What to pay off first?

kinkypixie

Ok, I'm really trying to sort out my credit cards at the moment, I have just transferred £2375 from my Virgin CC to Tesco as the rate is about to rocket, but I still have £997.59 on the card.

I have £850 on my Barclaycard, with a £950 limit (they only let me pay £100 max in the first 90 days!!!) in two months the interest will rocket on this because they are purchases, will still have 0% on transfers.

I then have £255.49 on my &more CC

I have £313.18 which can pay off a card/go towards a card, I've been racking my brains and scribbling things down all night.

I don't know what's best to do. PLEASE HELP?

emzig123

Hiya,

If you can post the APRs then it's easier to work out who to pay off first. The general rule is pay off the card with the highest APR first. use this calculator https://www.whatsthecost.co.uk/snowball to work out what to do

Good luck!

kinkypixie

Tesco CC 0% apr
Virgin CC about to rise to 16.7% apr, just need to remove the remainder somewhere??
Barclaycard 0% apr for 2 more months then 14.9%
& MORE 0% for 12 months 4.9% on BT's

emzig123

OK, so Virgin is first,
Then Barclaycard
&More and then Tesco

Have you posted a SOA? If you do that we can try and find you that extra bit of money to get rid of Virgin. The trick is, pay the minimum on Barclaycard, &More and Tesco and throw every spare penny you have at Virgin.

emzig123

Also, what are your credit limits? Can you transfer even £100 onto your &More or Tesco? It's a bit less interest to pay!

emzig123

Sorry, plaguing you with Posts now!

I see you have £100 left limit on Barclaycard. Can you transfer £100 from Virgin. Then use your £300odd to pay off Virgin. Then you would have £584.41 left on virgin which you could get rid of quite quickly.

kinkypixie

Here is my SOA that I posted a week or so ago...




Right, here is my SOA

Monthly Income - £1179.39

Outgoings -
Rent - £470 a month
Landline Phone bill - £12.28 monthly average
Water - £14.10
Electric - £17.00 monthly average
Gas - 31.80 monthly average
TV License - £11.37 a month
Council Tax - £80.00 a month
TOTAL - £636.55, I put £660 aside into my bill account, £23.45 over

Car tax - £10.00 put aside each month
Car Insurance - £20.10 a month
Petrol - £60.00
Personal Loan - £202.94, not sure on APR, loan was for £10,000 have £6270.22 left to pay, have been paying for 2 years, 3 remaining.
Overdraft - £200

Credit Cards -

Virgin - £3372.59 (limit £3700.00) 0.9% APR until April 2007 then, 18.9%

Mint - £397.82 (limit £2150.00) 1.167% monthly interest

Barclaycard - £950.00 (limit £950) 0% til June 2007 on purchases, which this is. 0% APR on transfers for a year. 14.9% after.

&MORE - £255.49 (limit £2000) 0% for 12 months 16.9% after

Have three other cards, but with nothing on them, just applied for a Tesco one to transfer balances!!

£500 - loan from my mum, no hurry to pay this back.

I have £871.30 which is money owed on these cards on behalf of others, I have the cash but don't know which card to pay off first!!!

I can't change my utility suppliers because I rent my property and am not allowed to.

Thanks every one

kinkypixie

I could transfer some to Barclaycard, then the rest to & MORE, I wanted to pay the 318 off on Barclaycard, but they will only let me pay 100 max!!

Ingela

I just wanted to add that i recently got a new barclaycard and the rule about only paying £100 in the first 90days only applies if you pay through their website rather than through your own bank.

i.e, i logged into my current account online bank, natwest and made a payment using my barclaycard number. In the first 30 days i have paid off £550, which has all cleared no problem.

kinkypixie

Oh brill, thanks for that I will go and do this today, great.

emzig123

Hey Kinky Pixie, thans for the SOA, looks v good. Can you transfer as much as possible to &More? you appear to have lots of space on it and it's 0% for a while!