Best way to shuffle? advice pls

scotdebs

ok so hubby and I have got ourselves into bit of a mess re cc however we are now facing the music and want to work toward clearing them asap. At the moment we are almost at the limit of each of them and we are on consistently highr ates for all except 1 card. However at end of march I will be getting a bonus that will enable me to pay off just over £2000. the current siituation is as follows
Card Balance Limit Rate
RBS black 14,800 15,000 14.6%
RBS gold 2,289 2,300 28.7%
RBS platinum 1270 1,330 29.8%
MBNA 3750 3800 29.7%
Barclaycard vise 5410 5500 26.6%
capital one 980 1000 34.6%:eek:
Ok so I know I should be allocating in order of highest % but here is my thinking........in the past whenever we have had any significant limit room on our MBNA card they always send us 0% balance deals - so should I pay £2k of the MBNA in the hope that I would get this again which means I can then transfer capital one and RBS platinmum over at 0% this means that I would have cleared £2k of debt and have £2k at 0% . However If I just allocate to the highest rates they are unlikly to offer any 0% deals and all I have done is clear £2k off the total. Also as of next month (and before I get my bonus) I will have extra £120 each month to pay over min payments (I think I calculated this would go up to £165 once I clear the £2k)
sorry for the ramble and hope it makes sense its just I dont want to mess up this opportunity of having this wee lump sum to work with

thanks in advance

ironlady2022

Hard to say but surely MBNA would only offer 0% on a nil balance? If I was you, I would pay off capital one and RBS Platinum, then both accounts can be closed. You haven't stated your income but the debt is very high!

scotdebs

Am sure in the past they (MBNA) have offered 0% transfer even if we have had an outstanding balance with them, but perhaps not - maybe I should pay off the capital one and pay the extra £1k to MBNA in the hope that they offer a transfer, the rate is almost identical to the RBS platinum card so in the scheme of things would not be that diffferent (apart from satisfaction of closing down another cc acount)
Yes it is very high - we have a good income now but the debt was run up prior to this and as a result of not saving for things properly (ie holidays etc) which we now have budget planner etc for am hoping to have it cleared in 30 months - it will be tough but worth it

MFWannabe

I would pay off the Cap one and RBS platinum cards and closing the accounts. You'll feel better that you've paid 2 cards off out of the way. Then i would pay as much as i can off the next highest APR card while paying minimums on the rest and so on. It may be that as you pay cards off and close accounts you may be freeing up credit to enable you to get new 0% cards later on

ironlady2022

Yes closing down 2 credit cards will improve your credit rating!