Help of debt repayment

zoominov

Hi all ,
Need some advice

I got - HSBC Credit - £917.36 - What I don't understand is at the bottom it says "Outstanding balance transfer £568.15" the difference between the two is £349.21 , It's 0% on purchases for 3 months , so once I bring it down to £568.15 does that mean i won't pay any interest as that is the balance transfer it's 0% for 23 months.
- HSBC Overdraft - £967.90 - Which is interest free
- Barclaycard - £245.39 - Which i transferred the balance over to HSBC - Would it be wise to close the barclaycard once i clear it ?

Once the insurance company pays the finance company i have to pay the remaining shortfall off £450 , in order to pay the finance company i have to go into my o/d if I go over £1000 i get charged , I will pay my installment of £183.72 on 28th and when I get paid on 15th then i will clear the car finance or shall i go into my overdraft and clear the finance ?

Alleycat

Hi, sorry it's not totally clear what you're asking. Can I check I understand?

You've got an HSBC credit card, current balance 917.36. I assume you did a balance transfer from another credit card previously for an amount over £568.15. The balance transferred amount is 0% for 23 months and purchases also 0% for 3 months.

Do you know if interest is being added to your credit card balance each month? Also when did you take the credit out?

What usually happens is that as you make your monthly payments, the balance that attracts the 0% is cleared first leaving you with the balance that does attract interest. Or sometimes, it is a percentage of your monthly payment paid to each of the different elements.

You really need to check the terms and conditions from when you took the credit card out. It will explain how the total amount owed is cleared. Or alternatively give HSBC a ring and ask them.

What is the insurance company you mention? Are you due a payout? And what is the finance company?

It would be really helpful if you could clarify exactly who you owe money to and how much. Then I am sure you will get some helpful replies.

zoominov

Re the credit card I just received my first statement last week , its 0% interest for 3 months on purchases , I've made a few purchases mainly because my car got recovered by the highways agency and they charged me £200 and expenses for the car.

The insurance company is privilege the finance company is Blackhorse , The settlement fee is £7643.02 the valuation is £7291.00 deducted all excess so the shortfall is £352.02 , so what I want to ask is if I've got a payment due on 28th April I will pay that instalment , or shall I go into my overdraft or wait till 15th May to pay the remainder ,

My Debts are

- Overdraft - £979.90.
- hsbc Credit card - £917.36 -0% purchases for 3 months , 0% on balance transfers of £568.15
- Barclaycard - £245.39 - £12 interest charge
Total Debt - £2130.65

I haven't included the car finance , as it will be cleared in one month or to , What I want to know :

- once I clear my barclaycard shall I close it or keep clearing the balance or close the account.
- What would be the best way to clear it ?
- What debt shall I clear first

Sorry for not making my points clear It was full of info ,