Monthly Repayment Advice

iluvbiltong

Hi,
Long time reader, first time poster...be kind please

I have £200 to £220 to pay off my credit cards every month but after reading the forums am wondering if I am going about it in the correct way...any advice from the MSE Number Crunchers welcome...

RBS
Balance 2707
Limit 2940
Purchases 15.76%
Min Payment 61
Actual 100 - 120

Barclaycard
Balance 1821
Limit 2050
Purchases 14.9%
Going up to 18.9% from Sept - should I close the account to keep the current rate?
Min Payment 28
Actual 50

Virgin
Balance 113
Limit 2500
Purchases 26.49%
Min Payment 25
Actual 50
Plan to clear this end Sept.

I very rarely spend on the cards unless in a squeeze and then usually allow myself £30 max to spend on RBS (maybe 3x a year). Haven't done any real spending for about a year now as I have learnt my lesson and am desperate to get this debt off my back once and for all.

I have on previous occasions (twice in the last 6 months) called up all of the companies listed above to see if they could offer me any 0% or LOB deals but they have all refused
Not sure why as I pay all of my bills on time every month and as you can see pay more than the minimum. I have checked my credit report and it seems fine - am on the electoral roll etc.

I have made one application in the last year (3 months ago) for a 0% deal with M&S and was refused but I don't really want any more credit.

Ok please chip away at the numbers and any advice is welcome :beer:

opinions4u

Pay the minimum payment on all the cards and then throw all spare cash at the highest charging one.

Cut the cards up and stop spending on them as well.

It will encourage you to budget better.

should I close the account to keep the current rate?

Hell yes!

YorkshireBoy

iluvbiltong wrote: »

I have on previous occasions (twice in the last 6 months) called up all of the companies listed above to see if they could offer me any 0% or LOB deals but they have all refused

You may (hopefully) find that changes when you make the closure call to MBNA for your Virgin card in September/October. Wait for a zero balance statement before calling them though.

Getting some of that 15.9% APR RBS debt on a low rate MBNA offer would come in pretty handy.

iluvbiltong

Thanks opinions4u and YorkshireBoy! Every little helps