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  • redofromstart
    redofromstart Posts: 5,837 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    what are the APRs? Or do your prefer the psychological thing of a debt gone? Any discretionary payments should go onto one card rather than split between them.

    ETA, I've read back and agree with hugglemonster.
  • I would go for solution one because of the psychological boost from getting rid of a card. Both solutions are good though.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • doingitanyway
    doingitanyway Posts: 9,955 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Mortgage-free Glee!
    You win either way :)
    If you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them

    Emergency fund 100/1000
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  • enthusiasticsaver
    enthusiasticsaver Posts: 16,062 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If those cards are not on 0% then your DHs work expenses should go on an empty card and repaid when the expenses come in. If you are paying £150 a month on the BC but the expenses up the balance then not only are you paying interest on them but you aren't really monitoring the debt coming down as you are effectively still using it. A useful exercise is to see what the balance was 6 months ago and make sure the way you organise DHs work expenses is not adding to your debt.

    For that reason once the capital card is empty I would get your DH to use that one for work expenses only and repay it in full once the expenses come through. Then the MBNA and BC should show a steady downward trend.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • Thanks everyone for your help, definitely had a lot to think about.

    I've ordered a new PIN number for DH for the Capital One card, as he's forgotten it and going forward this one will be used for his expenses. It will not be hanging around the house for DS to do his trick again!

    The MBNA whilst being on 0% will get the minimum for the time being.

    The BC will get the usual payment of £150, there is £250 in DH's expenses to come off next week, so with interest added it shouldn't be too much higher than it was.

    The Cap One card will get the £80 'remainder' as well as the extra money from surveys/Quidco to blitz it totally. Estimate that it'll be gone by Sept/Oct.

    Once the Cap One card has gone, I will up the MBNA payment to £100 and add an extra £30 to the BC payment as well as then using the extra money on top to plough on to the BC card.

    I think that once the Cap One card has gone and I can then see the BC balance going down, things will seem clearer.

    Hope that makes sense? If anyone can see a flaw in this please say :o
  • jwil
    jwil Posts: 21,949 Forumite
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    Good luck with it :)
    "Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee
  • Once the Cap One card has gone, I will up the MBNA payment to £100 and add an extra £30 to the BC payment as well as then using the extra money on top to plough on to the BC card.

    That should've read extra £50 to the BC not £30...maths isn't my strong point let alone in the morning!
  • Sun_Addict
    Sun_Addict Posts: 24,043 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Good idea to get rid of the Cap One card first even if it's just psychological. Then you can start chipping away at the others.
    I get knocked down but I get up again (Chumbawamba, Tubthumping)
  • I agree, a psychological victory is worth a lot.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • WannabeFree
    WannabeFree Posts: 4,438 Forumite
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    Hope everything's okay PMO2 x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the way.”
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