My SOA as promised...

In_Search_Of_Me

Am shattered & just wanted to send a hug...please tell OH...much better than having secrets which are always destructive...speak tomorrow...

LittleL_4

Hi and thanks again,
Well another sleepless night, so I thought put it all into a manageable plan and STICK to it. So I got up and did some yoga as I felt really unwell yesterday, and I need to stay healthy to get this sorted.

I'm gonna start a spending diary today, save £2 coins ( I have £4 already), work for the agency alot more ( I can earn £120) for one night shift and more at weekends. I gave up nursing for a while coz I suffered from Chronic Fatigue (ME type illness) for about 2.5 yrs. I then took up yoga and meditation, and feel alot better although I have days when I'm still quite low.. So I'm kinda nervous about going back in but I've got to as I've no other choice. Keep the business going (I've got an agent in London really interested in my product and wants to approach J.lewis, Bordersbooks etc) so we'll see how things go there. I need to stay positive as my mood affects my body so much....

I'm also gonna cancel things this week (recommended by you lovely people) and slash that mobile bill ( I need it for business). Look at transferring my high interest c/c onto a 0% and hammering every penny onto them. I'm also gonna get my paperwork in order and see it almost like a challenge to reduce the debt rather than a burden.

Look into selling on e-bay, I have unused golf clubs ( ladies), mountain bike, lots of jewellery I don't wear, cd's, yoga stuff etc... Are these the kinds of things that sell?

Anyway, I hope to speak to you all soon and enjoy your bank holiday
Lesley
x

in*the*red_6

LittleL wrote:

Hi,
Well here it is, hope you can help me......please!!!!

Virgin c/c £5,600 (balance £5,411) ?% about 16% I think?
Barclaycard c/c £3,800 (balance £3,403) 19.9%
Monument c/c £3,500 (balance £3,300) 0% til August
Abbey c/c £2,300 (balance £2,007.71) 14.8%
Morgan Stanley c/c £2,100 (balance £2000) 14.9%
Capital One c/c £1000 (balance £700) 29.9% (oh my gawd!!!!)
Egg c/c £3000 (balance £2800) 14.9%
Harvey Nics Store Card £1500 (balance £300) 24%
Overdraft £550 (balance £550)
Clydesdale Bank Personal Loan £5000 (balance 4yrs of payments left) 12.9%
TOTAL £25,471.71

Hi Lesley

These rates are going to cripple you, you need to get them transferred to lower interest rates asap if at all possible.

I think it's unlikely that you're going to get 0% cards to cover all of these debts but maybe if you can get one and transfer Cap one and Harvey nics onto it then you'll be in a better position. I would also advocate applying for a low cost life of balance card to transfer Virgin to if you can. Paying 16% interest on that amount you can only be paying off about £5 a month making the minimum payment (I know I did it!). We have the BA Amex which is 4.9% for the life of the balance. Don't ever spend on this card BTW!

For the rest of the cards, if you can get any other 0% deals then all well and good but obviously I don't know your credit rating and it doesn't always look good to lenders if you apply for lots of things in a short space of time. I would suggest you ring the others (Barclaycard etc) and barter with them on the phone to lower their existing interest rates - this has been successful for many people on this board.

Once you've got your interest rates in the best shape you can, you should snowball. Have a look at this site for the principle. You need to target the debt with the highest APR first while keeping up the minimum payments on the others.

I hope this helps, I haven't looked in detail at your SOA, others will be better at saving you money there, but if you can find a surplus to throw at your debts, this is how I would approach it.

Good luck

LittleL_4

Hi and thanks,
They are crippling me.... I'm going to apply for a 0% C/C today and was wondering if anyone can advise which one to go for? My credit score with equifax is 907/1000 (good category) In fact, if I can get 2 on the go with reasonably good limits I'm gonna transfer as much as I can, then as I said, get rid of the nasty interest for starters..

Hope someone can help....

Lesley
x

Annie_Fanny

Which bank are you with? You need to find out the APR of your overdraft as well. Just so you know what's what!

Try opening an Alliance & Leicester bank account (you would need to put your wages in there) and they will give you a £25 incentive and a 0% free overdraft for a year!

Also First Direct - they give a £50 incentive - again you would need to pay your wages in but as soon as you get the incentive shut the account and grab the £50!!



Good luck!

Sea78

Open those through https://www.quidco.com and you'll get cashback too!

Sea xx

LittleL_4

Cheers thanks for that, I'll definitely look into it, great ways of saving and gaining money. Gawd I'm learning so much from this forum... What about the C/C? Any ideas who to apply to?

Lesley
x

OberonSH

Personally I'd check out martin's articles on C/C's and see if there's any info there.