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Pay off low debt on 0% or increase payments on larger ones with high interest?
LoopyLinz
Posts: 469 Forumite
Hi All
Just looking for a little bit of advice. I currently have 3 credit cards with outstanding balances. One of these has been passed to a DCA and I have a payment plan, where interest has been frozen (this is the one with the lowest balance) the other two are for larger amounts and have interest being added on to them.
The balance on card 1 is £520. I have recently been put onto half pay with work as I am off sick and whilst looking at our SOA I 'think' over the next 2 months we should be able to save £300. It amazing what you can do with being strict and not having to pay £200+ on petrol a month! Anyway my question is this. Should I write to company one and ask them to accept a full and final of £300 (obv once we have actually saved this money) to get rid of this debt completely (currently paying £45 per month) or should I split the £300 between debt 2 & 3?
All advice appreciated
Linz xoxox
Just looking for a little bit of advice. I currently have 3 credit cards with outstanding balances. One of these has been passed to a DCA and I have a payment plan, where interest has been frozen (this is the one with the lowest balance) the other two are for larger amounts and have interest being added on to them.
The balance on card 1 is £520. I have recently been put onto half pay with work as I am off sick and whilst looking at our SOA I 'think' over the next 2 months we should be able to save £300. It amazing what you can do with being strict and not having to pay £200+ on petrol a month! Anyway my question is this. Should I write to company one and ask them to accept a full and final of £300 (obv once we have actually saved this money) to get rid of this debt completely (currently paying £45 per month) or should I split the £300 between debt 2 & 3?
All advice appreciated
Linz xoxox
Its hard to wait around for that something you know may never happen,but its harder to give up when you know its everything you ever wanted.........
People tell me Im going the wrong way..............when its simply a way of my own!
People tell me Im going the wrong way..............when its simply a way of my own!
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Comments
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Hi Loopy, dont be afraid of offering say 20% as your F+F.Hi All
Just looking for a little bit of advice. I currently have 3 credit cards with outstanding balances. One of these has been passed to a DCA and I have a payment plan, where interest has been frozen (this is the one with the lowest balance) the other two are for larger amounts and have interest being added on to them.
The balance on card 1 is £520. I have recently been put onto half pay with work as I am off sick and whilst looking at our SOA I 'think' over the next 2 months we should be able to save £300. It amazing what you can do with being strict and not having to pay £200+ on petrol a month! Anyway my question is this. Should I write to company one and ask them to accept a full and final of £300 (obv once we have actually saved this money) to get rid of this debt completely (currently paying £45 per month) or should I split the £300 between debt 2 & 3?
All advice appreciated
Linz xoxoxThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Especially if there are charges that you could claim back on the account.
If the other 2 cards aren't with a DCA yet and you are maintaining your minimum payment, would it be possible to clear one of the cards and possibly transfer the balance of the other to it on a calance transfer deal?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
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