OK so here's my stats from a gunnabe debt free member :)

System

Bedsit_Bob wrote: »

You really should have contents insurance, and something in the Emergency Fund.

Contents insurance can be had for around £10 per month.

As for the debts, concentrate every spare penny on the top two.

At your current rate of payment, they are going to take 36 months to clear, at a cost of £2,278 in interest.

If you could spare just £100 more, you could halve the repayment time, and reduce the interest by over £1,300.

Hi we have had contents insurance before and it was a complete waste of money. We don't really own anything of that much value. All we have is the computer which is basic it doesn't warrant an annual policy and we don't do contracts where possible.

We probably can add another £100 or maybe more but we are keeping the excess in the account as you say emergency. Then once paid again if there is anything left in it then we will put on the CC1 first.

Another question I am unclear on... CC1 and CC2 both have 39.9% interest. One is at £2000 and the other £1400. What happens when I get the one at £2000 down to £1399? Then the CC2 is the most costly.... lol Do I carry on focusing on CC1 right till it's cleared or pay equal amounts on CC1 and CC2?

[Deleted User]

Newfoundscotty wrote: »

Hi we have had contents insurance before and it was a complete waste of money. We don't really own anything of that much value. All we have is the computer which is basic it doesn't warrant an annual policy and we don't do contracts where possible.

What if the house were gutted in a fire, or flooded out?

How would you replace the cooker, washing machine, fridge freezer, bed(s), sofa, etc.?

It's not just items likely to be stolen, that the insurance is meant to cover.

Ask yourself, how you would go about starting completely from scratch.

As for the two 39.9% cards, the Snowball Calculator suggests continuing to prioritise CC1 until it is cleared, then putting the whole combined monthly amount toward CCS, until that is cleared.

System

Bedsit_Bob wrote: »

What if the house were gutted in a fire, or flooded out?

How would you replace the cooker, washing machine, fridge freezer, bed(s), sofa, etc.?

It's not just items likely to be stolen, that the insurance is meant to cover.

Ask yourself, how you would go about starting completely from scratch.

As for the two 39.9% cards, the Snowball Calculator suggests continuing to prioritise CC1 until it is cleared, then putting the whole combined monthly amount toward CCS, until that is cleared.

OK thanks. That was really bugging me what to do lol. We will focus completely on CC1 then .

This studio is fully furnished apart from the PC and cheap bookshelves. Anyway we have lost everything before to rot and mold and didn't get a thing back. If we lose the few things we have we will start again but the chances of it happening are slim. Rather get the debt cleared and once it's cleared put the money that would go on contents insurance into a safety pot.

I appreciate the suggestions honest I do. We have gone over the contents situation though and think the £120 would be better on the CC

d70cw6

Newfoundscotty wrote: »

Hi we have had contents insurance before and it was a complete waste of money. We don't really own anything of that much value. All we have is the computer which is basic it doesn't warrant an annual policy and we don't do contracts where possible.

We probably can add another £100 or maybe more but we are keeping the excess in the account as you say emergency. Then once paid again if there is anything left in it then we will put on the CC1 first.

Another question I am unclear on... CC1 and CC2 both have 39.9% interest. One is at £2000 and the other £1400. What happens when I get the one at £2000 down to £1399? Then the CC2 is the most costly.... lol Do I carry on focusing on CC1 right till it's cleared or pay equal amounts on CC1 and CC2?

if the APRs on both credit cards are the same then it doesnt matter which you pay off first