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  • FIRST POST
    • SkintnScared
    • By SkintnScared 5th Jan 18, 2:52 PM
    • 145Posts
    • 15Thanks
    SkintnScared
    Consolidation Advice
    • #1
    • 5th Jan 18, 2:52 PM
    Consolidation Advice 5th Jan 18 at 2:52 PM
    Hi

    We got a couple of credit cards that we would like to consolidate or pay in the cheapest and quickest possible manner. Looking for advice please. Here's what we've got and our thoughts so far:

    Tesco credit card £900 balance - 20% interest
    Halifax credit card £4500 - 0% interest - recently balance transferred
    MBNA £2700 balance 0% interest
    Next account - £2000 balance 20% interest

    So do we continue to pay the two 0% credit cards as much as we can a month and take out a third 0% and combine the next and Tesco cards onto it as a balance transfer? Or do we take a loan out for the lot and pay it off over 3-4 years?

    Any advice greatly accepted?

    Many thanks
    Some debts are fun when you are acquiring them, but none are fun when you set about retiring them!!!


    It's amazing how fast later comes when you buy now!!!!
Page 1
    • Silver Queen
    • By Silver Queen 5th Jan 18, 2:54 PM
    • 186 Posts
    • 1,050 Thanks
    Silver Queen
    • #2
    • 5th Jan 18, 2:54 PM
    • #2
    • 5th Jan 18, 2:54 PM
    When do the 0% deals run out?

    You should pay the highest interest first.

    Personally I'd tackle it this way:

    1. Tesco Credit Card
    2. Next Account
    3. Whichever 0% deal runs out first.
    Debt Totals January 2018::
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents 1 / Now £11,550 £500 Loan from Parents 2 / Now £250 £2,000 Overdraft Now £1,000
    • enjoyyourshoes
    • By enjoyyourshoes 5th Jan 18, 3:00 PM
    • 923 Posts
    • 1,142 Thanks
    enjoyyourshoes
    • #3
    • 5th Jan 18, 3:00 PM
    • #3
    • 5th Jan 18, 3:00 PM
    Need to do cash flow to work out how much you need to pay each month in order to pay off each of the debts.

    There may be a penalty for exceeding the term on the 0% deals and if your not paying that off before the term ends, you need to know the costs!

    Core issue is your spending more than you earn, this is not sustainable.

    Work out why this is the case, then resolve this problem.

    The debt is a symptom !
    Debt is a symptom, solve the problem.
    • SkintnScared
    • By SkintnScared 5th Jan 18, 3:04 PM
    • 145 Posts
    • 15 Thanks
    SkintnScared
    • #4
    • 5th Jan 18, 3:04 PM
    • #4
    • 5th Jan 18, 3:04 PM
    Thank you. We've cut the cards up and we know the reason is that we've been renovating the house. It cost more than we thought but is done now and we won't be spending more. We just want it paid off.

    Fab thank you....I'll sit and work out when the 0% end and how much to get them paid off, ensuring we pay the higher interests first.

    Thank you
    Some debts are fun when you are acquiring them, but none are fun when you set about retiring them!!!


    It's amazing how fast later comes when you buy now!!!!
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