Ok what to pay off?

Toomuchdebt

Have been approved for a social fund budgeting loan of £1015-interest free but payments are pretty high at £9.76 a week-this will come straight out of my income support so won't miss it much.The question is what card to pay off with it?I want to concentrate on the smaller ones rather than the bigger ones so I can snowball faster.Here are my options
Lloyds min payment £35 balance 1700.80 1.385% monthly
Monument min payment £59 balance 1981.27 1.873% monthly
Morgan Stanley min payment £20 balance 962.70 1.805% monthly
Halifax min payment £25 balance 1211.55 1.736% monthly
Barclayloan min payment £41(automatic reducing DD every month) balance 1384.22 11.43%APR

So which of those should I pay this money into?

Starry-eyed_surprise

Hi Toomuchdebt

Have you tried entering these figures into the snowball calculator at whatsthe cost (URL below)? This should provide you with an answer. Hope this helps.

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

Good luck with whatever you decide.:)

Toomuchdebt

Starry-eyed_surprise wrote:

Hi Toomuchdebt

Have you tried entering these figures into the snowball calculator at whatsthe cost (URL below)? This should provide you with an answer. Hope this helps.

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

Good luck with whatever you decide.:)

no cos I can't work out how to do it and add that lump sum in

moozie_2

Toomuchdebt wrote:

Lloyds min payment £35 balance 1700.80 1.385% monthly
Monument min payment £59 balance 1981.27 1.873% monthly
Morgan Stanley min payment £20 balance 962.70 1.805% monthly
Halifax min payment £25 balance 1211.55 1.736% monthly
Barclayloan min payment £41(automatic reducing DD every month) balance 1384.22 11.43%APR

So which of those should I pay this money into?

Hi TMD

From the above, the Monument one is the one with the highest APR - 22.48% so ideally that's the one to target first.

Good luck with it!

Gemmzie

I'll stick the numbers into Money, that's pretty good at this sort of thing...

So it's £1015 to one of those five?

Toomuchdebt

Gemmzie wrote:

I'll stick the numbers into Money, that's pretty good at this sort of thing...

So it's £1015 to one of those five?

yes please I'm kind of thinking it will be Monument as the minimum payment is highest.

Gemmzie

Yup, Monument, as expected

Next one to tackle would be Lloyds - if that's ever possible

Toomuchdebt

Thank you I can put the extra £17 a month towards Lloyds after that

Gemmzie

No problem, I love this program and it was free for me so if I can help other DFWs with it then all the better

I even know your DFD with your current repayment amounts, very clever technology - tells you how much of the payment is capital and interest too.

Toomuchdebt

ooh so what would be my DFD with all my debts not just these small ones?Did a full SOA a few weeks back.

Gemmzie

Will have a look round for you main post and add the other debts in tomorrow

But just those ones - Nov 2010 with min payments