help boy lost at sea

ellis_phil

hi every one and merry xmas :xmassign:

ive been having big debt problems

i have £1500 credit card with halifax

i have a £500 credit card with capital one

£8000 worth of car finace to pay(origanally 10,000 on a 7995 car!) :eek: DAewoo

insurance of £176 a month( i wrote off two cars in my first year) tesco

i have just stopped a contaract phone which was costing me at leat £60 a month cos off back payments

i recieve 700 a month post tax pay and have very cheap food and accom

any advice on how to get cheaper insurance or credit cards

and how to make my life better in general

ps have a very bad credit rating (aprrox 244)

thanx for all your help

:grouphug:

Justicia

Greetings Phil

Please excuse me making the following changes, had to adjust it slightly to understand it better

ellis_phil wrote:

Wage: £700 p/month

Debt Obligations:
Halifax CC £1500
Capital One £500
Car Finance £8000 (originally £10,000 on a £7995 Daewoo)

Car Insurance £176 a month with Tesco

I have just stopped a contaract phone which was costing me at leat £60 a month cos off back payments

What are the credit limits and the APR of the credit cards?
What is the APR of the car finance and who is it with?

Good call on terminating the phone contract. Paying £60.00 a month minimum before any calls is hideous...

In regards to "making your life better" in general? If you mean reducing your debts overall, then I would suggest that you supply more information of your other monthly outgoings in a list You may find that the kind regulars here will be able to take a look and see where they can help you make improvements to your situation. You mention good rent and accommodation but please add the related monthly charges to the list also.

If this is not what you mean, please feel free to elaborate

Also, :xmassign: to you too!

ellis_phil

Justicia wrote:

Greetings Phil

Please excuse me making the following changes, had to adjust it slightly to understand it better



What are the credit limits and the APR of the credit cards?
What is the APR of the car finance and who is it with?

Good call on terminating the phone contract. Paying £60.00 a month minimum before any calls is hideous...

16% apr a year on credit cards hfx 1250 and co500
11%apr a year on the car
black horse sorry for not knowing the lingo but im new to the site and obsivouly dont know how to deal with the debt or the legal stuff
cheers for any help
phil

Justicia

ellis_phil wrote:

black horse sorry for not knowing the lingo but im new to the site and obsivouly dont know how to deal with the debt or the legal stuff
cheers for any help
phil

Don't worry about the lingo

I had to rearrange it slightly to make it clearer for me, as it's very early in the morning... Hehe!

Obviously most of the site members are probably asleep just now(!), but come the "proper" morning, then you will probably find life being breathed into your thread, mate

What are the credit limits on the cards and what are you currently paying towards the balances per month?

ellis_phil

capital one is £500
HALIFAX IS £1250

i pay a total of £163 a month on food and accom ima member of the armed forces that one of the benifits

ellis_phil

i work in swindon but i have a girlfriend and family in portsmouth luckly my parents give me free accom and food at weekends and when ever else i come downi spen approx £15 a week on petrol

Willsnarf1983

How long had u been driving for now?

If your pay £176 a month thats 2grand on insurance straight away, thats a ridiculous amount, shop around for a better deal!

Will

ms_london

Other - pay off your debt.

It wont go away, it will get worse. Creditors will be less likely to help you if you ignore their letters/calls.

Call them & brave it out. You can be debt free :0)

Have a good Christmas. xx

cooldudecol

Try to move your credit card debts onto a 0% balance transfer card, but with your credit rating I don't know how successful you will be in getting one.

For cheaper car insurance, try confused.com.

Try clicking on the links on the left hand side for further info.

Can you pay the car finance loan off early? If you can, you could try applying for a loan at cheaper rate (plenty around cheaper than 11%) - using that to pay off the loan, whilst paying the loan people back at a cheaper APR. Again, this depends if your credit rating will allow you to get one.

It'll take a while, but stick at it.

jellycat40

Hi there

Forgive me if I am wrong but I thought the the forces had people to advise you and intercede for you with your creditors. I know that the don't like bankruptcy and stuff so they offer this. It may be worth you contacting someone and talking them to see what help they can give.

Good Luck and chin up

Louise

ellis_phil

thanks for all ur help guys

p.s my debt inst 'serious' enouogh for the armed forces to get involved

merry xmas :xmassign: