Advice needed please

downandlow

just a quick question, hopefully with an easy answer.

I have 3 credit cards each one is at its limit and the credit card companies are all asking for money, 2 we are managing to keep sweet (one has agreed to lower the basic mothly price and stop interest) but the third one, we cant manage to meet the basic monthly payment, we have told them what is happening and they still wont help us, the interest is sky rocketing.

The cards balances are £2200, £5000 and £11000 (although its nearly £12000 with the interest going up each time). We are paying as much as we can afford on each card.

Now my quesiton is, i am selling my car (to help pay off some of this mess) and we think that we have a buyer, the buyer wants it for about £1000 less than its worth, but we thought for a quick sale its better than nothing, so what do we do with the £4000 cash? Do we pay it all into the largest credit card and lower the payments, or do we pay off the smallest card totally and pay the rest into the biggest one.

Thank you in advance

southernscouser

Can you list the cards you have with balances, limits and exact APR's.

Also if you list all your incomings and outgoings people can suggest where you can cut back as it sounds as if you need to if you cannot afford your monthly payments.

The best thing to do would be to get your cards down so your not paying charges or additional interest, then put the rest of the money into the card with the highest APR.

There are lots of people with great advice so you've come to the right place. And remember you are not alone. You taken the first step, so well done for that. :T

downandlow

Hi

Thanks for replying, i have already listed my debts and incommings, and got some good advice, just really wanted a quick ish answer to what to do with the money, so thats why i started a new thread, still a bit unsure but think we will put it all into the biggest card and see if that helps

mountainofdebt

Personally I would make sure all cards are below their limits so that would be a priority - to stop the going over the limit charges.

Secondly I would then target the card with the highest APR.


But this is just what I would do of course.


Also be careful when you sell the car. If you get a cheque make sure it has definitely cleared before you release the car keys and log book. (I would also do this with a bankers draft as well)