2009 - The Year things will Change!

Bear_Spender

Hi,

I posted on here a few years ago and shyed away as I didnt really truly, understand the severity of my situation probably as most other people have done on here.

At the start of the year I was in this situation £41,500

I am now at the following Debt and determined to clear it. I earn £28500 a year minus Pension

CC1 - £9600 Interest on last statement £183
CC2 - £2000 Fixed 5.9% LOB
CC3 - £300
CC4 - £4900 Interest £96
CC5 - £7700 Fixed 5.7% LOB
CC6 - £11370 Fixed 5.9% LOB
CC7 - £672 Interest on last statement £14.71

CC8 - £2200 not in my name but I owe onto this 0% interest at the moment

Overdraft - £1700 - Currently £1500

Paid Next Friday! Monthly Take home £1700

I have never ever missed a single payment, been late, or anything! I want to clear this lot but how do I approach doing it? I have access to £1200 and am considering offering full and final? but im assuming as I have never been a "problem" (I mean that in the right sense of the word) customer to the companies, they are just going to laugh me out arent they? Advice Please?

What about asking all of them to stop applying interest? Does this affect my credit rating/score? or should I not really care about that and just do all I can to clear it as quickly as possible?

Im not sure which is the best way to tackle this at the moment? any advice greatly appreciated.

Phweewwww! I feel a kind of relief that I am asking for help? any and all is greatly appreciated.

Thanks

RAS

Hi

What is the account with the highest Interest?

And if you have an OD, what is the cost of that every month?

Bear_Spender

RAS wrote: »

Hi

What is the account with the highest Interest?

And if you have an OD, what is the cost of that every month?

Hi

Im just in process of doing my SOA and I can see my problem immediately! I am spending more than I earn! Holy !!!!!! I dint realise by that much!

Highest Interest CC 1 £180 per month

OD each month £17 per month

RAS

What is the interest rate APR not how much interest.

TurnaroundSue

Go to www.whatsthecost.com and you can put in all your debts into the snowball to ensure you are paying off the correct debts in the correct order - it will also give you a debt free date which might help you focus on trying to get your debt reduced quicker to bring that date ever closer.

Good luck and well done for coming back and confronting your debt.

Bear_Spender

RAS wrote: »

What is the interest rate APR not how much interest.

ah I get you!! High as it ran out of its 0% term now looking to shift it to the card with 272 on it when that is cleared to try get a fixed LOB or 0%

Looking to clear and close the one with £350 on next month with some of the £1200 I have?

Bear_Spender

TurnaroundSue wrote: »

Go to www.whatsthecost.com and you can put in all your debts into the snowball to ensure you are paying off the correct debts in the correct order - it will also give you a debt free date which might help you focus on trying to get your debt reduced quicker to bring that date ever closer.

Good luck and well done for coming back and confronting your debt.

Thanks I will try to have a look now! and im just about to post my SOA to show how bad it really is?!?

Bear_Spender

ok here we go this is how bad it is!

In£1,700
Current Mortgage £545
House Insurance £18
Gas £25
Electricity £12
Life Insurance £14
BT £26
Council Tax £70
TV Licence £12
Sky £20
CC1 £200
CC2 £52
CC3 £25
CC4 £100
CC5 £75
CC6 £125
CC7 £50
CC8 £225
Broadband £3
Mobile £30
Parking £20
OD interest £17
Setanta£13
Fuel£250
Food£150

Setanta is going this weekend!

beanielou

Assume fuel @ £250 is a typo?

Bear_Spender

beanielou wrote: »

Assume fuel @ £250 is a typo?

Helo based on the last month no, I cant find a full month where i paid either card or cash?!?! yep point taken I need to get the exact figure how much it cost me I do 250 mile round trip twice a month, so thats £70 quid? Yeah im probably over by 80-90 quid there. Point taken pen and paper going in the car to record fill ups cost and mileage then get true accurate cost

Thank you

RAS

Lost a whole post

Bear_Spender wrote: »

In£1,700


Current Mortgage £545
House Insurance £18
Gas £25
Electricity £12
Life Insurance £14
BT £26
Council Tax £70
TV Licence £12
Sky £20
Broadband £3
Car tax ?
Car insurance ?
Mobile £30
Parking £20
Setanta£13
Fuel£250
Food£150
Clothes?
Holidays?
Presents?
Going out?

£1208

CC1 - £9600 £200 Interest on last statement £183
CC2 - £2000 £52 Fixed 5.9% LOB
CC3 - £300 £25 - why so much on this one???????????????
CC4 - £4900 £100 Interest £96
CC5 - £7700 £75 Fixed 5.7% LOB
CC6 - £11370 £125 Fixed 5.9% LOB
CC7 - £672 £50 Interest on last statement £14.71 and why so much on this one?

CC8 - £2200 £225 not in my name but I owe onto this 0% interest at the moment and ditto?

Overdraft - £1700 interest £17 so about 12% APR?- Currently £1500


Thats about £850


Setanta is going this weekend!

So you are over spending by at least £300 per month.
Can you take a lodger.

What have you bought that you can sell on e-bay, amazon and at car boots to kick start the situation.

You need those APRS and I am going to try and post up the CC information correctly.