please help unsure what to do

mercedes125

Hi
I have a loan with an outstanding balance of £5000, i have the cash to pay this off there is 3 1/2 yrs left on it my payments are £130 a mth I also have a capital one credit card with a balance of £6.332.00 the interest is 0.32% for the life of the transfer which was £5000 purchace interest is 1.039%
the interest for the month is roughly £51 but the thing is i pay the minimum payment of £189 a mth i make sure that i pay the interest but how i pay the rest is i spend on my card upto £138 with my weekly shop then use that money for the payment.
I also have a credit card with an outstanding balance of £1973 my monthly payment is £31.65 est interest is £21.12 a mth i never spend on this card.
I hope you can understand all this i just wanted some advice on what you think is the best thing to do with the £5.000 pay the loan off are use it to pay towards credit cards.

Thanks for your help

Me_Myself_2

Can't quite follow it all.

1) You have a loan with £5460 left (42 mths @ £130) - unless they allow you to overpay in which case you may get some interest back. If u can overpay, what's the redemption figure?

2) Cap On bal £6332 0.32% interest (per month?)

3) Int £51 suggests APR is nearer 9 to 10%.

4) Other cc £1973 £21 interest APR 13%?

Are these correct?

mercedes125

Hi
The loan has £5000 outsatanding this is the settlement figure, The capital one credit card has the low interest rate of 0.323%for the first £5000 of the balance which i transfered from another card, the rest of the balance is interest rate at 1.093% a mth for purchaces.The other credit card is correct as you stated.
Thanks

Me_Myself_2

Try snowballing:

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