My situation. Advice for a newbie

Gareth83

Hi there guys and girls,

I first joined up to get advice with a relatively easy £32.09 from a debt collectors. This is now sorted, but I thought I'd ask for advice on the bigger picture.

I'm 22yrs old, and about to finish University in June so thats when my overdrafts will start racking up bills i'd imagine.

I have the following debts/assets and wondering is there a better place for my money???

Barclays Student Account is £907.51 in credit (Interest rate of 0.1%) with an interest free OD facility up to -£1500 and 0.717% for between -£1500 and -£1900

Natwest Student Account is -£1244.88 overdrawn of an interest free OD facility up to -£1400

I am owed £107.09 from mates

My Barclaycard bill is £435.04 which I pay off in full each month

Work owe me £200

I have £70 in cash

I owe my dad £1626 and have a student loan of £10520 after my next installment.

I own 2 cars. Both of which wond depreciate any more, they will rise as they are collectors cars. One is worth about £2500 the other is about £1500

I worked out if I had to pay everything off in full tomorrow I would be about £12540 in debt.

I know the student loan isn't a priority but I've heard bad stories about the SLC. and I wont have to pay it back till I earn £14000 plus I believe

Any suggestions on where I should start??? I earn about £80 a week part time, but need to stop soon so that i can study.

Hope you can help

gareth

Bokken_2

Hi and welcome to MSE
You need to do some research .Look at Martins articles on the relevant areas ie,loans and Credit cards.
Have a look at the Current account articles and best saving accounts and start switching your accounts around so that you are getting the benefit from them.
Also have a look at the stoozing board and consider stoozing you 0% overdrafts in a saving account before they run out.Only do this if you fully understand the stoozing principles and can adhere to them.
Ask for your money back from your friends.
Consider selling your cars to release the cash to pay off the debts,when you are debt free and have a job in place then consider investing in classic cars.It is up to you.
At this time I would suggest that you need to look where you wanna be in 2-5yrs and start the ground work now towards your future goals.One of those goals should be "to be debt free".
Of course it is up to you but read up as much as you can on the articles and the forums and when you are confident put it into practise.
Good luck.

skintchick

Not really sure of your situation or what you're asking TBH - can you clarify?

Gareth83

okay, i've just maxed my overdrafts up to their interest free rates and put it into my cahoot account.

that sort of info. i'm after.

also could i pay off my student loan on a credit card and then keep changing cards??

Bokken_2

Gareth83 wrote:

.

also could i pay off my student loan on a credit card and then keep changing cards??

Yes.
The problem you will face is that you are a student and may not get the good credit limits that you require to move the outstanding balances from one card to another.
Again read up on the credit card shuffle and Martins other articles and decide which is right for you.It it is best to be cautious to start with if you are unsure and then make more transactions later when you are fully aware of the terms and conditions around each transaction.