Advice on what to do first please

Paulpen

Kind of a post on my behalf but mainy for the other half :rolleyes:

We are looking at getting a house in a few yers time so finances and debts need to be sorted.

I had £4000 on my HSBC card 2 years ago and thats now down to £200. Ive also got a loan at £128 a month that ends in 2 years time. Not so bad you think but read on !

The Mrs went travelling and spending alot before we met - some was her choice and some was situations she was in.

Got her to write all what she owes down and totalls just over £13,000.

I was wondering what people would advise paying off first and advice with the others really. Her worst one is the Vanquis one and she believes that they wont let her balance transfer it to somewhere else

Vanquis - £1,937 -
Capitalone Mastercard - £1,478 - 0% interest until october
Capitalone Visa - £408 - 0% interest until october
Natwest - £1,274 -
Halifax - £861 - 0% as balance transfer
Debenhams - £35
M&S - £1,164
Kays - £199
Littlewoods - £142
Empire - -£0.69
La Redoute - £0
Loan - £5,400

Am I right in getting rid of the smaller ones first (Debenhams, Kays, Littlewoods) then move onto the medium ones (Visa, Halifax) or do you moneysaving lot have some ideas

Thanks for reading if you have got this far

Paul

Lemon_Tree

it's always a good idea to pay extra off the accounts with higher interest rates and minimums on the 0% interest ones. usually that does mean catalogues and storecards.
it's a good idea to have a look at the little ones as it will give you a boost to clear them and to carry on.
Don't forget to close the account as you clear them, it removes temptation and also helps to improve the credit rating.

Paulpen

Lemon_Tree wrote: »

it's always a good idea to pay extra off the accounts with higher interest rates and minimums on the 0% interest ones. usually that does mean catalogues and storecards.
it's a good idea to have a look at the little ones as it will give you a boost to clear them and to carry on.
Don't forget to close the account as you clear them, it removes temptation and also helps to improve the credit rating.

Ahhhhh I like your thinking

What about the ones with 0% until october but then back to a higher rate ?

As for credit rating - is it best to close them as soon as they are cleared or leave them a few months in credit and then close them ?

milliemonster

Just pay min on 0% debt until October then reassess which debts have highest APR when the rates change and overpay on those. As soon as you have accounts that are cleared close them