Owe £1220, Have a little £200 to throw at it, but where?

beth3735

I know its only a small amount, but i can possibly find £200 to throw at my debts at the beginning of May.

Now do i just pay off a couple of smaller ones?

Do i just give the CCCS the £200 to split,

Do i pay Barclaycard £200 out of the DMP as these are the only ones charging me interest. But my only worry with this is they are a horrible company and i fear if i do this out of the DMP they will start demanding more and charging more interest again?

I know its only a small amount, but any help to get rid of this DMP earlier is huge to me

Thank you

Denning.

I would give to CCCS to split equally.

zenshi

Would it clear a debt outright? If so, I would do that then you have that payment to put off another debt

beth3735

It could clear 2 of my debts so could clear my 6 creditors to only 4 creditors.

Paying it to the CCCS would really just get it all paid off in the same amount of time really though as paying off 2 creditors wouldn't it?

Im just trying to figure the quickest way to do this, but then again if only 1 is charging interest then yes paying either 2 debts off or it direct to CCCS means it will all be equal in time scales lol


Paying it direct to Barclaycard would reduce the interest i pay per month, but then i feel i would be opening a can of worms as they may assume i can afford this often?

datlex

zenshi wrote: »

Would it clear a debt outright? If so, I would do that then you have that payment to put off another debt

I fully agree with doing this. would mean settled accounts on your credit record.

Deep_In_Debt

I'd pay off a debt that you can clear with the money. I've done this along the way. Your other creditors will then receive more each month as the money you were paying to the debt that you have cleared off will then be split amongst your remaining creditors.

My concern with getting it split across the creditors, is that if you do it one month, they may expect it from you every month and think that you are hiding something

gettingbackontrack

Deep_In_Debt wrote: »

I'd pay off a debt that you can clear with the money. I've done this along the way. Your other creditors will then receive more each month as the money you were paying to the debt that you have cleared off will then be split amongst your remaining creditors.

My concern with getting it split across the creditors, is that if you do it one month, they may expect it from you every month and think that you are hiding something

I agree with this. It will give you a boost to clear a couple of accounts and, as Deep in Debt points out, your remaining creditors will get large sums every month rather than for just one month. It looks like you only have a few months to go anyway - nearly there!

beth3735

Thats my worry is they may think i could do this all the time, when realistically i will only have this money when i sell something end of this month/early may. I am guaranteed £200 so want it all to go to debts.

I will look at shifting the American Ex and Egg, Would of looked at getting rid of the smaller MBNA, but i think the DCA would want both MBNA accounts paid off together, so i think the other 2 are the best.

Thank you

Actually just a thought, can't really pay off Egg as its Barclaycard that own it now. Maybe just do both MBNA accounts and put a little towards it.

beth3735

Well managed to get my £200 from the sale, so thats in my bank ready for throwing at someone! But i am now thinking of holding off till end of May as i should have an extra £150 from overtime, which means if i wait till then I will of paid another months worth of CCCS and I could then get rid of Amex, Both MBNA and Natwest, Leaving only Egg and Barclaycard.

Thats now my plan! Happy that the end is looking so near now!

timetogrowup89

Can you not pay off natwest. Then keep the change from the £200 to add to your overtime at end of month to make another payment?

It would be another one down

I just know I couldnt wait until the end of may to make a payment of that size...

Katzen

timetogrowup89 wrote: »

Can you not pay off natwest. Then keep the change from the £200 to add to your overtime at end of month to make another payment?

It would be another one down

I just know I couldnt wait until the end of may to make a payment of that size...

Paying one off ASAP would reduce any charges too, then do as suggested above and clear the next ones with the next chunk of cash. Also, saves you 'treating' yourself in the mean time