I have just over £8000 in the bank and ...

KeaneFan10

Well i have a lot of debt too get rid of, i came of benefits and moved in with a partner and having twins one of which is disabled i did rack up a lot of debt how would you use this money i have its back dated carers allowance from 4 years ago
£2000 Overdraft (costing me £30 a month)
£590 Provendent (£80 per month)
£1900 Halifax loan (£110 per month)
£600 Argos card (just goes up and up if you only pay min payment)
£2000 various catulogues ..£100 pm

I have learned my lesson i will never do this again .. but you live and learn any advice please x

janeymates

Hi Keanefan10
I may be missing something here, but you say you have £8000 and your list of debts adds up to £7090? My answer would be simple: Pay off all those debts, you will be left with nearly £1000 for yourself and whilst this undoubtedly won't last long, the feeling you will get when you pay that final debt off will be amazing!

Then make sure you get as much info as you can from this great site on budgeting and making the most of what cash you do have.

Good luck!

JohnD76

Then surely you have enough money to settle all of these debts, or am I missing something here ? :huh:

KeaneFan10

janeymates wrote: »

Hi Keanefan10
I may be missing something here, but you say you have £8000 and your list of debts adds up to £7090? My answer would be simple: Pay off all those debts, you will be left with nearly £1000 for yourself and whilst this undoubtedly won't last long, the feeling you will get when you pay that final debt off will be amazing!

Then make sure you get as much info as you can from this great site on budgeting and making the most of what cash you do have.

Good luck!

Janeymates ...yes your right we all need a fresh start the money is due in Friday so i will sit with my partner and do things right .and save for what we want rather than use the means i have done for years

KeaneFan10

JohnD76 wrote: »

Then surely you have enough money to settle all of these debts, or am I missing something here ? :huh:

Sorry John never added them up ....maybe didn't really want to know how silly i have been ...:p

JohnD76

It is an amazing feeling once you have cleared you debts. Think of the money you will save on repayments.

Just please make sure you don't fall into debt again, I only ever use one credit card now and pay it off in full every month.

In other words, only buy what you need not necessarily what you want.

anguk

I would pay all the debts off and then you can start with a clean slate. You'll still have about £1000 which you could keep for emergencies and you'll be over £300 a month better off because you'll not have those debt repayments.

janeymates

Keanefan, you have taken the first steps to sorting your debt out. This site will give you great inspiration and you will realise that there are worse off than you also. It is very easy to get into debt, and very hard to get out of debt, so you should take this opportunity to start afresh and who knows, this time next year you may have managed to get through Christmas and other expensive times without getting into debt. My husband and I started our life together with loans, debts from previous relationships etc and after a lot of hard work we are now debt free (with the exception of our Mortgage, which i'd love to get rid of!) He now calls me a 'squirrel' cos I love hoarding away my cash now!!

Always ask yourself this question: Do I really need it? Will my life be so much better with it? and for bigger purchases, go home for the night and think it over..the deal will still be there the next day no matter what some sales man might say.

Come back and let us know how you get on

DarkConvict

Your debts are costing you a fortune each month just to have them, pay them off now before they get bigger.

If the debts are old and defaulted, then try some F&F offers - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

property.advert

DarkConvict wrote: »

Your debts are costing you a fortune each month just to have them, pay them off now before they get bigger.

If the debts are old and defaulted, then try some F&F offers - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Sure, 10 cents on the dollar is what I'd want though 25c may be acceptable !

elfen

Get rid of Provy and the catalogues first and foremost, most likely to be the highest interest.

That then frees up those repayments to go towards other debts or be saved up for things.