i need help

KayJ066 · 17 February 2007 at 4:55PM

Hi everybody,

Im 20, and have a debt of around £6000.

Welcome finance loan : £2000- i borrowed this last december and have made 2 payments of £163.63 with apr of 66.6% so im unsure of what the balance is.

Argos card- £185 i think i have left, i'am just making the minimum payments of £10.49

Littlewoods catalogue £450 or so remaining balance paying £89. a month

Provident £380 paying £40 a month back

adding all these and then my monthly outgoings together, this month when i get paid i will have 90 left for myself, after i have paid my rent,(i stilllive at home), mobile phone bill, tobacco, bus fares, xmas vouchers club, telewest bill, and my 51 for my overdraft.

I cannot see a way out i feel so down about it.

does anybody have a ny tips?

sammiboo · 17 February 2007 at 5:29PM

you sure you are paying 66.6% on your loan????? thats shocking :eek:

I pay 5.7% on my loan.

If you had this on a low interest loan you could get this paid off in just over a year, its not a massive loan by any means.

IF you are paying that much then you should move your loan to a cheaper rate of interest, or if you can trust yourself, stick it on a 0% credit card and pay off as much as you can before the interest free runs out.

could you stick up a full SOA? of all your outgoing and wage, we could help you a little more, but that loan really needs looking at!

aimingforadebtfreelife · 17 February 2007 at 5:50PM

was there any reason why you went to Weclome - ie bad credit score, proof of income. If thats the case not really viable looking at low interest loans. Best to stick with what we have got and work on that. If you can post what term is left on your loans/agreements we can go from there.

chevalier · 17 February 2007 at 6:00PM

Could you explain to your parents about the debt, and ask them to not charge you rent for the next 6 months so that you can pay off some of the smaller debts at least?

And of course you know we are going to say give up the tobacco! Make you healthier and wealthier!
chev

immoral_angeluk · 17 February 2007 at 6:07PM

66.6%????????? Jesus! Is there anyway you can balance transfer this to somewhere else as that's extortionate!!!!
We have a car loan with Welcome at 24.1% and I thought that was bad!

KayJ066 · 18 February 2007 at 12:54PM

Hi everyone!!

I went with welcome as i had a rubbish rating, so i can't really move it. I wias thinking of getting another loan paying all of the above off and then having 1 monthly payment but iam unsure where to look.

SOA? is that all my outgoings? if so i will list them now.

£200 rent
£164 Loan- welocme finance
£89 Littlewoods catalogue
£10 Argos card (Min Payment)
£35 Vodafone- Mobile phone
£25 Telewest- we all chip in for this
£42 monthly bus pass for work
£40 Provident- paying this monthly as opposed to weekly
£25 tobacco- yes i know i should give up :-)
£20- xmas vouchers for this year
£56 - overdraft (this is only for this month though)

My normal monthly wage is around £857

R.E the loan with welcome i have only made the first 2 payments so im not sure what i owe as they dont send you statements (well i haven't received any)

R.E asking my parents to drop my rent isn't feasible at all.

saintly_2 · 18 February 2007 at 1:21PM

hiya

you dont have food or socialising in your soa.

accordin to my calculatons you normally have a surplus income of £207, do you see this do you know where this goes, maybe start a spend diary to see where this cash is going.

KayJ066 · 18 February 2007 at 1:53PM

saintly wrote:

hiya

you dont have food or socialising in your soa.

accordin to my calculatons you normally have a surplus income of £207, do you see this do you know where this goes, maybe start a spend diary to see where this cash is going.

How did you work that out? I added it all up and i got 778??

oakdale_minx · 18 February 2007 at 2:21PM

Hi - my only thoughts would be whether you have any work colleagues who live nearby who could give you a lift in to and back from work? If you made a contribution to the petrol you could save money on the bus pass.

66.6%???That is horrific. Could you give them a ring and ask if there is anything they can do about the rate?

newmum1 · 18 February 2007 at 2:28PM

could you lower your mobile package, cut down on the fags and stop the xmas vouchers for a few months to get yourself back on track.

KayJ066 · 18 February 2007 at 3:10PM

im due to renew my contract in may then i will switch to pay and go, i can't get a lift to work as nobody lives near me.

Welcome wont reduce the rate i doubt it.

I have got 305 in unclaimed bank charges but iam scared that barclays will close my account.

i need help

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