Best way of paying this lot off

achooo

Hi,

I hope this is the right place for this question - Debt Free Wannabe might be just as good.

Would someone with a head for figures have a quick look at this and tell me the best way of paying this lot off. I have a new 0% card but only have until May 12th to do a balance transfer onto it. The other 0%'s are expiring soon. I can change the monthly DD's on everything except the Car and Abbey loans but have listed them as in Sept and Oct respectively I can allocate that money to paying off cards. With some of the existing cards cleared off in July / Aug I might be able to get another 0% card or two around Xmas, but I don't want to push my luck before then. I guess if I leave money on anything it should be the Barclaycard and Halifax as they have the lowest ongoing percentage rates.

Can anyone help me with a magic formula, taking everything into account including transfer fee's etc.

Many thanks

Achooo

All balances as at 14.4.08
DD's go out 7th month
To make it easier to read copy and paste into notepad, save as a csv and then open with excel using a comma delimiter. Or paste into word and transfer text to table again with a comma delimiter.

Card,Monthly,Balance,0% Expires,Rate after 0%,Notes
BARCLAYCARD,70.00,1375.62,01 July 2008,14.9%,Can transfer £1834 no fee. Interest rate is 6.9% for rest balance life
BRITISH TELECOM,100.00,1877.98,26 August 2008,16.9%,Credit limit now up to £5000 can balance transfer £2872 .02 at 3% fee. Will stay 0% till 26 Aug
EGG,75.00,3207.95,01 August 2008,16.9%
HALIFAX,400.00,7250.00,Expired,7.9%,Paying Interest Now - 7.9% for life of balance
TESCO,187.00,3470.58,16 July 2008,14.9%
CAR LOAN,273.09,1365.45,N/A,Last Pay Sep 08
ABBEY LOAN,373.98,2243.88,N/A,Last Pay Oct 08
NATIONWIDE (New Card),,,,15.9%,Transfer by May 12 for 0% until 12 Dec 2008 2.5% feeTransfer up to £9000. After then 15.9 %

GeorgeUK

The good news is that nationwide issue their own cards, so you don't need to worry about not being able to do a BT because 2 banks have the same card issuer.

Personally, i would pay off the Egg and BT cards. Then try to get as much of the Tesco and Barclaycard onto the empty BT card at 0%. (try to get more than 6 months)

Have a look at the snowball calculator at whatsthecost.com

Edit: Don't forget, it's usually best to only pay the minimum to any 0% cards and everythign else to the debt with the highest interest. Virgin are doing a good offer right now, but hopefully the offer will still be there in a few months if you can't get a decent 0% offer.

Sue-UU

Hi achooo and a warm welcome to MSE. I think George has put it all just right and I'd certainly follow the advice he's given you. He's also right about the Virgin offer which came in just after I'd switched to Barclay!!! All the best. Sue