credit cars and loans what to pay 1st? please help

nomorespending

Hi there,
I've been doing what I can to sort out my financial mess this month and am doing really well. However I'm now a bit confused as to be best way forward.
Having had several credit cards at high rates and a loan at 16.1 % of 9000 I have now got a new loan with santandar for 9000 at 9.9 % which will transfer next week and get rid of the 16.1 % loan. I can't make over payments on this loan.
I have a lloyds graduate loan of 6000 at 6%
I have a tesco credit card at 0% for purchases which I am using to buy everything and then what ever I spend on it I have been paying off my higher interest cards which are now clear.

I have left a 0% tesco card with 4000 on ( got 10 months left of 0%
A sainsburys credit card with 5.9 % for life (3400 on it)
Loan with santandar for 9000 at 9.9 % over 3 years
Loan with lloyds at 6% of 6000 with 3 years left.

I have just got a santandar credit card with 0% for 12 months with 6000 limit and no fees for transfers but what should I use it for?
I recon I should be able to pay 1000 each month of my total debt ( minimum) but don't know what to start with. I can't over pay on santandar loan but could save up and pay it off with the surrender fee to pay it off early and I know this is the highest insterest , but don't know if I'm better paying something else off and saving the interest straight away?. the sainsburys is for life, the graduate loan I can overpay:A on without a fee...
I'm confused with all this -if anyone out there can advise / help I'd be greatful. I really am doing everything i can to pay things back - I haven't been out at all and have reduced my shopping bill for 150 a week to 40, for the 1st month in 4 years i will be in credit after my mortgages go out. I know it must sound like i should be able to work this out rationally but my brain is pickled!! Please help if you can

JamieT1977

Am I right in reading you are getting cards to pay off other debts??? As in transferring debt from one to another?

nomorespending

Hi, Sorry,
I am not getting any more cards. I just got the santandar credit card as I moved my bank account to A and L and they asked if I wanted a credit card. I had seen on this site that theres no fees for moving balances and 12 % interest free so thought I could save the 5.9 % i am paying on the sainsburys card by transfereing.
I can pay off 1000 each month from my debts from my wages but don't know what to pay off first.
Does that make sense?

JamieT1977

Yes makes sense now, but not sure what to suggest. So will leave it for someone else

Be careful though of falling into the trap of getting another card to pay off another.

talana

So...
0% tesco card with 4000 on ( got 10 months left of 0%
A sainsburys credit card with 5.9 % for life (3400 on it)
Loan with santandar for 9000 at 9.9 % over 3 years CAN'T MAKE OVERPAYMENTS
Loan with lloyds at 6% of 6000 with 3 years left.

And you have £1000 per month to throw at this.
What rate will the Tesco's card go to after 10months?
Let's focus on the next 9-10 months. You can't do much with the Santander loan other than keep up the regular payments, and the Tesco card is 0% so just keep payments ticking over for now.
You could potentially clear the Lloyds loan and the sainsbury's card in the next 10 months, then review the situation as the 0% Tesco offer comes to an end.

You'll do better paying off some debt every month now rather than saving the cash in the bank for later I think.

nomorespending

Thanks so much for your advice. The tesco card will go up to about 17 % after the introductory period i think. .. But it i transfer my sainsburys card balance onto the santandar card and get 0 % on it, I can start paying off the graduate loan and hopefully get that clear in 6 months. I'll transfer some of my tesco card too to santandar 0 % which will ive me an extra 2 months.
Once the graduate loan is finished I have 4 months to clear tesco card, 2 months to do something with the balanace on the santandar card..
Think i have it sorted now.. Thanks again!