How much should I pay .....

samhuzz

and how quickly would my debts be paid off?

Here's the story, I have quite a bit of old debt and I'd like to try and pay it off as quick as possible. It is all under payment plans through the CAB. Here's what I owe and how much I pay at present:

Lloyds TSB/BLS: 5654.78 currently pay £67 a month
Capital One: 802.03 currently pay £20 a month
Tax Credits: 770 (approx) currently pay £51 a month
HFC/Robinson Way 1621.11 currently pay £25 a month

I'd like to try and pay more off my debts if I can afford to, which one would you pay more to? I don't know if I'm paying any interest on any of them.

poppy10_2

Depends on the interest rates you are being charged.

Try entering the figures into the snowball calculator:

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

Little_Miss_Uni-Debt

You need to find out the interest rates on them! Especially Lloyds TSB. I'd contact the CAB to check what letters have been sent to them and read through any responses that you've had back saying if they'll freeze interest or not. Also if there are any implications to increasing payments to one debt will you be obliged to increase the rest of them?

It might save you a lot of money if you know which is most expensive.