Help with clearing debts - Advice Please!

Geminimum

I have recently just started working:T, although im self-employed so my income will fluctuate all over the place. My husband although employed is paid depending upon the type of work he does etc. So as you can see our income is not really fixed. We have managed to ask most companies to reduce our monthly payments already, based on a minimum of £300 a week for hubby, so when I get paid (on a monthly basis), I want to start clearing off our debts (CC's, loans, overdraft, car etc).

My question is, which is the best way to prioritise what I clear off first. Some things have penalties if you try to pay too much in one year and there are varying balances and apr's.

Should i concentrate on those without penalties first and the highest apr at the top of that list. We also have a proabable, £4000 tax bill due next year, so also want to save as much as I can towards that, but my thinking is, the more debt i can pay off bertween say now and xmas, the better!

My hubby's work is coming up to the best time of the year (busy and lots of overtime) and my works busy time is all over the place.

any advice would be greatly received. Also, should i save into a savings account and pay amounts say once a month, or pay weekly?:(

notyet

I'm no financial genius, but i think you should look at getting rid of the higest APR ones first. Try not to get caught with fees/penalties for overpaying (how unfair are they?!). Clear as much as you can, once the debts are gone you can continue paying the same amounts into savings. It'll start a really good habit if you 'get used to paying out' - my loan is due to end next month and i've already organised a standing order to pay the same amount into our xmas fund account (which hubby doesnt know about!)

Good luck to you my lovely!

Geminimum

Thanks notyet! Think I will ahve to spend next week making a complete up to date list of all our debts, find out which ones have penalties and make notes on APR. Then I will make a list in order of which ones to pay off.

Obviously the mortgage is a no go and our car payments we have just got halved, which is a godsend, so i would say its gonna be cc's and loans first of all and try to get our overdraft's clear to give us a bit of leeway!

Would still appreciate any comments/advice/suggestions from anyone else.