Is it possible???

debtfree2005

Hi guys i am a first time poster but have been lurking around reading everyones posts. I am currently £12500 in debt

£7000 cahoot flexible loan @8. something%
£2500 cahoot credit card @ 10%
£2500 virgin credit card @ 13%
£500 HSBC credit card

I have have just returned to the Uk having spent the past year working for free for a charity in Africa (hence part of the debt) i have just got myself a job the salary is £14000PA over time is available so will be able to earn at least £17,000PA. I should get £600 tax back from my last job since i didn't work for the full tax year 2004/2005 and i should be tax free on my salary for a while since i will only just be earning over the tax free allowance for this tax year 2005/2006

I dont really have many other outgoings apart from rent to my parents....yes i moved back home to save some £££

parents £200pm
mobile phone £20
internet/tv £30

After being in Africa i think i could survive a year just living....ie just work and the odd night out with friends the rest for the year i will put towards getting myself debt free I was also concidering getting a part time job to help pay what i owe plus save for me to return to Africa at the end of 2006.

Do you think its possible?? sometimes i think it is and sometimes i think it will be impossible .So i am really looking for some morral support ..... having the final goal to aim for does help.

I would be greatful for anyones opinion

many thanks

Edinburghlass_2

Moral support you will certainly get here debtfree

Welcome to MSE and pop over to the Telephone Boards where you might be able to find some advice to reduce your current telephony bills

southernscouser

Welcome debtfree. You are in the right place.

First and foremost post all your outgoings (ie travel fares) so we can see what you have left to pay your bills.

Do you know what your credit score is like? Have you missed many payments for example? If it's in pretty good nick I would suggest either applying for a 0% apr card for as long as poss or/and a low apr card for life of the balance. (check the credit card board for the best deals). That way we are getting your interest payments down.

Also is your your cahoot loan maxed out as obviously that is a better rate than your cards!

If you feel you can do a part-time job aswell then go for it. What I would say though is don't save any money. Others may disagree but the way I look at it is you will be paying more interest on your debts than what you will be getting in an ISA or whatever. Put everything you can to your debts.

Also flog as much as you can on ebay. Old clothes, gadgets, electrical goods, dvds, cd's, books, whatever.

Good luck.