Debt Free Wannabe - Hi!

Angela84

Hi,
Thought I would post as I really need a rod up my bottom to do this!

I would really like to clear my debts off, just need some advice.

Currently owe £150 to House of Fraser (29.9% APR), and £150 to Littlewoods (39.9% APR) They are one month in arrears, and I have the money to clear one of them right now, or half of both, or just a bit. Which shall I do?

I also have a Alliance and Leicester loan that I have neglected now for the whole of 2010. :eek: Due to have finished next month, should have been paying £110 a month, so my arrears I guess will be around £1000, maybe more.
I have been told the only thing I can do is go to Citizens Advice so they can send them a letter with my incomings and outgoings, can I not do this myself?

I also have 2 overdrafts, but they are student ones so no interest is charges at the mo, but one day would be lovely to clear them. They are £1250 and £1600.

Last night I signed up to be a Vie consultant, so I am really positive about being able to earn a little bit of money to help with all this.

I will be starting Maternity Allowance soon, so think its about £125 a week, and my only outgoings are food shopping (£50 a week approx for 2 adults, 1 child and a dog) petrol, and a T-Mobile dongle that runs out Dec for £25.

I think I might try to Ebay some things as well, don't have much though!
When this baby comes out I can certainly sell my maternity clothes, might put them in the 'Tent' category!!!

Smilerwoman

Hi Angela,

Congratulations on your pregnancy! :j

I'm a relative newbie to the boards, so I really don't feel qualified to offer advice.

In my opinion, it sort of depends what the rest of your financial situation is. Are you struggling to meet the payments, or is it something else that's led to the arrears?

I really want to help but I don't want to give bad advice, so I'll let someone more qualified do that. But I just wanted to say that you've come to the right place - it's good to be part of a community that will support you.

YOU CAN DO THIS. :j

Angela84

I was on benefits from xmas until recently, so thats why really. Feel ridiculous for burying my head in the sand now though, just wish I could clear it, but I guess now it'll have to be a £5 a week jobby or something as don't want to sting myself with the new baby.

I will do this, would just love to be able to be a bit self sufficient and not have to rely on partner.

Mikeone

Angela84 wrote: »

I have been told the only thing I can do is go to Citizens Advice so they can send them a letter with my incomings and outgoings, can I not do this myself?

You can do this yourself, and you'll find plenty of help on this site if you wish to do so. Some creditors take it a bit more seriously if you go via CAB (or similar free service), but this is by no means a rule.

NorthernLas

Angela - You should pay off what you owe on both cards rather than paying one off completely and the other not at all.

If you and OH are financially linked then you need to speak to him about the loan, since it will start to damage your credit rating (if it hasn't done this already).

Angela84

Right, I've got £150 in my savings account, so I'll do half to one and half to the other today, and then hopefully finish them off next month. Ill do that by lunchtime, always a good feeling paying stuff off!

I don't think I'm financially linked with him, I know mine is shot to pieces, but the loan details are still at my old flat details until I can use his office phone to change all my addresses. That would be terrible if I ruin his credit as well.

Mikeone

Do you have any joint credit product with him (such as a bank account with an overdraft facility -even if you haven't used the OD)?

Angela84

No, nothing joint what so ever. He's told me even after we're married we won't have a joint account apparently, I'll just be given my allowance!

Well, he pays my phonebill and car insurance is that Admiral Multicar thingy, but that doesn't count does it?

Mikeone

You should be OK then, as far as I know.