Another newbie needing some good advice...

retro1_2

Hey all!

I wont bore you with my life story but could do with some advice on how to clear the following as quickly as possible:

Barclaycard CC - £3550@11.9%
Virgin CC - £2460@ Some at 18.9% and a smaller amount at a rate of 16%
Car loan - £4262 remaining @11.94% - £215pm.
Barclays Overdraft - £1000 literally interest free
2nd Overdraft - £1500 Same £5 a month fee

I know the theory is to pay the largest sum off as soon as possible but taking the above into account, what would be your advice?
At the moment I pay at least £100 off each credit card often a little more. Ive tried calling both CC companies and they wont budge with the interest rates...

Thank you all in advance

downnotout

I would tackle the Virgin CC first, use the snowball calculator it will help you see what approach to take.
http://www.makesenseofcards.com/snowcalc.html

Wee_Jo

retro1 wrote: »

Hey all!

I wont bore you with my life story but could do with some advice on how to clear the following as quickly as possible:

Barclaycard CC - £3550@11.9%
Virgin CC - £2460@ Some at 18.9% and a smaller amount at a rate of 16%
Car loan - £4262 remaining @11.94% - £215pm.
Barclays Overdraft - £1000 literally interest free
2nd Overdraft - £1500 Same £5 a month fee

I know the theory is to pay the largest sum off as soon as possible but taking the above into account, what would be your advice?
At the moment I pay at least £100 off each credit card often a little more. Ive tried calling both CC companies and they wont budge with the interest rates...

Thank you all in advance

Hi Retro :hello:

Well done for posting! It's the first step :T What would be good for you to do now is have a look at your finances as a whole and figure out where you can make savings in order to have more money free to pay things off. There is a great tool for doing this, which is your Statement of Affairs and you can complete it at this website: http://makesenseofcards.com/soacalc.html It is a bit scary and it takes a while as you have to have all the correct amounts and fill everything that applies in. Which does unfortunately mean everything, even Christmas and birthday pressies, etc. But once you do that, then everyone here can help you figure out where you can save.

Welcome to the boards and well done again!

Jo

podperson

Hi Retro,

Welcome to the boards! Would say not to go for neccessarily the largest sum but the highest interest rate, in your case the Virgin ccs. As someone mentioned earlier try using the snowball effect, pay the minimum payment on all of them and throw whatever you have left at the highest interest account. When this is cleared do the same with the next highest interest and so on. If you have anything left on the low interest overdrafts might be worth using that to pay off the ccs as well as will save you in interest.
If you post a statment of affairs then people usually have some great advice on where you can make savings on your outgoing as well.
Good luck with it

retro1_2

Hey!

Thank you all for your kind advice it really is appreciated. Next step...statement of affairs