to snowball or not to snowball

sugarplum10

i will be getting a payment of £567 by cheque. there are 2 of my creditors that will not accept the repayment offer from CAP.:mad:
do i pay them off and pay the rest into my CAP account or pay the lot into my CAP account to be divvied equally amongst my creditors.
The two are for £74.77 and £224.00, they are both still adding interest and ALL of the others have frozen.
what shall i do????
CAP said if i pay the money to them they have to be fair and divide equally between creditors so i will still be having interest added by these two. If they are gone I will in effect be better off as i will not be having interest added each month/late payment charges etc.
what to do, what to do??

moohound

Personally I would pay off the interest chargers with the money, and dish out the remainder amongst the rest, they are quite small balances, and its two less to deal with. The shared out payment to the others will benefit them as will the slight increase in their share each month.

Some will say you have to be fair etc, but you also need to do what puts you in the best position for yourself and your family. Every time I got a statement with interest and charges added it made me cry and unable to sleep, as I felt I was getting nowhere.

Bin them off, you don't want them in your life.

FireWyrm

Ignore CAP in this case and pay off those problem two because they are digging you deeper all the time. Sorry, but fairness doesnt come into this as you must do what is right in terms of the long term goal which is to pay it all off.

Alternatively, you could negotiate with the problem two and tell them they'll get nothing at all and will go to the back of the queue if they dont stop charging interest....you could imply that you 'might' go bankrupt and this is your only windfall opportunity so they'd better not annoy you....etc...you might have to think hard about whether this is worth it for what amounts to around £320 all told.

sugarplum10

Thanks guys, my instinct is to pay them and be rid of them for good. Thanks for the advice, im going to pay them off in a week when the cheque clears.

*DramaQueen*

I'd probably pay off the problem too as well. That way you won't be getting lots of interest added each month and also psychologically you'll be two creditors down which i know would make me feel a whole lot better about my situation.

dedoledo

yup, i'd pay of these 2 aswell

debtfreewannabe321

I'd pay them off too. 2 creditors down as well! xx

moohound

Seems pretty much a consensus to pay them off.

sugarplum10

pay them off it is then!! whOOp whOOp

Cookiecat_2

Hi sugarplumb we are also with CAP and have a lump sum in our CAP account. We are holding onto this for a bit but we will either make a full and final offer to one creditor, or divide between. Unless you need the money for IVA or BR fees I would definitely go for paying off the two troublesome debts, I honestly think CAP would support you with this, they seem to be supporting us. They may even write the letters if you want them to. C x

sugarplum10

paid in full unfortunately!!! but at least they are paid!!! whOOp whOOp 2 debts down, 1 million to go! LOL