Little help...please.

whatatwit

Well done Energised on posting your details and starting to prioritise the payments.
If you have had missed/late payments in the past then I don't see any advantage in dragging out the paying off on these higher rate cards.
If they show as paid off and cancelled, this will lessen your available credit and remove temptation.

It sounds as though your NatWest loan has got the interest loaded at the beginning.

Annie_Fanny

Energised wrote:

Yeah I definately see what you mean .

I'm sure you're right, I think I'd be able to control the capital one card though. I might just pay it off so there's £45 on it then make three months worth of payments at £16. Incidentally, I'm about to go and cut them up now!

Thanks

Ash

I don't understand your logic? Why would you want to draw out paying off a card that is charging you 30.9% when you could clear the card and not pay any interest. You could then take the C1 payment and snowball it into the debt with the highest interest rate.

Annie

Energised

Annie_Fanny wrote:

I don't understand your logic? Why would you want to draw out paying off a card that is charging you 30.9% when you could clear the card and not pay any interest. You could then take the C1 payment and snowball it into the debt with the highest interest rate.

Annie

I'd just read that it reflected negatively on you if you paid off your balance in one go that's all, but you people know much better than I do!

I'll pay it all off and have it cancelled .

Thanks

whatatwit

Once you are rid of the cards though, you will still have the loans going out. Regular and timely payments on these will still be a good sign on your credit record.

Red_Fraggle_3

From my experience - paying the debts off and not missing any future payments helped my credit rating - a not so great credit rating is not a bad thing when your in debt - good luck - and stay away from consolodation

rog2

Energised wrote:

So min payment on both this month (It's december afterall) Pay off the balance on Vanquis in Jan, the Balance off of C1 in Feb.

Is it really a better idea to just cancel them both as soon as they're paid off? Would it not improve my credit rating more if I pay the min amount for a while?:)

DEFINITELY try to pay off and cancel the VANQUIS card - that rate is bordering on criminal :mad: but they are part of Provident, so it is no less than one would expect from these people. :eek: :eek:
There COULD be some rate negotiation with Cap1, but if you can manage without a cc - get rid of this as well.
Why is NatWest apr so high? It may have been cheaper to have transferred this loan to overdraft.
Do you still have a contract with Vodafone - could you consider changing to PAYG or negociating a better contract?

Energised

Thanks for the replies everyone .

I'll get rid of the Vanquis card ASAP. I want rid of the C1 card too. Both asap!

The Vodaphone bill is from about.... wow, 15 months ago, I've been paying it off bit by bit. Ran up when girlfriend went abroad for a while... Woops

With regards to the loan, there's not much I can do about it now. I was in 1100 o/d and NW offered me the 1250 loan which was nice of them.

beanielou

You are on the right track really quickly:D
Yes, it was nice of Nat West to want to increase their profits wasent it??

Energised

hehe

Don't get me started on Nat West! I hadn't thought about the situation really until I started working out how much they'd charged me! I had to take out a loan to pay for the bloody charges they'd charged me.

Well now I want it back!

whatatwit

:T :T :T :T

Well done, now cut them even smaller and get rid