8k DEBT HELP

Antj87

8k debt

how do i clear?


4000 @19.6%
3500 @ 6.9%

500 @ 0% for 12 mnths

i can get a loan @ 11.9%

to covewr the first too


cannot just get loan for 19.6% as the repayments for it are £150 and for the 6.9% £150 allso so toogether wuld be too much

lynzpower

Hi there!!

Welcome to DFW!

If you have a look at southern scousers, first time posters, and pop up an SOA, we will be able to find you sone savings, and work out how to get debt free asap!

Consolidation loans arnt really the answer, many of us have been burned by them before, lets see whats going on, and find a solution for ya

Antj87

Month
Rent - House £224.00
Rent - Gararge £20.40
Telephone - House + internet-£50.00
Telephone - Mobile £40.00 *CHANGED*
TV Licence £10.96
Council tax £67.40
Water £31.00
Gas £60.00
Electricity £60.00
Food £150.00 - *CHANGED*
Car tax £14.68
Bike tax £5.20
Petrol £80.00

Total £984

Income:
Wages: £1,300

Total: £1,300


Egg Credit card Egg Card - £3,360.16 limit 3.5k ---19.6%
Egg Loan Egg Loan - £3,773.27 160/mnth --- 6.9%
Barclaycard ... Credit card Platinum Visa - £430.04 2.4k limit--- 0% bal transfer till jan
Halifax Bank... Credit card Credit Card + £1.95
Halifax Bank... Current account Bank Account £0.00
Lloyds TSB (UK) Current account Select-GERALD + £73.42

CosmoCat

Hi there and welcome to MSE!!

a few things, your mobile bill seems mega-high, are you sure you're on the right contract for you. Also your gas and electricity are quite high as well. And how many people are you feeding on £200 a month. there are alot of ways to cut back on your foodbill on the Old Style board. so have a visit there. you might be able to save on these things and increase your payments to your debt rather than get a loan to pay them off.

you also have some money on your 0% balance transfer card, can you not put some of the egg card balance on that?

more advice from more knowledgeable people to follow. hope you become debt free soon.

Antj87

lol typed wrong lol changed

food is also only 150£

lynzpower

Cheers for this

Month
Rent - House £224.00
Rent - Gararge £20.40 ( do you ABSOLUTELY NEED this)
Telephone - House £50.00 (:eek: what does this cover?)
Telephone - Mobile £160.00 ( WOWEE, no wonder your skint!!!! What the hell are you doing on it calling internationally?? )
TV Licence £10.96
Council tax £67.40 ( is this with single persons discount?)
Water £31.00 ( a bit high)
Gas £60.00 ( HIGH WAY TOO HIGH, check for cheaperr supliers, or put a jumper on. this is more than double what most people pay. Are you paying off arrears? If so how much)
Electricity £60.00 ( again :eek: way too high!!)
Food £200.00 ( is this just for you? Me & OH do 100 a month between us., so youcan easily halve this no trouble)
Car tax £14.68
Bike tax £5.20 ( youve got a car and a motorbike- do ohu really NEED both?)
Petrol £80.00 (again, quite high, could you cut down your journeys?)

Total £984

Income:
Wages: £1,300

Total: £1,300


Egg Credit card Egg Card - £3,360.16 limit 3.5k ---19.6%
Egg Loan Egg Loan - £3,773.27 160/mnth --- 6.9%
Barclaycard ... Credit card Platinum Visa - £430.04 2.4k limit--- 0% bal transfer till jan
Halifax Bank... Credit card Credit Card + £1.95
Halifax Bank... Current account Bank Account £0.00
Lloyds TSB (UK) Current account Select-GERALD + £73.42

Hi with these debts, what are you paying off a month. Is it that you have a halifax CC there with no balance on it? Whats the APR? You might want to shuffle your debts round to get the lowest APRs on them, so what you are paying is actually coming off the total and not the interest.

Also if theres a halifax bank account with no money in it, close it, as it maybe affecting your credit rating.

Hope this helps, its not quite as bad as you might think

tesuhoha

Can you get another 0% card for some of the other debts? This would be much better than a loan, or a low rate life of balance card as recommended by Martin on this site. If you cant get them, then you should pay the most you can off the card with the highest APR each month and pay the minimum payment on the other two.

Antj87

lynzpower wrote:

Cheers for this

Month
Rent - House £224.00
Rent - Gararge £20.40 ( do you ABSOLUTELY NEED this)
Telephone - House £50.00 (:eek: what does this cover?)
Telephone - Mobile £160.00 ( WOWEE, no wonder your skint!!!! What the hell are you doing on it calling internationally?? )
TV Licence £10.96
Council tax £67.40 ( is this with single persons discount?)
Water £31.00 ( a bit high)
Gas £60.00 ( HIGH WAY TOO HIGH, check for cheaperr supliers, or put a jumper on. this is more than double what most people pay. Are you paying off arrears? If so how much)
Electricity £60.00 ( again :eek: way too high!!)
Food £200.00 ( is this just for you? Me & OH do 100 a month between us., so youcan easily halve this no trouble)
Car tax £14.68
Bike tax £5.20 ( youve got a car and a motorbike- do ohu really NEED both?)
Petrol £80.00 (again, quite high, could you cut down your journeys?)

Total £984

Income:
Wages: £1,300

Total: £1,300


Egg Credit card Egg Card - £3,360.16 limit 3.5k ---19.6%
Egg Loan Egg Loan - £3,773.27 160/mnth --- 6.9%
Barclaycard ... Credit card Platinum Visa - £430.04 2.4k limit--- 0% bal transfer till jan
Halifax Bank... Credit card Credit Card + £1.95
Halifax Bank... Current account Bank Account £0.00
Lloyds TSB (UK) Current account Select-GERALD + £73.42

Hi with these debts, what are you paying off a month. Is it that you have a halifax CC there with no balance on it? Whats the APR? You might want to shuffle your debts round to get the lowest APRs on them, so what you are paying is actually coming off the total and not the interest.

Also if theres a halifax bank account with no money in it, close it, as it maybe affecting your credit rating.

Hope this helps, its not quite as bad as you might think

GARAGE NEEDED AS PART OR WORK!!

TELEPHONE IS £40 with internet

mobile is 40 a mnth

yes single person discount

water is going on to a prepayment thing

gas and electric gonna use uswitch.com "Thanks"

4 people 200£ is good i thought for food

yes i need car and bike as linked to work

Antj87

tesuhoha wrote:

Can you get another 0% card for some of the other debts? This would be much better than a loan, or a low rate life of balance card as recommended by Martin on this site. If you cant get them, then you should pay the most you can off the card with the highest APR each month and pay the minimum payment on the other two.

my halifax card is 20.9% apr

lynzpower

Antj87 wrote:

GARAGE NEEDED AS PART OR WORK!!

TELEPHONE IS £40 with internet

mobile is 40 a mnth

yes single person discount

water is going on to a prepayment thing

gas and electric gonna use uswitch.com "Thanks"

4 people 200£ is good i thought for food

yes i need car and bike as linked to work

Hi there
If you have vehicles and the storage for work, what do they give you- or are you self employed? Do you get mileage etc?

Whats the living situation- you are paying for food for 4 ( yes, 200 isnt bad ) but you have a single persons discount?

If you do uswitch do gas & electric seperately ( unles you are getting a duel fuel discount obviosuly ) go via Quidco and get £8 cash back

So if your mobile is on a £40 contract, you are spending 120 extra on this per month? Why?

Best of luck
lynz
xx

tesuhoha

Antj87 wrote:

my halifax card is 20.9% apr

Yes thats why I asked if you could transfer it to a 0% card or a lower interest rate. If you take out a loan as it will be over a period of years you will probably end up paying more even than if you keep your Halifax card and throw as much as you can at it to clear it.