My SOA. It's a bit tight - advice gratefully received

barnaby-bear

barnaby-bear wrote: »

At least you can say you did something interesting with it then..... you really need your APRs as high level of debt but decent income and if decent credit record you maybe able to do some serious snowballing or shuffling tricks to optimise paying it off (shuffling where you pay off one then transfer balance from another higher onto cleared card onto a lower rate as often will offer you something better to get the business, snowballing overpay the highest interest rate one a bit then cascade down).

How old are you? Your main expenditure other than loans is basic living - house share with 3 others and you slash the council tax, and a lot of the utilities.... ? Big lifestyle change but could free up £400-500 a month for overpayments....

or join a dating site and half the living costs just make sure you go for professionals rather than professional gold-diggers;

NoddingDog

Snowballing...... Shuffling...... Nice!

Well I have shuffled, but then used up the remaining spare balance due to lack of funds. I do have a good credit score, as I have never defaulted on any of my previous loans or cards.

As for my age, I'm 38. I'm a professional who needs alot of space, so sharing with others isn't an option, although I appreciate the wisdom in the advice. I suppose If I lived in London I wouldn't have a choice, but thankfully I don't, and therefore I do.

NoddingDog

Actually 'Cascade Down' was beautifully conceived, I thought. The idea of a watery cascade is welcome relief to the maddening mind penetration of the plastic!

SueP19

NoddingDog wrote: »

Need to find a brilliant accountant - in fact I know of a friend who earns significantly more than myself, and yet only paid £850 tax! Brilliant!

Be wary of this one, accountants promising very low tax, I would guess on that tax (£850)that the profit declared was only about £10k. !!!!!!

It's better to sleep at night knowing you have paid your dues. After all tax evasion is prisonable.

Don't mean to sound dour, but often people think that their affairs are being done correctly and assume that the accountant must be a good one to get the tax so low......................................no, they are just dodgy:eek:

On a much lighter note, good luck, you have quite a bit to play with and some good ideas have been given, I very new to this and am on a negative end balance