Debt Advice... .

CLAPTON

yes put the money onto your highest APR card which is HSBC.
also your income is quite low, is there any opportunity to get part time work to help pay of the cards more quickly?

skintchick

when does your egg deal end and what's the credit limit and anniversary month? You need to make sure it's clear ready for your anniversary month, when you can transfer money on another 0%

David333

It's gone up to about £13, 000, but hmmm...I don't like the idea of more work. I guess you're right though. I'm trying to do the best with the money I have at the moment...

David333

skintchick wrote:

when does your egg deal end and what's the credit limit and anniversary month? You need to make sure it's clear ready for your anniversary month, when you can transfer money on another 0%

Hmm...I opened the Egg account on the 1st of February, so I think that means that the 0% offer will end 1st September, at which point I hope to have another 0% card to transfer everything to... .

skintchick

Right - you need a plan B in case you can't get another cc if you think that might be a problem.

Keep hold of the card because they do deals in the anniversary month - for you that's Feb, mine's always a 0% offer cos it's an old account but theymay be life of balance offers these days. either way, worth having.

I;d pay it to HSBC.

Also, most of us on here have a second job, and if you want to get rid of the debt as soon as possible, you'll have to bite the bullet. It can be fun though, depending on what you do.

David333

skintchick wrote:

Right - you need a plan B in case you can't get another cc if you think that might be a problem.

Keep hold of the card because they do deals in the anniversary month - for you that's Feb, mine's always a 0% offer cos it's an old account but theymay be life of balance offers these days. either way, worth having.

I;d pay it to HSBC.

Also, most of us on here have a second job, and if you want to get rid of the debt as soon as possible, you'll have to bite the bullet. It can be fun though, depending on what you do.

This was a long time ago and I've just revisited this thread. Thanks for the reply! but any idea what my plan B should be...?

My current debt is:-

£2,500 with Capital One at 15.9%;
£1,000 on a Nationwide credit card at 14.9%;
and £700 on an Egg card at 0% for the moment.

I've cleared my HSBC credit card which had £1,800 on at 17.472% interest at one point :j :j :j Now for Capital One... .

xela_17

You really need to post an SOA so people can see your incomings and outgoings and help you cut back. Money that you save from cutting back can then be thrown at the ccs. Well done for clearing HSBC!

David333

xela_17 wrote:

You really need to post an SOA so people can see your incomings and outgoings and help you cut back. Money that you save from cutting back can then be thrown at the ccs. Well done for clearing HSBC!

Thank you. I was quite proud of myself! I shall work a SOA out and post one soon. Thanks for your reply... .

David333

I wondered whether anyone could comment on this. I'm doing the best I can with paying off my debt. Not sure where else I could cut back on things... .

My SOA:-

My average income is £800 a month (four weeks)

I pay £215 rent a month and £50 council tax.

Paying off the minimum from my credit cards is on average:-

£55 - Nationwide at 14.9%
£80 - Capital One at 15.9&
and £25 - Egg at 0% until October... .

My outgoings are on average:-

£20 - mobile
£20 - broadband and phone
£20 - electricity and water
£45 - food

That leaves me with about £280 left a month. On average I've been throwing an extra £300 at my credit cards every month since the New Year... .

kar

Your doing really well. Don't think you can cut much more back than that!

You could be debt free in under a year if you continue paying it off that quickly.

Keep it up. You can do it.