Really need to clear my debts but debt charity cant help. What next?

asparagus1968

Bedsit_Bob wrote: »

I can see a Thanks button on all the posts.

Well, apart from my own.

good for you shall I press yours?

[Deleted User]

asparagus1968 wrote: »

good for you shall I press yours?

We are still talking about Thanks buttons, aren't we?

asparagus1968

BeingMe wrote: »

Just gone through my debts and this is what I owe:

Capital one (30.34%) £1,701.80 - pay £100 a month, £40 above minimum payment
Barclaycard (29.9%) £660.80 - always minimum payment, around £16
Next (25.99%) £1,124.38 - minimum payment £114 last month but decreases each month in line with balance
Argos (29.9%) - £1,273.05 - minimum payment around £45
Dorothy Perkins (29.9%) - £334.30 - mp around £10
New look (28.9%) - £109.64 - minimum payment around £4
K and co (0%) - £1,328.48 - minimum payment was £168 last month but will be £75.76 this month (I returned some things since last statement)

Any advice on the order I should clear these debts would be great. Will try snow ball calculator now.

hiya, if it were me, I would pay off New Look this month,not overpay any others, one less debt:)


then it's recommended you pay minimums on all but the one with the largest APR, chuck everything at that until paid off.


fingers crossed you get 0% card, your interest rates are all rather high, that'll really help

BeingMe

I'm a bit scared to spend £100 extra this month but will pay it off today.

Should I delay applying for a business account until I've heard back about the credit card? Not sure if applying will show on my credit report. I won't be asking for an overdraft on this. I've got two orders for next month so far so will make a profit of around £90.

[Deleted User]

BeingMe wrote: »

Any advice on the order I should clear these debts would be great.

Based on the APRs you have quoted, Capital One should be your first point of attack.

At your current rate of payment, it will take 22 months to clear it, and cost you £479 in interest.

If you could double the payments, it would be gone in less than half the time (10 months to be exact), for just £188 interest.

Once Capital One is cleared, put the money you were paying toward it, toward either/both Argos and/or Barclaycard, and so on, down the list of APRs.

BeingMe

I'm hoping to transfer the cap one and Barclaycard to the 0% card if I get it then pay it off before the 0% term ends (32 months) or sooner then transfer the argos card if I've time left.

BeingMe

I did the snowball calculator and it is saying 15 months to get debt free.

asparagus1968

BeingMe wrote: »

I did the snowball calculator and it is saying 15 months to get debt free.

is that depending on if you get the 0%?


sorry, I can't advise on business accounts!

BeingMe

No, that's based on things as they are but with me committing a bit more to clear my debts - £500 to be exact.

asparagus1968

wow, that's good then, so will be sooner if you do get the balance transfer