Dilema.. what do we pay off next?

immoral_angeluk

By the 5th December we'll have saved £526 and our initial plan was to pay off my blackhorse loan next because we've been doing them in balance order to boost our motivation rather than going straight in for highest APRs first. But now we're not sure what to go for next.. Here's what we have still to pay off..

Husband's citicard - £1,449 (27.9% £45 p/m min)
My Barclaycard - £862 (19.9% £21 p/m min)
Dh's Capital one debt - £580 (an old debt they've refused to accept installments for, they said it'll be transferred to a DCA soon so we're currently waiting for that so we can offer installments... we were offered a settlement of £380.)
Mothercare card - £482 (22.9% £20 p/m min)
dorothy perkins card - £509 (24% £22 p/m min)
Blackhorse - Settlement £427 (24% [I think] currently £24 p/m has 18 months left)
My citicard - £487 (27.9% £15 p/m min)

We were originally going to pay off blackhorse as it was the next lowest amount and the pay the extra £100 off something else, plus we're trying to get our monthly outgoings down as well as the number of creditors and it's the highest payment apart from my husband's citicard.. but seeing that we could pay off any one of the smaller debts has left us doubting ourselves as to which would be the most beneficial!

If you all were in our situation, what would you do? Looking for voices of reason and common sense here!! lol!

itsarichmansworld

Hey Immoral I would think the black horse one....

bananakinz

Tricky isn't it???

I think I would go with your plan to clear the blackhorse £24 a month free is quite a bit, do the balance on your citicard as this has a high apr and then use the blackhorse money to hit the citicard.

Have you had a play around with the snowball calculator putting different situations in?

immoral_angeluk

bananakinz wrote:

Tricky isn't it???

I think I would go with your plan to clear the blackhorse £24 a month free is quite a bit, do the balance on your citicard as this has a high apr and then use the blackhorse money to hit the citicard.

Have you had a play around with the snowball calculator putting different situations in?

I've tried but I never seem to be able to get it right!

lynzpower

I agree, that black horse one- leaving 24pm to snowball eslewhere

pudding06

I'd go for your citicard as youre obviously paying a low minimum payment and its going to take ages to pay off at that rate. Its aslo 27.9% ouch

then pay the rest off something else high interest.- maybe dotty p's card.

or oH's citi
just my humble opinion lol
pudds

do_it_today!

Hi
I would pay off Black horse first wack the other £100 on your Citicard and then add the freed up £24 to add to your Hubbies min payment of £45 so that you would then be paying off £69 per month on the big Citicard balance.

Then you have the satisfaction of
1 clearing a balance completely
2 knocking £100 off another one
3 increasing payment of the big one so you pay it faster without finding anymore money than when you had the blackhorse loan

do_it_today!

Hi
I would pay off Black horse first wack the other £100 on your Citicard and then add the freed up £24 to add to your Hubbies min payment of £45 so that you would then be paying off £69 per month on the big Citicard balance.

Then you have the satisfaction of
1 clearing a balance completely
2 knocking £100 off another one
3 increasing payment of the big one so you pay it faster without finding anymore money than when you had the blackhorse loan

CLAPTON

black horse £427 ...if you pay £24 and have 18 more payments then that's equivalent to less than 4% interest....so if your figures are correct then dont pay it off but go for a higher APR debt.

Verbatim

Don't you want to keep something back for a settlement figure for the loan? otherwise go for the highest APR as it'll save you loads and bring forward yourdfd.

Great going to have that sum put aside whatever you decide.

Miss_Moneypenny_6

Hi there,

I think I'd pay off your citicard & pay the £39 that's left off your OH citicard, therefore clearing a balance & some off the the highest APR's. You could then take the £15 extra a month & put £10 towards OH citicard & £5 towards blackhorse.

Hope this is of some help.

Good Luck