Will It Ever Finish?

Tesscha

Hello everybody,

I've been a frequent visitor for quite a few months and get the newsletters, but I've never posted my debt situation....well here goes:

Monthly Incomings:

My salary - £1,230
Allowance - £120

Total - £1,350

Monthly Outgoings:

Council Tax - £109
Service Chg - £43.50
Gas - £30
Electric - £20
TV License - £10.50
Phone - £70
Food - £160
Water - 27.39

Total: £470.39

Non-essentials
British Gas homecover £24
Satelite cover - £5.99
Satelite - £38
Broadband £19.99
Catalogues - £50.00

Total: £137.98

Credit / Store cards
Pay £120 - Natwest CC – Balance £5,200 (limit £6,500) APR 18.9%

Pay £65 - Barclaycard CC - Balance £2800 (limit £3200) APR 17.9%

Pay £120 - Barclaycard CC - Balance £940 (limit £850) APR 17.9% (paying a career development loan from this one)

Pay £48 - Evans storecard Balance £1200?? (limit £3600) APR 29.?%

Pay £25 - M&S storecard - Balance £700 (limit £1000) APR ???

Pay £30 - John Lewis Partnership Card - Balance £920 (limit £1000) 13.8%

Pay £199 - Natwest Loan – Borrowed £6,500 APR 11.9% Length of term 36 months, 7 months to go

Overdraft - £1300 (limit £4,800) APR ?? (not sure can't remember)

Total: £607

Total Outgoings: £1215.37

I'm sure I've missed off some things, & some of the APR's are not correct as I'm doing this at work but will update once my broadband is back up and running again at home.


HELP!

$17mma

Tesscha wrote:

HELP!

Hello flower

What a brave thing! I am glad that you have submitted this post and that you are asking for help. Everyone here on MSE is in the same boat and we pull strength from each other so you are not alone. :grouphug:

I have listed the sites below that have been especially helpful to me, hope they are to you.

Continue to search the site for ideas on how to cut costs and advise on paying your debts.

This site is especially good as it tells you which debt you should be paying first in order of % rate.. or something like that.

http://www.whatsthecost.co.uk/snowball.aspx

if you have defaulted and need to make arrangements but the thought of phoning your creditors is scary use this site which has letter templates you can use.

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Also if you have not already obtain copy of your credit file, both Exquifax and Experian are doing 30 day free trials on line so that you can access it 24/7.. just remember to cancel it before the 30 days are up!

Good luck and keep us posted.

Tesscha

Thanks for your reply, I actually have access to my credit report for the year already. My debt feels manageable but it's driving me insane because it feels like I'm going to be in debt forever - no end in sight!!

I'm newly married and my husband has been quite understanding and was helping towards paying off my natwest card, but due to his work situation at the moment, contributions have stopped. So I'm back to paying minimum repayments.

The only card I really have trouble with is the barclaycard with the lowest balance. I'm paying back a career development loan of £75 per month (a bad move, as the course is rubbish), so I keep going over my limit and missing my due date so they charge me for both... which is £40 alone on my statment for this month!!

I feel like I'm taking tiny baby steps, but they're not big enough for me.

Tesscha

ms_london

Tesscha wrote:

Monthly Incomings:

Total - £1,350

Monthly Outgoings:

Council Tax - £109
Service Chg - £43.50
Gas - £30
Electric - £20
TV License - £10.50
Water - 27.39

Total - £153.39

Non-essentials
British Gas homecover £24 This seems quite high, could you downgrade?
Satelite cover - £5.99 Satelite cover??
Satelite - £38 Perhaps you should downgrade or get rid of.
Broadband £19.99 Could you get a better deal? Seems pricey?
Phone - £70 This is high, can u change contract?
Food - £160 For one person? If so, you could halve it.

**Catalogues - £50.00
These are still a debt, how much do you owe?

Credit / Store cards
Pay £120 - Natwest CC – Balance £5,200 (limit £6,500) APR 18.9%

Pay £65 - Barclaycard CC - Balance £2800 (limit £3200) APR 17.9%

Pay £120 - Barclaycard CC - Balance £940 (limit £850) APR 17.9% (paying a career development loan from this one)

Pay £48 - Evans storecard Balance £1200?? (limit £3600) APR 29.?%

Pay £25 - M&S storecard - Balance £700 (limit £1000) APR ???

Pay £30 - John Lewis Partnership Card - Balance £920 (limit £1000) 13.8%

Pay £199 - Natwest Loan – Borrowed £6,500 APR 11.9% Length of term 36 months, 7 months to go

Overdraft - £1300 (limit £4,800) APR ?? (not sure can't remember)

Total: £607

Total Outgoings: £1215.37


HELP!

What concerns me is that most of your APR's seem high? Is your credit rating good enough to either a) take advantage of a 0% credit card? or b) get a consolidation loan (so long as you cut up the store card/credit cards!!).

Sorry, completely busy at work, so cant write anymore, but well done for posting and some help will be along soon. You have come to the right place.

xx

Iona_Penny

Please set up direct payments, for the minimum amount, from your currrent account so that you will never incur late/over balance payment charges again! You can always make additional payments if you are able.

My other comment is that like ms_london some of your rates are really high so if you can ditch them for something better then do + I hop you have chopped up these cards (especially the store cards ) so you cannot be tempted to keep spending.