It has to go !

Mkennedy1047

Hi everyone

Ive been reading the forum for a couple of weeks now and finally decided to sign up.

I work for a bank myself and have done now for over 3 and a half years. My debt started when I was 18 , I crashed my first car and went out and managed to get finance on a brand new clio. This was cripiling me with insurance and installments as I was only a part time worker !

One thing lead to another and Ive become a serious petrol head, each time loosing money on a car by selling it cheap due to it breaking. I have found that the cars I like have stupid insurance, and as a young lad its been even worse, but ive found it easy enough to pay opn my credit card till now. :rolleyes:

Im 22 and I have 2 cars, ones , my toy and ones my run around. Ill never sell my toy as ive put too much time effort and money into it and ill be left with nothing otherwise.

I am by no means struggling , but its a case of wanting the debt gone and the worry off my shoulders, I have no real plans of action yet, but I am looking for kind advice on how to tackle the following :

Halifax loan - 6.4 % Taken out for £14000 Back end of last year , paying £208 p/m with NO insurance

Halifax C/C #1 : £840 balance on 0% till the end of the year

Halifax C/C #2: £3800 balance, 5.9% fixed lifetime of the balance

Capital One C/C : £3200 , 19.95% due to rise soon ( this is the one im worried about the most for now )

I have signed up to a few mystery shopping sites to earn extra cash to throw at the credit cards, and also last night picked up a large amount of car parts I have that can go on ebay !

Im here for support, so I thank you in advance for any you give

Mark

Primula

Hello and welcome
You have come to the right place for support and invaluable advice. I think you should post your SoA (Statement of Affairs) so the experts on here can give you lots of advice on things you can cut back on and ways of saving money. I don't know the link for the SoA but hopefully someone will come along soon and post it. I'll pop back soon to see how you are getting on, meantime though definitely get your spare car bits up for sale and use the money for paying off your highest credit card.
P

Mkennedy1047

Thanks for the reply

Yes im going to be pre-paring all the parts I dont need tonight and advertings them for sale, I might even sell the run around car I have

Primula

Good idea, one car is expensive enough to keep, so selling one of them would surely free up some money from insurances etc. Well done, you are thinking MSE style already!

Mkennedy1047

Add will be made tonight :T

novagirl

Make sure that you do shop around for your car insurance. I too am a bit of a petrol head and funnily enough work for a bank aswell. There aren't many insurance companies about (depending on what th car is like?) that will insure my car but you only need to ind 2 to play them off against each other and get your insurance as low as possible

Mkennedy1047

I dont do too bad, Ive got a 200sx and a Saxo VTS , at the minute ones off the road so I use the insurance and swap the cars on the policy.

Ive never shopped around for insurance ever, allways been with elephant ... mainly due to paying for the 10 month no claims accelerator, which most other companies wont recognise