MY SOA - help, ideas, advice please?!

littlepinkstars44

sorry deleting this

littlepinkstars44

bump - please help!
Any advice would be a big help

Miss_Piggy_2

I'm assuming you live with parents as you have no food bills, utility bills etc.

To be honest I'm not sure theres any advice I can give you as you don't actually seem to need any....apart from...use that surplus each month to pay your cards off! In five months you would be debt free!

Miss P
xx

becky_rtw

Well it appears you have a surplus which is good news!

You might want to do a spending diary to find out where its really all going...

You could get rid of the store card for New Look this month and thats one down - also do you need to spend £40 a month on clothes? And the £80 phone bill - yikes - get people to ring you instead!

Others will be around with better advice soon...

tyllwyd

What kind of help are you looking for? I guess you are a student living at home, which is why you don't have many expenses.

I think the only advice we can give is to cut up the cards and start paying back more than the minimum to get them cleared off as soon as possible.

Jesthar

tyllwyd wrote: »

What kind of help are you looking for? I guess you are a student living at home, which is why you don't have many expenses.

I think the only advice we can give is to cut up the cards and start paying back more than the minimum to get them cleared off as soon as possible.

I second this - if you really do have a £200+ surplus at the end of the month then clearing those small amounts shouldn't take you too long! Just start overpaying the one with the highest APR by as much as you can, then whent hat is cleared, move on to overpaying on the next highest APR debt.

I also agree you should start a spending diary so you can work out exactly where all the pennies are going.

~Jes

cat4772

You're paying £100 a month for your overdraft. How much in total is the overdraft and at what APR? If you're a student perhaps you can negotiate a reduced rate.

Check out what'sthecost.com to see how snowballing your debts you can reduce them faster.

Is there any chance you can take on a part-time job to make some extra money to pay off your debts faster?

I agree that having nearly £250 a month extra means that if you threw that at your debts you'd be debt free in next to no time (well 4 months) but other things to consider are how did you get into debt in the first place? What has/hasn't changed? would you get into debt again if the circumstances were repeated? Becomming debt free is so much more than simply not owing anyone any money - it's almost like a way of life and making the money you HAVE work for you!

Good luck

Cat.x

halight

Hi i agree with the others.
Defo need to get that moble bill down!!!!!!!!!!!!!!!!

Anyway all the best and good luck

littlepinkstars44

cat4772 wrote: »

You're paying £100 a month for your overdraft. How much in total is the overdraft and at what APR? If you're a student perhaps you can negotiate a reduced rate.

Check out what'sthecost.com to see how snowballing your debts you can reduce them faster.

Is there any chance you can take on a part-time job to make some extra money to pay off your debts faster?

I agree that having nearly £250 a month extra means that if you threw that at your debts you'd be debt free in next to no time (well 4 months) but other things to consider are how did you get into debt in the first place? What has/hasn't changed? would you get into debt again if the circumstances were repeated? Becomming debt free is so much more than simply not owing anyone any money - it's almost like a way of life and making the money you HAVE work for you!

Good luck

Cat.x

My overdraft i at £1100 just now, it was up at £1650 a few months ago, hence why i'm having to pay it back cause my limit was only £1100 on it. Theres no APR on it cause it's a student overdraft.
I have a part time job, thats what my £350 income is, and i get £340 a month student loan.

I got into debt when i didn't have a job or my student loan coming in over the summer, so couldn't pay anything back. So i want to try and get as much paid as i can before summer, so i'm not in the same situation again.

savingholmes

Hi - Well done for facing up to your debts.... I'm slightly confused as your sig seems to reflect higher debt than your SOA - any explanation?

paybacktime2008

I looked at your spend for yesterday on another thread. From memory it was £2 coffee, £1 cake , £2.40 fags. Do that every day and its going to cost you £132 a month. You need to do a spending diary.