Which to pay against first

amat6219

Also think I’ve put 0% because it’s already added on to the loans? 

Sorry if that sounds utterly stupid. 

TheAble

Often you will get a refund of interest if you make loan overpayments so the Apr is still relevant. Eg if £1000 interest "added on" and you repaid in full tomorrow you'd usually get that back less a month or two's penalty. Will say in your terms.

RAS

You need to read the terms and condition attached to your loans to understand when you can pay over the minimum, and when that reduces further payments etc?

Brie

Well done on making the first step to get things sorted.  I agree (mostly!) with what the others have said in throwing everything possible at the 22% CC.  Also that the overdrafts and loan won't be free so you need to think about those.  

Kids that are 5 & 1 don't need holidays or expensive entertainment - they just need to be kept busy and be fed.  Clothing for all can come from charity shops as can toys.  Lots of people do this and call it recycling. Also check if you actually need your TV license lots of people don't anymore.

I like the idea of clearing the little card - in hopes of a future 0% BT deal.  And, in complete opposite to many, I'm not a fan of emergency funds.  I say this on the basis that the more money you can throw at the 22% CC the better and if necessary that can then be your emergency fund (well emergency credit) should there be a exploding oven or whatever.  

Martico

Lots of good advice above, and well done for facing up to this before it becomes a much bigger problem.

I'm surprised at two overdrafts coming at no cost, so I'd advise checking those bank statements to look for any charges or interest payments. Overdrafts are typically one of the more expensive forms of debt and may be taking up a fair chunk of your budget.

kimwp

First direct has a £250 interest free overdraft as a standard feature in their current account, so I'm guessing that's the £250 one. And quite a few banks have recently allowed a £500 interest free overdraft, but most of them are finishing soon.

Worth checking.

amat6219

TheAble said:

Often you will get a refund of interest if you make loan overpayments so the Apr is still relevant. Eg if £1000 interest "added on" and you repaid in full tomorrow you'd usually get that back less a month or two's penalty. Will say in your terms.

Had no idea on this, thank you!! I’ll have a closer look at the T&Cs! 

amat6219

Brie said:

Well done on making the first step to get things sorted.  I agree (mostly!) with what the others have said in throwing everything possible at the 22% CC.  Also that the overdrafts and loan won't be free so you need to think about those.  

Kids that are 5 & 1 don't need holidays or expensive entertainment - they just need to be kept busy and be fed.  Clothing for all can come from charity shops as can toys.  Lots of people do this and call it recycling. Also check if you actually need your TV license lots of people don't anymore.

I like the idea of clearing the little card - in hopes of a future 0% BT deal.  And, in complete opposite to many, I'm not a fan of emergency funds.  I say this on the basis that the more money you can throw at the 22% CC the better and if necessary that can then be your emergency fund (well emergency credit) should there be a exploding oven or whatever.  

This is super helpful, thank you! 

amat6219

Yes I’m with First Direct and have £250 interest free OD, but always seem to go over that limit up to £500 as well (usually charged about £2 / month) 

amat6219

All credit cards cut up this morning 😳 didn’t realise quite the grip they had on us - feel very vulnerable but know it’s only temporary.