My 'SOA' advice please!

wendyl1967

Phone-£34
Mobile phone-£50 (going to go pay as you go)

Mobile phone

£50 is a lot of money for a phone. I assume a lot of that is phone calls. Could you text rather than ring and then use the land line when you get home.

https://www.easymobile.com is great for payg. At the moment it is £2 and you get an extra £25 credit. Persuade whoever you contact the most to use easymobile (the wife??) and it is only 1p to text.

Use http://www.call18866.co.uk/index2.php for phonecalls. No monthly subscription. You have to register then each time you make a phone call put 18866 infront of the number. It only costs 5p for uk landline calls anywhere in the UK and you can stay on as long as you like.

KatrinaC_2

everclear1973 wrote:

Moneyback bank loan £20,000 7 years,6 left 6% apr £350 a month
Black horse loan-balance at £6034 43 months left 11.9% apr £189 a month
Egg loan-£9000 7 years,5 left 9% apr £190 a month
Egg card-£4500 limit-at max 15.9% apr £94 a month
Egg card-£750 limit-at max 15.9% apr £17 a month
Lloyds card-£8500 limit-£4800 balance 14.9% apr £100 a month
Capital one-£2000 limit-at max 15.9% apr £100 a month
Capital one-£2500 limit-at max 15.9% apr £65 a month
Mbna card-£1000 limit-£950 balance 16.9% apr £25 a month
Mbna card-£3500 limit-£1000 balance 16.9% apr £20 a month
Overdraft(lloyds) £5000 limit-£4500 used unsure
Abbey overdraft £1000 limit-slightly over due to dd charges! unsure
Evans store card-limit £1600-balance £1402 20% apr £56 a month

£1206 paid a month on cards and loans!

There are a lot of different debts here with very different APRs and balances. One of the most important things I was advised is to shuffle the debts about to get as much on the lowest APR possible. It is a pain to do (I had three cards and an overdraft and it took me all afternoon!), but it can save you hundreds of pounds in interest. As a priority I'd consider moving your Evans card debt onto one of the other cards as 20% interest is highway robbery!

It is also worth calling your card companies and asking them whether they will lower your interest rates - many will do so, especially if they think you will transfer the balance to another card if the other company offers you a better deal. It's also worth asking whether they'd consider balance transfer deals on the better cards.

Kat

everclear1973_2

Thanks for the tips,will put them in place,but we can't get freeview where we are.I can't really see where us saving a £100 month and putting towards card balance will get me? Surely i have to look at ringing cccs or payplan? I'd really like advice on this and what the drawbacks might be,before i get brave and ring one of them.

everclear1973_2

Hi,i ended up ringing payplan,seem nice and they have suggested a dmp,which they are in the process of starting.They have suggested a payment of £1033 to them after re-doing my budget,which has increased the food total and petrol for instance.I've opened a new bank account for me and the wife,a natwest step account,no overdraft or cheque book! Does this sound like the way to go? Also i'm £3500 into a £5000 limit on my o/d,i've cancelled the non essential direct debits,should i now start taking money out of my lloyds bank account and put into natwest one before the payplan really starts? Thanks in advance!!!

beanielou

Certainly dont get further money paid into Llyods TSB.
Arrange for it to be paid into your new account ASAP
HTH

everclear1973_2

Hi,wages went in 2 weeks ago,before starting the payplan idea (just sending off paperwork) so it hasn't actually started yet.Will lloyds being part of the eventual dmp kick off if i more or less take my o/d up to the limit and put money elsewhere? If they freeze account,i'll have nothing till next pay day!

everclear1973_2

Any comments on this please? Don't want to make any more mistakes!!!!!!