advice and assistance please

ps920

Hello all, another newbie hear, but a long time reader of this excellent site.

I could do with some advice please, so here is my SOA

i have a loan with cahoot for £2770 outstanding at 6.9% pay a monthly sum of £119.01 direct debit
c/c nat west - £600 outstanding (18% i think) pay anything from £20 - £50
c/c egg - £500 outstanding (14+% i think) pay a monthly sum of £50 d/debit
c/c texaco - £1250 outstanding at 4% pay a monthly sum of £50 d/debit

say £5500 in total

I would like to try and lump all these debts together so i can pay a one of fee each month, what would be the best / correct way to do this?

Any advice / assistance would be appreciated.

Thank you very much

Conor_3

THat's not a SOA, but a listing of debts. A SOA lists all income and monthly expenditure on everything from food to buying a newspaper on the way to work. Can't help you as well if we don't know the full circumstances.

JAMIEDODGER

hello ps920, as conor says, to maximise the help you will get here you will need to list a full income and expenditure list so that we can see the best ways to help you.

conor...please be gentle with the newbies!! we want them to stay afterall hun x

ps920

Conor wrote:

THat's not a SOA, but a listing of debts.

sorry mate.

Basic income is £1200 but can go up to £1400 depending on work mileage

out

debts - £240 - £270
joint acc - £620
student loan - £60
insurance - £30
mobile - £30 - £50
savings - £40
The rest goes on petrol some months not much other months more and general living / money squandering.

Basically as my income can vary from month to month, along with outgoings i would like to consolidate / manage my debts better, so if i do have some extra money at the end, i can bump up my savings / pay more off the debt, at the best interest rate, hopefully paid off in two to three years.

all advice appreciated, thanks

Conor_3

LOL, at least you admit to some squandering.

OK, we really need a list of everything outgoing. If you look through some of the other threads, you'll see some good examples of a SoA. Because they've been very detailed, we've been able to find them cheaper car insurance, cheaper mobile phones, cheaper internet etc. You'd be surprised at some of the things you'll be paying through the nose for which you consider was a good deal.

rchddap1

Generally when people list an SOA they include all the amounts...eg, amount on food, amount on going out, amount on car tax, amount of petrol, amount on elec, gas, etc...

Its very hard to help unless all the details are there. If you don't know all the details then you need to start by making a spending diary. Essentially you get a pen, and a book and every single penny that you spend you write down in this book. At the end of the month you tot up all the various amounts and then post how much you have spent on each broad area here.

This will give you much better visibility of where your money is going and so will allow us to give you much better advice on where you can make savings.

Up until that point I would suggest the standard advice of make sure you pay off the highest interest debt first. All other debts should be at the minimum payment. When that one is paid off then you start on the next.