help in maximising extra repayments

must_stop_digging

any help as maths not my strong point, the calculations are a bit beyond me

Egg £ 345 owed @ 1.9 % till july then14.9%
Marbles £ 4510 @ 0% till june then 14.9%
Halifax £ 5218 @ 6.9%
Sainsburys £ 3905 @ 5.9%
Natwest £ 2600 @ 5.8%

The minimum payments are £390 + £110 aditional per month and a one of payment in march of £800

My anniversary date for the egg is july so I assume I should bt the marbles then .

I have used a snowball calculator but I think it is not working in the 0%
basically It works out
Egg repay march
And snowball all extra funds than into marbles
and then Halifax

I have tried to work out how should repay the marbles surely the extra should go to Halifax while marbles is 0% or am I missing something,
Also have started to get refused low interest cards so will have to stick with the marbles now
any help appreciated

Tony_H_3

1. Pay marbles @ minimum %

2. Pay egg @ minimum % + interest

3. Pay sainsburys @ minimum % + interest

4. Pay Natwest @ minimum % + interest

5. Pay Halifax remaining available funds.

This is a short term solution that would need to be looked with changing interest rates & balances paid off. A more suitable solution to follow.

must_stop_digging

hadnt thought of adding the interest to minimum payments was only calculating minimum payments on all but the snowball account will work out new repayments
thanks for the quick reply

Tony_H_3

After you have cleared the debt on the highest interest rate card, shuffle so that the maximum payment then goes to the next highest interest rated card.

When a card has been payed off in full, it would pay to see if you could blag a deal on either 0% on BT or a low % on life of balance transfer, you could then shift the highest debt to the paid off card with the deal? Not sure if they'd buy it though!!

It might also pay to read Martins article on shuffling click here