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Question about standing order to pay off credit card debt

3 replies

IamHappy1976 · 14/06/2018 19:14

I set up a standing order last night. I've read on here that paying more than the minimum every month by standing order (and then pretending the card doesn't exist!) can reduce the repayment period from the length of a mortgage to 2 or 3 years so thought I'd give it a go.
Today when I got home from work there was a letter saying I am in fact entitled to a pay out for misold PPI. Fab! By the time I pay off niggling overdraft and put some in savings I'll have 10% of my total credit card balance left over.
What should I do? Will it affect the "magic" of the standing order trick? Or should I just make an extra payment towards the balance of my credit card?
Thanks in advance :-)

OP posts:
Costacoffeeplease · 14/06/2018 19:16

I’d make an extra payment and leave the standing order as it is

MarklahMarklah · 14/06/2018 19:22

Leave the standing order as is.
Cut up the credit card unless it is absolutely essential to have (I ditched mine some 15 years ago).
Make the extra payment to clear more of the debt if you can.

IamHappy1976 · 14/06/2018 19:49

Thanks. I thought that was the way to go. Now I just need to wait for the money to arrive!

OP posts:
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