₦airaland Forum

Bourne007:
Use the cash/Money transfer feature where you can take money that’s available from your credit card and put it in any of your own UK current accounts.

Sounds confusing... But I'd check it up. Thanks

DaveChapelle:
she means don't spend more than 30 to 50% of your total credit card limit. And yes you can have 1, 2, or 3 credit cards....if you can discipline yourself. After sometime, they will all start chasing you. But everytime you accept one your credit rating drops

Spending more than 30 to 50% doesn't affect ur credit rating positively, it tells creditors you are in financial distress,making them more skeptical about borrowing you money, because they feel you will default. But if it is like 5 to 15% of the credit limit, it tells them, this guy dey alright, he just wants to hold this card for at all at all na hin bad pass

Makes sense. Id put everything into perspective but might add one more CC just as a backup. I don't envision using past 20% of my CC for my monthly expenses except for perhaps one-off purchases.

I run some stuff back home and I'm still wondering if there's a way I can transfer funds from my CC back home. Not that its something I hope to do always but I do like having access to backup cash just in case something pops up.

fatima04:
If you are considering switching, it's best you do it now that you are still new in the UK because the longer your oldest account the better your credit score.

HSBC credit facilities still better than other banks offer from my experience but I will advise waiting for some few months to get a good APR rate. Keep using your brw 30 and 50% of your HSBC CC and see the difference

Good insight.
I didn't quite get the last sentence. What does brw 30 and 50% mean?

Also, how about opening another bank account and running both concurrently? I think that would sure help get the best deals both have to offer. Any experience with this?

JohnNgene:
Hmmm...

Don't be sorry sir. I love your introspective questions and I'll answer them.

1) I don't regret leaving Lagos. Don't get me wrong. I love Lagos. I grew up there, schooled there and even consider myself a Lagosian. Till today, some people think I'm Yoruba because of the way I talk, dress and relate with people. Lol. All that notwithstanding, I had no choice but to leave Lagos. I had no one to live with then at the time and it would've been too expensive for me to start my business as well as secure accommodation there with the money I had back then. And truly, I know my business would've faired much better in Lagos (that's if I didn't have accommodation issues to worry about o! Lol)

2) I would've done far better if I had the financial knowledge I've gained by reading the financial self-help books I began reading from around mid-2017 till now. Those books have really opened my financial eyes.

3) If I had that N300,000 right now in 2019 for instance, I'll split the money into two first, save N150,000 in a fixed deposit account for at least six months while I use the remaining N150,000 to start and run one business. Instead of the way I naively tried to run two businesses simultaneously in 2016. Lol.
However, I would definitely repeat leaving Lagos and relocating to Igboland part. That singular move presented new challenges to my mind and spirit.
I was surprised when one young man (who'd just finished secondary school) approached me at my shop to mentor him in November 2017. I started giving him my financial books (of course at a little cost just as my own financial mentor had done to me. Lol) and he's running his own business here in Agbani now.
If I didn't come here, would I have met that my mentor, this my mentee and all of you good people here on Nairaland? Well, so Chukwu ma. Only God knows.

Nice... This gives an overview of everything and may be a nice way to summarize the whole process.

We all learn from our own and other peoples experiences.

I'd be following your other thread about your reflections on those books.

Bourne007:
You are mixing up 0% balance transfer with 0% purchase

What's the difference between the two?

DaveChapelle:
you don't pay interest for like some months....sometimes upto 2yrs....giving you time to pay off your debts....the banks make money with the hope that after that 2yrs, you are still owing money and then you start paying them interest. but you pay a transfer fee or transaction fee of maybe 1.5- 3 or 4%

Makes sense. I heard Sainsbury's has something similar. Just that I have no idea of the allowed limit.

Also , do you know of any means to tranfer money from a credit card outside the UK. In that case, one might not need a loan and can just use the credit card for that instead of using it for just transport and groceries only.

JohnNgene:
Good morning o! There are so many updates that I don't even know where to start from sef. Lol.

Let me first of all apologize to all of you for my long absence. It wasn't intentional. Make una no vex abeg.

Well, let me do a summary of events.

November 2017:
I started working as a personal fitness-trainer. I went to their house to train them in the mornings from 6:30am to 8am three times weekly. After which I'd return home, freshen up and open my shop for business.

December 2017:
I left that my former shop at the end of the year.

January 2018:
I moved to my cousin's boutique. I noticed he was looking for a salesgirl. So I suggested we partner in the sense that I sell his things and sell mine too in his shop.

February 2018:
I paid my friend another part of his money from the money I was supposed to use to pay my shop-rent plus other savings I'd made.

May 2018:
I became a gym-instructor at a hotel here in Agbani.

July 2018:
I decided to run for political office as an Enugu State House of Assembly member representing Nkanu-West constituency.

September 2018:
I abandoned my political ambition due to lack of finance and harsh political realities.

October 2018:
I released a hiphop song titled Ganfuwa Amurri. And to my greatest surprise the song went viral all over my village. Google my new name GANFUWA if you doubt me. Lol.

November 2018:
I celebrated my 13th birthday. (Okay, you people want me to admit that I'm now 30 abi? No, I'm 13 jor. Lol.)

December 2018:
And the best news of all: I'M NOW DEBT-FREE!!!
I also performed my chart-topping hit twice this month. My Facebook friends' list swelled from about 700 friends to more than 3,000 friends. Seriously, I've become a local celeb in my villa o! Lol. If you come to Amurri now and ask of GANFUWA, they'll point to me.

January 2019:
My cousin sub-rented that his shop to someone else. What that means is that I presently run my business shoplessly via whatsapp.

Nice follow through Ganfuwa. Nice jam... Just listened to it on YouTube. You've really got into alot.

Looking back I've got 2 questions for you

1. Do you regret leaving lag or think perhaps you might have done better in Lagos?

2. Do you think that perhaps mastering one (or a few) arts and growing your knowledge base and profit would have been better..

Again like I said looking back

Finally (I know I said two), in my profession, there's something we call reflections (really helpful in career growth and progression) which the questions above are part of. But in summary, what experiences from these events have helped you grow and would you definitely repeat and what things would you skip or do differently if you were to relive the experience.

Sorry for trying to x-ray your private life

DaveChapelle:
I really must say before i forget. this is very good information!...when i first came to the UK,i had this big brother who was also giving me some finance advice. However, i seem to have caught on quite swiftly than he might have thought. For example i got my mortgage 2yrs after being in the UK. This bros, even though he might have had resources to assist financially( and when i say this, i'm not implying i needed it, but even for little things you would expect from someone playing your big brother!), not that i asked him, didn't lift a finger to help. It made me wonder if he wasn't just showing off with his advice. So bad it was, when i had my baby, i had to beg him to come say hello to me even though we live in the same town, and he only gave me £20 gift for my baby, with some miserable £5 notes....i was quite disappointed. Because always held him in high regards. Anyway, for those of us here giving tips, its very generous to spare your time and kudos.

Food for thought, all the Nigerian secrecy about salaries, living expenses, license plate number hiding, and other funny secrecies we tend to hide....are we being too overcautious??

My way of dealing with such people is just by minding my own business and getting my act together. Usually, they're the ones that'd come seeking for the bond when they see you can manage ur tuft and no send them. But then, people are different and we just have to live with that.

That aside, you can drop the financial tips you've learnt so others can follow

DaveChapelle:
Except if you are planning on getting a mortgage, your credit score will bounce right up....The only thing that significantly imparts it is if you miss a payment....I think i have like 4 now and about 19k credit limit....Credit is really life-saving.....now i am learning how to manage the debt with this thing they call 0% balance transfer

Same thing I'm trying to do... Channel all my spending thru my CC and review them at months end so I can keep track of my finances.
What's the 0% balance transfer about.

nomad26:
No I don't know any bank that offers such. However not every search affects your credit score. Try your current bank first, they may be able to give you the exact rate, based on how you manage your account, without running a hard credit check (affects credit score) first.

LLoyds and Barclays do a soft search (doesn't affect credit score) when you fill out their eligibility checker and they will tell you the true rate but it is not likely to be a low rate.

Wait for others to chip in, you will get more info as I have only attempted to get a loan once.

Thanks. Much appreciated
I may think of switching banks to yours if they offer better services. Mine offered me just 3 months interest free on my credit card. But then, I always clear out the debt before months end.

nomad26:
It shouldn't affect your ILR application. Bank loan has nothing to do with Immigration.

One thing to note sha is that just because they told you 3.3% doesn't mean that they will offer you that rate. It is only after you apply, that they will tell you the true rate. Last year, I applied for HSBC loan of 10k after seeing the same 3.3% on their website, however they offered me a rate of 10.5% even though I have a good credit score and had been in the UK just over a year at the time. I told them no thanks and instead got a Barclays 0% credit card (balance transfer and purchases) for 28months with 11k credit limit.

That's interesting... Never thought of that. And I was already making plans.. The thing is that I need the bulk sum. Do you know any bank that offers good true rates for new entrants? Also switching to another bank just after two months may not avail me such opportunity as yours. Also, I heard it goes into your record once you apply (even if its rejected) and thus may affect your credit rating in the future.

Hello house

Just a quick question about personal loans and ILR.
I'm just a few months in the UK. want to apply for an HSBC personal loan of between 10-15k so as to settle some issues back home. The interest rate is about 3.3% which I think is relatively fair. Also, I may choose to pay back the loan within 1-5 years which I don't think would be an issue. My main worry is whether it would affect my ILR application in 5 years time. Also, from practical examples, how likely am I to get it seeing that I've just recently arrived Uk? I had called the banks customer care and they went through my profile and said I should be able to get it. Any opinion?

Nice... Just stumbled upon it again as part of my 'followed threads'. I can't believe it's been years. Still remember when it was created and when it got to fp.

@JohnNgene any update on things so far and how you look back at the whole incidents

FSU:
Are those people doctors? If so, then salaries in the UK are very low. A new med doc (not talking about interns or residents) in the US earns anywhere from $120K ( approx. 91,100 GBP) per annum and above. That's approx. 7590 GBP per month.

The thing is that you don't really understand how the UK system operates that's why I keep saying it's Pounds not Naira. Let me explain further.
The UK is a welfarist system. The more you earn, the more taxes you pay. It's true that the US, Australia and Canada pays doctors much higher than the UK, but then a specialty trainee in the US does not earn close to $120k gross. Also note that $120k gross is not same as take-home)
In the UK, only very senior doctors working in the NHS get upto £90,000 aside tax. And even if you're paid that, the monthly take home is likely less than £5000. That is why I said it's £ not Naira.

Now in the UK, health is free, most education is free or highly subsidized. Housing is the major expense. If you cook most of your meals, you can't consume £250 a month on feeding as a single person.

The fact is very little percentage of people in the UK earn upto £5000 monthly. People who earn much lower are able to buy a house, go for holidays and live comfortable lives. The UK system is much different from what you think.

FSU:
You are spending pounds in the UK, not Naira. For a medical doctor that is no money to sustain himself and his family there and send something back to his family in Nigeria. He will realize that when he gets there.

That is why I said Pounds is not Naira. The initial author did not state if he's married. When married, both partners would work. In the UK, a good number of people do not earn upto that. You should check the take home salary of a fresh UK consultant after tax so you can see what I mean by a currency that has value. Also keep in mind that it'd take a UK trained doc upto 10 years to become a consultant.

FSU:
With N1.8 M/month in the UK (= 3,817 GBP/month), you will be a poor man. Better reconsider

Pounds is not Naira. Anyone earning that amount a month in the UK is far from poor even by UK standards except he/she doesn't know how to order his/her priorities

martineverest:
the headline shows op is poor mathematically.....our economy is larger than the entire west African countries,do u expect it to grow higher than smaller economics?

analogically,the growth rate of Switzerland,singapore,Korea etc economics is expected to be higher than those of USA, Germany,Japan,china and india

if u do the mathematical calculations,the growth in dollars of Nigeria economy could be larger than the entire growth of those west African economics

I hope you know Nigeria has almost 200 million people. If the Chinese reasoned like you, they may still be like Nigeria today. Your excuse is not tenable
India is growing fast, China has maintained remarkable growth over the years. These country's economies are much larger than ours. Even Nigeria maintained good growth until the catastrophe called Buhari struck.

Furthermore, Nigeria is an underdeveloped country and as such has the capacity to grow at a much faster rate than developed countries. If Nigeria maintains this growth rate for the next 209 years, we'd still remain underdeveloped because the world is moving ahead.

martineverest:
it's only few people that understands will support the minister.....the remittance of Nigerians in diaspora is really helping our economy.

Nigeria actually have the highest concentration of doctors in the world,while many are unemployed,it's better they seek jobs abroad

By concentration of doctors, you mean?
Even Ghana may has a better doctor ratio than Nigeria.

FTC.
lets hope it gets to fp

Kudos to Anambra State and students.

The investment in education by successive governments has continued to pay off. To think that this was a state whose students in state schools less than 20 yeara ago sat at home for 2 years because of a stike.

P.S no need to be tribalistic about this. Victory for one is victory for all.

Elnino4ladies:
This government patronise igbos more than any government ever in Nigeria.... yet the stupid igbos still hat the Buhari

You my friend, are a fool.

I wonder how a government agency buying few cars from a Nigerian citizen translates to patronising Igbos and warranting you to insult a whole ethnicity.

Like I said, you remain a fool.

benzems:
This is true but a China phone you buy $20 will last 2 years but the one of $45 from another country will last for 6 years.
Who is cheating who here? If only China will step up their quality, then sky is their limit.
Not everybody know more about technology

The 'China phone' analogy is outdated.
Huawei and Xiaomi are some of the best selling android phones. They are both Chinese brands and their quality is top notch. Some other brands may be more expensive but definitely not more durable.

Same thing with PC. Chinese owned brands like Lenovo are some of the best PC brands. They almost drove HP out of the market.

By other country, I wonder what country (apart from South Korea) you're talking of.
Because of less regulation, you may have some inferior products made in China. But then, Most of the best quality PCs and smartphones today are made in China.

benzems:
This is true but a China phone you buy $20 will last 2 years but the one of $45 from another country will last for 6 years.
Who is cheating who here? If only China will step up their quality, then sky is their limit.
Not everybody know more about technology

The 'China phone' analogy is outdated.
Huawei and Xiaomi are some of the best selling android phones. They are both Chinese brands and their quality is top notch. Some other brands may be more expensive but definitely not more durable.

Same thing with PC. Chinese owned brands like Lenovo are some of the best PC brands. They almost drove HP out of the market.

By other country, I wonder what country (apart from South Korea) you're talking of
Because of less regulation, you may have some inferior products made in China. But then, Most of the best quality PCs and smartphones today are made in China.

Hope it brings about fruitful results and not just another means to siphone our common wealth.

This lady likely has deep seated resentment towards her husband. I doubt she'd provide a conducive environment to raise their son into a loving human.

Personally, I'm tired of her issues always gracing NL front-page

What's wrong with Nairaland??

With each passing day, it seems to get worse with an upsurge of bigotry and irrelevant topics gracing the front page.

The tax should not be a blanket rate. It should be staggered based on income as is tenable in most developed countries

As a matter of fact, those on minimum wage should not be taxed. Then the higher one earns, the more the tax rate.

acekid109:
a kz earphone in the same price range is better than the xiaomi earphone, they offer better sound and replaceable cable, that's something u may want to consider

Interesting. I never knew of this. I'd check it out

Any information on headphones?

Gptech:
Number of sales is not a projection of how good a product is. I have used the Xiaomi piston 3 and also the Xiaomi Hybrid iv, they are no where near the above listed products as far as sound quality is concerned. Well, there's no harm testing waters .

Thanks man.. we learn everyday.
What about headphones?

Gptech:
Get the uiisii hm7, cost effective and durable so far, sound quality is great too. Xiaomi Hybrid Pro /HD is not that cheap, at that price you can get some better offerings from other oems like Memt, KZ, etc.

Thanks. Got my first xiaomi last year and I'm really in love with the brand. I checked out Uiisii and Memt and it equally has good reviews but much fewer sales. I just need a very good one that I can use for quite a while. I'd might settle just for the Xiaomi

What about headphones.. any ideas?

Good pm house

I'm looking to get both an earphone and a headphone. I really need something nice,cost effective and with good quality. Was initially looking between the Rock Zircon and Xiaomi Piston for the earphone. But the reviews I'm getting are confusing hence my bringing it here. l also came across the Xiaomi Hybr8d Pro/HD. Any reviews?

I'd really need your advice on this.

MrGokay:
It doesn't last jare.

I haven't tried hybrid pro yet but i hear it's very ok

Then I might just go for it.
Lemme do a little more searching


How about headphones?