This is one to get you brain boogled!!

getreal_3

tried to work this out so many ways I am completely baffled!!!

£4500 overdrawn
£9300 on halifax credit card thats 0% until feb 09 maxed out
Owe my solicitor £1250
Have to pay a plumber £1500 cash/cheque
Have to spend £2000 doing my bathroom up which could use card
Have £3300 coming my way that is owed to us
Have just got the new mbna 0%sbt until aug 09 (except purchases oct 08)credit card with £9800 limit

this was my idea;

Pay £3300 owed to us into account- leaving £1200 o/d
SBT £9000 from mbna into bank giving £8800
Pay solicitor plumber and bathroom off using bank card, leaving £4050
Pay £4050 into high interest savings account and not touch until feb next year and use it to pay 4k off halifax c/c. Will hopefully have paid 2k off by then anyway leaving 3k to be transfered to new deal and leaving most of the debt (£9000) on newer 0% deal that runs to aug 09....


Oh god did any of that make sense

People please pick holes, I may have it completely wrong!!

boredofbeingathome

sounds ok i think, so long as you don't spend on card and factor in balance transfer fees..

Good luck.

Sue-UU

Agree with bob, but why not leave doing up the bathroom until you can afford it, £2.000 is a heck of a lot for you right now. I'd definately have to concentrate on getting rid of the bills first.

Good luck.

Sue

getreal_3

cheers, i note i cannnot even spell boggled right lol!!

yes have considered the fee on the 9k at 3% £270 is that right..

i think they are the only fees

getreal_3

could any one else advise as whether this is the best way?

peaceandfreedom

getreal wrote: »

tried to work this out so many ways I am completely baffled!!!

£4500 overdrawn
£9300 on halifax credit card thats 0% until feb 09 maxed out
Owe my solicitor £1250
Have to pay a plumber £1500 cash/cheque
Have to spend £2000 doing my bathroom up which could use card
Have £3300 coming my way that is owed to us
Have just got the new mbna 0%sbt until aug 09 (except purchases oct 08)credit card with £9800 limit

this was my idea;

Pay £3300 owed to us into account- leaving £1200 o/d
SBT £9000 from mbna into bank giving £8800
Pay solicitor plumber and bathroom off using bank card, leaving £4050
Pay £4050 into high interest savings account and not touch until feb next year and use it to pay 4k off halifax c/c. Will hopefully have paid 2k off by then anyway leaving 3k to be transfered to new deal and leaving most of the debt (£9000) on newer 0% deal that runs to aug 09....

People please pick holes, I may have it completely wrong!!

Hi there

You have made a miscalculation, if you transfer £9000 from mbna to your current account, you will have £7800 left, so will have £3050 after paying the others listed up there.

It looks like a reasonable plan, you are robbing Peter to pay Paul, but not actually taking out more debt. You are already in a lot of debt though, and you need to make sure you work out a proper budget so you can see how you will manage to pay off all this debt and live without incurring any more. Are you prepared to stop using all credit cards (cut them up if need be)? Because if you are not careful, you are going to end up even deeper in the red.

If it were me, I would leave the bathroom for a while, unless you already owe the money on this. A nice bathroom can wait for another year or two. You can always do a cheap DIY spruce-up job on it. Why add another £2000 to your debts?

Good luck working things out.

Sue-UU

peaceandfreedom wrote: »

If it were me, I would leave the bathroom for a while, unless you already owe the money on this. A nice bathroom can wait for another year or two. You can always do a cheap DIY spruce-up job on it. Why add another £2000 to your debts?

Good luck working things out.

That would certainly be the way I'd go as £2000 is a sum you really don't need to add to what you already have! Do cut up those cards before you get in way too deep.

How about putting a SOA (State of Affairs) on with ALL your yearly incomings and outgoings on, but broken down into monthly lots. Include everything even Christmas, Birthdays & holidays .....anything!

Meawhile, be very careful.

Sue

getreal_3

THANK YOU for all yr comments, god I love coming on here. Ok so have seen the miscalculation, so will correct that. The reason for the work is because we are selling the house so it a must. How ever I have made a few minor changes and the £2000 set aside for the bathroom has now been reduced to £800 woohoo!! and the plumber fees down from £1500 to £300 (were going to fit new boiler but not going to now)

Were not bad with money, in fact we are very very good, unfortunately we had a crisis in March this year which has meant us having to rent a property as well as pay of mortgage and as well as paying £200 month for storage.

Rather than go into detail this was very unexpected so has hit us financially. We are being very cautious about our debts but I am also finding it frightening as we have always been the sort of people to have savings and every thing :-(( oh well we will recover i hope

getreal_3

I will def do a new SOA its just a bit hard as were so up in the air at the moment with the current situation. As soon as were back to normal I will bare my sould to you guys lol

peaceandfreedom

getreal wrote: »

Rather than go into detail this was very unexpected so has hit us financially. We are being very cautious about our debts but I am also finding it frightening as we have always been the sort of people to have savings and every thing :-(( oh well we will recover i hope

Well done on getting the bathroom / plumbing costs down. Hopefully things will sort themselves out financially when things are back to normal. Do get started on your SOA, if only for your own information, it really does help.

getreal_3

Hi all, okay so balance transfer happened last week and after claring over draft and paying o the bathroom, carpets through out the house and paying the solicitor we have £5035.. not sure how that has happened?

hmmm well we massively reduced bathroom costs to just £600, we didnt bother with the pricey plumber and we argued our solicitors bill and got it down from £1800 to just £788 woo hoo!