Trying to get out of debt

BlueWoo

Hi and Help

Thanks for reading my very first post.......

I owe £15,700 on credit cards (cc) all with PPI and I have a loan which will be finishing next year, all cc's at 0.79p/£100.

I don't have anyone to beg or borrow off so I do need some kind of insurance, I'm not envisaging to be run over by a red bus but ......
I have tried the Payment care site but they only cover upto £5000 does anyone have any ideas on where I could try?

Any advice would be great as I am seriously confusing myself.

I've moved all except one of my cc debts to a "life of balance" low rate ranging from 2.9-6.0%. I applied for a Texaco card a few months back when they had a good offer but they turned me down saying they were trying to be resonsible - I wanted the low rate to move to?!. So I haven't applied for another cc yet.

I'm applying for a new bank account to take up 0% overdraft fee, as my current bank won't match it.

So I am trying, but just need a good steer.

Thanks

magentadreamer

At 0.79p per £100 on £15,700 you are paying £124 a month in PPI. That's money that could be thrown at your debts, I honestly would cancell all PPI and use the money saved. Try looking on insurance sites for a one monthly payment policy that would cover all payments if you really think you'll need it.

black-saturn

If you give us a list of your incomings and outgoings we could give you some pointers as to where you could save money to pay towards the debt.

sashacat

definitly cancel the insurance and try the sites linked to here to get similar insurance for a lot less...and why not post a statement of account here listing all of you r income and outgoings to see if people can help you save money.I have saved about £550 without trying too hard since joining here...good luck

apcorbett

I totally agree - get rid of the insurance as it is just delaying the repayment of your debts (and you're actually paying interest on it as well!)

BlueWoo

Sorry, it took me ages to find my post again. Thanks for the pointers so far, I'm just a bit overwhelmed. I still feel I need insurance as I do not have anyone to turn to if the worst happened. Sashacat mentioned that there were links but the only ones I could see was paymentcare and payprotect, am I missing something?

Also I've taken your advice and I am posting my monthly outgoings and incomings, deep breath.......although I'm sure i'm missing something as I still seem to be broke, even though no vices?

Type Co Payment Cost/Month
Car Insurance Direct Line DD 22.75
Contents Cornhill DD 28.63
Mortgate Ins Britannic DD 24.08 Getting quotes i
Mortgage Halifax DD 146.20
Council Tax . DD 47.00
Rent . DD 17.76
Electric Powergen DD 33.70
Phone BT DD 23.50
TV Licence . DD 11.07
Water Rates Severn Trent DD 26.07
Sky . DD now 10.50 for 3 months then reduce or cancel
Loan . DD 251.19 (quotes in for income protection)
Flexi Loan . DD 33.00
Petrol . Switch 60.00
Food . Switch 40.00
Car Tax . 9.00 110.00
. Sub Tot 794.95
MBNA 14.9 DD 116.76
RAC apr? 0.00
Capital One 2.9%+6.9% DD 66.81 Life of Bal
Barclaycard 6.9 DD 181.00 Life of Bal
Storecard . DD 4.00
. . Sub Tot 368.57
. . TOTL OUT 1163.52
. . IN 1188.90
. . Left over? 25.38

Sorry, it lined up so nicely in a spreadsheet....

magentadreamer

Have you checked to see if your Electric is the cheapest going for you as you might be able to reduce this.

Your Sky package if you're out of the 12 month package I'd cancell it or at least down grade it to the min package - think it's about £15 ( going on what others on here have said)

Your car insurance again is this the cheapest for you - Martin has a good article on getting cheap car insurance.

Your BT bill does this include broadband as well? You might be able to get a better combined phone/broadband offer -Tiscali and Bulldog spring to mind being £19 a month for 1 meg broandband plus unlimited UK landline calls.

are you able to get your MBNA bal onto one of your other cards on a life time bal? worth giving Cap one and Barclays a call to see.

Congrats on your food bills - I wish mine were that small!

in*the*red_6

Hi

Quick observation - your contents insurance premium is very high, check out insuresupermarket website for a much cheaper deal. I pay under £20 per month for buildings and contents (through different providers) for a 4 bed house.

ITR

dinkylou

Honestly, cancel the PPI - your debts would go down so much quicker.

I dont have anyone to borrow from if anything happened to me, but I dont have PPI.

There are always ways to deal with 'the unexpected' if it happens. And its worth reading what Martin and others have said on here as PPI doesnt always cover you for any eventuality!

Besides, if anything unexpected did happen, you could always come on here and ask for advice?

Chicken_Licken

I agree with everyone else. I have £17,000 on credit cards and a personal loan and have no payment protection on any of them preferring to make inroads into my debt rather than pay hefty PPI.

I will check out the sites suggested by others though .... thanks for the tip!

You could also cancel your Sky package altogether and keep yourself entertained by using this chat forum and potentially save money whilst you are doing it!

tattooed_lady

Your mppi is very high, check out Martins article about it http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076369501,83567, I had a policy with Abbey for about the same as you are paying but managed to reduce it to £8 a month with helpupay.