Various debt I want RID!!

RS12

Hello all,

I have a debt issue here and I would like to tap into your knowledge on the best way to shift it!!

It breaks down like this..

Loan £6500 Natwest (10.9%apr) (36 months, 32 remaining)
Credit Card Virgin £2200 (15.9%apr)
Credit Card Lloyds £800 (0% for 12 months from now)

I am male, 21 years old, have the following outgoings per month:

Rent £500
Loan repayment £240 (32 months remaining)
Phone £35
Gym £45
Card repayments £100~


Now on average my take home salary is around £1600 per month, give or take (sales job). I thought I had an ok credit rating but I cannot seem to get approved for a bigger limit on my 0% card, this is the reason I only could get £1000 onto the Lloyds card, not £3000 like I wanted.

I also have a deposit of £800 coming back so would appreciate where you think that is best put

Any points, or questions please ask, I hope you can steer me in the right direction!

spam.jam

RS12 wrote: »

Hello all,

I have a debt issue here and I would like to tap into your knowledge on the best way to shift it!!

It breaks down like this..

Loan £6500 Natwest (10.9%apr) (36 months, 32 remaining)
Credit Card Virgin £2200 (15.9%apr)
Credit Card Lloyds £800 (0% for 12 months from now)

I am male, 21 years old, have the following outgoings per month:

Rent £500
Loan repayment £240 (32 months remaining)
Phone £35
Gym £45
Card repayments £100~


Now on average my take home salary is around £1600 per month, give or take (sales job). I thought I had an ok credit rating but I cannot seem to get approved for a bigger limit on my 0% card, this is the reason I only could get £1000 onto the Lloyds card, not £3000 like I wanted.

I also have a deposit of £800 coming back so would appreciate where you think that is best put

Any points, or questions please ask, I hope you can steer me in the right direction!

hello
im not an expert sorry, but if i were in your shoes i would pay the £800 off the virgin card as its costing you the most interest, unless your 'card repayments' are other cards with higher interest rates still? good luck and keep heading in the right direction.x

Keeping_Positive

Hello

Things that will help are:

http://www.makesenseofcards.com/soacalc.html
http://www.whatsthecost.com/snowball.aspx
http://www.spendingdiary.com/

1) To set a budget
2) To see how long debt will tkae to pay off and what to pay first/when
3) Shows where the money actually goes!!

Good luck

debtfreein4years

Loan £6500 Natwest (10.9%apr) (36 months, 32 remaining)
Credit Card Virgin £2200 (15.9%apr)
Credit Card Lloyds £800 (0% for 12 months from now)

I am male, 21 years old, have the following outgoings per month:

Rent £500
Loan repayment £240 (32 months remaining)
Phone £35
Gym £45
Card repayments £100~


so your take home is approx 1600 so be conservative and go with a figure you know you will take home whatever happens like 1400. does your rent include all bills? what about food, travel expenses, haircuts, presents, entertainment etc?

if you do have a approx 1400 minimum coming in and only the above outgoings then you should be able to use the 800 that you are getting back to pay off your virgin credit card leaving a balance of 1400. then i would budget the rest after your rent, phone and gym have been taken out as follows

800 to play with
240 loan to pay a month leaving 660 a month for extras and card repayment.

if you can i would pay 360 minimum off your credit cards, paying the most to virgin and just the minimum on the 0% so that you can get as much of that clear as possible just in case the absolute worst does happen and you do loose your job. your virgin card could be clear in 5 months and your lloyds card clear about 2 months after that. please only keep one credit card if you must for emergency use only.

once your cards are clear i would put the 360 away so that you can pay the loan off early as 360 away for a year would give you £4320 put away which could see your loan cleared in as little as 18 months.

gxx

RS12

Ok, that sounds good.

Now any ideas on where I should put this £800? Straight into the virgin card?

RAS

YES it is you most expensive debt!!!!!!!!!!!!!