New to all this...

JimmyTheWig

Cat8t3 wrote: »

I was consisering a morgage holiday or calling my morgage provider and asking for a reduction but i feel maybe this would overall cost us a lot in interest.

If you are strict with yourselves then this needn't cost you a lot in interest.
Say they agreed to let you reduce your mortgage payments by £200 a month for 3 months. You could use this to pay for the caravan park.
If you just left it at that then you would end up paying lots of extra interest as, although it is a low rate, the borrowing on a mortgage is over a long period of time.
But most mortgages allow overpayments. So for the following three months pay an extra £203 a month (above what you are currently paying), which you can afford from your overtime pay.
Then go back to normal payments. (*)

I've said pay back £203 a month rather than £200 as this allows for interest. If I've worked it out right that should leave you about square on your mortgage - i.e. borrowing this way would cost you about £9.


(*) Even better, if you find that you can afford these extra payments then keep paying them and you can pay off your mortgage quicker, saving you heaps in interest!

smithja

I live in Glasgow and plently of Pubs will give you a cashback on any card at all, they dont care what it is. Dont know how they would feel about you just walking in then walking out with £50 mind you, it does not happen often here.

Cat8t3

If you only need this credit card for the overnight expenses, why not spend £50.00 a week on credit card in the supermarket / petrol station / elsewhere and use the cash that you would have spent on these things to pay the caravan park. Means you have a few things to keep track of, but should be ok.

Not a bad idea, cheers

Does he stay away because he wants to or because the company he works for asks him to??

He stays there because it is a 2 hour drive away from where we live and his shifts are 12 hours(so would be a really long day, and staying works out cheaper than paying fuel everyday), he works 4 on then 4 off. We are finding it hard, as at his last job he had a company car and all fuel paid, so although he is on the same money, we now have accommadation and fuels cost and extra car costs, tax and insurance.

Thank you for the advise guys, very much appreciated.

Karl.H_2

UPDATE: I tried using my credit card to gain cash back in Tesco today (£10), and a BIG red error message appeared on the till. It said something like not enough funds for transaction. I ask her to remove the cash back, and everything went through fine. So, I have discovered that I cannot get cash back on my credit card.

Bismarck

Karl.H wrote: »

UPDATE: I tried using my credit card to gain cash back in Tesco today (£10), and a BIG red error message appeared on the till. It said something like not enough funds for transaction. I ask her to remove the cash back, and everything went through fine. So, I have discovered that I cannot get cash back on my credit card.

thanks for confirming that one...I was a little surprised when I first saw your post!

Bismarck

Cat8t3 wrote: »

It is a caravan park, i am persuming they dont take card, although i havent actually asked.

His overtime is garanteed, and lots of it.....:j

If he can handle it without too much upset elsewhere perhaps he should fill his boots while he can - as long as the proceeds are used to make a dent in the debts.

Re the caravan park, plenty I've stayed at do take cards...

CannyJock

Like others have said you can't withdraw cash on a credit card without it costing a huge amount of interest from day one.

You can get cards that offer 0% for balance transfer for up to 15 months that you can transfer the balance directly to your current account - this would sort out your overdraft and allow you to withdraw the cash from your current account.

The cards don't do this out of the goodness of their heart of course. The Virgin Money card is probably the best one in this situation. It charges a 2.98% fee and offer 0% interest for 15 months, first repayment is 3% of the balance, next 14 payments are only £ 25. It's a good card if you're looking to sort out a debt situation, but be warned that you need to clear the balance before the 15 months are up (either by repaying from savings or transferring to another card) because the APR shoots up after the introductory period.

Karl.H_2

Bismarck wrote: »

thanks for confirming that one...I was a little surprised when I first saw your post!

It's okay. I cannot for the life of me remember which card it was. I am sure it's the credit card because I don't need to get cashback on debit cards. Who am I to argue?