Newbie debt situation help please!!

pallaniuk

Hello debtbusters!,

I have recently started a new job earning £30k a year and I clear just over £1,800 pm incl. student loan payments and company car and diesel card tax taken out.

My debts are as follows
£15,000 student loan (not too worried about that - comes out of salary each month)
£8,400 graduate bank loan £164 a month for the next 5 years
£2,000 limit visa monument cc (balance £2,000) min payment £50
£1,300 natwest cc (balance £1,300) min payment £50
£2,000 overdraft (£1,000 of it interest free) live each month to the limit.
£700 or so left on a currys loan (now I've got a ridiculously big tv that I can't take anywhere!) £42 per month

The usual rent, council tax, bills, memberships on top of that.

Now that I've got a decent enough salary and new job I really want to clear off these things as much as possible but don't know where to start.

I also want to get a mortgage over the next few months but think my credit rating may be too poor (always going over my limit etc). That's not going to happen anymore btw!

Any advice on the easiest and cheapest ways to tackle this debt would be greatly appreciated.

Thanks for reading!

skintchick

First - post all your outgoings

Second - stop using your overdraft!!!

tomstickland

You're in a pretty good position for paying things off. You need to commit yourself to doing so.
Around £1800 coming in each month and a company car. So you should be able to get your living costs down to around £700 per month, so have the potential to pay off, lets say, £900 per month.

The advice is simple. Pay off highest APR items first. Move as much debt as possible to the lowest APR accounts. Apply for a 0% credit card and move debt to that.

But, you have to be paying things off, not spending the money on more stuff!

What's the TV worth? I'd think about selling it. Actually, you can'd do that since it's not yours? Or can Curries buy it back off you?

trainee_expert

It sounds like we're both at similar levels of debt on similar outgoings. Here's my post from the other day:

http://forums.moneysavingexpert.com/showthread.html?t=117557

I've paid off ~£3k this week having closed MBNA, Tesco, Virgin and Mint CC Accounts, and moved my LTSB balance to B/card on a 6 month 0% offer. I'm pretty confident I can have the bulk of it gone within 12 months - like others said on replies to my thread at our salary level it should be easily do-able given commitment.