What order is best for clearing debts?

Trout69

Wow lots of fantastic advbise here people,

With regards to my flexible loan, im afraid i cannot transfer debt as i only have about £300 left of teh balance on it, so transferring this small amount wont really change any of my repayments, would it be worth this?

Or would it be worth maybe, withdrawing this £300 and using this to pay off my smaller debts? I.E Catalogues?

I do really apprecitae everyone's thoughts on this as i'm determined to try and clear my debt before i'm 30.

Regards

Donna

Trout69

HI All....Just a little update...

I had £350 which i could withdraw from my Loan account, i have now put this into my current account and am using it to pay off my higher interst debts (my loan is something like 11.5%).

My first target is my Egg credit card (i think) as the APR is 14.9%...i can't find my details for my Virgin credit card but i'm sure that it is around 12%.

Initially i am going to try and transfer £400 from my egg card to my cahoot card (11.8%) which will bring my egg balance down to £1515.65.

My next idea was to then transfer £700 to my virgin credit card bringing the egg card balance down to £815.65.

Now can anyone advise how i would work out how much this would save me?

Please note, that i cannot max out my virgin credit card incase i need some cash for petrol in an emergency.

I am currently working part-time but am trying to put in as many additional hours as possible, as well as starting up and running a business with my mum part-time (anyone need a courier.....lol).

I am desperate to reduce my monthly outgoings, but am a bit clueless when it comes to working out APR's and stuff...so if the above isnt a good idea can you let me know....??

Thanks you all so much for your help....its great to be able to talk to people about things like this, i would hate my family and friends to know. This site really gies me a positive outlook and attainable goals....

Donna

southernscouser

If you post your last Virgin Credit Card statement on here I'm sure someone will be able to work it out for you.

As for them not telling you I would phone up and ask again In fact I would demand they tell you. Surely they cannot refuse!

I don't know the T&C's of Cahoot but withdrawing money of a credit card is never a good idea. Do cahoot only charge you standard rate?

Good luck.

Trout69

Hi southernscouser...

I have both a cahoot flexible loan and a cahoot credit card, the £350 was from the flexible loan. I was going to transfer £400 onto my cahoot credit card from my egg card...sorry if i wasn't too clear...

What do you mean by post my statement? Sorry very new to all this??

Donna :j

southernscouser

Just list your outstanding balance from last months statement along with the interest it accured and your minimum payment and I think we should be able to roughly work out your APR.

mountainofdebt

If your statement quotes a monthly APR then post that and we can work out the APR.

Trout69

NOt a problem...i'll do this as soon as i get home...

Thanks

Donna

Trout69

Hi All,

I've been working hard at this whole debt thing and my latest realisation was that i just could not afford to carrying on living in the rented property.

Therefore i have gave my notice to the letting agent, and am moving into a friends spare room temporaily, which saves me £90 a week in rent alone, as he is only chanrging me £30....hopefully after a few weekd my money problems will be a little bit better and i will be able to afford to move into my own place.

Everything else is still plodding on...but feels managable at the moment.

With regards to extra income, i am currently trying to pick up as many extra hours as possible, yaaaaawwwwnnn...and i also decided to sell my 3 year old van (used for my business) and buy a cheaper vehicle for the same use.

With some of the left over money (i am a strong believer in 'sometimes you have to spend to save') i am going to invest in a catering trailer, (not brand new mind, so if anyone has one for sale let me know). The rest of the money i am putting into a savings account, therefore earning interest and also paying off teh loan for the van (as my monthly repayments wont go down in price if i pay it staright back to the bank).

As me and my mum have 15 years catering experience between us, we thought this would help bring in a little more income, and i can work the hours around my existing job.

So fingers crossed that my next update will be positive too....let me know what you guys think.....

Best Regards

Donna

Trout69

Hi All....just a quick one....can you work out the APR of my card from the following information?

Balance: 2558.38
Minimum Payment: 47.00 (approx)

Best Regards

Donna

(im finally putting my debts in a spreadsheet)

What does everyone think of tracking your debts with MS money?

Normski

I have picked up a good book called 'The Money Secret' by Rob Parsons. It is easy to read and has several good tips for people who are feeling out of there depth in debt and don't know where to start.

It's available from the charity Care for the Family on their website https://www.careforthefamily.org.uk