Advice please, debt problem

peter1984

Hi this is my first post.

Last year I got into around £5,000 of debt, this was due to a gambling problem in th casino and overspending for 12 months after a brakeup of a 6 year relationship.

I haven't gambled for 8 months, and have now changed my lifestyle and faced up to my debt problem.

Could you give my any advice on how I could clear these debts as soon as possible.

Heres the brakedown


Monthly Income Details[/b]
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 100
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 69.7
Rent.................................... 230
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 20
Petrol/diesel........................... 175
Road tax................................ 17.3
Car Insurance........................... 116.66
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 200
Holiday................................. 41.66
Emergency fund.......................... 0
Total monthly expenses.................. 970.32

* My rent covers all bills and council tax*



Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 1350.....(69.7).....0
Total secured & HP debts...... 1350......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
halifax one....................2675......80........27.95
barclaycard....................350.......11........19.9
egg............................1800......40........16.9

Total unsecured debts..........4825......131.......-



The secured debt is to pay off my barclays overdraft, they have set up a loan for me, paying £69.70 for 24 months.

The 27.95% APR on my Halifax card is due to cash intrest.

I forgot to add around £25 for overdraft fees on my halifax current account, it's a pound a day when in your overdraft, and my overdraft limit is £1,000.

Entertainment is going out on weekends, this used to be around around £700 before last November, but I've made changes.

I have applied for 2 cards to get a 0% balance transfer but have been rejected. I haven't missed a single payment on my egg card and only 1 on my halifax one card, but over the last year i did go over my current account overdraft limit often.


ANY KIND OF HELP WOULD BE OF GREAT BENEFIT, THANKS.

RAS

hi

Are you sure your car insurance is £116 per month? That is massive. Are you very young/got points?

Are you living with parents?

peter1984

Lost my Driving licence, caught 9am the morning after, over the limit and now have to pay £1400 for the year, should come down next November.

Not living with parents, in a tiny bedroom, that why rent is so low.

Thanks

miss_missy

hi and welcome
something surely is wrong here you pay £116 car insurance per month and its only worth £300?????
you say your secured debt is a loan barclays have set up to pay your overdraft off what have they secured it against??? are you sure its not an unsecured loan?

miss_missy

can you not get rid of the car it would save you over £300 a month

peter1984

You're right it's an unsecured loan, sorry I'm new to all of this!

peter1984

I can't get rid of the car, it's essential for my job.

miss_missy

is holiday holiday already booked?

what are your credit limits on your cards?

how much into your overdraft do you got each month?

how much of the petrol do you think is from personal use?

miss_missy

you should have around 275 spare a month where is that going?

with that plus 75 from your entertainment fund pay off your barclaycard
then you can try and get a deal with them to transfer some money from halifax

peter1984

Holiday is not booked yet.

Limits are :
Halifax one £2800
Barclaycard £450
Egg £2000

On the egg card i have 0% until next July on £1355, the rest was cash.

£150 fuel is for work, the more i travel the more expences I get, 40p a mile. I noted my expences as £100, some months they are higher, this month I will have around £200 because I have claimed for meals while away with work.

I didn't use to have any money spare until now because of the changes I have made.

I thought it would be a good idea to come on this forum to get advice on what do do with this spare money and what to do with the credit cards.

Thanks a lot for your help.

RAS

You need to throw everything at the halifax debt. Have you anythign you can put on e-bay, amazon or do a car boot sale?

I strongly suspect that your food budget is under-estimated.