My Debts!!!!

MasterBell_2

Right my Debts

Barclaycard 3560 15%
Overdraft 1500 12%
HSBC Credit Card 1930 1,24% a month
Tesco Credit Card 1340 0% (for around 6 months)
Tesco Loan 5500 7%
Total 13830

only outgoings are
petrol -60, rent 170, mobile 40 insurance 45

is a consoladation the best i am really not going to get in this debt again Already cut me cards up. dont think me credit rating is amazing im only 20

if so who are the best people to go with.................


incomings are crap....

also i used to trade alot on ebay so may be worth utilizing that i just dont no where to get any bargains from now so help with that would be lovely..

southernscouser

Hi MasterBell and welcome to MSE! :beer:

What exactly is your income?

Any chance of getting a part-time job?

Consolidation loans often aren't the best way to go!

MasterBell_2

sorry might be best to put that take home around 850-900 a month take home from a full time job (just started) used to trade on ebay full time made enough money just spent it..
I used to go out alot and spend alot of socialising, clothes etc etc

am willing to sell its just i cant seem to find the bargains anywhere now,
(plus) most places are saying i am not allowed to sell there products due to terms and conditions these places being orange, o2 etc etc

southernscouser

Well I make your outgoings around £450 a month not including your loan. What is the monthly payment on this?

Any chance if getting a part-time job? Bar work? Something like that?

CLAPTON

could you add a bit more detail about your circumstances e.g. you pay rent but buy no food, do you pay council tax, etc etc

MasterBell_2

sorry again still live with my parents loan repayment is 150 (cant overpay) but am planning on chucking as much money as poss at my barclaycard..

CLAPTON

yes, its best to pay the credit card with the highest APR first, although the Barclaycard and the HSBC are probably similar. No point in over paying the loan in any case.
Can you get an additional job, bar work or something like that which will provide a cheap social life and provide additional income to throw at the debts

moozie_2

Hi there and welcome

You don't seem to have accounted for food and car expenses. You have taken a loan out previously. Was that for consolidation too? How sure are you that if you took another loan out, you wouldn't build up more debts on credit cards? It can easily happen, I can tell you

I know it's very tempting to just have one amount to pay each month but, in the long term, it may be the wrong solution for you.

You could try and transfer balances to lower APR cards. If that's not possible at the moment, you could pay as much as you can off them, until your credit rating improves enough to allow you to make transfers.

HTH

MasterBell_2

i am positive i wouldnt build up my other debts if i took out a consodation loan, the loan before was to buy my car as this worked out cheaper than hp...
food i dont really have any as i still live with my parents and my car ins and petrol is stated both around £45 a month

cheers

lynzpower

hi there
its really best if you do an soa and then we can see exactly whats coming in and out out of your wages. Its a bit difficult at the moment!

Lynz x

skintchick

If the figures above are right, then you have £400 a month to throw at your debts. Have you tried the snowball calculator?

https://www.whatsthecost.co.uk/snowball.aspx

You put in all your debts, APRs and minimum payments and then it tells you which to pay off first with how much money AND when you'll be debt-free!

worth doing to compare with what the situation woudl be with a loan, which I don;t advise either. You'll pay more interest in the long run.

Defo think about a second job - most of us on here have two jobs, some even more, and it really makes a difference.