Is it too late?

ZippyWallet

Im only young and have gone a bit mental with the old flexible friend. I had my debit card taken by a machine today, kinda brought things crashing down.

I have a couple of cards currently :

£750 Monument
£210 Capital One
£1750 Barclay Card
£300 Next

Current Account -£670

I havent spoken to them yet is it worth doing this? I basically would like some advice on what to do? Is it worth asking for a loan so I can avoid the juggle and have a simple monthly payment ?

southernscouser

ZippyWallet wrote:

Im only young and have gone a bit mental with the old flexible friend. I had my debit card taken by a machine today, kinda brought things crashing down.

I have a couple of cards currently :

£750 Monument
£210 Capital One
£1750 Barclay Card
£300 Next

Current Account -£670

I havent spoken to them yet is it worth doing this? I basically would like some advice on what to do? Is it worth asking for a loan so I can avoid the juggle and have a simple monthly payment ?

Hi Zippy and welcome to MSE. :hello:

First things first, they should be called flexible enemies! :mad:

Have a look at his thread then post all the required information back on this one and we will do all we can for you.

http://forums.moneysavingexpert.com/showthread.html?t=107280

SS

ffs

No. Not too late. You are very lucky that it has all come crashing down so early. The more "clever" you are (by moving debt to low cost credit deals) the longer you would have to build up your total borrowing, to perhaps £10k, £20k or more. Count yourself very lucky indeed that you have NOT taken out a consolidation loan and enabled yourself to get much much deeper in debt.

tattooed_lady

Totally agree with !!!!!!, it's better it happened now than a few years down the line where the amount could have been double what it is now.

Good luck and welcome to MSE

moonbeam682

Hi Zippywallet & welcome ( love your name by the way! )

Firstly as recommended by !!!!!! & ruyareece please don't go down the consolidation loan route. From personal experience I would avoid it like the plague!

Secondly don't panic I'm sure you will get some great advice when you have posted your incomings/outgoings.

keep posting & good luck.

tattooed_lady

moonbeam682 wrote:

ruyafleece

Who's that then?? lol :rotfl:

willfrnch

lol moonbeam!

moonbeam682

oops sorry was feeling a bit cold this morning the fleece would have done nicely! :rotfl:

will go & edit now!

:doh:

ms_london

ZippyWallet wrote:

Im only young and have gone a bit mental with the old flexible friend. I had my debit card taken by a machine today, kinda brought things crashing down.

I have a couple of cards currently :

£750 Monument
£210 Capital One
£1750 Barclay Card
£300 Next

Current Account -£670

I havent spoken to them yet is it worth doing this? I basically would like some advice on what to do? Is it worth asking for a loan so I can avoid the juggle and have a simple monthly payment ?

At least you have caught it early, and like you say, you are still young.

How much do you have to make each month to each creditor? As someone else mentioned, if you post your incomings and outgoings, it will give us a better of idea of what you can afford to be repaying each month, and if you can cut costs without realising it. Also, if you could post the APR's of each card, it will help us know which card you should be paying back first etc - I know that Next charges around 30% interest, as I used to have one myself - its terrible!!

Dont despair though, you have come to the right place.

Ms_London

ZippyWallet

Monthly Incomings:

My salary - £1,286

Monthly Outgoings:

Mortgage/Rent - £100
Phone - £35
Food (Lunch)- £150
Petrol - £140
Car - £155
Car Insurance - £65
Going Out - £120

Total: £765

I think its the old case of watching the pennies a bit more, money seems to just drain. I could easily afford to pay off £300 on of my borrowings a month, but as they mount of extra charges for missed payments, especially current account £90 most months its time I sorted something out. Is it worth asking Barclaycard (my lowest rate) to extend my credit limit transfer the other cards and cancel them ? I like the idea of one simple payment per month.

Thanks for your warm welcome too guys, much appreciated.

black-saturn

Take a packet lunch instead of buying something.
Could you get rid of your car?
Cut going out down to half that or less.

It's a relatively small debt compared with others on here so you should be able to pay it off quite quickly.