Trying to get debt free

abby1234519

Took out a 2k loan with 60somethinginterest.

Now, I've made two payments of £136.09 back so far
I'm actually going to be in a better financial state come february...so...
So I make minimum payments on my credit card of 30.09% apr balance will be around £500 and minimum on Littlewoods catalogue, which is no interest but not sure how it works if payments are late or under what they should be. Whilst doing this paying an extra £100 or £200 to WF

Or do I pay off my credit card and Littlewoods, (can pay off by May) whilst paying £136.09 to WF and then after that pay an extra £250 a month or possibly an extra £500 if I am still working my second job to pay that off. Not sure how the interest works. I know that there are early settlements and stuff but argh brain freeeeeze

annamc75

Whoops - double posted - see below.

Ax

annamc75

There may well be implications in overpaying your loan - sometimes you cannot do it, others you can but then they will charge you at the end for settling early.
If you have credit at 30.9% then you need to get rid of this as soon as possible. It is very high and paying the minimum is not making any headway on the debt, you are just paying the monthly interest.
Those debts which are interest free should be paid last - they arent costing you anything so they arent increasing each month.

abby1234519

The problem with littlewoods is that you pay for an item over say 20 weeks interest fee. and if i dont pay for that months worth ill get charged so really one month it could be £185, next £50 ,we ll basically i have no idea.

its just that the loan is twice as much interest so just wondered

annamc75

Why not set up littlewoods on direct debit and then you can check your online account and see how much is coming off it - that is what I do and as it is interest free there is no need to overpay.

abby1234519

well the thing is if i pay the min of £185 for the next couple of months, that takes a big chunk up