Had my lightbulb moment??

pinkwitch_2

Thankyou flowerofscotland

I've just done the snowball and it says it will take 16 months.(hopefully i can change this)

I've got a spending diary and a calculator in my bag to take to tesco's.

thanks for all the advice i'm getting.:)

bellsbells

Can you up the monthly payments on your cahoot loan and concentrate on getting rid of that first? You could do the minimum payments on your 0% stuff then blitz them once the big baddie is out the way.
You say that you NEED to be free by Jan 2008 - is that because of the 0% deal? You will be able to get another CC with a 0% balance transfer offer, so it will not be the end of the world if you don't clear it all by then. The priority is getting rid of anything that charges you interest. I had to do this by running up a huge (well huge to me!) CC debt on a 0% offer for a year. It was a bit scary seeing it all sitting there with me hardly paying anything off, but it meant that I got rid of about £1500 of overdrafts that were charging me interest. I have then had a few months of throwing everything at the CC and paid it off last week!
What about the fixed bank loan? Could that be paid back quicker?

bellsbells

Gordon_the_Moron

pinkwitch wrote:

I'm in £4516.46 of debt

But i have moved all credit cards to capital one intrest free till jan 2008

Threw away my catalogues

Cut up all, but capital one credit cards.

Need to be debt free by jan 2008

So you will probably be seeing alot of me on here:p

Capital One card is 0% for balance transfers until January 2008 but is it free for purchases?

If the purchases get interest charged the spending is trapped (i.e. any payments go to the 0% debt first) so you would be better cutting up the Capital One Card (but not closing the account, and just paying it off) and spending on another card.

You actually wouldn't be better off throwing everything you can at the 0% card, you'd be better off paying the minimum payment and throwing all you can at a savings account (Icesave or Hisave*) until the middle of December then using it to pay off the credit card. That way you would still have paid no interest on the credit card and have earned interest on the savings so have more to throw at the card without having put more in.

DON'T BE TEMPTED TO SPEND THE SAVINGS

If you think you will be just throw the money at the card.

Da Moron

* That is an MSE referral link but this has no impact on product recommendations it is a top payer.

pinkwitch_2

Bellsbells - yes i think i will aim to get rid of cahoot first and the reason i wanted the card out the way was because the interest free runs out in jan 08.And like you said i can get another one

So cahoot first.

Gordon - good point i don't think 0% included purchases and i do have a few on there