Confirmation Please! Am I doing this right?

lala9

I have 4 credit cards as listed below:

• Virgin 6060 balance @ 1.80% interest per month
• Tesco 1140 balance @ 1.53% per month
• M&S 2135 balance @ 1.59% per month
• AA 3127 balance @ 1.45% per month
• B/card 6315 @ 1.16% per month

I have now drawn a line and decided to concentrate on paying these off by the quickest and cheapest means possible, bearing in mind I cannot apply for further cards to take advantage of 0% balance transfer offers and, at the moment, cannot shuffle money around to make the most of lower interest rates as they are all pretty much at there credit limits.

So, my plan is to throw as much money at Virgin, being the highest rate, until it is paid off, paying the others the minimum until that time. Once Virgin is repaid I will then turn my attentions to M&S and so on and so forth, is this the right thing to do?

Would love some advice here just to make sure I am saving as much as possible on interest repayments.

iceage3

I would get a loan and pay just one payment ,but i hate loans grrrrr

Hax

Yep - spot on. Although you've listed 5 cards and not 4

lala9

Haha, thanks Hax, that's why I'm in this mess because I can't count :-)

Iceage - I can't get a loan at the moment, due to my ex doing a runner with a joint bank loan last year, mortgaged up to the hilt. Refuse to pay it though as he has now stopped making the monthly payments!

iceage3

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lala9

Hax wrote: »

Yep - spot on. Although you've listed 5 cards and not 4

iceage3 wrote: »

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My sentiments entirely, going to cost me thousands no doubt clearing my name from this loan, but I'm not paying a penny!!

Hax

When you clear the Virgin card, it's possible that they might give you an offer - maybe a 0% BT one. It's known that MBNA are good for repeat offers (I think I read that some people call them to ask if there's anything on offer). Should you get such an offer, then transfer as much as you can from your highest APR cards although bear in mind you can't transfer cards from the same provider (both AA and Virgin are MBNA)

lala9

Hax wrote: »

When you clear the Virgin card, it's possible that they might give you an offer - maybe a 0% BT one. It's known that MBNA are good for repeat offers (I think I read that some people call them to ask if there's anything on offer). Should you get such an offer, then transfer as much as you can from your highest APR cards although bear in mind you can't transfer cards from the same provider (both AA and Virgin are MBNA)

Thanks for that, that's what I intended to do. I have heard that the MBNA folk offer 0%s to existing customers once they have cleared their cards. This is going to take me a year and 3 months however according to my plan. I sit and stare at my spreadsheet in the hope that a 0 or 2 will fall off the end of the page.... it's very depressing Plus with this ' '25k vile ex does a runner loan' lurking in the background things aren't looking too rosey