3rd thread on financial situation- a solution for you which saved me over £150 monthly on interest

Discussion in 'Motorhome Chat' started by camperlove, Aug 13, 2016.

  1. camperlove

    camperlove Funster

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    Sorry for all for the waffle. Never been good with explaining situations.

    I had debt with bank A. Some time ago I transferred this debt to bank B with zero interest for 18 months, but paying the min amount of about £50 pounds a month. ( this went up to £130 with interest)
    Over time with bank A, my main branch of about 35 years, I got into debt a little bit more.

    My accountant said I had to separate private and business transactions. So while walking the high street doing my errands, I found the XXX bank, without research, opened my private account and did my 1st post on here, on their wonderful deals. bank c.

    They then asked me if I wanted a credit card with 0 interest and 0 transfer. I did post this on line, to you people, and I accepted the deal, hence bank c.

    I transferred ALL of my debt from bank a, about one and half grand, and most of the debt from bank b to bank c.

    bank a is now paid off, bank b mostly paid off, other than 900 pounds , and all debt now sitting with bank c , interest free for ONLY 12 MONTHS AS I DID NOT DO MY RESEARCH.

    Bank a, emails me with the offer to trf my debt to them with 0 percent interest for 18 months and no trf fees..........??????? Hello....???? I had debt with you yonks ago and trf it to bank b. Last month I trf the rest to bank c. However as you are asking, I have £900 outstanding with bank b, can I transfer? ..Yes ..please note people if you are lost.....I trf this from bank a to bank b, part to bank c, now back to bank a. Im following the 0 percent interest rate.

    To smack sardines in my face, bank b which had the £900 debit , now trf back to where it came from bank a, is now debtless. So they offer me a 0 percent transfer of any debt I have.????????

    If you have lost the jist of what I am trying to say, so have I. All I know is, I now pay zero interest on everything. I was paying bank b £50 odd pounds a month, then it went up to £130 odd a month because my interest free years was up. bank a after 30 plus years was never interest free, as it was my main account, Someone, bank c, offered me the 0 percent deal, so I took it. I thought it was good, but 2nd thread I posted on finances will show it was a lousy deal.

    End of thread, im interest free, saving myself over 150 pound in interest per month.

    Keep up with modern trends...as there are 4 years interest free accounts I did not know of


    Moral of long winded story........I pay 0 interest on everything. By trf everything. Moral of story I don't understand, ....as soon as I trf the debt, that same bank offers me to trf the debt back at 0 percent interest. Why not give it to me in the first place? Are the banks missing a few brain cells???
     
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  2. Hollyberry

    Hollyberry Funster

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    Think banks just want to make money any way they can. Talk of them maybe charging to keep money on deposit as its almost down to zero interest.

    If you're interested in debt clearance you might like http://www.sixfiguresunder.com Ametican, but Stephanie and her husband cleared over €120,000 of debt in a few years.
     
  3. EX51SSS

    EX51SSS Funster

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    Quite some number of years ago, I got into financial hot water with a Barclaycard and other areas including my bank.
    My bank manager 'invited' me in and actually she sorted everything. She aligned all my outgoings to be paid the day after my salary was paid in, thus everyone got paid as I did. As regards to Barclaycard, she said to contact them and CLOSE the account. Apparently, they only charge when the account is active, so if you close it, it is then inactive. The amount outstanding is a debt to be repaid and you can agree a figure to pay and because the account is closed (following this?) , they cannot add interest to a closed account.
    Think I got my point over. Cards......contact them, close the account and agree a monthly repayment. OK, you might not get a (Barclaycard) card for a couple of years till you've settled the debt, but once settled you can.
     
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  4. Jagtazman

    Jagtazman Funster

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    I am credit card tart I admit it instead of taking a large loan out many years ago I used a credit card and since then have been transferring each year or so from on 0% deal to another. max transfer fee ever paid is 1.5% started 10plus years ago added to loan several times
    Last deal was 24months with no transfer fee
    I now have funs to pay it off but I haven't yet just syphon monthly paymemt out of savings account each month
    Currently 5k os interest free but have been as high as 15k interest free
    Probably pay it off this year at some point.
    I follow Martin money-saving expert. For lots of advice and tricks.
     
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  5. Cal54

    Cal54 Funster Life Member

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    I would agree that the Martin Lewis money saving expert is the way to go. Sign up for the weekly news letter and you will always receive information on the best deals about.
     
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  6. EX51SSS

    EX51SSS Funster

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    How spooky is this?
    In my previous reply, I quoted Barclaycard and lots and behold my post this morning contained.... DSC_0001.JPG
     
  7. Snowbird

    Snowbird Funster Life Member

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    Seems like a lot of work to me all this transferring money and debt from one bank to another and then back again. Its much simpler to just spend what you have in your pocket and not spend what you dont have.
     
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  8. EX51SSS

    EX51SSS Funster

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    That's a very simplistic view but not everyone can wait to save for the full cost of a house or car, that's where credit and subsequently debt comes in. The vast majority of people spend what they don't have in the hope that they will have when the debt is to be repaid whether that's weekly, monthly or over several decades.
    Students at university amass thousands of pounds of debt and might take longer to repay than they envisaged. That's spending money they don't have.
     
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  9. Snowbird

    Snowbird Funster Life Member

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    It maybe a simplistic view, but what I find more simplistic is why some think they can afford something tomorrow with interest added that they cannot afford today with no interest added. Maybe its just my way of looking at things, but if you cannot afford it today, why would you think you can afford it tomorrow. I would have loved one of these crystal balls that tell you what you can afford in the future that you cannot afford today.
     
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  10. EX51SSS

    EX51SSS Funster

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    So I take it that you've never had a mortgage? Bought your moho for cash and don't own a credit card?
    You, my friend are in a very enviable position.
    An example of what you're saying is why do we have students at university? They can't afford it because the majority have no income and just left school and mummy and daddy can't finance so they get a loan. It's not a crystal ball at all. They believe, sometimes wrongly, that sometime in the future their degree will give them a chance of a well paid job and pay their debt off. Course, some don't need financial assistance
     
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  11. Snowbird

    Snowbird Funster Life Member

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    You are correct on a few points. I never had a mortgage. Paid cash for my first bicycle at age 14 and every subsequent vehicle I ever owned since, including several trucks.
    I never owned a credit card in my life until I was refused a hire car without one some 10 years ago. I now have one, but they pay me to use it as its paid off at each month end.
    I dont consider myself enviable or lucky. I did without what I could not afford.
    People do not realise that credit keeps the value of everything high. If there was no credit, everything you buy from a house to a washing machine would only cost what its worth.
    Although I had little formal education, my children all have degrees, self funded by part time work. The problem is that people do not want to wait for anything today. They all want everything now. Banks pray on those that demand what they cannot afford.
     
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  12. chaser

    chaser Funster

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    Exactly what I would have said but didn't like, what I don't get is why they have to get credit for things like a fancy car when a bike would do just as well and a student bus pass.
     
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  13. vwalan

    vwalan Funster

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    its not hard if you cant pay dont have .
    i did have a mortgage i paid it off in ten years . it was hard but saved a fortune in interest.
    i learnt quickly . you go to buy a washing machine . your mate buys the same he buys on hp it costs 130 . if you have cash look for one with a slight scratch or dent . you get it for 90.
    same on something else , after 3 items the fourth is free compared to three on hp.
    just simple arithmatic .
     
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  14. Derbyshire wanderer

    Derbyshire wanderer Funster Life Member

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    CREDIT? A fancy name for DEBT.
    I had a loan over 30 years ago and wanted to pay it off early but they still charged almost the same as taking the extra 2 years to pay monthly. Never did have another loan and took the view that save up or manage without was the way forward.
    First MH second hand cash, second one new cash. I. can use it anytime for the cost of fuel, gas and site fees but no monthly bill on top. To have it effectively on a mortgage would for me defeat the object of having FUN.
    Yes not everyone is as fortunate but then again not everyone is prepared to work 18 hr days is needed.
     
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  15. EX51SSS

    EX51SSS Funster

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    All very true and commendable but back in the real world there are people who have to have loans or mortgages. I got into trouble back in 1988. OK, I was, at that time, earning extremely good money (40k plus) but still got into hot water (not debt) with a credit card. I had my house on a mortgage and paid off after 10 years. Changed house, mortgage but off set by enough in bank so that I didn't pay interest. Paid off in 6 years because of no interest but I have to say that I feel very lucky to have been in that position and most of the people I know aren't in that position. In the real world with the exception of poor countries, the places revolve around credit.
    Yes it keeps prices artificially high but it also is an absolute must. Even the country runs on credit as does every country world wide including Norway who apparently don't need credit but they are rated.
     
  16. chaser

    chaser Funster

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    The only time a credit card is any use is when you don't NEED one, if you can afford to pay one off every month it can be a useful tool to keep your finances in order and even a money saver such as the tesco points that many on here use for the tunnel but if there is the slightest chance you are not going to meet the payments do not touch them with a barge pole.
     
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  17. EX51SSS

    EX51SSS Funster

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    Totally agree with you. However, we've learnt that over years. I always pay off my CC by direct debit. I have Halifax Clarity and Santander. The former for top rate exchange and the latter for up to 3% off fuel etc. Yes, it's absolutely ideal if you can do these things but if we were all able to do that, what use would Martin Lewis be?
    Plus, if we all had enough money to pay off CC every month and never needed debt, then banks would charge as they do hammer folk for unauthorised overdraft.
    It's ideal but credit is a fact of life and needed.
     
  18. Derbyshire wanderer

    Derbyshire wanderer Funster Life Member

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    Nothing wrong with a mortgage as the asset over time is going up on value. Loans on cars and the like is beyond stupid (IMV) as the asset loses money daily. For years I run bangers and they never owed me OR THE BANK anything.
    Without doubt, self discipline and sacrifice in the early days when you have youth to use as the investment is the way to having the rewards later when the energy is waning.
    I still do 50hrs a week but there is no way I could or would do more.
     
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  19. vwalan

    vwalan Funster

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    youth doesnt really come in to it .
    you only have to watch more food for less on tv .
    how many have remortgaged on the same house time and time again . owe more now than they did 40 yrs ago. loads .
    i save 3 grand for my winter travels . the week before i go i win 10,000 on the lottery.
    how much have i got to spend this winter?
    as little as possible . simple that hasnt changed .
     
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  20. chaser

    chaser Funster

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    In that TV programme I saw someone save £150 a week , how the hell could you waste that much and get away with it(n)
     
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