first active offset flexible mortgage

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Shaz

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I have a credit card debt of €10k but currently zero interest applies. My SSIA is coming in soon but I thought that instead of paying off the debt, I should put the money into my facility acccount with first active so that I can reduce the interest on my mortgage.

I will continue to transfer the €10k debt to another zero interest transfer credit card.

But at some point, I will have to pay off the credit card debt. Does it make any/much difference in my interest calculations on my mortgage when I delay taking the money out from the facility account to pay off the credit debt?

Thanks.
 
I think I read somewhere that this was illegal?
Transferring credit card debt repeatedly I mean...
 
i have large ccard debt with mbna at mo and rate is mental. what do i have to do to change?
 
Shaz - "Does it make any/much difference in my interest calculations on my mortgage when I delay taking the money out from the facility account to pay off the credit debt?"

At the current First Active interest rate on the Offset mortgage of 4.4% (likely to be greater next week :eek: ) every month that you keep €10,000 extra in the facility account, it saves you €10,000 x 4.4% / 12 = €36.66. This ignores any possible TRS implications.


Affordable - "i have large ccard debt with mbna at mo and rate is mental. what do i have to do to change?"

Have a look at http://www.askaboutmoney.com/showthread.php?t=20898 then open a Credit Card offering 0% interest on balance transfers and move your MBNA balance to them. Your new card issuer will be able to tell you how to transfer your balance from MBNA.

DO NOT spend any money on your new Credit Card. Use the 0% period to pay as much as you can possibly afford off the balance. If you haven't succeeded in paying off the entire balance at the end of 0% interest period, you could consider switching to a different card issuer with a 0% interest deal.

Liam D Ferguson
 
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