Advice required

Martico

Minimum payment is a percentage of the total balance (my cards vary from 1% to 3%) so yes, once interest is added, the total balance and total due go up.
If we assume that those cards will charge an average of 25%, that would add a total of around £770 in interest every month at their current levels. 
I still get regular 0% offers, but accept that zAndy may not, given his current credit profile

jimi_man

Martico said:

Minimum payment is a percentage of the total balance (my cards vary from 1% to 3%) so yes, once interest is added, the total balance and total due go up.
If we assume that those cards will charge an average of 25%, that would add a total of around £770 in interest every month at their current levels. 
I still get regular 0% offers, but accept that zAndy may not, given his current credit profile

Ah I see. I know that the minimum payment is designed to include interest payments so it would naturally fall (a tiny bit) each month, but where the interest is 0% then presumably that doesn't apply. I understand now.

zAndy1

jimi_man said:

Martico said:

Minimum payment is a percentage of the total balance (my cards vary from 1% to 3%) so yes, once interest is added, the total balance and total due go up.
If we assume that those cards will charge an average of 25%, that would add a total of around £770 in interest every month at their current levels. 
I still get regular 0% offers, but accept that zAndy may not, given his current credit profile

Ah I see. I know that the minimum payment is designed to include interest payments so it would naturally fall (a tiny bit) each month, but where the interest is 0% then presumably that doesn't apply. I understand now.

Yes exactly, the min payment is say 1% of the outstanding balance plus interest so if 0% interest is being charged there's no interest to include in the min payment. Once interest starts being incurred the min payments will increase substantially and just making the min payments will hardly make a dent in the debt really, it's not a scenario I want to find myself in

Martico

Do all of your 0% deals run out in April? And do you know the interest rates that they'll move onto?

zAndy1

Martico said:

Do all of your 0% deals run out in April? And do you know the interest rates that they'll move onto?

£18600 in April, £6100 in July, £10000 in August , £2000 in November, move onto around 22% 

Martico

Oh, that's not so bad then. In that case, in your shoes I'd aim to:
1. Always overpay some mortgage amount / put into savings
2. Clear the interest-bearing credit card before April
3. Always pay slightly over minimum on your 0% cards
4. Come May, attack the £18,600 card as much as you can, keeping the other rules (mortgage / savings and min on 0% cards) in place. It'll feel a bit like two steps forward, one step back for a while. At £18,600 you'll get around £340 in interest per month, but as you should be able to go at it with around £1,000 per month, that will start to fall.

It will take time and discipline, but things will start to look up

Martico

I'm assuming there that you'll try to overpay your mortgage by £500 a month. That's what I would do, but you or others may feel differently. That (in my eyes) would start to look favourable for any future mortgage lender if you eventually go to a repayment mortgage, and would also shave around £3 per month (I think) on the interest that you're paying on your mortgage. It might not seem much, but it adds up. 
You might of course want to reprioritise once the other cards start charging interest