Help!

Saz8

Our joint liabilities :mad:- Mortgage £215,000 (House only worth £180,000! but we arent planning on moving!) Interest Only £1100 per month 23 years left
Loan £22,000 Repayment until 2014 :eek: £372 per month
Credit Cards Halifax £7,150 Current Rate 16.94% Purchases (Int £10.96
pm), Balance Transfers Prom Rate 6.95% until paid off (Int
£14.60 pm), Bal Transfer 16.94% (Int £42.38 pm), Cash
26.75% (Int £3.09pm) Paying minimum £80.00 per month at
moment
Halifax £5,550 Current Rate 24.93% Purchases (Int £33.49
pm), 24.93% Balance Transfers (Int £63.49 pm),
29.95% Cash (Int £5.91pm). Paying minimum £150 per month
at moment.
Egg £3510.99 Current Rate 0% Balance Transfer Rate Ends
February 2010. Paying £600 per month.
Sky £400 Current Rate 16.95% Purchase Rate. Paying
minimum £10 per month at moment.

I am planning in Feb 2010 to try and get another 0% deal so we can transfer and start hitting another card off with as much surplus income as possible? We havent got a great credit rating and struggle to get cards from lenders! Do you guys think I am doing the right thing any tips or advice you can offer would be greatly appreciated. I am desperate to start a family of my own but with the above debts I will be having my first child when I am 90!!

Moneytroubles_2

Hi Saz8, Just wanted to say welcome and good luck, the main advice I got when I first joined was try to make any over payments to the debt with the biggest APR.

Sorry Im not much more use!

epsilondraconis

Hi Saz8 - it may be worth you completing you statement of affairs and posting the in this thread. This will give others the opportunity to comment and help you where they can. The link to the SOA calculator is:

http://www.makesenseofcards.com/soacalc.html

The following snowball calculator will help you to target the debt with the highest APR:

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

This MSE article may be worth a read. In addition to giving you some use background info, is also tells you how to get free copies of your credit report. As you indicated that you will be attempting to get another 0% deal next year, it may be worth you checking your credit report first to ensure everything is okay.

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Good luck.

Lemon_Tree

i second everything that has been said above you need to fill out your SOA so we can see if we can help you free up money.
Generally there is a rule that you clear the highest apr debts first but sometimes for the sake of giving yourself a lift and giving you the impetus to continue on the journey it's advised to pay off the lowest debt first. Maybe you should think of paying the minimum for one month on egg and paying off Sky in full, then closing the account (which is key should you try to apply for cheaper finance at any time in the future). This will give you the feel good factor, some more money to 'snowball' into the next debt, which i personally would say was Halifax as you don't seem to be paying much off in reality each month once the interest has been added back on.

good luck it's not going to be an easy journey which i expect you know, but it is achievable and you will get lots of support and advice here.

PS please stop taking cash out of your credit cards if you can, it's such a horendous interest rate you'd be better off not paying so much to Egg and making sure you have the cash available to start with.