balance transfer/repayment question

Tribulation

Deleted due to leaving forum

blueberrypie

Make the minimum payment on the £2k that is currently not costing you anything in interest.

Then pay as much as possible towards the £2k that you're paying interest on.

Once that £2k has been paid off, start saving so that you can pay the interest-free £2k off at the end of the interest-free period.

If you haven't paid the interest-charging £2k off within the next 12 months, and you can't transfer it to another 0% deal, start focussing on the debt with the highest interest rate. For example if one is at 24% and one is at 21%, pay the minimum on the 21% debt and as much as possible on the 24% debt.

redpete

Tribulation wrote: »

Am I better off leaving the £2k at 0% interest for 12 months and concentrate paying the other £2k that I'm paying interest on, or would I be better off paying all spare money into the £2k that's interest free to try to get it clear in 12 months?

Note that you can't "leave the £2k at 0% for 12 months", there is still a minimum payment that you need to make every month.

Otherwise, as suggested, pay off the interest bearing account with anything above the minimum payments you have to make.

Miss_Spendalot_2

Tribulation wrote: »

Hi all, having a brain freeze.

Have just got a creation account and transferred the £2000 balanced from another card at 0% for 12 months.

I also owe another £2000 on another Creation card that I'm paying interest on.



thanks

Hi just a thought, a little while ago when I paid off a credit card I called to tell them I was thinking of closing down the account and if there were any offers before I did so, they offered me a 0% balance transfer deal or a 0% cash deal the first was for 6 months the latter for 12 months.

Not sure it will help in your case but it is worth a go to see if you can balance transfer your interest paying 2k to the account you have just paid off..

Good luck

That was with Virgin btw..

Tribulation

Deleted due to leaving forum