Another Person In Need Of Help

mountainofdebt

that depends on two things:


1. What is the APR on your Morgan Stanley card - and does this rate have an end date. If you can only find the monthly APR don't worry post that and we can work it out for you.

2. How much on your Capital One card is at the promotional rate and how much is on the higher rate....this again should be on your statement.

southernscouser

mountainofdebt wrote:

that depends on two things:


1. What is the APR on your Morgan Stanley card - and does this rate have an end date. If you can only find the monthly APR don't worry post that and we can work it out for you.

2. How much on your Capital One card is at the promotional rate and how much is on the higher rate....this again should be on your statement.

OK,

On my Capital One card I transferred £1,135 (I think) after my introductory period. That interest rate is 1.039% per month. The original balance transfer is at 0.323 per month.

My last statements balance was £8,093.97, original interest was £21.00 and the "tranfer interest for the £1,135 was £19.59

Morgan Stanley card is 5.9% for life of the balance.

mountainofdebt

So you have :

An Egg Card with a balance of £283.02 at 15.9% with a limit of £8,600 (which you plan to clear this month)

A Capital Card with a balance of £6958 (approx) at 3.94% (approx) and £1135 at 13.2% (approx) with a limit of £10,300

A Morgan Stanley card with a balance of £2,484.27 at LTOB of 5.9% with a limit of £2,700

A Tesco Card of £2,484.27 at 7.7% and £2,650 at 7.9%...what's your new limit?

and now an Amazon card with £5,300 and 0% for 6 months.




The trouble here is, is if you transfer a balance from Capital One, Capital One will apply the money attracting to the lowest rate of interest.

Its a toughy as there doesn't seem to be an obvious solution..assuming that the promotional balance at Capital One is for the lifetime of the balance. I can see what you are saying re your tesco card (which would be the next obvious choice to transfer) but you must be (even at the moment) to be credit worthy to get the amazon card.

If I was forced to give an opinion I would:

a) transfer the balance on the tesco card
b) once the balance had gone through cancel the tesco card - this is important!
c) reduce my limit on the capital one card to £8,500 and continue to reduce it as the balance dropped.
d)reduce my limit on the Morgan Stanley card to say £2500


Though as my username suggests perhaps I'm not the one who should be giving advice but taking it!

southernscouser

mountainofdebt wrote:

So you have :

If I was forced to give an opinion I would:

a) transfer the balance on the tesco card
b) once the balance had gone through cancel the tesco card - this is important!
c) reduce my limit on the capital one card to £8,500 and continue to reduce it as the balance dropped.
d)reduce my limit on the Morgan Stanley card to say £2500


Though as my username suggests perhaps I'm not the one who should be giving advice but taking it!

Tesco card limit is now £,5600 with balance of £5,463.54

Re: a) do you mean transfer the balance from Tesco to 0% Amazon card?
b) can I cancel my Tesco card because I only got the increased limit and transferred last night?
c) will do that
d) will do that

So are you suggesting that in 5 months time I apply for another 0% to tranfer what will be the Amazon balance?

southernscouser

In fact my Capital One balance is now £7,851.16 after this months payment cleared today.

mountainofdebt

yes that's what I meant ...transfer the balance from tesco to amazon. I would have thought you would be ok to do this as there is usually a time delay.

Don't cancel the tesco card straight away - I usually wait until I have a nil balance statement and I always keep this for reference.

Don't forget the golden rules regarding the amazon card:

a) Never spend on it
b) Put the introductory end date for your amazon into martin's tart alert

As I said the situation is a toughy....why not sleep on it and perhaps someone will either back me or warn you of something I haven't thought about!!!!

Don't forget as well to use your egg anniversary next year!

southernscouser

Another thing,

I have measly savings but think these would be better spent clearing debt.

I've got £50 in a Northern Rock ISA. (I don;t know either

I've also got £300 in Premium Bonds but I'm semi reluctant to cash these in as they are my one shining hope!

skintchick

I've had a £5 premium bond for 29 years (bought as first birthday pressie) and I have NEVER won ANYTHING.

Not a particularly shining hope, I'd have said. Use it to get rid of your debt. Take control of your own destiny!!

southernscouser

skintchick wrote:

I've had a £5 premium bond for 29 years (bought as first birthday pressie) and I have NEVER won ANYTHING.

And there was me thinking women didn't like revealing their age!

I'm definatley gonna close the ISA because it's just a waste of time and have counted about £80 in my penny jar but am still reluctant to cash in the premium bonds. They are almost like an emergency fund!

coolbreezes

Hold on to your premiuim bonds they dont accrue interest and might bring you luck some time. I got some the year I was born and many since then from members of my family not a fortune in them but I got £1,000 back just after my 40th birthday. Cashing them in wont change your life but a win might give you a boost. Life is a gamble.