Your advise please

gouldilocks

Hi Ben,

Thanks, any help is greatly appreciated!

H x

thirdparty

Hi

Why do you have 2 life assurance policies? Do you need both?
Mobile - pretty high, need to cut down usage, are you still under contract? What is you line rental and usage like?
Petrol - this is very high - is this due to mileage or thirsty car?
Overdraft - what is this costing you in interest and charges a month?
Food - this is high - is this for one or for family?
What are the credit limits on you creditcards?
What is the APRs on creditcard and overdraft?

Plan
Aim to cut expenditure by £60 - £100 p.m (£720 - £1200 savings per year) more if you can without too much sacrifrice.
Obtain another creditcard and transfer overdraft and remaining egg balance (try MBNA).
Keep a spending diary.
If you are disciplined
Get a creditcard that has cashback on usage i.e amex blue card
Us that for every day spending i.e grocies and petrol. If you are spending £5,000 a year on those two items and getting 1% cashback that is £50 cashback.

Make sure the savings you are making is used to repay your debt and not on spending. You'll be debt free in next to no time.

D&DD

Welcome to MSE I'm always late on the welcomes but glad to see everyone has dived in already The good thing on these boards is there's usually someone around most of the time to help.Can't really add much to the advice already offered did wonder about the petrol..and if you do use this much a month are you at least collecting nectar points(BP garages) or tesco clubcard points for your trouble??This will significantly help on the food bill if you do have to shell out this per month

skintchick

On that point, and depending on your credit rating, if you get a Tesco Finest Platimun credit card you get even more points than usual when you shop at Tesco, including petrol, nad more on top of that if you shop online (I don't though). Worth a look if you are able to get another card. It's one of those where you have to earn a certain amount though I think (got mine before I was made redundant!)

purple2

Hi everyone,
I need help!

I am 25 yrs old and £10,000 in debt. I missed lots of payments on my consolidation loan when my marriage broke up and I am now with a Debt Management Company. This seemed like a good idea but I think they are charging me about 16% interest.
My credit reating is really bad, I cant even get a mobile on contract (God bless my bf :-D)
How can I get my credit rating up to help me in the future?

Please help :-)

xela_17

purple2, you will get a lot more help if you start your own thread, that way more people will see it. But for a start, dump your fee paying debt management company and go with a fee-free one like CCCs or payplan.

xela_17

gouldilocks - your egg card is probably around 15.9% interest and your overdraft at a wild guess around 14%. Since your egg card has such a small amount on it it would be sensible to pay this off asap, before tackling the overdraft. When did you get your egg card? If it was within the last few years you should probably NOT cancel it as you would get a 5 month 0% annivesary offer each year.