could anyone help

carlos700

I really need your help i feel so embarrassed asking for help .I have been given £11,000 to pay off some of my debts but i do not know which to pay off.I am struggling to pay for everything which i have so i want to pay off things that will save me money monthly.

halifax loan i owe £1754 i pay per month £59.48 paid off in june 2010
northern rock £3969 £59.79 6 years to go
M & S £5600 £112.22 5 years to go
TSB £8000 £222.81 2 YEARS TO GO

credit cards
MBNA £2600 0% for 6 months
TSB £2900 15.9 %
m & s £2500 7.9 % I pay around £130 per month for these

I have 2 store cards next £250
debenahams £120

I would be really grateful if anyone could help in which to pay remember i really need to reduce my monthly outgoings

Kevicho

Id pay off ALL the Credit cards and store cards, as you have not put APRs on loans and store cards im working from the basis that loans are usually a lot cheaper

You should have enough left over to pay off the halifax loan this way as well

Also when this is paid off, cance land cut up all these cards.

Good luck

Kevicho

carlos700 wrote: »

I would be really grateful if anyone could help in which to pay remember i really need to reduce my monthly outgoings

Just a quick point here, apologies if you already have done, but have you posted an SOA, and let these rabid dfw'ers loose on helping you make savings?

pania

hey there, good for you and i can understand you wanting to get this right.

what are the interest rates on the debts?
Are there any that you find to be a particular problem meeting?
will there be a monthly payment involved with the 11k?

let us know these details and we can help further from there.
P xx

supersavershal

Im not an expert but a good tool is the snowball calculator on www.whatsthecost.co.uk.It will prioritise your debts by the interest rate and tell you what to pay off first, have a play around with it it is addictive

xela_17

Will the loans allow you to make extra payments? Some don't unless you can pay off the whole thing in one go. Have you asked for settlement figures for the loans as they are often different to what you think you owe (less normally!).

carlos700

Thanks everyone i did not expect such quick responses.
I am not sure on the APR,s on loans i will have to check
I find the M & S loan a struggle £112 per month and there is years left to go on it so really would like to pay that off but that would be a huge chunk out of my £11,000 so not sure

The TSB one at £222.81 per month is a struggle but i can see an end to paying this off as there is not that long left on it so i will leave that one .

auntie_brenda

How is your credit record? If it's already bad I'd consider writing to all and asking for a full & final settlement figure. Don't do this if you have a good record though as ut will affect it.

Apart from that I agree with others - pay off store cards then CCards. Keep teh money to pay off MBNA in 6 months unless your rating is good & you think you'll get another 0%.

AND CUT UP YOUR CARDS!!!!!!!