Please help me decide where to start!

Forward_thinking

I’ve spent the evening taking my head out of the sand and can’t decide where to start. I know about the snowball effect but could anyone tell me where I should attack first. I would be so so grateful. 

MBNA - £16,000.   28% interest 
Barclays - £3,300.  28% interest 
Halifax - £9,000.     0% interest until Dec
Nationwide - £2,800. 28% interest 
Virgin - £6,000.        28% interest

Offers:
MBNA - 0% balance transfer for 12 months with 5% fee. I can move up to £7,300. 

Barclays - 0% balance transfer for 12 months with 3.5% fee. I can move up to £1,500. 

Halifax - 0% balance transfer for 12 months with 5% fee. I can move up to £1,300. 

I find this quite hard and don’t know where to start. I am assuming it doesn’t make sense to put a balance transfer onto one of the worst cards eg MBNA as I’ll still have to pay 28% on the rest. 

Where should I start?  Would it be best to pay off the Barclays and Nationwide first?  

Thank you!!!!!

fatbelly

Move 4000 of Virgin and 3300 Barclays to MBNA
Move 1500 of nationwide to Barclays
Move 1300 of nationwide to halifax

Close nationwide
Pay mins to barclays, halifax as they are at 0%

Throw everything else at Virgin then mbna

RAS

Think the third move is:

Move £1300 of Nationwide to Halifax

so you'll halve the amount of debt on which you are paying interest.

Then hammer Virgin as fatbelly says. 

In six months check if you can transfer any more debt to 0%.

Martico

The above assumes that you have capacity to make minimum payments and have some spare left over to throw more than minimum payment at the first priority debt

Forward_thinking

Thank you so so much. This is so helpful. Martico - yes I can do that. At the moment it isn’t moving because of all the interest. 

I forgot to mention a key thing. I’ve just realised I can’t do a balance transfer on Virgin as it’s only in my name. The other accounts are in my husband’s name although I am also a named holder on Nationwide. 

So should I do as above with the exception of Virgin. So so grateful. Thank you. 

Forward_thinking

That would mean I only use £3300 of the MBNA offer (moving over from Barclays). 

easyasonetwothree

Check T&Cs but you can usually balance transfer to someone else's name (but IMO only if you're 100% open and trusting with each other and agree it's joint debt to be paid jointly)

Forward_thinking

Hi everyone. Thank you so much for guiding me through this. 

I have moved £4k over from Virgin to MBNA but can only move another £2800 from Barclays now.  So I will be left with £500 on Barclays. 

My question is……should I clear this before doing the balance transfer from Nationwide to Barclays or doesn’t it matter?  If I pay money in next month will it pay off the part at 0% interest or the part with the high interest?  I hope that makes sense!!!  Thank you. 

NeverendingDMP

Usually it pays the high interest debt first.