Paying of debt advice

cooki2222

Right so here is my situation, I am gonna be receiving £2258 at the end of this month + a possible extra £200


My debts are as follows

Halifax Loan - £2641 (£2716 settlement figure) £135 monthly payments

Egg CC - £1840 (paying interest on this as from last month)
Halifax - £1000 (12 month interest free from august 2010)
Abbey - £1081 (12 month interest free from august 2010)


so do i get another few £ together (balance transfers most likely) and pay of the loan early, or pay off the egg cc and put the £600 into savings account to save up to pay off the loan early or use the £600 to knock £300 of each 0% credit card.

Cheers for any advice

bottleofred

Hi cooki2222,

You may well end up paying fees for early payment of the loan, but it is something you could look into. You should pay whatever is the highest interest rate and I'll guess that'll be the credit card. You could then try to pay what's left off the loan, but check about early payment penalties first.

Hannah_10

What Red said, the highest rate of interest first and find out about early repayment fees before you commit.

cooki2222

bottleofred wrote: »

Hi cooki2222,

You may well end up paying fees for early payment of the loan, but it is something you could look into. You should pay whatever is the highest interest rate and I'll guess that'll be the credit card. You could then try to pay what's left off the loan, but check about early payment penalties first.

As far as i know only thing that gets added to my loan if i pay off in full early is 2 months interest not sure about the odd payment or 2 here and there must look into that.