advice pls

movingforward2010

i need some advice on how to clear my laons credit cards pls

ok ....

hsbc personal loan £11050.64 - 11% @ £210 p/m (60 months)

lloyds tsb loan £3050 14% (i think) @ £82 p/m (51 months)

capital one credit card £1293.69 @ £60 pm (limit £1400, im not sure of the
intrest rate its a platium card think its 15.9%)

egg card £750 @16.5% - £20 pm

hsbc online credit card £708.96 @9.9% - £25 pm (credit limit £1900)

next store card £49.36 -£10 pm

help!!!!!

Dolly_Smith

my capital one card is 5.9% for life of balance - check your latest statement and multiply the percentage by 12...

mintymoneysaver

Okay, we can't help until we know how much you have got to throw at these debts, and how we can help you make cutbacks to raise more,
You need to post a statement of affairs telling us all the money coming in and going out every month and then we can go from there....

idiot_3

Need to know all your incomings and outgoings pal (otherwise known as SOA or IEX.)

tyllwyd

You've made a good start with what you've posted, but as other people have said, you need to tell us a bit more for people to give useful advice.

Have a look at this thread to see the sort of info needed
http://forums.moneysavingexpert.com/showthread.html?t=107280

movingforward2010

wages take home p/m £920

out

phone bill+ internet + mobile £65 pm
rent council tax water electricity £260 pm
car insurance £36
petrol £120

lynzpower

Wxmlad

Im sure theres more outgoings than that? Food? Any repairs to the car? Clothes?

A good way to start is by using Martins budget planner at the top of the page

Can I ask, these loans look rather recent ( a couple anyway) can I ask what did you spend them on? Without you being clear on this, it makes the resulting debt a bit harder to sort out

All the best
Lynz

movingforward2010

lynzpower wrote:

Wxmlad

Im sure theres more outgoings than that? Food? Any repairs to the car? Clothes?

A good way to start is by using Martins budget planner at the top of the page

Can I ask, these loans look rather recent ( a couple anyway) can I ask what did you spend them on? Without you being clear on this, it makes the resulting debt a bit harder to sort out

All the best
Lynz

the hsbc one has been there for 3 yrs, i asked for an increase in october to clear some other credit cards:o and they just started it over again the original amount was £7500 for a car. Lloyds tsb was actaully for some home improvments, a computer, holiday, new cooker etc

movingforward2010

i spend £120 p/m on food
£30 on clothes
and £50 on goping out, newspapers, food at work etc

tomstickland

OK, write down all the monthly outgoings into one list, add it up.
Subtract outgoings from income and if it's a positive number you can start clearing debts.
Write down all of the minimum monthly payments and add them up.

Make the number more positive by reducing spending and increasing income.Nothing magic about it.

The credit card rates are very high, as is your loan.

movingforward2010

dont know if i should transfer the balance off the egg card to the hsbc one as its only 9.9%