In need of some advice please.

Robert521

Hi, I'm a newcomer to the board and am just facing up now to my debts and want to pay them off. I'm single, living with my parents and trying to see the best way to get my debt under control. I have applied for 5 or 6 Balance transfer credit cards over the last month and have been accepted for one (the Barclaycard) and been rejected for 5 other cards. Should I keep applying to try and get balance transfers so I can shift debt from my high APR cards or should I just try and pay off the high APR cards as much as I can afford each month. Thanks




Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 890
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 890

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 80
Clothing................................ 10
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 15
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 8
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 440

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Beneficial Mastercard..........200.......10........26
Bank /Scot Mastercard..........1600......45........23
Argos Storecard................655.......23........27
Loan from Parents..............5000......0.........0
Royal Bank Overdraft...........1200......10........11
Royal Bank Scot Loan...........8000......210.......8
Bank of Scot Loan..............8400......136.......10
Barclaycard Visa...............1395......31........7
Total unsecured debts..........26450.....465.......-

Monthly Budget Summary
Total monthly income.................... 890
Expenses (including secured debts)....... 440
Available for debt repayments........... 450
Monthly UNsecured debt repayments....... 465
Surplus(deficit if negative)............ -15

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total Secured debt...................... -0
Total Unsecured debt.................... -26,450
Net Assets.............................. -25,650

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

boredofbeingathome

Hi and welcome to the boards.
Well done on posting.
Just had a quick look and the biggest expenditure apart from debts is food. Perhaps reduce that a bit..but if over a month then that will be tight.
Other suggestions to try and boost your income and use the snowball calculator to prioritise your cards and help pay it off quicker. Or you could look at a DMP with one of the debt management charities like cccs or the cab.
I would also avoid applying for any more cards at the moment as this will leave a footprint on your credit record. have you thought of a credit card shuffle where you use existing balance transfers available with your cards? Martin has a full article about it and on the credit card board they often discuss this.

Sorry these are just random thoughts as it is late at night.
Good luck BOBX