Best way Forward -- Advice please

SteveZ_3

Ok bit of background first

Debts

Loan 25k Payment 469
Loan 7k Payment 150
Card 1 11K (Egg) Min payment 234
Card 2 9k (LLoyds) Min payment 196
Card 2 7k (marbles) Min Payment 135
Card 3 6k (MNBA) Min Mayment 114
Card 4 2k (Barclays) Min payment 41

That's the bad news

Now the good news (ish)

I have 13k to pay off debts with, but I have no idea what the most effective use of this would be, do I clear the 7k and 6k or do I spread it around?
Do I use it to make space on cards and then try and get Lifetime transfers?
Do i pay off the 7k loan perhaps??

Anyone got any thoughts??

wattapain

I'm no expert by any means (either MS or any other kind :rolleyes: ), but in order for anyone to advise you, you need to list all the interest rates - then the usual advice would be to pay off the highest first. There will be someone along soon I'm sure to add to this.
Good luck and at least you're making a start! :cool:
Terri

Northernbird_2

Exactly what I was going to say, but I'm definitely not an expert at this!!

Look at the highest APRs, and clear them. If you can then look to shifting the debt on to 0%/low APR balance transfer rates, do that. From what I've read on here, if you apply for new cards you need to actually cancel the cc accounts so that it doesn't look like you already have too much credit.

Conor_3

The loans probably have the lowest APR. Leave them be.

Get a LOB/0% deal and transfer as much as possible there. Cancel the cards you transferred it off. DO NOT USE THE NEW CARD TO BUY ANYTHING.

Use £10k of the £13k to partly pay the new card off. Stick the other £3k of the £13k into savings for a rainy day. Use the money you were using to repay the cards to hammer off the balance of the new card as quickly as possible.

If you can't get a new card, pay the 6 and 7k off first, use the monthly payments from them to pay off the 2k next which will have you rid of three cards by September.