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can you guys help me out on what to do for the best.

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i need abit of advise here before i jump in too quick!! right i have 3 credit cards and basically i am looking to make it more affordable and also quicker to pay off at the moment i am paying £120 bet… Read More
greyparrot Avatar
8y, 2m agoPosted 8 years, 2 months ago
i need abit of advise here before i jump in too quick!! right i have 3 credit cards and basically i am looking to make it more affordable and also quicker to pay off at the moment i am paying £120 between the 3 per month and it is only taking £36 off what i owe each month so really i am getting no where i have tryed all the 0% on balance transfers and i could only get one to except so i am getting that down by £30 solid no interest but the other 2 nothing is really coming off them and seems like i will be paying it forever. i have just been talking to my bank an they will do me a loan to pay them all basically what would you do i am in favor of the loan at the moment because it is one payment and when it ends thats it done with i owe £5000 between the 3. so what do you think i should do or if you was in my shoes what would you do?
greyparrot Avatar
8y, 2m agoPosted 8 years, 2 months ago
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#1
can you not balance transfer all onto the one with 0%
#2
Aquatic
can you not balance transfer all onto the one with 0%


no i cant as it was a credit balance of £2000 and i owe £5000 i have tryed loads of credit card companys but because i am a housewife they wont do it i am really stuck here i know the loan will cost more per month but then the debt will be gone but on the other hand i have the choice to pay minimum payment on the credit cards but dont seem to be getting anywhere.
#3
Aquatic;4612763
can you not balance transfer all onto the one with 0%

I think she'll need a higher credit limit first before she can do that.
#4
would depend on the rates and repayments of the loan you have offered...it does seem the better idea but if i was you i would look at what i would be paying monthly off the loan, over how many months...just to make sure it still seems a good idea...i would be swinging towards the loan though...the CC payments are practically pointless!

at least with the loan you will be able to see an end to it...even if it a long term one, with the CC's they will just be ongoing!

Good luck and hope you get sorted :)
#5
The interest repayments on the loan will probably be much cheaper than the interest you're paying on your credit cards - if that is the case I'd go for the loan
#6
get the loan if it will save you money and cut up your credit cards
#7
What are the interest rates and minimum payments?
banned#8
go for the virgin credit card 15 month interest free and something like2.9 handling fee..
#9
TAKE THE LOAN, especially if you've already been offered one which isn't bad in this climate. The rate you'll be paying on the loan will be a heck of a lot cheaper than on your credit cards as long as you can then manage not to build the balance up again, be strict with yourself. I used to work in a bank and we did this all the time, it could save customers heaps but try and make the payment the same as whatever you normally pay to the 3 credit cards each month for maximum effect and to pay it off quicker.
#10
dog cop....can i just say i'm so jealous of your job and your dog! s/he looks lovely!
#11
If you get a loan to repay the cards, make sure you cut them up once they are paid, don't fall into the trap of using them again!!
#12
MSE is good for these things
#13
lil_tiger
would depend on the rates and repayments of the loan you have offered...it does seem the better idea but if i was you i would look at what i would be paying monthly off the loan, over how many months...just to make sure it still seems a good idea...i would be swinging towards the loan though...the CC payments are practically pointless!


yeah thats it i would be paying £170 per month over 3 years on the loan for £5000 but at the minute i am paying £120 per month on the cards and really i am getting no where i am thinking that if i do the loan it is £50 more per month but will get them payed. just scary tying myself for 3 years but may be my only option.
#14
Go and talk to your local Citizens Advice Bureau - it might take a while to get an appointment and you might think you're debt is nothing compared to others, but they will give you solid advice based on experience. They will also support you through any processes, form-filling etc. If you are really concerned and need guidance its your best port of call.

BTW no offence to anyone on HUKD as its all good advice, but CAB may ask you something we havent thought of....good luck
banned#15
lil_tiger;4612843
dog cop....can i just say i'm so jealous of your job and your dog! s/he looks lovely!

he is a he and it a great job ,but my job is no more important than anyone eles job.. we are all cogs in a bigger machine :thumbsup:
#16
dog_cop
go for the virgin credit card 15 month interest free and something like2.9 handling fee..


they refused me only a month ago.
#17
ok this is pretty much the situation i was in and i did end up taking that loan. Like u say, once its paid its done then. This may sound silly, but if you took 6k they will allow you to pay that over a longer term, 7 years perhaps, then it may bring the monthly payment down to something easily manageable. Just a thought. I would say take the loan. Also be careful of balance transfers on credit cards, more often than not they charge a transfer fee that outweighs any 0% offer.
banned#18
greyparrot;4612868
they refused me only a month ago.

ouch :?
#19
greyparrot
yeah thats it i would be paying £170 per month over 3 years on the loan for £5000 but at the minute i am paying £120 per month on the cards and really i am getting no where i am thinking that if i do the loan it is £50 more per month but will get them payed. just scary tying myself for 3 years but may be my only option.


3 months is nothing in my opinion...if you stick with the credit cards you would be paying them off a LOT longer unless you came into money!...if you can afford the £30 extra a month then i would go with the loan completely! 3 years will fly by!

just a note...you will be paying £10200 back on the £5k loan...i know it seems LOADS but would be interesting for you to figure out how much you would need to pay to get out of the CC's...maybe that would sway you?
#20
BurningFeetMan
ok this is pretty much the situation i was in and i did end up taking that loan. Like u say, once its paid its done then. This may sound silly, but if you took 6k they will allow you to pay that over a longer term, 7 years perhaps, then it may bring the monthly payment down to something easily manageable. Just a thought. I would say take the loan. Also be careful of balance transfers on credit cards, more often than not they charge a transfer fee that outweighs any 0% offer.


thanks for the advise i wasnt sure with the loan too be honest i hate being in debt but have ended up this way since my partner was made redundant in june thats were the debt has come from as i had a morgage to pay and other bills.now i am swayed towards the loan but not sure if i take it out over a couple of years ans struggle but then its gone or stretch it out over a few years what would you do?
#21
lil_tiger
3 months is nothing in my opinion...if you stick with the credit cards you would be paying them off a LOT longer unless you came into money!...if you can afford the £30 extra a month then i would go with the loan completely! 3 years will fly by!

just a note...you will be paying £10200 back on the £5k loan...i know it seems LOADS but would be interesting for you to figure out how much you would need to pay to get out of the CC's...maybe that would sway you?


been offered a loan by rbs for £5000 over 3 years total payable is £6868.
#22
tinkerbell28
Firstly check what the bank have offered you and talk it over with the CAB or someone independent. Interest on loans is high at the moment and will be even higher for risk factors.
If you are a a housewife with no real income this is one, if you have other debt, been applying for other cards, for which you have not met the requirements. All banks will work an apr out on risk so before you proceed look over the loan proposal thorughly!


the problem i have with CAB is my partner has his car on finance i have a feeling they would try and make us get rid either that or remorgage again of which we wouldnt qualify for anyway as our income has gone really low.
#23
greyparrot
been offered a loan by rbs for £5000 over 3 years total payable is £6868.


That's what I thought, don't know where the £10K comes from, but I do agree that you shouldn't fret about tying yourself up for 3 yrs as it would probably take you 10 times that (well perhaps not but you get the message) to pay off your CCs. The loan's a much better deal but shop online to see if there are any cheaper loans out there, you can always pay it off early too if some money should fly your way!!
#24
Annie1508
That's what I thought, don't know where the £10K comes from, but I do agree that you shouldn't fret about tying yourself up for 3 yrs as it would probably take you 10 times that (well perhaps not but you get the message) to pay off your CCs. The loan's a much better deal.


yeah i know what you mean 2 of my cards i have a minimum payment of £73 per month and i am actually paying £6 off one and the other goes up by 63p that one is just ridiculous thats with the post office minimum payment £23 estimated interest next month £23.63p what a joke.
#25
tinkerbell28
They can't make you do anything just advise you on your options to help you out and prevent you from getting in trouble. If your income is that low I would think very carefully about committing to a rigid loan until you have a steady income again at least with the cc you have some flexibility for now xx


i know but if i carry on with the credit cards i am not getting anywhere the loan is just £50 more per month and i will see an end to this mess.
#26
If you're foolish to buy a Range Rover Vogue for £73,000 yet cannot afford an extra £30 per month then I think that you don't have your priorities in the right order - or have you been caught out?
#27
I'd made the connection with the Uggs too but didn't feel it was necessary to comment. People can have debts no matter how much they earn (found that out from working at the Bank) and I've known a lot more than £5000 over 3 credit cards. I just felt that I would answer this question as it isn't related to Uggs in the slightest and is a reasonable question that probably a lot of other people would like to know the answer to in today's climate.
#28
tinkerbell28
But it is related though, after asking advice and genuinely seeming concerned about the level of debt they had, and getting some good advice about going to the cab etc, to have a look at their finances. It was rebuffed as not possible as the cab would tell them to sell the car. Saying on this post that they were getting no where with the cards as they could pay no more, yet a week before posting the stuff in the uggs thread.
It's relevant, it was all posted on a forum and to be fair common sense, is it not. The question fine, but then the thread went off on how it's a struggle and is there any way out of the mess? I just pointed out the obvious.
Someone who asks about debt seeming concerned they are making no inroads and have no income.
Why make this all public knowledge if advice given is unwelcome?
It made me cross as I know people from all walks can really struggle with debt, but if any of this is true it makes a mockery of people who are REALLY struggling IMO.



Fair comment I guess.
#29
tinkerbell28
No but you will when you have an income again, and you can start chipping away £50 is £50 when you have no income. It can mean managing or not for a family on a low means due to redundancy. I think you should get real advice tbh, as paying more on debt at the moment when you can't really afford it may not be wise.
I don't understand how a bank is willing to make a £5000 loan to cover debt to a household with no job, I am sorry if that sounds harsh but is that not how we as a country got into troubles, debt and more refinancing.
I don't mean to sound harsh and am in the middle of helping 2 family members who are heavily in debt and have been made redundant and I understand your thinking.
Please think careully before placing more of your disposable income on debt whilst you have no income as such xxxxxxx


my partner is in work he was made redundant in june in a very well paid job he is now working again but the wages are no where near as good.
#30
tinkerbell28
But it is related though, after asking advice and genuinely seeming concerned about the level of debt they had, and getting some good advice about going to the cab etc, to have a look at their finances. It was rebuffed as not possible as the cab would tell them to sell the car. Saying on this post that they were getting no where with the cards as they could pay no more, yet a week before posting the stuff in the uggs thread.
It's relevant, it was all posted on a forum and to be fair common sense, is it not. The question fine, but then the thread went off on how it's a struggle and is there any way out of the mess? I just pointed out the obvious.
Someone who asks about debt seeming concerned they are making no inroads and have no income.
Why make this all public knowledge if advice given is unwelcome?
It made me cross as I know people from all walks can really struggle with debt, but if any of this is true it makes a mockery of people who are REALLY struggling IMO.


right just read all of this now and the car and caravan etc were gotten when we had cash and lots of it although we have the car on finance we fell into debt when my partner was made redundant as we had no choice but to use our credit cards for bills etc as for the ugg boots well maybe i am stupid for spending so much when i dont really have it but old habits take along time to fade off it is very hard for me i have gone from having everything to near nothing and just pulling through just had to clarify this hope you understand.x

oh erm as for the car my partner has never missed a days work in 20 years before he was made redundant so i would never expect him to get shut of it,it really is down to him to find the cash for that.
#31
Just sell the car for 60 odd grand, and buy a much cheaper car! 20k should get you a nice new car, 40k can go on sorting out your debts. Sorted! :thumbsup: If your debts aren't that much, its a bonus!

Hope you manage to sort yourselves out... :)
#32
Step 1: Get in contact with the CAB.
Step 2: Do whatever they tell you to do, up to and including selling the car. Sorry.
Step 3: Err...
Step 4: That's it.

Good luck.
#33
birdyboyuk
Just sell the car for 60 odd grand, and buy a much cheaper car! 20k should get you a nice new car, 40k can go on sorting out your debts. Sorted! :thumbsup: If your debts aren't that much, its a bonus!

Hope you manage to sort yourselves out... :)


If the cars on finance, I don't think it's quite so simple.
#34
tinkerbell28
Yes I do believe me and it's why it's so important you have a professional go over your finances. It may be a harsh thing to do, but if your spending as you were when you hubby was in a well paid job it is going to cause you so many problems, and yes it's hard to adjust but spending habits need to change if that's the situation you find yourself in.
I know exactly how it is, the cards will get cleared by the loan and then they will get filled up again, as you say old habits die hard.
Before comitting yourself to a loan, it would be a good idea to get someone to go over your finances, see where you can cut back etc, etc. Before you get stuck in debt. It's all about changing your focus on what's necessary and what's not. If he had to downgrade to say a £30000 car instead to make you all comfortable again.
People everywhere are loosing their homes, etc, etc everyone is having to change their focus on what is important. Your best bet is to ask for professional advice before racking up more debt.
I do feel for you, I do xx


thanks so much for your advice trust me those credit cards will get the cut that goes without saying as for the car we now only owe £17000 on it and have moved it on payments over 3 and half years as we did pay for some of it with the redundancy money as he got a good payout so the car is definately for keeps now plus more to the point the car is now 4 years old so only worth £25000 if sold so really there is no point in that now as we need a big car to tow the caravan and with only oweing £17000 now i am sure we would not get a better car at that price.his payments on the car are now down to £364 a month and in the 3 and half years that will be paid for i know it sounds alot on a car but when we first got it we traded in a audi a4 only a couple of years old so got quite abit of and now with the redundancy it makes it an affordable car that is solely down to my partner to earn that extra cash to pay for it.
#35
Don't cut up the cards, you may need information on the cards (card number, cvv etc) if you ever have to contact your credit card companies. Only cut them up if the balance is paid off. Even then, make sure you cancel them first as this will help your credit score a little.

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