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Should I pay it off in full ..... now
loobyloo1980
Posts: 587 Forumite
Right, I have sat down and updated my snowball and my remaining monthly outgoings and income etc. I would normally be paying my credit cards off as follows under the snowball:
£101.73 off capital one card #1
£6.84 off capital one card #2
£8 off barclaycard
£12 off monument card
However, on capital one card #2 there is a remaining balance of £129 and a few pence, and if I pay it off and close the account, then I get a £50 cheque returned to me which was the security deposit I had to pay when I opened the account. Plus I get the satisfaction of paying off one card, and cutting it up
So should I alter my snowball for this month only and pay off #2 instead of throwing the money at #1, and then pay the £50 off #1 when it arrives and clears, OR should I stick rigidly to my snowball?
£101.73 off capital one card #1
£6.84 off capital one card #2
£8 off barclaycard
£12 off monument card
However, on capital one card #2 there is a remaining balance of £129 and a few pence, and if I pay it off and close the account, then I get a £50 cheque returned to me which was the security deposit I had to pay when I opened the account. Plus I get the satisfaction of paying off one card, and cutting it up
So should I alter my snowball for this month only and pay off #2 instead of throwing the money at #1, and then pay the £50 off #1 when it arrives and clears, OR should I stick rigidly to my snowball?
Official DFW Nerd #148
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:
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Comments
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I'd definitely be tempted to do that! It may not be what the snowball says, but that doesn't understand the pleasure of paying one off does it? Just make sure you can pay the minimum off all the others in case the £50 doesn't come in time....0
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Yes I would, then youy have 50 to snowball back to the big card. definatley.:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
What's the difference financially between continuing to snowball and paying off the Capital One card no. 2?
If it is only a few pounds then I would be tempted to close the no.2 card and give 'em the finger!
lol!"Debt makes plans for you" - A quote from my friend Catherine. How true!0 -
I would pay it off, does wonders for your motivation!
(and it'll free up that £50 to throw right back at the debt)Saving for an early retirement!0 -
I would just be a bit worried that the £50.00 will be late - Capital One like to receive money, they don't like paying it out. Perhaps worth ringing them to ask how quickly will refund your £50.00. I suspect that they will find any excuse not to pay until the last possible minute! After all they accuse us of doing just that.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Most definitely pay off card 2, then as Lynz says you have the xtra to throw at the others
1 down, only 3 more to go!DMP starts June 2012, £38,180.
Balance June 2015 £26,046 (paid off 32%)
DMP mutual support thread no 4340 -
take the money take the money take the money!Riding out the receession.........0
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I'm confused about the £50 security deposit. Did they actually cash your cheque when you applied for the card or did they hold it unused? If they didn't cash it then you're not really getting any money back?
I'd still want to pay off the #2 card though:T0 -
Yes they cashed it, so I am due it back. The interest rates on the cards are both the same (one mine, one hubbies). I can afford this month to meet the minimum payment (£41.12) on this big card as well as pay off the other one, so I don't need to worry about the £50 not coming back on time.
The difference between continuing to snowball and paying this one off would be minimal, so it is certainly tempting....... my finger is itching to make the online payment ........Official DFW Nerd #148
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:0 -
What the heck - do it girly!
Maybe ask if there is any other way they can pay you the £50 back, i.e. bacs? Cheques take ages to issue in organisations..."Debt makes plans for you" - A quote from my friend Catherine. How true!0
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