I want to stop drowning

enthusiasticsaver

Hope the job works out for you.

I think you need to reduce the number of debts to stop you feeling so overwhelmed and increase the chance of you getting offers as the deals fall off.

Paying off the 20% part of your DHs Barclaycard will save you over £22 a month. I think you should start there as that is a relatively small amount compared to the rest of your debts.

I am surprised you managed to borrow enough on credit to repay your mum to be honest.

How much are you paying each month towards the cards now and apart from borrowing to repay your mum have you stopped using them?

BabyStepper

Here's a tip someone gave me a while ok that helped a lot. If you break down the cards into all the different deals it's much less confusing. I've had a go at doing yours but don't have the full figures so it will need tweaking (for example your tesco card, I don't know exactly how much is on each deal so I've guessed). I've marked your family cards and OH's cards in bold.

I'm sorry I can't help much with the order of paying things off. I'd suggest the long 0% deals such as your tesco (2) and the family MBNA wait until last. The 0% ones that are coming off their deals soon look worrying. Can you shift any more to 0%?

I change my plan and order of paying things off all the time. As long as you have a plan, and stick to it for a bit, then you will see progress. Even if you then decide to re-order things!

Hope this helps. Good luck.:)

Nuba £5299 4.9% Feb 2022
DH Tesco £4500 0% March 2020
Tesco (1) £3826 0% Oct 2019
Tesco (2) £3826 0% March 2020
BC (1) £5125 0% July 2020
BC (2) £1400 10.2%
BC (3) £3762 0% July 2019
Halifax £6554 4.9% Dec 2020
MBNA £13494 4.9% life of balance
DH BC (1) £7801 6.9% life of balance
DH BC (2) £1359 20%
F Lloyds £2435 0% Oct 2019
F MBNA £4170 0% March 2022

BabyStepper

I've had a go at putting them in order. See what you think. It has helped me a lot to pay something off in full, even if it was a deal portion of one card, so maybe start with OH's BC (2)? Small balance, high interest, and you get to score something off the list. Win!

Priority due to high interest and deal ending soon
DH BC (2) £1359 20%
BC (2) £1400 10.2%
BC (3) £3762 0% July 2019

Deals also ending soon but not as urgent as first ones
F Lloyds £2435 0% Oct 2019
Tesco (1) £3826 0% Oct 2019

Longer 0% and low LOB so less urgent again
DH Tesco £4500 0% March 2020
Tesco (2) £3826 0% March 2020
BC (1) £5125 0% July 2020
Halifax £6554 4.9% Dec 2020
F MBNA £4170 0% March 2022
MBNA £13494 4.9% life of balance
DH BC (1) £7801 6.9% life of balance
Nuba £5299 4.9% Feb 2022

Honeysucklelou2

What a good idea Babystepper. The DH BC (2) and the BC (2) are the lowest balances too, so will give a sense of achievement that 2 would be gone.

enthusiasticsaver

I think babystepper has a good suggestion of a plan you could go with.

debtaghh

Thank you so much everyone for all your help!

I definitely will focus on DH barclaycard first, the good thing is the minimum is around £250 a month so hopefully should clear quickly.

I was then going to focus on the cards that have 0% off ending soon like the Tesco's but that sounds like the wrong thing? My reason for focusing on them was because when they come off 0% they will then be on 20%+ where as the barclaycard is only 10%.

I didn't pay all my mum back just some that she needed.

I really want to start saving every month from September as that's why we end up having to use credit cards, we need money for health cards, dentist, cars, Christmas etc. The problem
Is at the minute there will be a major shortfall but I'm hoping in time with the minimums going down and my second job I will get to a point that I can save .. it will just take a while to reach that point.

BabyStepper

I'm glad you found that helpful. Really pleased.

I think you may have to review your plan every month, depending on how much you have managed to pay off what cards, and if you have had any offers or not. At the moment, just pay minimums on everything except DH BC (2) and keep coming back and we will help you figure out what to do next.

How are you getting on with not spending on the cards?

£250 is a lot towards DH BC (2) every month. Any extra and it will be paid off in no time.

debtaghh

BabyStepper wrote: »

I'm glad you found that helpful. Really pleased.

I think you may have to review your plan every month, depending on how much you have managed to pay off what cards, and if you have had any offers or not. At the moment, just pay minimums on everything except DH BC (2) and keep coming back and we will help you figure out what to do next.

How are you getting on with not spending on the cards?

£250 is a lot towards DH BC (2) every month. Any extra and it will be paid off in no time.

I will not be using my credit cards apart from any transfers.
I suppose I'm just worried what if they don't offer me any offers and I'm stuck paying 20% on the tesco where as at least the barclaycard is half that which is why I had been focusing on the Tesco apart from now my dh's Barclaycard.

BabyStepper

Try keeping it in the present and taking it one small step at a time. (If you think about the whole picture it will overwhelm you - it's the same for us all.) What's the best course of action for this month only.

DH BC (2) is the most urgent as it is accruing the largest amount of interest NOW. The more you can pay off it this month, the less interest you will have to pay next month, and the more cash will be freed up to overpay debt. Focus and get on it, you can do it!

Given the smallest debt is also the highest interest, you will be working Dave Ramsey's plan and Martin Lewis' plan at the same time if you focus on DH's BC (2). Those guys really know their stuff. Also enthusiastic saver agrees this is the best card to focus on. And she knows her stuff too. Give it a try and come back and tell us how it's going.

debtaghh

Sorry I'm not sure if I've confused you. I understand completely to pay the £1390 off dh's cc but it's after that what do I pay more off that's co fusing me.