Advice needed

spartan59

I've been away from here for a while. I have been doing OK I haven't used my credit cards for a year now and I am paying them off slowly. I've also been cafeful not to spend on anything I don't need

My ex girlfriend now wife hasn't done too well she still spends as if she is working but is on mat leave at the mo so not earning much.
Plus she is pregnant again!!! good news though!!

On the plus side I have been promoted at work so more money. Also got £2500 inheritence. We are selling both our cars looking to buy an MPV with one car and £2500. Then banking the rest around £5000.

Down side is my credit cards around £4600 at 0% , sofa loan £600 left £53 a month. Child tax credits we owe £700+ apparently!!

I think we should clear one of my cards and child tax credits plus sofa loan. Leaving 1 credit card and our 2 loans left to clear. Plus wife back to work in a month so money will increase by over £2000 a month!!!!! is this the best option?? Or should we pay off both my cards??

Another mega point is our house is rented out and on a base rate tracker so only costing £430 a month if the bankers give us the interest cut!!! W***ers!
This means £200 a month profit from rental

fingers crossed

boredofbeingathome

Tax credit wise, have you told them OH is on maternity leave as income will drop..just a thought.

spartan59

Yep we always keep them informed about our circumstances but I don't think it really matters, its always a bit of a lottery with them

I am not sure even they understand how to work them out!!!

Pollycat

Won't the CTC accept weekly/monthly payments to clear the overpayment?

I've actually taken the CTC people on twice on my sister's behalf regarding overpayments they say they've made to her.
Both times I've got the overpayment written off, we're talking about £thousands.

If you're sure you kept them up to date with your financial circumstances, how come they overpaid you?

I'd be inclined to sit down and work things out and maybe write back to them to query the fact they've overpaid you.
Don't just accept their word for it, they DO get things wrong and if you can prove that you had every reason to believe that the amount they were paying you was correct (and it should have been if you advised them everytime your circumstances changed), then you shouldn't have to pay the overpayment back (based on the last time I dealt with them).

Maybe worth talking to CAB for their advice.

spartan59

Tax credits aren't the problem they are being paid off monthly. I was just going to pay them off in one lump sum, thats all.

the question is, do i increase my monthly disposable income by paying off smaller direct debits for sofa loan and tax credits while my cards are on 0% and taking care of themselves or pay off cards completly or a mixture of both.

doodledo_2

Clearing the sofa is definately a good idea as I assume this has interest on it.

Personally I would pay the tax credits off as well and then one of your cards.

The one OH back at work clear the other card as your income will increase considerably.

Looking at your sig another option might be to pay a lump sum off your loan