Please help well-meaning idiot (me) shake off longstanding irritating credit card debt.

zedonk

For the tax, you can get a Monzo Business account that automatically transfers a percentage of your income into a savings pot (it costs £5 a month though). Or there's nothing to stop you paying HMRC as you go. Do you have to make payments on account? 

DisabledDan

lifeadmintrainee said:

Thanks Brie - much appreciated.

MSE's Credit Card Eligibility Calculator told me I was eligible for a Tesco Bank Balance Transfer Credit Card, with 0% on balance transfers for 29 months then 24.942% (variable), and a Balance transfer fee of 3.49%.

Would it make sense to apply for this?
 

I crunched your numbers, in summary you have £10,091.31 of debt, you are paying off between 2.6% and 4.8%, assuming a minimum repayment rate of 4% or the £425 total you are paying now (which ever is lowest) it will take you 33 months to pay this off.

If you can get the 0% Balance transfer for the whole £10,091.31 it will take you 23 months to pay it off, so an absolute no brainer to get the 0% card, but you MUST take control of your spending, there is no point taking the plug out of an overfilling bath if you have 5 taps on.

If you can't get the 0% card for your whole balance then you should aim to tackle the  MBNA#1 first, then AMEX, then LLOYDS, MBNA#1 and HALIFAX in order of most interest charged.

With regard to paying HMRC etc turn yourself into a PAYE by deducting VAT to a new business account you open for that purpose and another account you deduct at your typical tax rate.  If the money is not there it disciplines you, one thing I do is pay any surplus in my account the night before I receive income to a savings/hold account, it really adds up and keeps me focused on my budget.

To really help you we could look at where your money is going, for that you need to complete an SOA so we see the whole picture.  Nobody is going to shame you but simply point out the savings you can make.

https://www.stoozing.com/soa.php

Meanwhile go get that 0% before they change their mind!