loan repayment advice required

zenith1820

Hello all

I have the following:

£7000 on Alliance & Leiceter card (6.9% until april 2006)
£1595 on natwest card (16.9%)
££2820 on virgin card (0% apr until march 2006 then 16.9%)

£6000 personal loan with natwest (6.9% apr, I pay £180 per month for 5 yrs)

I have just got a loan for £11600 from tsb to consolidate the above as its for 6.9% instead of the 16.9% etc from the card companies

What I need some advice on is whether I should use the loan from tsb to pay of the virgin card and the natwest loan and just pay the natwest c/c each month (its only around £30 which i can do) and the same with the a&l card until april 2006 then see if I can balance transfer it to another card with 0% apr for 9 months etc?

Please let me know what you think. the only reason why i chose to pay off the natwest loan is that its fixed for 5 years but if i can get it out of the way now i may be able to balance transfer the a& l card but i cant do this with the natwest loan
thanks

skintchick

I'm no expert but you should usually pay off the highest APRs, ie the natwest card, first

Don't pay off the virgin card as it's 0% at the moment, but do think about getting a new 0% card to transfer it onto when that ends.

I personally would pay off the Natwest card as a priotity because the APR is so high.

I would also pay off the A&L card and then, this is important, write and close those accounts. This will clear up space on your credit rating and allow you a better chance of getting a new 0% card.

THen I think it is persoanl choice, If you can get a new 0% card for your virgin debt, then use the remaining £3,005 towards your Natwest loan.

if you can't get a new 0% card, I'd be inclined to pay off the virgin card so you have a minimum amount of debts.

But can you please also post your incomings and outgoings, and how much you pay each debt at the moment, as those details may change people's ideas on what you should do.