflh wrote: »

Hi Jelly Babies

In the terms and conditions, it says the following for my Amex card. Each statement will show the minimum amount you need pay us, which will be 3% of the total amount owing or £5, whichever is more. For my Capital one card, it is 2% of the outstanding debt

As you have a Virgin card, look at your last statement. It should have on it how much you must pay. Divide that amount by how much you owe them and then multiply the answer by 100. That will give you the percentage you have to pay each month.

At 2% depressed of lincolnshire will need to pay £175.01 and at 3% it will be £262.60. In both cases, that would be more then the amount currently being paid.

If you read my post I am clearly stating I do not pay 3% as I have an introductory rate when I BT which means I only have to pay £25 a month until the 0% period ends, after that period ends I then have to pay 3% of the balance. I was suggesting the OP may want to check if he has a set minimum payment or if his is based on a percentage. I am pretty sure that if I should have been paying 3% they would have pulled me up on it by now

depressed_of_lincolnshire

Thanks all (Again)
Okay - the caravan bit I still hear you but that is only going to happen when Billy Bailiff comes a-knocking. I know its wrong but I will sacrifice everything else but I am going to try and keep it. Cast me out and throw stones but thats it!!

(verbatim) I try - its my only defence mechanism and its free!!!


With regards to the Virgin card I am going to read the small print before I do anything and I am alerted to the minimum payment. Even if I have to pay what I am now at least it is coming off the bottom line not just going into Bank of Scotland Coffers like it has for the last two years.

(Jelly) ;0)

(Robflh) Put away the £23K and £10k and earn what you can. I am trying to be a good boy but I think I would find the devil prodding me in the ribs every living moment of my life if I had access to those funds. Maybe by then I will be savvy and strong, let hope so. Thank you for advise and reading the posts to the bottom.


and for anyone else lurking and feeling like the world is closing in. DO SOMETHING NOW IF YOU ARE IN TROUBLE. Last night was the first night I slept through until my alarm went for ages. I normally wake about 5am and start thinking about how will I pay this and what am I going to do. I got sweaty and got up tired and low. Although I am nowhere better yet. I realise I am not alone in this. I'm not the only prat that has let things get away. I have now started a plan and no longer am I going to be mugged by these companies. TIME TO MUG THEM!!! The support on here has been great and you also realise your not as bad off as some others.


Now for a little suggestion. All you guys that have posted have been great BUT... you know I am a newbie from my first post. Just remember that an SOA/IFA/BT/DKM/LBM means SWEETFA to us giggly virgins!!! I find myself driving along and suddenly going "ahhhhhhh x.x.x means xxxx"

I am now a money rider at the gates of hell and I take no prisoners!!!!!!!

can I just have the red one nurse.......

Robflh

Hi Jelly Babies

It was not that I did not understand it but more a case of not believing it because I have never herd of it before.

I have done a bit of hunting on the Virgin Money website and I have found this for how much the minimum payment will be.

If the balance shown on your statement is £25 or less, it will be the total amount of the statement balance. If the balance shown on your statement is more than £25, it will be whichever is the least of 3% of the statement balance or the total of any Payment Protection Cover charges, interest, handling fees and default charges plus £5, provided that it will always be at least £25.

If your balance is less then £833 you will have to pay £25 each month and if you balance is over £833 the minimum will be 3% of the balance. If your balance is above £833 then you are on a special rate and if not you are on the normal T&C.

However, I am not 100% sure about this because of the word least.

Jelly_Babies

Hi dol - happy to assist I have about £7,500 BT (Balance Transfer) on Virgin CC at 0% and really do have to only pay £25 for the 12 month period - really it's true - but I might just be special As you say whatever you do now you are paying interest free and it is a whole kinder experience.

I also don't think it's wrong that you don't want to get rid of the caravan. I know that when I jumped aboard the DFW wagon there were certain things I felt I couldn't give up and just worked harder at the other stuff and it has worked for me.

For what it's worth I have no idea what IFA and DKM means either :rotfl:

Well done though for staying positive, it is amazing the weight that has been lifted once you just get it all out in the open, the harder thing now is just to stay focused and keep posting :T

Robflh

Hi depressed of lincolnshire

For you to get a good nights sleep, something clicked in to place and that has stopped or reduced you concerns but what was it. You now you do not have to be shy with us, we will not laugh at you, well not much.

Oh yes abbreviations can be very frustrating and the first time I use one I normally put the abbreviation and in brackets what is stands for, like SOA (Schedule of Affairs) or Schedule of Affairs (SOA). From then on, I can just use the abbreviation. However as you had already done an SOA I did not think I needed to do that and sparky0107 had already told you what it meant.

When talking about seeing a financial advisor, IFA would seem to be obvious. FA for financial advisor but what about the I. The best advice comes from those who have no affiliations with any group or company, someone that is Independent.

Again when talking of Balance Transfers, BT would seem to be self-evident. However, I did forget to do what I would normally do.

I cannot find DKM anywhere in this thread and I did not use LBM (Light Bulb Moment), the day you stopped burying your head in the sand and started to do something about sorting it out.

Anyhow, he who lives in a greenhouse should not throw stones.

depressed_of_lincolnshire wrote: »

I owe 8k on one credit card (RBS)

depressed_of_lincolnshire wrote: »

<br />MS.............................3500......78........0

As you do have a surplus of £95 each month, which will get bigger once you have sorted out the Gas, Electric and Sky. Although, Freeview costs nothing, once you have paid for the box and get one with a hard disk and twin tuners. They make a great VRC or as this type are called PVR (Personal Video Recorder). You do not have to sell the caravan just yet or remortgage (with a flexible one you could pay the endowment cheques straight in to it, which would remove the temptation for you to spend it.) but they are there as an option if and when you need them.

Keep in touch, it is so frustrating when you help someone and then they just disappear. It is always nice to know how someone is getting on.

If it is £25 a month for Virgin BT's, transfer as much as you can. £25 is a lot less then £172.