Finally Getting this off my Chest.

cornishmanuk_2 · 19 March 2007 at 3:01PM

Im in a fairly well paid job £1700 a month. Im single should be loaded however for the first time on this forum, Im admitting ive been stupid and im in Debt. Five years of over spending has finally caught up with me. I had my lightbulb moment in Jun 06 and now working at reducing the ammount I owe.

Income £1700 but

Barclays Card £2300 (£100)
Barclays Loan £10599 (£367pm)
Egg Card £8,381.45 (Av pay back £180pm)
Egg Loan £2,872.40 (£168.47pm)
= £24,152 (God)

Ive talked to Egg, who are happy that I always pay at the start of the month and my plan is to pay off my Egg Loan as soon as possible, then once thats has been paid off, I will transfer my Egg card debt to another Egg loan at Lower Interesta and cancel my Egg Card as it looks better on Credit rating.

Then I can start to concentrate on bring down my Barlcays card ammount.

joeblack066 · 19 March 2007 at 3:05PM

Well done for posting!! Put up a full SOA and the guys on here will probably be able to show you how to free up more cash to throw at those debts too!

Welshlassie · 19 March 2007 at 3:11PM

cornishmanuk wrote: »

Im in a fairly well paid job £1700 a month. Im single should be loaded however for the first time on this forum, Im admitting im in Debt. Five years of over spending has finally caught up with me. I had my lightbulb moment in Jun 06 and now working at reducing the ammount I owe.

Income £1700 but

Barclays Card £2300 (£100)
Barclays Loan £10599 (£367pm)
Egg Card £8,381.45 (Av pay back £180pm)
Egg Loan £2,872.40 (£168.47pm)
= £24,152 (God)

Ive talked to Egg, who are happy that I always pay at the start of the month and my plan is to pay off my Egg Loan as soon as possible, then once thats has been paid off, I will transfer my Egg card debt to another Egg loan at Lower Interesta and cancel my Egg Card as it looks better on Credit rating.

Then I can start to concentrate on bring down my Barlcays card ammount.

If you have spare cash to throw at the egg loan then I would recommend that you actually use that to throw at the credit card with the highest interest rate. Have a look at a snowball calculator,Snowball plugging in the figures you are currently paying off and then see what it suggests doing and how much you would save by doing it that way.

BTW well done on posting and having yoru LB moment. :T :T

Post your Statement of Affairs and we can have a look to see if there is anywhere else that we can cut costs and free up some extra money for you.

Finally Getting this off my Chest.

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