newbie - help

BeautyandtheBeast_3

Hi, i did start apost under MollyLolly - but however due to my incompetance and frustrationat all things computer related i have cocked up somewhere so i have had to open a new username - i will get the other one deleted (so ou know im not a troll)
Hi, im new!

I have realised that i MUST get rid of my debt and i need to start doing it ASAP. does anyone have any advice on how to get rid. i would like to be debt free with 4 years.

i have:
Personal Loan for £13k with 46 repayments left
Egg C/C £4800
Virgin £4500
M&S £1700
Hsbc £500
Tesco £300
Next £130

everymonth i pay out £530 approx in repayments. i get a salary rise in sept upto £28500.

anyone have any ideas - i am finding myself using the CC at the end of the month. I know there are things to stop like the odd silly purchase here and there but i dont know what else to do.

i have tried to re neogiate my PL as the interest rate is 14.9 but they are offering 8.7 - i applied but application has been referred to the underwritters - i have checked my credit report - everything is fine using up 47% of available credit. wondering why i had been referred and wondering if you tell me any ways to get out of debt the faster the better.

p.s i dont smoke or have any luxuries of any major signifigance.

thanks for reading.

i dont have any PPI on my loan - had a look at the SOA thingy and OMG where do i start? i did a snowball thingy as well.

Horace

Hi and welcome back.

Please can you post your SOA - statement of affairs https://www.makesenseofcards.com/soacalc.html and follow the instructions for MSE to copy and paste it here (firstly though you will have to delete the weblinks at the bottom of the page otherwise you wont be allowed to post it).

As soon as we have your SOA with your incoming and outgoings including the APRs on your credit cards, we will be able to advise further.

BeautyandtheBeast_3

ok i will do my best!!

BeautyandtheBeast_3

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1566
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1566
Monthly Expense Details
Mortgage................................ 820
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 150
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 5
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1055

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 14000....(820)......6.7
Total secured & HP debts...... 14000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................13717.2...298.2.....14.9
gold card......................493.33....12........20.9
tesco..........................330.78....9.........16.9
egg............................4843.82...100.......16.9
m&s............................2323.61...45........20.9
next...........................132.79....13........26.9
virgin.........................4652.51...50........16.6
Total unsecured debts..........26494.04..527.2.....-

Monthly Budget Summary
Total monthly income.................... 1,566
Expenses (including HP & secured debts). 1,055
Available for debt repayments........... 511
Monthly UNsecured debt repayments....... 527.2
Amount short for making debt repayments. -16.2
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -14,000
Total Unsecured debt.................... -26,494.04
Net Assets.............................. -40,094.04

BeautyandtheBeast_3

now out the £820 i hav put down for mortgage - that is actually into a joint account from which all the other bills (gas, electric, council tax groceries etc)come from - im just focusing on my sole debt.

i will have my payrisein september - it cant come quick enough!!!!

BeautyandtheBeast_3

also the mortgage is 140k not 14 - i wish!

Katy_M_2

Hi there

Welcome to the board!

Firstly I would take Horace's advice so that everyone can give you the best advice for your exact situation.

You do seem to be paying out to lots of different credit companies. I my opinion (but I'm quite new to all this too) I would try and apply for a credit with a long term 0% interest offer on balance transfers and consolidate some of the smaller debts into one easier to manage sum.

There are articles on the main website about which cards are the best to do this with - and of course do not use the card to make any purchases with once you have transferred a balance onto it as you will incur interest on those purchases.

It is recommended to pay off the debts with the highest interest rates first to lessen the amount of interest you are paying. If you have the time to look it into it all you can work your accounts so that you never have to pay interest at all. This is called 'credit card tarting' and there is also an article about this on the main website. It basically involves using cards with 0% interest on balance transfers for say 12 months....then when that 12 months is up..moving it to another card.

The last thing you want to be doing is paying interest on top of all that you owe.

But you have already taken the first step by posting on these boards...you will get the best advice possible here.

Good Luck with it all

Deep_In_Debt

Your pet insurance is really high - how many animals do you have?

BeautyandtheBeast_3

Thanks Katy

i got myself into a right pickle a few years ago - i consolidated my debts by taking out a personal loan - which is where im at now - i also have the virgin and egg C/C which were/are 0% for long term (virgin 16 months - egg - 15?) so i am trying to pay off more than i have to with those two whilst i still have these bonus period.

i wonder if i could transfer the smaller amounts - tesco and gold onto the virgin and egg to clear those two up???

i really regret where i am at the moment - i have recently had to update my wardrobe due to weightloss.
i dont have my hair cut often - if i do - i have a special rate - there is a lady who does OAP's and if i go in on a wednesday she will do it at OAP rate - i LOVE that lady!

i only had 2 Credit cards until my car decided to die and needed major surgery which i put on the gold and tesco - i had cleared those two cards! I cant afford to buy a new car - well i could if i didnt have that huge sum of £298 going out every month. i have 46 payments left i really really want to be as debt free as possible by then.

BeautyandtheBeast_3

deep in debt - i have 2 horses which unfortunately i cant loan out and i cant sell them as they are so very old now. thats where a lot of my money goes and comes out in piles of manure. but there is nothing i can do to reduce or get of that debt - that may as well be a personal loan as well.

Katy_M_2

In my opinion.....I wouldn't pay off my main bulk onto the virgin and egg credit card as you should not be building any interest up on these yet (unless you have made purchases on them)

I would defo suggest transferring the smaller balances into one with a o% interest offer.

Which of your cards have promotional rates and what are the APR%'s on your credit accounts?

Congrats on the weightloss though! I've got an old pony too so I know how much hard work they can be....it is rewarding though! Although my old man still acts like he's 7.....but then he is male so I don't know what else I would expect from him really.......