I've had my lightbulb moment!

ezmy

Hi this is my first post, I hope I've taken my first steps to getting out of debt.

My lightbulb moment has been triggered by Barclaycard messing up a balance transfer from my Natwest credit card. £700 has been credited to my Barclaycard account without coming off my Natwest account! I'm currently in the process of trying to get this sorted out and after spending hours on hold to call centres, I've finally decided - I've had enough.

I suppose my debt isn't as bad as it could be:

£1800 Barclaycard
£650 Natwest credit card (if they sort the balance transfer out!)
£150 Next Directory
£7500 Student Loan


Even typing these numbers out is making me see how little I know about my own finances - I can only guess at the exact balances.

I've always had a pretty relaxed approach to my money - just spending what I had and sticking anything else on a credit card. Pay a bit off, transfer a balance etc etc.

I've spent the last couple of days looking though the forums, and I bought the Money Diet last night. I really want this to be the start of me sorting myself out.

I graduated University this summer, and I'm lucky to have a pretty good job. I also live with my wonderful fella who helped my financially though uni, so I'm also trying to pay this money back to him.

As well as this, we're trying to save up to buy a house and what I'd like more than anything is to be able to do this without unsecured debts hovering over me.

I know I can do it! Just need to stop shopping, and a bit of help from moneysavingexpert.com.

Thanks guys,

Ezmy xxxxx

oakdale_minx

hi there - welcome!

Why don't you pop up an SOA - a statement of affairs (there is a sticky at the top of the list) and we can help from there.

If you give the CC's a ring, you can get your exact balance, and you can log onto NEXT online to see your balance.

You'll find loads of fab people here

jen30_2

Hiya,

Welcome to the site. I'm fairly new myself so I can't give any real advice but I'm sure the experts will be along shortly. If you can post your full S.O.A and then everyone will be able to help you more to find ways of cutting back and getting rid of your debts.

Jennie

ezmy

Thanks for that, I'll definitely do this - I'll go home after work and dig out all my statements and bills!

msmicawber

Hi and welcome.

It's very motivating to find out how just one slip-up can bring your finances tumbling down and a good time to start sorting it out.

Please look at Southernscouser's sticky at the top of this forum and post your Statement of Affairs with full details of income, outgoings and the APRs on your debts and we'll be able to give you some suggestions of how to go forward.

littlestar1981

ezmy wrote:

Even typing these numbers out is making me see how little I know about my own finances - I can only guess at the exact balances.

You sound so like me!! First thing you have to do is get exact balances. Then you know exactly where you are. You'll probably find like I did it makes the amount higher, but at least if you deal with exact figures you'll know where you are up to and see the exact figure dropping!

apples101

Hi Ezmy,

as already said you will need to post a a SOA so people can advise on best way to clear your debt.

If i am reading into your message correctly it appears that you have almost good debt (Martin's term) i say this beacuse you dont appear to be struggling but you dont know what you owe and there interest rates.... (hence almost).

Once you have got your info together it will be worthwhile looking at the snowball calculater to see what to pay first etc... this also gives you your debt free date so porvides a good incentive to get things sorted. You wil need to find the link to this as i have lost mine.

once you have cleared a card you will need to close the account so the ammount of available credit showing on your credit report reduces.

you might want to look at your credit file to see if there are any nasty surprises lurking. Experian are doing a free 1 months trial. but if you use https://www.quidco.com you will earn money back. Just dont forget to cancle before the trials over!!

Hope you get things sorted.

Apples

vodkabarbie

Hi there
I had a similar moment yesterday and am just so fed up of being in debt!
The snowball calculator is really good is it shows how much interest payments add up, knowing how much extra I am paying is good motivation to get things paid off.
Good luck!

ezmy

Ok here it is, the statement of affairs:

Incoming money:

£987 / month after tax/NI/pension has been taken off by my employer.

Outgoing money: (per month)

£380 – my half of rent & bills paid to my fiancé. This amount also includes £50/month to repay money he has lent me through university.
£40 – phone
£40 – petrol
£150 – credit cards (I’ve come up with this number after using the snowball calculator)
£125 – car insurance (it’s due in January and I need to save £500 before then!)

That leaves me with £63 a week to live on, £20 of which will go at the supermarket each week.

Also this doesn’t include money for birthday presents (fiancé’s in November!) and Christmas presents. This all looks a bit worrying.

lynzpower

Emzy

thanks for this

you dont mention what the totals on the debt are

Or what the APRs are

You mention car insurance & petrol , but not parking repairs etc how do you usually pay for these? Any RAC/AA ?

You pay 380 a month to your other half, what does this cover, have you battered down the cost of all your home expenses?

How do you organise food & your lunches?

x_raphael_xx

ezmy wrote:

My lightbulb moment has been triggered by Barclaycard messing up a balance transfer from my Natwest credit card. £700 has been credited to my Barclaycard account without coming off my Natwest account!

Wait...let me get this right...they put £700 onto 1 card...and didnt take from the other.
I would have kept quiet and kept the £700! :rotfl: