Where do I start?

Bakedbeans_for_1

Decided today is the day I need to seriously start taking action and try to clear my debts off. Fully aware that unfortunatley it will not happen over night but I need to start doing something!
Iv got about £18k worth of debt! stupid I know! I really need to start getting the debt down, somehow! Im already working as much overtime in work as I can in work, generally that means working 12hours days. Just wondering if anyone has any tips on how I can save money in places. There is some option but I dont know if it is a smart thing to do. Im paying quite a high interest rate on an overdraft and a credit card I have,is it worth gettin a loan, with a lower interest rate to clear those off? Or am I only extending the amount of time im paying those off?

Please help.

McKneff

:hello: the first thing to do is post a statement of affairs (SOA) on here and there are people who are only too glad and are able to help.

its not just a case of paying off your debts its also to see if your other outgoings (phone, food etc) can be got cheaper. its amazing how much can be achieved

Bakedbeans_for_1

how do i post a SOA on here, all a bit confused on this site....doesnt take much mind

Deep_In_Debt

Hi and welcome.

Generally it's not recommended to take out further borrowing to clear debts.Many people on this forum (including myself) have been there and got the T Shirt and now find ourselves in the situation we are in.

Post up an SOA and all the good peeps on here will have a look and find ways to help you save money.

Am rubbish with links so hopefully someone will post up SOA link for you!!

Deep_In_Debt

Another thought - can you get a 0% credit card and transfer the balance?

Deep_In_Debt

My PC is so slow - sorry post crossed!

Bakedbeans_for_1

my feeling is with regards to the gettin a lower interest loan is that as the interest rate would be lower than what im paying at this moment in time on the overdraft and credit card then i'll be paying more off

Miss_Piggy_2

I would heartily recommend NOT getting a loan to clear your cards. I did that....and then ran the cards up again. Thats why I'm on here and in the middle of a DMP
As others have said, post up a SOA and see what we can suggest.

www.makesenseofcards.com/soacalc.html

Miss P
xx

Bakedbeans_for_1

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 390
Management charge (leasehold property).. 0
Council tax............................. 72
Electricity............................. 51
Gas..................................... 0
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 12
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 28
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 6
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1039

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................750.......20........NaN
loan...........................12500.....100.......NaN
Loan...........................4500......50........NaN
overdraft.....................2000......25........Nan
Total unsecured debts..........19750.....170.......7.5-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including secured debts)....... 1,039
Available for debt repayments........... 211
Monthly UNsecured debt repayments....... 170
Surplus(deficit if negative)............ 41

Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total Secured debt...................... -0
Total Unsecured debt.................... -17,750
Net Assets.............................. -13,250


Hope that makes sense to some people, horrible writing all that down! just want to start making a dent into it all. xxx

hampsterpoo

mobile £60
Entertainment £100
Haircut £30
Presents £40

Can you cut back on any of these things ?
Why is you mobile so much ? is it for work or pleasure ?

Bakedbeans_for_1

mobile is for pleasure, signed into this contract 18months ago, it runs out in December so im hopin to swap it over then to a much much cheaper one