Help! My SOA

Punked_2

I have about £1ks worth of stuff I can sell on ebay to raise some funds to clear some of the debt.

hypno06

Punked wrote: »

I have about £1ks worth of stuff I can sell on ebay to raise some funds to clear some of the debt.

That would clear the M&S card or the MBNA card which would be another one that could be closed. Apart from anything else, it would be a motivational boost.

Ebay, Amazon, Car boot sales - get sorting! It is money for nothing really, and can make a big difference quite quickly.

Punked_2

hypno06 wrote: »

That would clear the M&S card or the MBNA card which would be another one that could be closed. Apart from anything else, it would be a motivational boost.

Ebay, Amazon, Car boot sales - get sorting! It is money for nothing really, and can make a big difference quite quickly.

I like to keep the MBNA open as they always ring me up after I moved the debt from them to offer more 0% deals!
I would probably pay off the marbles or tesco card.

Ytaya

I'd really recommend looking at the Snowball Calculator to figure out how best to tackle these debts. It'll tell you the right order to pay them off in order to minimise the overall amount of interest you pay (and reduce the amount of time until you're debt-free). You can also fiddle with it to see the impact of small increases in repayments - for example, the difference between throwing £200/month or £220/month at your debts can be surprisingly large in terms of overall interest paid!

Good luck!

Punked_2

Ytaya wrote: »

I'd really recommend looking at the Snowball Calculator

Good luck!

Ok, thanks.
I worked it out that it needs to be paid in this order

Egg Card (17.90%)
Marbles (17.90%)
MBNA (17.90%)
Mint (16.90%)
Tesco (16.90%)
M&S (15.90%)
Egg Loan (7.90%)
Halifax (5.90%)

Punked_2

Ok, dont know if this was a wise idea or not but I have applied for a Barclaycard with a 12month 0% on BT's in order to consolidate the following into one card-

Mint-
Current balance: £2,051.00
Credit limit: £2,700.00
APR: 16.9%
£ minimum payment

MBNA-
Current Balance £1,010.52
Credit Limit £7,300.00
APR: 15.9%
£ minimum payment

Tesco-
Current balance: £1,221.00
Credit limit: £1,750.00
APR: 16.9%
£ minimum payment

M&S-
Outstanding Balance £1,010.52
Credit Limit £7,300.00
APR: 15.9%
£ minimum payment

If succesful I will cancel the above cards once the BT has been done.

whatatwit

Nothing at all wrong with a balance transfer to a better rate, as long as you then cancel the empty cards.

When your policies are due for renewal, make sure you get quotes using Quidco, you might get a better deal and possible cashback.

https://www.quidco.co.uk just make sure you clear your cookies before clicking through to buy anything.

Punked_2

whatatwit wrote: »

Nothing at all wrong with a balance transfer to a better rate, as long as you then cancel the empty cards.

When your policies are due for renewal, make sure you get quotes using Quidco, you might get a better deal and possible cashback.

https://www.quidco.co.uk just make sure you clear your cookies before clicking through to buy anything.

Ive used Quidco before so will use them again when looking for insurance etc.
As for the cards Im looking to minimize the interest to maximize the monthly payment.

hypno06

Punked wrote: »

Ive used Quidco before so will use them again when looking for insurance etc.
As for the cards Im looking to minimize the interest to maximize the monthly payment.

I think what we are as concerned with here, is minimising the temptation to spend on those cards again, and to do this you must get rid of the accounts, and address your reasons for spending in the first place.

We would hate to see you posting on here that your cards are maxed out and you are drowning in debt. Unfortunately it is something we have seen, or done ourselves, once too often.

Sorry if we sound like we are nagging, but we just want to make sure you don't end up in bother.

Punked_2

yeah, cancellation is the key. If its not available you cant spend it!