10 Grand to pay off starts now!

jonnyb1978

First of all, thanks for the advice that i have read over the past weeks or so. Its been very helpful and encouraging.

I have made the step to get everything paid off starting from now. This is going to be one long struggle as it only leaves me with about £200 a month to live on, food, petrol etc etc.
I cant really cut back on much as everything in my girlfriends name and i just give her a set amount of money each month. Will be changing phone tho but its only her who benefits so here goes......

At the moment it stands like this:

Capital 1 CC - £500 @ 30.90% APR
Visa CC - £2650 @ 22.5% APR
Cahoot Loan - £3841 @ 14.2% APR
Coop CC- £900 @ 15% APR
Smile Loan - £1750 @14.2% APR

Total £9641.00

Its going to take about 48 months. With Christmas etc i can not live on £200 i aim to make some through ebay, cutting back on silly things to pay for Christmas, birthdays etc

I will try and keep this post updated on any progress and failures I may have each month.

Also im a bit concerned with those Credit Card APR's.. As i have not got a very good credit rating is there any advice, other cards i can apply for to get these lowered????

Wish me look and thanks!!

dang

First step - do it today.Ring up your current lenders and ask for a reduction in APR you are paying well over the odds,use the threat of moving - even if you dont or cannot.

Then look around and see if you can get any cheaper credit from anywhere else - maybe a balance transfer to a cheaper card or a loan off your bank?

Dont make to many applications at once though or you will effect your rating even further.

jonnyb1978

Good idea! Thanks. Nearly had a heart attack when looked closely at my statement. The 22.5% APR is with the Halifax..Thought they were better than this.

Kevicho

Post you SOA listing monthly income, and outgoings then we can help you cut back on those sill things

good luck

jonnyb1978

Bad start already..

Halifax will not reduce the APR until i have lowered my balance.

Capital 1 says its a standard APR and a letter is in the post telling me it is going up to 34%. (Outragious). Even when i threatened to close the account there was nothing they could do, and set it up so if i pay it all off by October 19th the account will automatically close.
Thats my first task now. Close this account!!!

Verbatim

How's your credit rating/score? I'm telling everyone about the Stroud and Swindon cc run by the co-op, who still have a fee free BT offer @0% for 6 months. One of the very few still around without a 2% or more fee.

chloe99_2

what about the alliance and leicester (I think) bank account that just went out on the mse newsletter - there's a 12 month interst free overdraft on it which if you are ready to be very firm with yourself you could use to pay off £1000 of your most expensive debts?

anyone know if op would qualify for it?

jonnyb1978

Thanks Chloe will take a look at that..Dont see why i couldnt change my Current account. Does the newsletters get sent via email?

jonnyb1978

Been a while since i last updated.

Only paid off £170 of my debts but other things taking place im feeling positive about.

1. I have started matched betting and have £400 in an account and growing. (Not real betting(see MSE thread))
2. I am waiting for my Credit Union to pay a loan into bank at low interest this is much better than credit cards. With an amount of £1000 i will have it paid off in 4 months as i can offset my Credit Union savings to pay the loan off. So i only have £400 to pay and continue to save and pay off loan at the same time with no extra outgoings.
3. I have opened a new bank account with higher interest and currently getting everying changed to new account.
4. I have also sent off letters to my bank and Capital One for statement to reclaim my bank charges. I am hoping to get somewhere in region off £500 back from this. This is a modest figure and should be entitled to more than double so anything more than £500 is a happy bonus.

There has been nothing negative. Im keeping on top of everything and with Christmas coming up and buying presents for 2 kids im feeling im on the right track and will have reduced my debt by a fair amount come a few months time.

My targets by end of April 2007
Capital One - Paid Off
Visa - £2000
Coop - £840
Cahoot - 3400
Smile - £1600

A total of £1700 paid off my debts

GettingThingsDone

Hi, I've got £10K to pay off as well! Feels like bit of a mountain to climb at the moment, but I'll keep an eye on your progress through 2007!

in-trouble_3

jonnyb1978 wrote:

Bad start already..

Halifax will not reduce the APR until i have lowered my balance.

Capital 1 says its a standard APR and a letter is in the post telling me it is going up to 34%. (Outragious). Even when i threatened to close the account there was nothing they could do, and set it up so if i pay it all off by October 19th the account will automatically close.
Thats my first task now. Close this account!!!

mine is 3.4% it always has been, thats bad 34%