Help me get debt free ! (UPDATE )

Pressleyno1

Found out that my credit card has a variable 12.9% APR, got £800 on that.

Any other help out there guys ?

Pressleyno1

Also as I'm going through all my paper work, My car.

Cash value - £5740
Charge of credit is - £1679

So all in all I'm paying £7420

APR is 14.6%

Do I wanna sell this car for something a little less expensive or keep with my
£147 a month payment ? My choice reallym wouldn't want to get another loan for another car.

$17mma

how much can you afford to pay towards your debts each month?


try this site to help you prioritise..
http://www.whatsthecost.co.uk/snowball.aspx

Pressleyno1

Well I get £1104 or somthing like that per month, and my bills etc come to around £400, but I am really looking to get my finances sorted out, so I'm willing to use around 2/3 of my wages. At least £150 a week anyway, which will come from my wages account to my bills account.

Callisto

Hi Pressley. Have you tried doing a budget for yourself? - (there is one available on this site) as you haven't included things like clothes, haircuts, eating out, buying magazines, budgeting for xmas/birthday gifts etc.

You need to be really honest with yourself about what you spend and if you're not sure where your money goes every month, then keep a spending diary and review it at the end of the month. Then you will have a better picture of where your money goes and can see realistically how much money you have to throw at the debts.

I agree with other comments about the health plan - get rid of it! If you only have the plan for contact lenses, then why not just save some each month towards the cost and you will also be earning interest on it.

Pressleyno1

Yeah done that budget planner. I'm thinking that I want to try and clear my overdraft 1st, then my credit card, then loan. But I really need to try and shift my debt from the credit card (12.9%) to a 0% over 9 months or something like that.

Only thing is my credit rating/score isn't very good so I don't know if i'd get a card, or what. I tried to do a deal with the bank I'm with (halifax) but they said that 12.9% was the best they could offer me.

inmypocketnottheirs

Pressleyno1 wrote:

However, I'm not sure I'd be accepted for this as my credit rating isn't good as I've missed direct debits and had bank charges in the past.

How about getting your bank charges and any late payment charges or excess limit charges on your credit cards back? Visit https://www.bankchargeshell.co.uk for details. Could add up to a few quid?!?!

$17mma

inmypocketnottheirs wrote:

How about getting your bank charges and any late payment charges or excess limit charges on your credit cards back? Visit www.bankchargeshell.co.uk for details. Could add up to a few quid?!?!

Good idea.. but that will take time...

In the meantime he first needs to try and see if he can get a 0% card and transfer his existing card to it.

The overdraft should definately come first cause overdrafts can cost you more that the interest to use it each month..

Pressley you need to use the snow ball calculator to determine which debt you should pay off first...

but first of all try and see if you can get a 0% card.

pixie1

Would you be able to to visit your other half by train, if you book tickets in advance it may work out cheaper then flyimg.

HLK

If your girlfriend has a pc - why not both uses SKYPE instead of the phone - it's free - you can chat as long as you like - plus swap photo's - TXT files - VSkype is also now available so you could have webcam's setup. This might be worth looking at before your phone comes up for renewal.