Almost xmas...snowball my cards.

Dandytf

Cap 1 259 30% min dd 9
Luma 257 31% min dd 9
Tesco 146 27% min dd 25
C+ 90 40% dd 15

Is there a king MSE'r who can snowball my cards to clear in 3 months and advise monthly and total amounts required, I'll reduce smoking to meet the payments.

Dandytf

Since re visited what's the cost.com

Maybe not all clear 3 months, though 6 mths is achievable.

Dobbibill

is this where you went on whats the cost
http://www.whatsthecost.com/snowball.aspx

6 months is still good.

Have you done a SOA on the DFW board?
I'm guessing you have given your signature but if not, maybe worth doing

redux

Well, if you continue at the current payments, without new spending, it will take you about 15 months, so basically you need to step up the repayments by as much as you can.

The first 3 accounts are fairly similar interest rate, so go for the last one first. If you can do the minimums on the others and clear this in the first month, it's a good start. Then maybe 2 lots of 9 and about 125 to clear the Tesco in the second?

Or if that would be a bit of a stretch in the 2nd month, send a bit extra to either of the Cap1 accounts that month,, then clear either that or Tesco in the 3rd.

But really, there isn't that much difference in interest between them over a couple of months, so just keeping them going down at whatever you can manage will be good, without worrying too much about exactly which and when they will clear.

Ben8282

Your debts add up to just over £750.
How much do you earn in a month?
Do you have no way to repay some or all of these cards in full when you next get paid, thereby stopping interest, and then using them for your day to day spend?

Dandytf

Dobbibill wrote: »

is this where you went on whats the cost
http://www.whatsthecost.com/snowball.aspx
Yes that calculator
6 months is still good.
Exactly
Have you done a SOA on the DFW board?
Yes-since 2011 before going dmp route
I'm guessing you have given your signature but if not, maybe worth doing
Think you misse my existing sig-I only update yearly, I'm approx 50% paid into dmp.[/QUOTE

2017-2019 are not going to be simple I suspect, at lease it will be only 3 yrs with car finance complete 1 year ahead March 2018.

What I require is to spend very little at least until March 2018-that's my considerable saving 210 p/month.

redux

Ben8282's question is a useful pointer.

If for example you decide you can manage to reduce these accounts by about £150 a month between them, then this could be the same as paying off £300 and doing £150 of new spending, by for example buying your groceries on one of these accounts.

I also noticed you mentioned Tesco's 0% offer during the Christmas period.

So what you might do:

Month 1: £9 each to the Cap1s, pay off Tesco and C+ in full; cost £254, new spend on Tesco ~£150

Month 2: pay off one Cap1 in full, min on the other and Tesco; cost £290, new spend on Tesco £150

Month 3: pay off the other Cap1 in full, min on Tesco; cost £278, new spend on Tesco (or Cap1 *).

Now you're already out of paying interest, and can concentrate on being ready to pay off Tesco before the 0% offer ends.

Don't close all the other accounts though. If things get tight on Tesco, either near the credit limit, or towards the end of the 0% offer, do new spend one month on Cap1 or Luma, and line up to pay it by the due date, giving yourself leeway on Tesco.

* edit: I just looked more closely at the Tesco offer. Spending in Nov and Dec has 0% interest until the end of March. So new spending on it in Jan would incur interest. So do new spending then on a Cap1, etc. At end Jan you might have say £250 to £300 on Tesco, £150 on Cap1. In Feb clear Cap1 and pay £100 on Tesco, new spend on Cap1. March the same. April the same ...

Overall effect, interest reduced from the start, all accounts cleared/recycled and no interest by 2 or 3 months, paid off in 6 or 7 months. I'm assuming that's the sort of thing people mean by snowballing.

Dandytf

To add to redux info

Tesco has in past few days increased my limit from 250-600

I got a letter from Aqua today 44%apr-6 months 0% -limit not mentioned in written agreement

Think Aqua could be handy if any new spending is required.

Thanks for the Tesco tip, been tempted to try home groceries delivery service.

T.b.h I want to avoid and further cap1 and luma spending.

I don't want to get into thousands of used credit card limits.

Used my most recent purchase today my Cannon Airprinter, life saver at home.

I don't think maybe upto 50 on Tesco will do any harm, though I've always been old school asda shopper.

redux

Just because you have a Tesco credit card, it doesn't mean you have to shop there.

I didn't mean to suggest that, but you can use their temporary 0% offer on spending anywhere.

If you use Cap1 or Luma as I suggested - clear soon, modest monthly spend in Jan onwards, pay in full - you would not incur any interest there next year. The Aqua card could be useful instead, if that is indeed 0% on purchases, but beware of the attitude that this makes things a bit easier and running past the end of the offer period. If you're going to be disciplined to clear the current balances in 6 months you barely need it, compared to the method I gave. If you go a little bit longer it's higher interest.

redux

I just read your other thread, about applying for that Aqua.

I agree with some of the responses there. Sort these cards out rather than use that as well.

To be frank, stepping up repayment by £15 a month on one or two others will have negligible effect, compared to the ambitious question I thought I was answering in the OP here.

You need to cut into these balances more dramatically, and you can recycle them as I suggested to get zero interest in 2 or 3 months from the modest start of a net decrease of about £100 in the first month, without even needing that new card.

Good luck anyway.

Dandytf

Thanks Redux.

Just to add Tesco 0% is limited to Tesco.com purchases not 'anywhere as you suggested.