Time to Face Reality....

energie_man

I aint a newbie here,i've always browsed this site as i think it offers excellent advice,and now i'm the one in need..

Well here's my little insight into my debt probs...I were A.O.K e.g Fine! Debt free till i got sacked from my job a 3 years ago,with no money coming in,i decided to sign on,i had no mortgage,no car to pay,only payments were my £30 per week rent to parents!

Silly me then decided to take use of my credit card which had £18k limit on it,i lived life for the next 8-10 months on this card as if i still had a wage coming in,i would regularly withdraw £200-300 per week,the bottom line is 3 years later,despite being in a stable job i find myself in £16k worth of debt (This includes car £5k & exisiting loan of £1k).

In Aug 07I had a call from Lloyds TSB to transfer my balance from Credit card to a Loan from them,i agreed as it was a lower APR than the Credit card,but now i want to look at my total debt and see if i can get a better deal wether it be transfer to one loan or transfering to credit cards with 0% balance transfer etc...

Just looking for peoples opinions...May i add that my credit history isnt the best,ive defaulted in payments quite regular,and i would imagine my rating to be fair/poor.

SOA
Black Horse Finance (Car Loan) 38 months @ £145 £4811 left to pay 17.8%APR

Lloyds TSB (Consolidation loan from credit card) 47 months @ £308 £10500 to pay 18% APR

Nationwide Loan 34 Months @ £37 £1000 left to pay 6.7% APR

Lloyds TSB Credit Card £500 to pay APR 15.9%

If i've missed any much needed info off please advise!!

Thanks in advance!

RAS

Welcome

Before you do anything, you need to check the early redemption penalties on those loans and find out if paying extra has any effect on the amount you owe in total or your monthly payments.

So start by reading your T&cs.

DoWhatULove-LoveWhatUDo

As you are a long time lurker as well as a first time poster you'll know that it is customary for members to request a SOA at this point so that we can see the whole picture.

energie_man

My SOA is there to view...

Gemmzie

The debt part of your SOA is complete but we need to see the bigger picture to work out your affordability.
Have a look at: http://www.makesenseofcards.com/soacalc.html That one's pretty complete

energie_man

Thanks!! Sorry jumped ahead of myself then! I will have a look at that!

cheekymonkey20

Do you own a property?

energie_man

No i live with parents...So no mortgage to worry about! only £20 per week rent!

cheekymonkey20

www.whatsthecost.com the snowball calculator - its brilliant... if you post your SOA may be able to give you a hand.