Got a sec? Oh good. Come and help Herman sort out his finances.

trotamundos · 10-07-2005, 01:24 PM

Quote:

Originally posted by Cockney Cobbler:
Herman, ffs mate, just bin those credit cards. You won't get any benefits from them now, those tend to be new customer benefits. Find a new credit card deal for when the Halifax one is about to run out, transfer the debt and stay on top of when they interest free period ends.

As for the card or loan being paid off next after the £3500 loan, toss up imo as to whether the repayment penalties make paying the loan off still worthwhile.

Ok boss. Credit cards are going

I just get Egg phoning me up all the time saying they want to offer me a good balance transfer rate. Figured I might need it come August.

retired_brawson33 · 10-07-2005, 01:25 PM

Quote:

Originally posted by Herman Bloom:
About a £500 penalty on the first loan. Nothing on the 2nd as far as I am aware.

So it is going to cost you £8000 to pay that off before Feb 08, which means you need £8000 worth of savings from somewhere within the next 2 years. Difficult to do so I'd concentrate on the credit card after you've got rid of the £3500 loan. What about the bank overdraft, interest free?

Listen to mark g as well, sounds like he knows what he is talking about to me.

retired_kishnata · 10-07-2005, 01:26 PM

Quote:

Originally posted by Herman Bloom:
<BLOCKQUOTE>Originally posted by Cockney Cobbler:
Herman, ffs mate, just bin those credit cards. You won't get any benefits from them now, those tend to be new customer benefits. Find a new credit card deal for when the Halifax one is about to run out, transfer the debt and stay on top of when they interest free period ends.

As for the card or loan being paid off next after the £3500 loan, toss up imo as to whether the repayment penalties make paying the loan off still worthwhile.

Ok boss. Credit cards are going

I just get Egg phoning me up all the time saying they want to offer me a good balance transfer rate. Figured I might need it come August. </BLOCKQUOTE>

If you cancel your credit cards now, in about 18 months you will be eligible to the "new customer" offers again. Which you might need.

trotamundos · 10-07-2005, 01:26 PM

The overdraft isn't interest free no. Not sure of the exact rate mind you.

retired_brawson33 · 10-07-2005, 01:27 PM

Quote:

Originally posted by Herman Bloom:
I just get Egg phoning me up all the time saying they want to offer me a good balance transfer rate. Figured I might need it come August.

They are only offering that because you are a good borrower and don't pay off in full. If you want to keep options open then you could keep that card just to see what is on offer but seriously consider a new card company.

retired_kris10nicole · 10-07-2005, 01:28 PM

Quote:

Originally posted by Herman Bloom:
<BLOCKQUOTE>Originally posted by Cockney Cobbler:
Herman, ffs mate, just bin those credit cards. You won't get any benefits from them now, those tend to be new customer benefits. Find a new credit card deal for when the Halifax one is about to run out, transfer the debt and stay on top of when they interest free period ends.

As for the card or loan being paid off next after the £3500 loan, toss up imo as to whether the repayment penalties make paying the loan off still worthwhile.

Ok boss. Credit cards are going

I just get Egg phoning me up all the time saying they want to offer me a good balance transfer rate. Figured I might need it come August. </BLOCKQUOTE>

A "good" rate to them almost certainly won't be 0%, which you should be able to get with no problem on a new card as long as you keep meeting all your payments until then.

trotamundos · 10-07-2005, 01:28 PM

Right, will close the credit card accounts and bin the cards. Will also get job hunting for some weekend work whilst I do this course, then look for a job for when the course has finished.

retired_sherrijacobson · 10-07-2005, 01:29 PM

Quote:

Originally posted by mark g:
<BLOCKQUOTE>Originally posted by Bouncerboy13:
Get a job, use your free cash to clear you Halifax loan, save the cash that you would save from your monthly payments and put into a high inetrest savings account, and store

he'll get what, 5% at best from the savings account? In the meantime i'll bet he's paying more than 6%-7% at absolute best on the loans. Better to use any spare to pay off the loans early. </BLOCKQUOTE>

Yeah but better to clear loans off in one go so clear his Halifax one then save his monthly payments until he gets enoughto clear the other one

retired_kris10nicole · 10-07-2005, 01:30 PM

Oh, and if you haven't, double check that penalty clause on the loan. Sometimes there is a penalty for early payment in full but not overpayment, or vice-versa. You may have one option out of the two. It's worth checking at least.

trotamundos · 10-07-2005, 01:32 PM

Will certainly look into that mark. Thanks for your help, and everyone else.

Just on the odd occasion, this forum pleasantly suprises me. :thup:

Got a sec? Oh good. Come and help Herman sort out his finances.

Grab a beer, sit back and relax.

Got a sec? Oh good. Come and help Herman sort out his finances.