Clearing VISA debt: SO vs DD, using savings and 0% balance transfer -thoughts welcome!

[AdultHumanFemale]

I clearly have a bit of a blind spot, but I need someone to please explain whether the Standing Order vs. Direct Debit to pay off a credit card would benefit me. Everyone says to just set up a SO for £5 more than current monthly minimum payment and forget about it, job done.
For context: I currently owe £3,400 on my VISA card I'm so annoyed with myself, this card is separate from our joint finances and savings, and I have allowed myself to be a bit blaze about having it, so I have stupidly let it sit around on minimum payment for years. I have now decided to tackle it, but will have to go it alone as it is my spending and it would be unfair for it to impact on our joint savings goals (DP is über thrifty and thinks it's totally bananas). The monthly minimum payment last month was £80, and interest £50. I set up a monthly Direct Debit from my current account for £230, in order to cover minimum payment and interest (which I know will decrease providing I don't put anything else on the card), and £100 extra. Will I really be better off with a SO paying only £5 more than the minimum payment each month, as in clearing the balance more quickly?
I am considering chucking £1,500 of personal emergency fund at it, but it would leave me with no money 'of my own'. Is it worth the risk?
I was also wondering about a 0% balance transfer, but it looks as if the maximum balance is set at £1,200 for most transfers, so I wouldn't be able to transfer the full amount. Have I got that right? Would it be worth it?
I would really appreciate some thoughts as I think I have a big 'mind set change' coming on...

The monthly minimum payment last month was £80, and interest £50. I set up a monthly Direct Debit from my current account for £230, in order to cover minimum payment and interest (which I know will decrease providing I don't put anything else on the card), and £100 extra. Will I really be better off with a SO paying only £5 more than the minimum payment each month, as in clearing the balance more quickly?

If the minimum is £80 and you set a standing order up for £85 per month, then it will take you faaaar longer to pay off than if you carry on as you are with a DD for £230.

And balance transfers are not always set at a maximum of £1200, I have transferred more than that before. Even if it is £1200, at least if you do the transfer that part would be interests free meaning your debt should go down faster.

Typically, if you set up a direct debit, it is either for the minimum payment, or the total amount. The company is in charge of requesting the amount they need.

If you set up a standing order, you are in control of the amount.

Whatever you call the payment, if you have it set up to pay £230 per month, it will be better than either a direct debit for the minimum payment, or a standing order for minimum plus 5.

I would transfer as much as you can to a 0% card, and pay the rest off at £230 a month if you can afford it. There is usually a 3% fee for BT but that will be way cheaper than the interest.

Have a look on compare the market or moneysupermarket to see what 0% cards are available and then see how much you can get. If you have a good credit history, you might get the full amount.

If the interest on your credit card is more than you are earning on your savings then it makes absolutely no sense not to use your savings to pay it off (apart from a buffer for worse case scenarios). You’re literally throwing money away each month by spending it on CC interest.

Use your savings then pay yourself back.

Paying the minimum plus £5 is terrible advice (unless that’s honestly all you can afford). The interest will just build and build and it will take an age to pay back, including thousands wasted on interest payments.

You can set up a Direct Debit for any amount you want as well.
I have done it with my Credit Cards, it doesn't have to be the minimum amount or full balance.

You’re paying £600 interest per year. So it makes sense to reduce your balance as fast as possible. I would use your emergency fund to pay down your credit card balance. Worst case scenario you can use the credit card again if the emergency actually happens.

Then try to transfer as much of the rest as you can to a 0% card.

Who on earth is telling you that a standing order for the minimum payment + £5 is a good idea? It makes no sense at all.

Transfer 1200 and pay that off over time on 0%.

The rest you need to pay ASAP as you will be accruing interest.

Minimum plus 5 is advised for people who are only ever making the minimum payment and wish to get rid of the balance.
If you can fix the payment at the min plus 5 for this months bill, and keep it at that level, it can help clear the balance much quicker than just paying the minimum each month.
It is very sensible advice for people who are struggling to ever clear the card.
It's not great for someone who can pay 100 extra, because obviously if you have more cash, using it to clear the balance faster is better.

Thank you for your advice, everyone. I think I felt so stupid for having let the card run up like this, that I really thought I might be missing something obvious with the £5 + minimum SO.
I think I will try the balance transfer for as much as I can, just got to steel myself against some resistance I'm noticing around sitting down to apply, I think I've got debt denial / debt shame!
I am expecting a payment from a client this month of £800ish (about 5 months overdue -she's clearly having some difficulties of her own), and as a last resort I will use some of my emergency buffer. Psychologically, I think I will feel too weird if it all goes.
Thanks again, really good to sound things out.

You can balance transfer way more than £1200 if you qualify for a card. I balance transferred over £8k (offset by savings so profitting from the exercise).

But if you're paying off debt, the difference between SO and DD is that SO remains at the current level, but the DD reduces as the balance reduces, so it takes much much longer to pay off and costs much much more in interest - it's something like 3 years vs over 20 years!

But if you can, balance transfer, but otherwise, pay off as fast as poss and use the savings you have.

Look on moneysavingexpert for full explanation and help working out which card you will qualify for.

Look at how long the 0% offer lasts for.
Use s SO rather than DD as you're able to choose the date it leaves your current account.
Keep about £500 of your savings for emergencies and chuck the rest at your credit card.
Look at your business finance. Do you normally offer 5 months credit to your clients? Get tough with them.

The Minimum plus £5 rule comes from my spreadsheets and the threads linked to them.
It is for people who do not realise that only paying the minimum will result in up to 20 years to clear the debt.

If the OP is able to pay off larger amounts each month, she should do so
on condition she is paying off more than she is adding

If you can get the borrowing onto a 0%
( which many people with maxed out cards cannot )
then do that and keep the payment amount the same

But most importantly
DO A SPENDING BUDGET
so that you know where all of your money is going

Easy answer for me

Pay off the 1500
Transfer as much as you can to 0% all of possilbe

If not all on 0% pay the min on the 0% and Chuck everything else at the interest paying card.

Keep your business finance totally separate from your personal. If your client delays payment again then send a solicitors letter advising that you will be passing the debt onto a debt collector. Don't let their late payment affect your credit worthiness.