We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
which should we pay first?
crazyhazy
Posts: 316 Forumite
We have 3 loans and a credit card to be paid off, the problem is I'm not 100% which we should concentrate on first. Can anyone advise?
CC 1 - £2584 this is 0% for 12 months then 15.9%
Loan 1 - £1131 not sure of rate but int front loaded
Loan 2 - £7654 not sure of rate but likely to be the lowest cos it's staff loan and int is front loaded
Loan 3 - £4734 this is 10.9% and int calculated daily
We should have at least £100pm available on top of min payments to overpay with, although some months will be more. am i right thinking we should concentrate on the cc even though it's 0% now so that it's paid off before the offer ends?
Thanks
CC 1 - £2584 this is 0% for 12 months then 15.9%
Loan 1 - £1131 not sure of rate but int front loaded
Loan 2 - £7654 not sure of rate but likely to be the lowest cos it's staff loan and int is front loaded
Loan 3 - £4734 this is 10.9% and int calculated daily
We should have at least £100pm available on top of min payments to overpay with, although some months will be more. am i right thinking we should concentrate on the cc even though it's 0% now so that it's paid off before the offer ends?
Thanks
Total Debt (27th Nov 08) £16,707.03 Now £5,102.72
Debt Free Date [strike]Nov 2012[/strike] August 2011
0
Comments
-
Loan 3 imo, then CC1Sealed pot challenger # 10
1v100 £15/3000 -
-
You might also want to check that there are no penalties for early repayment. There is sometimes an early settlement fee, but i agree with mcjordi.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards