Im in a bit of a pickle, can anyone help me?

Strawberry_3

unfortunatly not, we live to far away for cycling or walking, no chance of car sharing either.

Bestthingsinlifearefree

Ouch :eek: I have just seem those interest rates 24% catalogue and 13% or so credit card and I bet the over draft is not cheap.

Could you get a zero % / low balance transfer credit card and shift the debts onto a lower interest rate ?

Strawberry_3

the catalogue one has the highest rate of interest, I could transfer that to a 0% credit card.
the other credit card debt (£6409) is to big for me to juggle on credit cards

lil'H

Hi have you spoken tot he finance office where you are studying, many universities offer hardship grants which don't have to be paid back, I got a lot over the three years I was at uni as a student parent. Worth a try, if they can give you anything it would help pay off credit card. Also is your overdraft interest free, if not could you get a student account with an interest free overdraft and transfer some of your credit card to that to reduce the interest?

Also is there any room left on your credit card, if so transfer use it to pay off the next debt, the catalogue debt is your priority as it's the highest interest rate, if you can't transfer it then pay as much as possible off it each month, before overpaying any other debts. Also ring your credit card company, and ask if they can reduce your interest, say you have been offered a better deal with another company.

Also with regard to increasing income, can you do any bank work as an HCA, my friend does this and earns a lot doing so, also she mainly does night shifts which pay extra and you can pick and choose your shifts as and when they are availible, maybe just take shifts when OH is at home to look after your child?

Thats all I can think of right now, but don't consolodate yet, see if you can find another way to boost your income, reduce your outgoings, and shift those debts.

Lil'H

Strawberry_3

the last time I applied for a 0% credit card I was offered £500 credit, Id have to get 13 cards to cover my debt atm, the minimum repayments (5% on each) would be to much for me to pay monthly.

Bestthingsinlifearefree

Strawberry wrote:

the catalogue one has the highest rate of interest, I could transfer that to a 0% credit card.
the other credit card debt (£6409) is to big for me to juggle on credit cards

If you could transfer the catalogue onto a zero % card and even part transfer some of the £6409 that would be good.

Because more of your repayments would go to reducing the debt rather than being swallowed up by interest.

Any spare cash after the minimum payments have been made throw at the debt with the highest interest rate.

david_hellier

According to my calculations you have £55.16 per week to spend on anything including food, clothes, going out etc.

I suggest you write this in a little spending diary and keep track of what you spend by subtraction. If you have any over carry it forward to the next week. I've included £50pm OD payoff, so ignore your bank balance- go by the diary. Also stick with £100 pm on the cc until payed off, never the minimum payment.

If your OH is under the same roof, you may find it less stressful sharing all your income and debts.

The figures are as follows:


income weekly monthly
self 556.00
partner 0.00
pension
child ben 116.00
child tax credit 120.00




total 0.00 792.00
182.77 divided by 4.33

182.77 total weekly income

spend weekly monthly
rent/mortgage 0.00
council tax 68.00
elec 0.00
gas 0.00
water 0.00
secured loans 0.00
TV licence 0.00
fines
mobile 10.00
petrol 30.00
school bus 90.00
loan 105.00
cc 100.00
cata 100.00
o/d payoff 50.00















total 0.00 553.00
127.62 divided by 4.33

£127.62 total weekly spend

Start= income - spend = £55.16 per week

Strawberry_3

Ive applied to do bank work Im waiting for them to process my application (it takes months here) Ive been doing bar work and whatever else I can get when I can, but its not easy as Im in uni full time and my oh works permanent nights.
Will definatly speak to student services as I may be entitled to the hardship grant as its not just means tested but also takes into account outgoings, fingers crossed they can help.
HSBC have a 0% interest student account with a £1000 overdraft (I think), will look into that as you say I could put £1000 of cc debt onto that.

£83 left on the credit card so I could pay off a bit more of the £600 next catalogue with that.

Will speak to my bank about reducing the % on the cc btu dont hold out hope as its Lloyds.

Thanks for the advice so far

Strawberry_3

£55.16 per week ... gulp!

I need to go on a diet anyway

Strawberry_3

Ive just looked at the HSBC website I think the £1000 0% overdraft is only for 1 year.