Problem Faced - Clear £30k Debt - Time for Action

TheLostSheep

Trying to get cheaper mobile deal...Phoned O2 to see about cheaper tariff as I currently pay £20 a month.

I need a new handset as phone keeps switching itself off.

Been offered an Iphone 3GS for £22 p/m over 18months from them. Figure I could sell my Ipod Touch for maybe £80 and Old mobile for £20ish? Hmmm - should maybe resist but would £2 a month make such a difference given what I could sell?

TheLostSheep

Saturday 10th July
Gone for that Iphone deal. Maybe seems madness but its £3 a month more than what I was paying. I get 300mins. Free O2 to O2 calls. Free Handset. Unlimited texts and wifi and 500mb of data. £23 a month for 18 months = £414.

Short term I can sell my current Ipod Touch for £80 and my Mobile for £30.

miggy

Happy new Iphone! I can quite understand you going for that one!

Choc-addict

Hey,

Welcome to diary land

You're making great progress and really organised. Wishing you lots of luck!!!

Choc x

byebyedebt

Watch the coinstar machines they take a hefty commission. Check out HSBC if you have one near you. Some branches have coin counting machines that pay straight into your account. Why not open an instant access savings account and pay your coins in that way. Dont save the money though. Use the machine as a way to transfer to your debts.

Well done on the daily cost saving, what if you paid the saving each day to the debts. If you save £5, based on what you would have normally spent, pay it to your credit card same day. That way you won't spend it on frivolities, and will be chipping away at the debt. Dont get carried away, leave some for the emergency the day before pay day.

The day before pay day, consider paying any positive balance on your current account to your credit cards, and then start the month a fresh.

Good luck, you have made a great start.

TheLostSheep

Sunday 11th July
Spoke to gamcare service and going to use them as a mechanism for support. Can't put a price on this to me!:j

TheLostSheep

Monday 12th July

Spoke to CCCS. Going to speak to a Scotland specific Money Advisor on the phone on Wednesday re ways to freeze more of the debt and pay it off. Did toy with DMP, which was suggested given where I am at but it is only specific to England and Wales. Possibly a Debt Arrangement Scheme is the way ahead as it offers more protection.

Posted thoughts on DAS here:

https://forums.moneysavingexpert.com/discussion/2590067

First run of Ebay listings completed and sent. More to do tonight.

TheLostSheep

Thursday 22nd July
Car is away to be sold for £1500 hopefully
£400 raised through Ebay

Not bad....:T

Still hopeful of finding new job and getting pay off from current employers. Been looking to cut back in all other areas too but finding my Lloyds account the most difficult.

wolveslass

Have you thought about getting a virgin credit card at 0% and using it to clear your overdraft (you can do this with virgin). At least then you won't be paying interest. The minimum payments on virgin are £25 per month so it may give you a bit of room for manouvre for a few months. I did this and got my overdraft limit taken down to £100 for emergencies. I now never go into my overdraft and am paying no interest.

TheLostSheep

wolveslass wrote: »

Have you thought about getting a virgin credit card at 0% and using it to clear your overdraft (you can do this with virgin). At least then you won't be paying interest. The minimum payments on virgin are £25 per month so it may give you a bit of room for manouvre for a few months. I did this and got my overdraft limit taken down to £100 for emergencies. I now never go into my overdraft and am paying no interest.

Thanks for that....

What is the liklihood of being accepted given the level of debt? Id say my Credit Rating is fair. Been pleased with what I have done thus far but a couple of 0% would be really good.