PLEASE CAN I HAVE SOME HELP OR ADVICE!? First time user

GJP10_Manchester

Hello everyone

I am a first time user of the forum and I am desperate to become debt free after spiralling into the credit trap.

My current debt is split as follows
Credit Card one - Balance of £3500
Credit Card two - Balance of £2000
Credit Card three - Balance of £1500
Overdraft - £7000
Loan - Total remaining £2980

Leaving the total amount that I owe of about £17,000 - The loan has three years to run and I am currently paying around £440 a month to pay off these debts and that is all at the minimum level.

I am seriously in need of some advice as to whether I should consolidate these or look at other options in terms of clearing the debt

CAN SOMEBODY PLEASE HELP!!?

RAS

Welcome

A veey quick comment.

Do not consolidate - have you done that once already?

Miss_Piggy_2

Hi and welcome to the forum

Why not post a SOA - some nice peep will come along with the link shortly (i'm no good with linky's:D ). That way we can all have a look to see if theres area's of your expenditure you can change to improve your situation.

Don't worry though, you are in the best place!!

Miss P
xx

Robbda

Hey

From personal experience i'd say no i did that and i ended up getting into more debt alongside my consolidation loan with 3 years to run.. post an s.o.a on here of all your out goings and income and one of the pro's will be along to help you soon promise x

GJP10_Manchester

Thanks for the quick response everyone.

This probably sounds really dumb but I'm just getting used to all the terminology - What is an SOA?

GJP10_Manchester

Thanks RAS

I have taken a credit card out to put a previous balance on there but I haven't consolidated through a loan before?

Miss_Piggy_2

Here, found it!!

http://www.makesenseofcards.com/soacalc.html

Fill this in (honestly!!!) and then click on the MSE button at the bottom.

Good luck!

Miss P
xx

Numpty_Monkey

Hi
an SOA is a Statement of affairs, a list of all your income and outgoings
Use this
http://www.makesenseofcards.com/soacalc.html

GeorgeUK

SOA = statement of affairs. List of all your income, expenditure and debts.

This is a good tool to help.
http://www.makesenseofcards.com/soacalc.html

GJP10_Manchester

Many thanks so far everyone

I will do an honest SOA this evening then hopefully you might be able to give me the best course of action tomorrow

kittyscarlett

GJP - you have come to the right place. Try to stay calm - there are many people on here that can help you, who have been in the same position. I would go with the advice of not consolidating with a loan, I did this years ago in a panic when faced with bills and debts and it was a bad move, too a long time to pay off and at a throttling rate of interest. There are ways of shifting money about on CC's to help yourself a bit and once you have posted your SOA people more versed in those areas than me will be able to advise you.

Good luck, you have done a good thing in facing up to your debts and trying to tackle them - it's going to be a slog but remember, you are not alone