Advice needed to help clear credit card and overdraft please.

Nursery30

Hi

I'm just looking for some advice. After being made redundant i've run up a debt of £1500 on a virgin c/card and £1000 on an overdraft, i'm wondering if anyone out there can give me some advice of the best way to start clearing it, i've repaid over £500 off the c/card but the 0% interest free period has now ended, the same with the overdraft, I can reallistically pay off about £100 per month as i'm now in a very low paid job, i'm not very good with financial terms and would like to stop this before it escalates me further into debt so any advice is gratefully received.

Many thanks

Tixy

Hi nursery and welcome?

What APR/interest rate are both the debts? (it should show on your statements)
What is the minimum payment on the CC per the statement, and how much interest are you charged each month on the overdraft?

Are you using the overdraft as your main bank account? do your wages get paid in there?

Nursery30

Hi Tixy

The interest rate on the cc is 1.4% and the amount i currently pay is £25.00, the bank account charges don't start until Oct and that will be £1.00 per day, and yes i'm using it as my main account and my wages do get paid into it.

MFWannabe

Hi
You should think about opening another bank account that your wages get paid into; that way your current bank can't just take the money to pay off the overdraft.
The interest rate you have put for the card is for the month; so it's approx 16.9% apr
You should think about posting an soa so that people can advise where you can possibly make some cutbacks to pay these debts off asap