Need advice on the best way to do this

the_devil_made_me_do_it

• I have £1000 in a savings account.
• I owe £900 off my car (amount is on a 0% balance transfer credit card. The 0% deal is due to run out April 09)
• I have £700 car insurance (amount is on a 0% on purchases for 12 months credit card)

My monthly household bills are £311 and at present I have a "regular" credit card bill of £500.

I have about £900 per month income and need advice on how best to handle these debits (particularly the credit card amounts).

Good sound advice would be most appreciated

lucielle

You need to post a statement of affairs (soa) which is your income and expenditure in detail, then clever chaps on here will try and help you to save money to throw at your debts.
L

~Beanie~

the_devil_made_me_do_it wrote: »

• I have £1000 in a savings account.
• I owe £900 off my car (amount is on a 0% balance transfer credit card. The 0% deal is due to run out April 09)
• I have £700 car insurance (amount is on a 0% on purchases for 12 months credit card)

My monthly household bills are £311 and at present I have a "regular" credit card bill of £500.

I have about £900 per month income and need advice on how best to handle these debits (particularly the credit card amounts).

Good sound advice would be most appreciated

What do you mean by a regular credit card bill of £500? Does this mean you spend £500 per month and pay the bill in full or that the minimum repayments come to £500?

the_devil_made_me_do_it

lucielle wrote: »

You need to post a statement of affairs (soa) which is your income and expenditure in detail, then clever chaps on here will try and help you to save money to throw at your debts.
L

Fair enough, but I just need some basic sound advice. My expenditure isn't huge. I barely spend anything on myself or OH.

• I rekon I spend about: £80 on food/cat stuff per week
• £35 per week petrol
• £10 per month toiletries ect.

That's about it to be honest. Apologies for not showing my spends in greater detail. Tis difficult to give detail as those amounts change with rising costs.

the_devil_made_me_do_it

~Beanie~ wrote: »

What do you mean by a regular credit card bill of £500? Does this mean you spend £500 per month and pay the bill in full or that the minimum repayments come to £500?

By regular credit card, I mean a credit card I use which charges interest & which gets used if I need to buy anything online usually. For the coming month, I do not intend purchasing anything on this credit card unless absolutly desprate.. ie car problems or something of that nature.

crazyhazy

the_devil_made_me_do_it wrote: »

Fair enough, but I just need some basic sound advice. My expenditure isn't huge. I barely spend anything on myself or OH.

• I rekon I spend about: £80 on food/cat stuff per week
• £35 per week petrol
• £10 per month toiletries ect.

That's about it to be honest. Apologies for not showing my spends in greater detail. Tis difficult to give detail as those amounts change with rising costs.

see it's difficult to offer advice when we don't know the full picture, from what you've said are we to assume you have no rent/mortgage, insurances etc etc, the soa might take a bit of time to do but it will give you the full picture of where your money goes each month and highlight any areas you could cut back on to free more money to reduce your debts quicker.

the_devil_made_me_do_it

Sorry I rent. £900 is after i have paid rent and council tax.

crazyhazy

Here is the link to the soa http://www.makesenseofcards.co.uk/soacalc.html

moo2moo

So what you're saying is after all your living expenses, mobile phone bills, electricity, gas, water, insurance and rent you have £900 left (unless the £311 is deducted from that???). You spend £320 per month on food (halve this!), £140 a month on fuel and £10 a month on everything else Leaving you £430 for everything else. So after you 've paid £500 off your credit card bill you've overspent by £70 each month.

Do you have any debts other than the two you've listed? If not I'd use the £1000 in savings to pay off the car in April before interest is applied .

A SOA really would help though. How are you planning on paying next years car insurance if this years won't be paid until next years is due? £700 is a huge amount are you very young?

the_devil_made_me_do_it

No £311 household bills hasn't been deducted from the £900. However, the £311 does include monthly car insurance payment.

No, neither my OH or I are very young, we unfortunatly lost our no claims bonus after 2 claims early this year. So, that's why the insurance is quite high.