Roast my SOA

MrsTinks

When do all the 0% deals end?

Have you thrown all the numbers with % etc into the snowball calculator? It will actually do the maths for you on what you should pay first based on when 0% deals expire etc.

Basically it works out how you pay everything off quickest and cheapest.

abby1234519

MrsTinks wrote: »

When do all the 0% deals end?

Have you thrown all the numbers with % etc into the snowball calculator? It will actually do the maths for you on what you should pay first based on when 0% deals expire etc.

Basically it works out how you pay everything off quickest and cheapest.

Yes and no

It made no difference really - mainly as I constantly get Barclaycard transfer offers so essentially the cards can stay 0% until paid

Also, whatsthecost.com isn't working properly at the moment

I'm just trying to work out whether I should be trying to get my minimum payments to the lowest - or reducing the actual number of debts I have. To get my minimum payments to the lowest £ leaves me with a larger number of debts. Get rid of all the smallest debts means my minimum payments will be £30 a month higher than the first option.

This would be easier if they were all interest bearing as I would tackle highest interest first.

The whole point of the family loan is to be able to make a smaller payment to them than I am to credit cards enabling me to tackle remaining debt in bulk and also save for an emergency fund. I'm going to pay off the V12 loans now though

abby1234519

What I was trying to say - is that the cards I have allow me to do credit card shuffles

Also - just as well I took the advice to pay the V12 loans - saved myself £132.14 in interest.

EssexHebridean

abby1234519 wrote: »

What I was trying to say - is that the cards I have allow me to do credit card shuffles

Also - just as well I took the advice to pay the V12 loans - saved myself £132.14 in interest.

That;'s the situation today - BUT what if things change and the providers remove that ability? Trust the snowball calculator as it will give you a picture based on the best choice financially, not based on any "what if's" or "maybes"

And that's a good result on the V12 loans. Like I said, that interest rate wasn't great!

abby1234519

EssexHebridean wrote: »

That;'s the situation today - BUT what if things change and the providers remove that ability? Trust the snowball calculator as it will give you a picture based on the best choice financially, not based on any "what if's" or "maybes"

And that's a good result on the V12 loans. Like I said, that interest rate wasn't great!

I only expected it to be around £30 saved which is why I didn't think it was worth it. But happy with £132!

Managed to look at my old snowball calculator, it has the 5k credit card being paid off last (which has the longest 0% and lowest APR) and the smaller cards paid off first as they are the ones with the highest Apr so I guess I am off to do that! I've now got no interest bearing debt at all.

abby1234519

I've made all the payments, recalculated my monthly debt payments. I've worked out if I can find another £73.5 from my budget (ie our pocket money and clothing budgets) a month then credit cards and student finance debt could be paid off in full by the end of December 2017.

DD265

Normally you'd want to keep your repayments the same, but have fewer debts to make them against if that makes sense?

So you start by clearing the interest-charging ones as those are costing you money.

Then personally, I'm motivated by seeing zero balances so I'd pay off as many smaller debts as possible. Each time I clear one, the money I was spending on that goes against the next one, and so on.

ETA - on the other hand, I think if I could clear a big debt and be left with smaller ones that were "easier" to clear that would help me stay disciplined. I am more or less paying my two credit cards (both interest free) down at the same monetary rate; I'll be left with the MBNA card to finish off as it has £1K extra on it. If I'd focused only on the Barclaycard and left the £4k balance on the MBNA card, I worry that I'd find it hard to stay focused.

abby1234519

Well excluding OH's DMP and family loan, I now have

BarclayCard £336.17
HSBC £3128.63
Student Finance £1257.50

Going to focus on BarclayCard, then Student Finance then HSBC