Help Please

RinTin_2

I currently am £23965.92 in debt:

Egg £6213.15 (15.9 APR)
Cahoot £9935.34 (11.5)
Overdraft £3785.34 (17.1)
Business overdraft £4032.09 (17.1)


I have no idea how I can start to reduce these debts as I currently pay £3467.2355 a year in interest even before I start to make any difference on the actual payments. I am not very good at doing the maths ( a friend help me put these figures together on a spreadsheet) and can read all the different offers available until I'm blue in the face but still don'tknow how to move forward. I also pay heftly bank chareges each month and don't know if I should take out another loan to consolidate the above or what. Any advice much appreciated.

Thank you

Quasar

Your situation, happily, is nowhere near as bad as some of our other members here. However it is obviously a problem that you need to address, so well done for posting here. You have taken an important step towards being debt free.

What you need to do now is to post a detailed list of your outgoings: mortgage/rent, which bill and how much each, food, clothing, everything you spend. Don't forget subscriptions if any, internet accounts etc.

The someone in the know will come along and identify ways for you to save here to pay there.

Welcome and good luck, RinTin!

isasmurf

RinTin, Welcome to MSE.

I'm moving this to the Debts board where you will get more help.

forsya

Hi Rintin

Welcome to MSE, well you have already made a start to reducing your debts by coming on this website! There is lots of advice and support to help you.

It would be helpful if you would post your SOA (Statement of affairs) list your monthly outgoings and your income. We can then look at ways to cut down and perhaps pay off more towards your debt.

Do you know what your credit rating is like? Would you be able to get a 0% credit card (presume the Egg is a credit card?)

Make sure you have a budget in place, there is help on this website to put one together.

This link is good for working out the total cost (you said you weren't very good at maths!!)

http://www.whatsthecost.com/snowball.aspx

All the best to you Rintin, we are here to help.

xx

aHullKingstonRover

Hi RinTin,

Are your personal finances and business accounts kept separate?

Do you use an accountant for the business side of things e.g. to balance the books and for other things such as to calculate out how much tax you owe the Inland Revenue?

RinTin_2

Yes, I try to keep them separate and transfer money between the two accounts to cover personal spending but I'm always playing catch up.

I have recently taken on an accountant who did have quite a lot of work to do to get me up to date - now I have to pay £1000 to him as well on top of the existing debt. The problem as with all businesess is cash flow and I am struggling with this at the moment.

RinTin_2

Thanks for that - I'll get started and come back to you.

amosworks

I replied to this post but my reply has dissapeared??

*Confused and worried*

little_miss_broke_2

Hi Rintin,

Just to repeat what's been already said, you've come to the right place. Once you can get your SoA posted there will be a whole load of people that can help and advise you.

Good luck

tyllwyd

amosworks wrote:

I replied to this post but my reply has dissapeared??

*Confused and worried*

Don't panic - there are two almost identical threads and I think your reply is on the other one

http://forums.moneysavingexpert.com/showthread.html?t=165300

amosworks

tyllwyd wrote:

Don't panic - there are two almost identical threads and I think your reply is on the other one

http://forums.moneysavingexpert.com/showthread.html?t=165300

Hehe no I noticed that, I replied to both
Maybe all I'm missing is a few multicoloured snails to solve this riddle if you get what I mean lol