What else can we do?

Staciep88

thank you. Yes I do agree with what you say though, no they shouldnt have to help him out, i just know i would do if i was in that sitation and i could afford like they could, but they are going down the other route of letting him learn by his mistakes - fair enough, i have no problem with that, just really need to do something with this last £2988.75 on the high interest card

savingholmes

Staciep88 wrote: »

Current Situation:
I have done a SOA but I havent posted it as we really cannot cut back on anything, we have already cut back on what we can. So my question is;

Im not worried about my debts - theres no more I can do about them but I have already switched a bit of OH debt to other 0% cards but there is still that £2988.75 on that Barclaycard which is at about 30%APR!! :eek: If we could just get this one sorted things would be alot more comfortable as the current interest charges are a killer.

Should we apply for another 0% card? or a loan with a cheaper rate? or any other suggestions?

Thanks

Suggest you ask Barclaycard for a rate for life - I did that and was able to get one at 6.5 or 6.9%.

Also I hear what you say about the SOA - but I thought we'd done a lot but still managed to make lots more savings.....

BlueFleur

I think I'd go with throwing everything you can at the high interest Barclaycard. Both of my cards around 30%- just so nasty! :eek:

Staciep88

Thank you everyone, well heres the SOA:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 760
Partners monthly income after tax....... 930
Benefits................................ 0
Other income............................ 85
Total monthly income.................... 1775

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0 this is included in rent
Electricity............................. 0 this is included in rent
Gas..................................... 0
Oil..................................... 0 this is included in rent
Water rates............................. 0 this is included in rent
Telephone (land line)................... 0 this is included in rent
Mobile phone............................ 45 this is for 2 phones - 10months left
TV Licence.............................. 0 this is included in rent
Satellite/Cable TV...................... 0 we have freeview
Internet Services....................... 0 this is included in rent
Groceries etc. ......................... 150 this is our allowance - we dont spend this much all time - depending on whether we need washing powder etc
Clothing................................ 0
Petrol/diesel........................... 170 this is for 2 cars
Road tax................................ 10 this is for 1 car as my car came with tax from new
Car Insurance........................... 25 this is for 1 car - i dont pay my insurance
Car maintenance (including MOT)......... 10 this is for 2 cars
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 this is included in rent
Contents insurance...................... 0 this is included in rent
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5 We dont do this but would be a good idea to start
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 108.33 This is my savings I make
Total monthly expenses.................. 1023.33

Assets
Cash.................................... 750 This is my savings so far
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 14200 This is 2 cars
Other assets............................ 0
Total Assets............................ 14950

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Mint Credit Card...............771.75....70........0
Virgin Credit Card.............926.82....70........0
Barclaycard....................2988.75...100.......30
Car Finance....................6443.5....184.1.....0
Egg Credit Card................474.65....45........0 not sure of rate
Barclay Loan...................1247.62...219.......0 not sure of rate
Total unsecured debts..........12853.09..688.1.....-

Monthly Budget Summary
Total monthly income.................... 1,775
Expenses (including secured debts)....... 1,023.33
Available for debt repayments........... 751.67
Monthly UNsecured debt repayments....... 688.1
Surplus(deficit if negative)............ 63.57

Personal Balance Sheet Summary
Total assets (things you own)........... 14,950
Total Secured debt...................... -0
Total Unsecured debt.................... -12,853.09
Net Assets.............................. 2,096.91

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I know that we are not in a minus so thats great! I know we just need bigger incomes tbh. Thanks