I have not read any worse than this!

Mode1803

Will ask 'er indoors what she thinks tonight!!

Cheers

Mode

anh1904

I think it would be much easier to go to your grandparents if you had two cashflow projections, one showing the situation and how it will pan out if you continue to pay them £500 per month, and the other cashflow showing the totals if that were channeled into the highest interest bearing cards for 12 months.

A spreadsheet to show such an effect would be simple to knock up, and would at least show them you are serious about tackling the situation.

As you clear some of the cards, you may well find you can get some LOB rates on some others to take away a proportion of the interest.

Without a statement of affairs, and without you doing a spending diary to work out how accurate the SOA actually is, you will categorically find this a very difficult challenge.

I strongly urge you to plat everything monthly as well, then each month, make a new plan, save the new one, and all the old ones, and if there begins to be a divergence, re-visit the plans to see where things are going wrong (this is where you will need the spending diary).

anh1904

Jacks, paying off more than twice your annual salary in just over two years seems an incredible achievement.
Extra income is hard to come by these days, but I do my best with cashbacks, market research, mystery shopping and a small piece of matched betting (only ever with the high street names and only ever with repeat offers)

Spirit_2

Well done on posting. Do post an SOA. Like jacks we used this site and snowballing to reduce our debts... From £68k in July 2007 to nil June 2010.

it is crucial you have a clear budget and the objective view of the experienced DFW iis the best advice money can't buy. it is priceless.

elfen

If they let you off, I'd use the first two months to pay of the Capital 1 as that's the highest rate, then snowball the extra from that onto the next highest debt.

MFWannabe

Hi
If i were you i would ask Grandparents if you can have a reprieve for a while (I know it's a big ask; but they would probably feel better that you weren't paying such high interest); then the first month pay off the Capital one card; then the next month or two pay off Next then you have paid two high interest ones in a few months and will have the £140 per month you were paying on these to pay on your next highest APR. Then focus on paying off Barclaycard. You should have £750 per month to pay off this (the amount you already pay plus the £140 that you were paying on Capital one and Next plus the £500 you were paying to Grandparents. This way you should pay off Barclaycard in 5 or 6 months. Once paid off cut up and cancel!
You say you might spend this £500 on other things especially with xmas coming up but pay it straight off the cards then it's gone.
Post up your soa asap so we can advise where you can make some cutbacks

beanielou

Downsize christmas this year.

Mode1803

Thanks for the feedback guys. I am working on the SOA this morning and hope to post later!

anh1904

Of course, all of the advice on here assumes your income exceeds your monthly expenditure, hence the paramount importance of that first SOA, and the harsh reality that will follow as people point out areas you could make economies.

chevalier

Mode1803 wrote: »

Thanks for the feedback guys. I am working on the SOA this morning and hope to post later!

we await it with interest.

good luck with sorting your debts out. Use the SOA to question every spend on it....use it as a sort of financial health check for all expenditure.

good luck
chev