Getting rid of a debt problem in early 20s
WannabeDebtFr33
Posts: 1 Newbie
Hi Guys
I have just taken on a new job almost three months ago, and am about to pass my probation period. This results in an extra £800 a month. My expenses are pretty much the same, so I can concentrate this extra cash into my debts...
I have listed my debts for you to have a peak at. My expenses are pretty much the rest of my wage, for now. I am renting a room for the time being, so I have a lot more cash available to me...
NAME INTEREST TOTAL REPAYMENT
LIKELY LOANS 90% £2,397.97 £218.03
LOWELL DEBT one off payment £94.09 £94.09
VANQUIS 40% £170.99 £170.99
BARCLAYS 31% £355.33 £100.00
PAYPAL 17.90% £480.39 £40.00
MARBLES 0% 6 months £283.25 £55.00
CAR 0% from a friend £875.00 £125.00
The LikelyLoan I got out was £1,880 for 12 months and I have paid back one month at £218.03. Big regret, but I had my reasons at the time.
I'm looking to spend £800 as soon as I get paid (next Friday) on clearing out the Lowell and Vanquis accounts.
The rest will go on LikelyLoans DD, Marbles 0% & Car payment.
I am currently thinking with the leftover £140 to stick it on the Barclaycard (£100) & the Paypal account (£40).
I have sent an email to LikelyLoans to see what they can offer me to reduce the debt down by paying it off quicker, as this is the killer one....
Hoping to be debt free in a few months so I can enjoy my life a lot more rather than worrying about paying back plastics.
CHEERS!
I have just taken on a new job almost three months ago, and am about to pass my probation period. This results in an extra £800 a month. My expenses are pretty much the same, so I can concentrate this extra cash into my debts...
I have listed my debts for you to have a peak at. My expenses are pretty much the rest of my wage, for now. I am renting a room for the time being, so I have a lot more cash available to me...
NAME INTEREST TOTAL REPAYMENT
LIKELY LOANS 90% £2,397.97 £218.03
LOWELL DEBT one off payment £94.09 £94.09
VANQUIS 40% £170.99 £170.99
BARCLAYS 31% £355.33 £100.00
PAYPAL 17.90% £480.39 £40.00
MARBLES 0% 6 months £283.25 £55.00
CAR 0% from a friend £875.00 £125.00
The LikelyLoan I got out was £1,880 for 12 months and I have paid back one month at £218.03. Big regret, but I had my reasons at the time.
I'm looking to spend £800 as soon as I get paid (next Friday) on clearing out the Lowell and Vanquis accounts.
The rest will go on LikelyLoans DD, Marbles 0% & Car payment.
I am currently thinking with the leftover £140 to stick it on the Barclaycard (£100) & the Paypal account (£40).
I have sent an email to LikelyLoans to see what they can offer me to reduce the debt down by paying it off quicker, as this is the killer one....
Hoping to be debt free in a few months so I can enjoy my life a lot more rather than worrying about paying back plastics.
CHEERS!
0
Comments
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Hi
I would snowball your debts tbh.
This means throwing as much as you can to the one with the highest interest rate whilst making minimum payments to the rest.
When thay 1st debt is cleared repeat with the next one
HTHFind out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)0 -
I would pay off the Lowell and Vanquis leaving you £534.92 from the £800 and fire the rest at the highest interest one."All truths are easy to understand once they are discovered, the point is to discover them."
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That's really exciting! I'm with tealady. Its more motivating to do the snowball method.0
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I would start with the most expensive debt which is that Likely loans 90% :eek::eek::eek:I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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