Which order - what would you do?

Tiggyw00

I have two smallish debts (£550 to mum and £1728 to Barclaycard) which are interest free. Barclaycard interest free period ends February 2015. Plus Loan of £15,535 with Lloyds and PayPlan of £33,231. All are paid to date.

Would you 'snowball'? Or would you overpay the loan while making minimum payments to the credit card? Guess I'd save on the loan interest overall..

I'm conscious that the Barclaycard 0% deal is only valid until February 2015 but I suppose at that time I could transfer what's left to another interest free deal?

I planned to snowball but am now wavering.

The card and loan are in my name and the PayPlan is Mr Tig's. However all income and expenditure is treated as joint in our family so we're working together to clear it. But I seem to be driving it..:cool: !!

What do you think? We do have around £100 extra a month I plan to divert into debts from January payday.

ValHaller

Pay off Mum first. Hopefully it will still be there to borrow back later. Then pay off your overdraft and stay out of it. Once you have done those 2 things you will at least know on a daily basis whether you are living within your means.

After that consider snowballing.

Aamberle

Hi Tigi, And welcome to the DFW.
I agree with VH on the pay off your mum first then snowball.

Good luck with it all and if you are definately in the right place for advice and support .

Will be subscribing today X

claret_mike

I note you have £400 ISA / £600 xmas as a savings target as something you want to do - i would wholly recommend putting some money away to avoid debt at xmas etc but - use this as part of your budgeting and use an ISA to ensure tax efficient but don't consider additional saving until you have cleared the debts - i.e. emergency funds as you will have a credit card for these is you get it cleared.