Cap one -reduce balance over 2 rather than 3 years

edited 27 June 2019 at 6:49PM in Credit Cards
6 replies 683 views
DandytfDandytf Forumite
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edited 27 June 2019 at 6:49PM in Credit Cards
Interesting as I've left my cap 1card just above min whilst I try and tackle other cards.
1119 balance -approx 52 per month.
E-mail today with the consistent debt statement -I've been charged more interest when compared to payments .
I had used the tool either this or previous year increased DD to 52 pounds > approx 3 years vastly reduced balance (until I could increase DD again maybe from late 2019 or q1 2020)
Cap1 are basically recommending I increase DD again to 73 pounds approx which I calculated to balance almost re paid in full 1year+9months.
I've another 20 pounds per month to find then if I choose to follow their suggested route.
Thinking I'll maybe get away with +5 or 10 pounds until I can afford +20
Any other mse'rs received this Cap 1 e-mail request
Replenished CRA Reports.
Mid 2018 Help2save 50 uk pounds per month
H.L. Active -Charter Savings .50% 125 u.k. pounds.

Replies

  • Willing2LearnWilling2Learn Forumite
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    I know you don't agree, but I believe they will doing you a favour. You may end up diverting money going to savings to redirect toward paying down your debt quicker (and reducing interest payments).
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • edited 27 June 2019 at 7:28PM
    DandytfDandytf Forumite
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    edited 27 June 2019 at 7:28PM
    I know you don't agree, but I believe they will doing you a favour. You may end up diverting money going to savings to redirect toward paying down your debt quicker (and reducing interest payments).

    No concerns, currently finding my way through what's the cost, thought I'de add Tesco Card, though I didn't register or lost my snowball log in.
    Going to enter Cap1+Tesco -register and save
    Then enter the biggies both Aqua Cards and save
    Review both snowballs whilst I understand I prob wont Manage to clear all cards for 2021 though I'll try my best with DD's knowing I can Increase randomly over 2019 and beyond.

    Savings are minimum whilst in 2nd help2 save year -I'm continuing to aim for 2 years at least -as long as card providers don't start auto deducting large repayments.

    Thanks for your advice -what's the cost it is then
    Replenished CRA Reports.
    Mid 2018 Help2save 50 uk pounds per month
    H.L. Active -Charter Savings .50% 125 u.k. pounds.
  • [Deleted User][Deleted User] Forumite
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    You might also want to stop applying for other cards elsewhere until you’ve cleared your backlog as well
  • edited 27 June 2019 at 8:02PM
    DandytfDandytf Forumite
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    edited 27 June 2019 at 8:02PM
    !!! wrote: »
    You might also want to stop applying for other cards elsewhere until you’ve cleared your backlog as well

    My crediting rating isn't great since Feb car purchase so cards have almost stopped being eligible .
    Only cap 1 6 moths interest free and one or two other cap1 cards are 100% eligible.
    I've avoided applying as if accepted it could be anything from 200 upto 1k [email protected] myths, I can't think if I could benefit from such a card so no plans to apply .
    Replenished CRA Reports.
    Mid 2018 Help2save 50 uk pounds per month
    H.L. Active -Charter Savings .50% 125 u.k. pounds.
  • edited 27 June 2019 at 8:19PM
    DandytfDandytf Forumite
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    edited 27 June 2019 at 8:19PM
    Snowball 1 is as expected
    Cap 1 70 per month
    Tesco 30 per month
    Both cleared 21or22months.

    Though I have used Tesco for [email protected] sometimes.
    Cap1 very few uses though has been handy at short notice only temporarily.

    Going to try the Aqua cards the biggies!
    Replenished CRA Reports.
    Mid 2018 Help2save 50 uk pounds per month
    H.L. Active -Charter Savings .50% 125 u.k. pounds.
  • DandytfDandytf Forumite
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    Snowball 2

    Aq1 90per month cleared 32months
    Aq2 60per month cleared 30 months

    This is almost what I'm paying regularly
    Help2save -hopefully I get to at least year two and pay one off larger sums to aq1+2
    If by some miracle I get to save max 4 years then all could be cleared.
    Future holds new challenges, home owner with car working part time.

    Think I'll setup snowball one over next night or two
    Unless mser's want to play with my repayment numbers and advise their mse way of snowballing.

    Thanks
    Replenished CRA Reports.
    Mid 2018 Help2save 50 uk pounds per month
    H.L. Active -Charter Savings .50% 125 u.k. pounds.
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