Advice on cc & od repayment options

flopper7uk

Hi all

Just looking for some advice, i have been paying off my debt for a couple of years now and all i have left to pay off is £600 on my cc (vanquis card @ around 48% apr) and my £750 od with the halifax(£750 limit with £1 daily charges).
I am able to pay money each week off both of these and technically should be able to have them clear in a year or less (paying around £20 off each per week).

my question is do i keep paying the same amounts off both (ie £20) or increase one and decrease the other. The £40 is the maximum i can pay per week at the moment unless i get overtime as my wife is currently back at school retraining for a new career.

Also i am afraid that once i pay a large chunk out of my overdraft i will end up using it again for some emergency or other excuse like i have done before. I have tried to make arrangements with the halifax for them to cut my limit by x amount per month but their excuse is that they cannot change to limit as it would reset the od to £0 as it is a very old account (since i was a student around 8 years ago).

I had a look at bad credit loans to clear my debt but they are either brokers who are scam merchants, they wont catch me out lol or with sky high interest and would leave me more out of pocket, so im not going down that route.

Advice would be appreciated

bottleofred

Hi flopper,

At 48%, I'd be paying the cc off as quickly as possible and make smaller payments on the overdraft. If you are worried about using the overdraft again, why not speak to the Halifax about reducing the limit by a certain amount each month.

Good luck

Red

flopper7uk

Thanks fred,

Already tried that with the halifax with no success, i think i will give them another ring today if they are open. Also the overdraft charges of £1 per day work out at around 49%apr if my maths is correct..... £750 od and £365 minimum a year charges..........

thanks again