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  • FIRST POST
    • Pip1987
    • By Pip1987 13th Jan 19, 8:31 AM
    • 1Posts
    • 0Thanks
    Pip1987
    Quickest and easiets..
    • #1
    • 13th Jan 19, 8:31 AM
    Quickest and easiets.. 13th Jan 19 at 8:31 AM
    Hi..

    First time on here.. Not sure im doing this right!?

    I was just wanting some advice on the best method of getting rid of my debts by the end of the year..

    Current debt:

    Loan = 2,500
    Car = 1,000

    I pay interest on both at the moment. Is there a card I can use to transfer both debts onto so I dont have to pay the interest? Or should I just keep making the payment, plus extra when I can?

    Any help would be great
    Thanks
Page 1
    • Ilona
    • By Ilona 13th Jan 19, 10:44 AM
    • 2,300 Posts
    • 8,066 Thanks
    Ilona
    • #2
    • 13th Jan 19, 10:44 AM
    • #2
    • 13th Jan 19, 10:44 AM
    Hi..

    First time on here.. Not sure im doing this right!?

    I was just wanting some advice on the best method of getting rid of my debts by the end of the year..

    Current debt:

    Loan = 2,500
    Car = 1,000

    I pay interest on both at the moment. Is there a card I can use to transfer both debts onto so I dont have to pay the interest? Or should I just keep making the payment, plus extra when I can?

    Any help would be great
    Thanks
    Originally posted by Pip1987
    Hi and welcome. Yes you are doing it right.

    I can't help you with juggling cards, as I have only one. I personally see no point in moving debt around, because it doesn't go away. Some will move it onto cards with a lower interest rate, and it might work, but in my eyes that is only delaying the problem.

    Getting rid of it totally is the way I would go. Cutting right back on spending, stop going out, stop impulse spending, stop buying stuff you don't need. Once you have paid for your rent/mortgage, utilities, car running costs, and food, there is very little left that you actually need to pay for.

    Start a spending diary, account for every penny that comes into the house, and every penny that goes out. It's all down to how dedicated you are to getting rid of the debts. Change your mindset, work out your priorities. What are the few things that you need to pay for, all the rest is frivolous stuff that you can do without. All spare money left after essentials pay to the debts. Good luck.

    ilona
    I love skip diving.
    • Willing2Learn
    • By Willing2Learn 13th Jan 19, 11:12 AM
    • 2,573 Posts
    • 2,111 Thanks
    Willing2Learn
    • #3
    • 13th Jan 19, 11:12 AM
    • #3
    • 13th Jan 19, 11:12 AM
    Hi,

    You would need a 0% APR Money Transfer card to clear those two debts. There is a fee for the transfer.

    https://www.moneysavingexpert.com/credit-cards/money-transfers/
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • jtmerralls
    • By jtmerralls 15th Jan 19, 12:27 PM
    • 10 Posts
    • 0 Thanks
    jtmerralls
    • #4
    • 15th Jan 19, 12:27 PM
    • #4
    • 15th Jan 19, 12:27 PM
    Clarify the interest rates on the car and the loan.
    Do a Budget Planner with what comes in each month/week and what HAS to be paid out.
    Depending on the rates, it is often better to consolidate with a view to:
    Move two debts to one
    Reduce interest rates
    Give flexibility to reduce term/ payments

    Whilst it may be an option for Money Transfer cards, your Bank may be a good place to approach to do an Eligibility search for a loan and compare like for line with what you are currently paying out.
    Last edited by jtmerralls; 15-01-2019 at 12:27 PM. Reason: Spelling mistake
    • enthusiasticsaver
    • By enthusiasticsaver 15th Jan 19, 2:30 PM
    • 8,216 Posts
    • 18,607 Thanks
    enthusiasticsaver
    • #5
    • 15th Jan 19, 2:30 PM
    • #5
    • 15th Jan 19, 2:30 PM
    I am not a fan of moving debt around but if you are paying high interest then applying for a low fee 0% money transfer card is an option if you have an ok credit record. Then make a plan to pay it off. How much can you afford to repay monthly?
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • EssexHebridean
    • By EssexHebridean 16th Jan 19, 12:58 PM
    • 9,088 Posts
    • 47,785 Thanks
    EssexHebridean
    • #6
    • 16th Jan 19, 12:58 PM
    • #6
    • 16th Jan 19, 12:58 PM
    Hi Pip! welcome to DFW!

    First thing is to do a Statement of Affairs (SOA) and if you feel comfortable to do so post it in here - we can then take a look and see if we can identify any areas you may be able to make savings that you have perhaps missed. I'd suggest that you do this before thinking about the possibilities of shifting the debt around, as then you have a solid budget in place and know how much you can make spare each month.

    The link for the SOA calculator is in my signature.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
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