1 tiny step c+

Thankfuly that's c+ card paid tonight.
<£25 -and if there is any pennies interest added next statement.
That's 1st card 0 balance.
Next is Cap 1 -should be able to increase re payments to maybe £50 per month -approx £330 balance.
Late q1 2019 before that's cleared.
1 tiny step towards reducing cc balances and interest.
Hopefully my re payments are enough to keep providers satisfied during 2019 and beyond.
Is there any mser's been forced into higher re payments during 2018 -if so which provider and what was the percentage of increase.
Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
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  • A4445
    A4445 Posts: 1,103 Forumite
    That’s really good news.

    I think to avoid any forced increases you need to pay at least double the interest charges. So if interest is £30 you need to pay at least £61 then your paying more capital than interest.
  • Dandytf
    Dandytf Posts: 4,795
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    A4445 wrote: »
    That’s really good news.

    I think to avoid any forced increases you need to pay at least double the interest charges. So if interest is £30 you need to pay at least £61 then your paying more capital than interest.

    Thanks, haven't looked at cost of interest yet.
    I'm going to continue to pay towards smaller balance cards over next few months.
    I'm certain I could check interest on the larger balance cards though I've limited free cash from budget.
    I cannot say at this time if I could afford double payments on every card though certainly I could on smaller cards.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • Band-aid on a gaping wound, how much additional credit have you put on other cards during this time to meet this clearing a card milestone of yours?

    Just a couple of weeks ago you were crowing about how you've added hundreds of frivolous spending to a credit card.

    You seem to be paying off what you clearly can't afford and putting any excess spending on to other cards
  • Dandytf
    Dandytf Posts: 4,795
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    @tastyhog

    There has been several quotes from myself mentioning increasing DD's above minimum required which I have done for majority of cards.
    I am as stated attempting to reduce cc balances starting with smaller balances 1st.
    Meanwhile the larger balances cost interest which in turn I suspect helps the company with their profits which I don't mind.
    I'm paying off what I chose to purchase on cards be it in home or one or two techs items.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • Dandytf wrote: »


    I am as stated attempting to reduce cc balances starting with smaller balances 1st.
    Meanwhile the larger balances cost interest which in turn I suspect helps the company with their profits which I don't mind.

    Rather than prioritising those with lower balances the most moneysaving approach is to focus on the card with the highest APR. Pay minimum (or min +£1 to avoid min payment flag) on lowest APR cards and as much as possible at the highest APR. This will maximise the repayments to your advantage, far more important than helping the CC company with their profits.
  • Dandytf
    Dandytf Posts: 4,795
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    edited 23 September 2018 at 3:13PM
    Rather than prioritising those with lower balances the most moneysaving approach is to focus on the card with the highest APR. Pay minimum (or min +£1 to avoid min payment flag) on lowest APR cards and as much as possible at the highest APR. This will maximise the repayments to your advantage, far more important than helping the CC company with their profits.

    Thanks the sensible cost effective mse advice.

    Though I enjoy acheiving cleared cards ahead of the biggies.
    I have one or two additional sums to use once the smaller cards are cleared.
    Though my approach is subject to change be it my decision or cc providers.
    I'll genuinely clear cap1 next and was hoping to start on Tesco-though Tesco is one of the lowest apr's and medium balance -it is possible, i could start the biggies before adding to Tesco,

    Edited in addition to A4445's advice, I am paying more than +1 on the majority of cards -some of which are set at the suggested double the interest occurred in DD payments.
    Not quit there with all cards, though making small progress ahead of 2019.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    Rather than prioritising those with lower balances the most moneysaving approach is to focus on the card with the highest APR. Pay minimum (or min +£1 to avoid min payment flag) on lowest APR cards and as much as possible at the highest APR. This will maximise the repayments to your advantage, far more important than helping the CC company with their profits.


    Sometimes though it can be morale boosting and help focus on paying off by reducing the number of cards people have, especially if there isnt much difference between the rates on them.
  • Dandytf
    Dandytf Posts: 4,795
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    That's more than I was expecting... c+ 84p interest.
    I forgot the word of the last interest
    Anyway I'll pay £1 next few days and almost double Cap 1 payments get that £3XX balance reduced.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • Dandytf
    Dandytf Posts: 4,795
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    Mser's get the last laugh.

    C+ have today applied 10 pounds annual card cost.
    Short lived 0 balance enjoyment.
    Maybe I'll clear and close.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • Dandytf wrote: »
    Mser's get the last laugh.

    C+ have today applied 10 pounds annual card cost.
    Short lived 0 balance enjoyment.
    Maybe I'll clear and close.

    Ring them up and say you were about to close the account when the annual fee came in. I'm sure they will close it for you immediately and refund the fee - remember to ask nicely.

    I know we've spoken about your strategy before and that you prefer to set milestones based on what will be cleared quickest rather than which cards are costing the most - BUT, I notice your 'sign-off' still says you have £250 in a Virgin Regular Saver and are putting in £50 per month. I imagine you probably aren't putting anything in it but if you still have the original £250, you'd be far better advised taking that out and throwing it at the card with the £3XX balance - especially if you want to get that cleared next.

    There really isn't much point in keeping a small amount of savings paying 2.5% when you have a credit card charging probably 10 times that much.

    Just a thought.
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