Help with Outgoings

max101

Can anybody advise what is the best way to reduce my out goings for the outstanding debts below, is consolidation the best option. The CSA debt is interest free. My overdraft is up for renewal soon and i don't think they will renew it.

Limit O/s Monthly %
Loan HFC Bank £2,160 £209
Student Loan £200 £68
Overdraft £6,000 £85
CSA £12,832 £190 0%
MBMA Credit Card £5,000 £3,900 £97
Barclay Card £1,350 £1,350 £33 6% LOB
Citi Card £4,500 £2,800 £70 5.5% LOB
Loyds Tsb Credit Card £2,800 £0 £0

edinburgher

Please post a Statement of Affairs (SOA), using the link to the calculator stickied at the top of the DFW forum page.

We can't offer the best advice based purely on what you owe, we also need to see your regular outgoings, salaries and benefits etc.

In addition to helping us to help you, completing a COA will be a valuable exercise for you as you'll get a valuable overview of how your cashflow works.

max101

But my other outgoings cannot be altered in any way, i'm only looking to reconfigure these outstanding debts to reduce the amount i'm paying out in debt nothing else.

Horace

Max - if you post your SOA showing your income and all your outgoings, we will be able to help you reduce your outgoings but we can't do that if we only have half the picture.

https://www.makesenseofcards.com/soacalc.html - there is a button on there to configure it to MSE so click on it and copy and paste into here so that we can see what's coming in and exactly what is going out. We will need the APRs of your credit cards too.

edinburgher

max101 wrote: »

But my other outgoings cannot be altered in any way, i'm only looking to reconfigure these outstanding debts to reduce the amount i'm paying out in debt nothing else.

If you're looking to change your debt outgoings, your only real options are a Debt Management Plan (DMP), an Individual Voluntary Agreement (IVA), or a consoladation loan.

You might want to search for these terms on the boards, as there's a heck of a lot of information to be had.

You may also wish to contact a debt charity/organisation such as the CCCS or Payplan (if you're struggling to meet repayments).