Advice on what to pay off first please

nivek310884

Hi i have been debt ridden for atleast 5 years but im finally seeing some light,

and i need to know which is best debt to clear first, and which to keep

im getting £3500 in the next 3 days, and the debt that i have is:

Barclayloan £800 remaining (£80 per month repayment) at 9% apr

Vanquis Card £620 remaining at 54% apr,

Cap one card £520 remaining at 34% apr

Barclaycard £600 remaining at 14.4% apr

Egg Card £1380 remaining at 29.9% apr

Bank of Scotland card £1800 at 31 apr

overdraft £1650 at 11% apr



what i want to do is make the biggest dent i can in my repayments with the best effect possible on my credit rating,
any advice would be greatley appreciated, obviously i know vanquis is first to go

but do i? pay what i can off in full, or pay a little bit of each card so their not maxed limits

[Deleted User]

The best advice is to pay debts in order of highest interest being charged.

im getting £3500 in the next 3 days, and the debt that i have is:


1) Vanquis Card £620 remaining at 54% apr - pay this off first - hugh interest being charged (3500-620=£2880)

2) Cap one card £520 remaining at 34% apr (3880-520=£2360)

3) Bank of Scotland card £1800 at 31 apr (£2360-1800=£560)

4) Egg Card £1380 remaining at 29.9% apr (Reduce the balace of this one from £1380 to £820) Use the money saved (what your previous monthly payments were) from the first 3 debts above to snowball this debt, and then the same for the debts below.

5) Barclaycard £600 remaining at 14.4% apr

6) overdraft £1650 at 11% apr

7) Barclayloan £800 remaining (£80 per month repayment) at 9% apr

HTH

D9

CH27

Pay Vanquish, Capital One,bank Of Scotland which totals £2940.

Pay the remaining £560 off the Egg card to reduce that balance & throw whatever you have been repaying the others monthly at the remaining Egg balance.