Which Debts to pay

enthusiasticsaver

That helps a little although that is monthly interest rate rather than apr but at least gives a general idea. In that case I would pay off the Very catalogue as that is 34% over the year instead of the MBNA which is only 21.7%. Same balances although I realise you may be looking at monthly payment I am looking at the debts which are most expensive interest wise.

So priorities should be be the Vanquis, Very, Aqua, Dorothy Perkins, Capital one, Tesco, and if any left over MBNA and Barclaycard. If you are left with the car loan, DFS, the second mortgage and IHG that is only three or four debts but I would still find out what interest rate you are paying on them.

enthusiasticsaver

Was the Evolution second mortgage in connection with a business venture? They appear to be a commercial mortgage company

enthusiasticsaver

Oh no, beg your pardon. It seems they also do debt consolidation mortgages (: I strongly advise you check on the rate for that and maybe in a few months time when some of this debt is off your record you perhaps move some off on to 0% credit card if you are able. I suspect that is an expensive loan.

enthusiasticsaver

Also just so you know the £10 you pay to the Very Catalogue every month does not even cover the interest -no where near so the debt must have been rising. You need to look at interest rates as well as monthly payments when deciding which debts to target.

New_Guy_2016

Thank You, my idea was to just try and get rid of as many credit cards but I can see the sense in getting rid of very instead of say MBNA.

My evolution 2nd mortgage is a standard one.

I am trying to close as many credit cards as possible however I have looked at trying to get 0% Interest on my credit cards and then using them to pay off other debts and then clearing the credit cards before the 0% ends

enthusiasticsaver

New_Guy_2016 wrote: »

Thank You, my idea was to just try and get rid of as many credit cards but I can see the sense in getting rid of very instead of say MBNA.

My evolution 2nd mortgage is a standard one.

I am trying to close as many credit cards as possible however I have looked at trying to get 0% Interest on my credit cards and then using them to pay off other debts and then clearing the credit cards before the 0% ends

Yep that makes sense. If you are still getting offers of 0% it is worth taking them up.

New_Guy_2016

Well just want to thank everyone for their help as tomorrow is the day when all the debts I have identified get paid off

enthusiasticsaver

That's great to be able to knock such a chunk off your debt in one go.

New_Guy_2016

It is indeed but this is only step 1 of a longer process for me.

This money also allowed me to stick a chunk in savings so happy with that and now my monthly money is allowing me to live comfortable but also start chucking money into the other debts I have.