loan or credit card, loan or credit card???

jellipidy

Hi folks - I'm trying to get my debt re-payments down as much as possible per month. I currently have £2,700 of debt (£1,700 on green egg card and £1,000 on marbles card - the 0% interest period is due to run out in October.) I am currently out of work and receiving benfits and I'm in the very lucky position of handing over my half of my household bills (mortgage etc.) to my very understanding partner - for now at least. My income is £114 a fortnight and my outgoings are:
car loan - £84 per month
Car ins. - £35 per month
egg card - £40 p.m
marbles - £20 p.m
mob phone - £35 - which is just doable if i don't spend any money at all

but.....

in october my benefits will stop as they will become means tested and my partner's income means i won't be eligible

so i'm trying to find the best way of getting this debt down to it's minimum a month - I've applied and got a tesco card but they will only accept £2,500 (i've asked them to increase limit but won't until i start making regular payments ) - leaving bout £180 on marlbes card so i haven't transferred yet also the mmr would be about £80 which would be really triclky - i'm also looking into possibility of a loan to pay off both cards and have a cheaper payment of £50 ish a month for 5 years

any advice which is the best way to go? any tips would be hugely appreciated.
many thanks !!

amosworks

Hiya,

Is this a complete SOA? I can't see food etc. anywhere on it? If you could post one or more information on your situation that would be very helpful.

Cheers,
Amos

jellipidy

Hi there - yes at the moment that's all i have to pay for as my boyfriend is taking on the brunt of our financial stuff. But as i say, my income will stop come october because i'll stop receiving benefits.
With the tesco card the mmr will be about £75 a month; i think it's %3. I understand it's better to pay asmuch as poss to get the amount down, quicker, but it will be beyond me come october so that's why i'm thinking of taking a loan with northern rock over 5 years - paying about £50 a month.
Incidentally, these debts have acculminated over the last 5 years and are work related and are my debts - my boyfriend has none - and so i feel that they are my responsibility and so re-mortgaging is out of the question.
Another spanner in the financial works is that i'm now 5 months pregnant and no-one will employ me! and so the situation is not going to change any time soon.
Many thanks in advance for any help you could give me.

CLAPTON

as you are not working and presumably are not going to for some time, why not sell the car...the money can go towards debts and it will save you all the car related running costs (tax,insurance, petrol, servicing etc)

wannabedebtfree_2

How about doing Avon or something you can do from home, Virgin Vie parties, Body Shop parties, Bettaware, Kleeneze, anything really!!!

Get yourself a little shopping trolley so you don't strain yourself trying to carry brochures, and you'll be well away!!!

I'm earning between £40-60 every 3 weeks from Avon at the moment, and my area is about 125 houses.

Good luck!!

xxx

wanna-be-mortgage-free_2

I've been in a similar situation just a few weeks ago. I can't advise on your personal circumstances but I decided to go down the credit card route because I wanted to clear my debt instead of adding to it with a loan so I applied for 2 0% credit cards and shifted the balances between the two. If you apply via Quidco you also get cash back.

Sorry this probably isn't much help. All the best.

wbmf