Hope this is the right place - debt advice please!

genhb

I need advice – here is a summary of my debt situation.
My boyfriend has lent me £1,700, which has been used to pay off an HSBC credit card. I still have the card ‘though don’t use it. I can pay him back at any time – interest free – so I don’t need to worry about this for the time being.
My mother has lent me £4,500, which paid off a credit card. This card has now been cancelled. The card was paid off in April 2009; I am paying this back to her at £80 a month plus any (base rate) interest that she will accrue over this period. This is currently 1.5%. I have paid off £640 leaving me £3,927.50 (This takes into account the interest, which will be about £67.50 over the course of the loan). I will finish payment in November 2013.
I have a personal loan, which currently stands at £6,700. It is due for completion in August 2012. I currently pay back £218 per month; the interest is 11.9%. This equates to paying back £194.82 each month with the extra £23.18 just as interest.
I have average outgoings, but I am an artist and pay for a studio which amounts to £90 per month.
I am overdrawn by £1,000 and pay interest of £10 per month.
I am paying back a student loan of approximately £8,000. I pay back £56 per month. I’m not sure what the interest rate is, but it is not too much -3% I believe.
My income, after tax each month is £1335.
I am claiming back my PPI from HSBC bank, which I believe I was miss sold on the policy; I am confident of getting the money back which I conservatively reckon to be about £1,500.
I am considering going down the credit card route to get out of interest. Would I need more than one card? Also I have moved around a little – two years in my last residence, but without paying council there. I have been in the current rented accommodation since July and have been paying council tax (now being on the electoral register) since then. I’m not sure how all this will affect my credit rating for obtaining an interest free credit card. Would I need to check my credit rating first?
Taking account all the above, can anybody advise for on the quickest and most cost-effective route to getting out of debt? Should/could I consolidate it all and go bankrupt? I would rather pay a smaller interest-free amount over a longer period, so that I can at least have a bit of fun rather than not being able to do anything over the next 4 years.

Thank you

Gen

tori.k

www.makesenseofcards.com/soacalc.html

Hiya Gen didnt like to read and run fill out and post a SOA from the link above and someone will be along with some good ideas.
Best of luck

mooomin

Hi and welcome Gen!!

Like the previous poster said, fill in the SOA so that we can see how much you have coming in/going out and can advise you accordingly.

It is perfectly possible to get out of debt and still have a life, you just learn to pay for it with real money not debt!

I would say that getting another credit card might not be the best thing going by your previous post where you say that other people have paid these off for you in the past. The last thing you want/need is to incur more debt, and a new card could be tempting!

Well done for posting :T