Extreme debt help please

hnm26

Hi all i`m new to the forums and was just looking for some advice on what debt to clear off first. Me and my partner have about 25k on finance split between credit cards/loan and we have a car on pcp which i havn`t included in the 25k . We are in the process of moving house at the moment which will see us with a nice tidy profit of about 20k. The decision we both dont how to make is what to get rid of first. there are a few good points about the cc`s like the 6.9% balance transfer on my halifax card and the bad points like my barclacard which is loaded with cash withdrawals. But alas m and my partner have talked about this numerous times and we still don`t know what to do for the best. Any advice would be greatly appreciated.

Thanks in advance.

Kirk

Conor_3

Can we have a breakdown of everything please?

michael19_2

Try typing them into this here -:

http://www.whatsthecost.com/snowball.aspx

Although I notice its more for people paying theie debts of monthly....

Taken from the site -:

Snowballing is all about paying your debts in the correct order. Generally speaking you should attempt to pay off the debts with the highest interest rate first. This calculator allows you to enter up to 20 different debts with their associated APRs, and the total amount you want to spend per month servicing your debts, and it'll work out the order in which you should pay them together with the monthly payments. For more information on snowballing follow the Motley Fool link to the left of this page.

HTH

Michael

Alleycat

Are you intending to use the £20k profit towards your debt? If you are, I would suggest paying off the debts with the highest apr's on first which will hopefully free up a reasonable amount of cash to start chucking at the lower interest rate debts, clearing them as quickly as possible.