Sunday 15 September 2019

Update...

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Well, I went ahead and transferred money from my Canadian LOC yesterday. I re-read the offer I got, and although the transfer needs to be done by the end of September, the 0% extends to March 2021, which is definitely doable.

The transfer will clear the 0% interest CC, plus take £790.45 off the Visa which will then bring me to below the 90% maximum required for transferring the remainder to the 0% card (plus fee) and shave 29.9% interest from my monthly outgoing payments!

Even with the increase in my LOC, the interest rate is 'only' 11% (less than half the CC interest rate). I'll continue to pick away at it as I have been doing forever, but I feel this is a good solution. This 0% balance transfer offer is a one-time-only deal, so I feel I would be remiss in not taking the opportunity (speaking of signs, Treaders?).

I've made some o/t this month, the manager at the shop is going to look into my pay shortage (I believe I'm still owed 15 hours), I can cancel my £135 auto payment to my MC and leave my £40 auto payment in situ for the 0% card. I believe this will put me slightly ahead this month, and I'm hoping that with all the savings/shuffling of cash/overtime, I will be able to pay for my brakes without depleting my savings accounts.

It may require a slight increase in the monthly minimum payment on the 0% card but I foresee only about £10 if that's the case. That'll leave me more to put towards the LOC and my flat deposit. Plus, the satisfaction of knowing that every single (extra) penny that I put towards the 0% debt WILL BE BRINGING IT DOWN IN REAL NUMBERS.

It seems to make the most sense all 'round, really. Plus, this clearing of credit cards should help boost my credit rating. It's been quite soft the past few months, which is not ideal.

I actually got a set of keys for the shop yesterday, too, although I'm sharing them with someone and have to drop them off on Wednesday night for him. He apologised for forgetting about us last week and bought me a chocolate bar to make up for it (I chose a massive Galaxy bar, one of those that only the English have - 360g for £2).


Like I'd say 'no' to that? Ha ha! Anyway, there weren't any issues (thankfully!) and we were out of there before 9:15. So, at least I know what I'm doing now, although it's still frustrating to work with someone who struggles with knots...he does, however, know the till and lottery really well, so that's exceptionally helpful! We all have our forte, right?

6 comments:

Treaders said...

Ha, I guess the owls from Harry Potter delivered that offer then - talk about a "feathered sign". But well done on thinking it all out, exchange rate and all. And as for the Galaxy, I'm with you on that. When I go home I have to stuff my face with Galaxy and Minstrels for a couple of days just to get my fix!

Northern Living Allowance said...

Right? Thank you. I also decided to just go for it because the transfer from Canada can take a couple of days, as can the transfer from one card to the other and leaving it too long could mean I'd miss my window of opportunity. I do love Galaxy, but have been easing off the stuffing of face lately. Still, I'm not one to turn down a gift of chocolate and it does mean I'll be set for AAAAGGGEEEESSS! :D xx

JiCaLu said...

Congratulations on attacking your debt, and now you're a part time key holder (that's what they call it over here I think when you get keys to open/close) that is a HUGE chocolate bar, but well deserved. I hope your extra 15 hours are found soon for your paycheque!

Northern Living Allowance said...

Hi JiCaLu - thank you for this as well. I think it really does make the most sense, although the exchange rate had fallen somewhat. What can you do? Yes, finally a keyholder, for what it's worth...The chocolate will last me ages, and I hope the 15 hours are found as well. They'd be very useful about now! xx

T'Pol said...

Congratulations on taking action on the debt. Sounds very logical. Hope, you can wipe it off sooner than you think.

Northern Living Allowance said...

Hi T'Pol! Thank you! I think it should work out okay. I've just received it, and have cleared my first card, so fingers crossed it all happens like I need it to. Focus and intent are the best things for this, I think. xx