My Names Stuart And I'm A Debtaholic :-)

ScrewLooseStu

Hi,

Firstly what is Quidco? How does it work?

£2.00 Club sounds like a good idea

Ebay, i am getting some things together already.

Sky Broadband. Hmmmm I think i am contracted to AOL for 12 months, i will have to check.

Going to the girlfriends tonight so won't have chance to post my detailed list today but i will do it tomorrow as i am extremely keen to hear what you guy's have to say.

I have to say i am already feeling a little more positive about the whole situation.

Stu

KARENW_3

Someone else may be able to explain this better but my understanding of Quidco is that whenever you want to buy something on the internet check if the site is listed on the quidco site if it is you click through to the site you want to make the purchase from quidco. In doing so the company pay quidco a referral fee which quidco pass onto you (you are just charged £5 i your first year) . I have just got £20 cash back for joining the AA and realised I could have got £75 cash back when I switched my phone to 3 recently.

*zippy*

Hi Stu

http://www.quidco.com

You earn cashback by buying things from many online retailers through them, but you can also earn free money.

There is a mse thread

http://forums.moneysavingexpert.com/forumdisplay.html?f=42

zippy x

EagerLearner

Yes - I highly recommend Quidco - I use it at work alot and it's easily earning me an extra £40 on average per month.

Start by opening a Cahoot savings account - they will give you £26 cashback and you don't even need to deposit anything into the Cahoot savings.

Then open a bank account with First Direct or Alliance & Leicester if you need one, these will also give you cashback...

Ordering from InkClub will earn you a nice £8 I think for your 1st order.

Lots and lots more - join asap and you'll enjoy that monthly BACS payment to pay towards your cards!

Ayeshalush

Emmzi wrote:

You can give sky £20 for a card to stick in your sky box as a one-off and get freeview channels. Same signal, less channels, no monthlyfee.

As you already have a Sky card you wouldn't have to pay the £20. Once your subscription ceases you can still continue to get the 'freeview' channels through the same card and box.

Also if your Freeview box is no good to you, sell it on ebay !

Good luck

Ali

ScrewLooseStu

Hi Guy's,

below are the APR's i am paying:

A & L Credit Card = £5,667.77 Monthly = £70.61
I actually have no idea!! On the statement it says the following....Mthly int rates: BT's & Cheques 1.1678%;Cash Transactions 1.7366%
Retail ^ Non Promo BT's & Cheques 1.1678%; Other 1.678% Interest charged on 5,667.77 = 69.85 this month

MBNA loan = £7,000.00 Monthly = £207.66
7.9% APR

Cahoot loan = £9,000.00 Monthly = £161.09
9.1% APR

A & L Overdraft = £850.00 No Idea
Cahoot Overdraft = £1,000.0 No Idea

Total Debt = £23,517.77

Asset's that can be sold = Motorbike = £5,800.00

Once sold how should i distibute the £5,800.00?????????

To answer a few questions. The bike was just for pleasure, i have a company car which is totally run by the business and costs me nothing other than tax, i could reduce the tax i pay but not for 18 months when i change the car.

I guess a £100 per month is required for food / clothes etc i know i can manage on that.

So guys what do you think????

Do you need any more info?

Stu

CLAPTON

it looks like the monthly rate is 1.167% although i'm not entirely sure but this would mean an APR of 14.94%.

i suggest you find out the OD APRs...websites, statements or phone them

anyway best to pay off the CC /OD with the highest APRs

i would suggest you start to keep a spending diary and write down everything you spend and revisit your SoA in a months time (i doubt if you spend as little as 100 on food and clothes and the other things missing from the SoA)

and i would seriously consider seeing whether you can increase income.

ScrewLooseStu

I am looking at the extra income route and have a meeting with my boss next week.

I really don't spend a lot on food and clothing at present, plus my mom sends food parcels quite often (Still her baby at 30 :-) and i have masses of clothes anyway. (Part of the reason i have so much bloomin debt)

I get the snowball idea but i am wondering if i should refinance any of the debts or maybe even remortgage the house?

The advice i need is how to deal with the debt and should i move it around, i am quite switched on to other ways of getting money and don't lead an extravagent lifestyle.

Stuart

Jaymz

I wouldn't remortgage personally as it would be to easy to start using the cards again. Have you put your debts into the Snowball calculator yet to work out the best order to pay them off?
What about 0% card offers?

gallygirl

Hi Stu, and welcome. You would have been weak if you had continued to muddle along, getting more and more into debt. Instead you've faced up to reality of your situation - and takes strength of character, so well done!!!!

Please post your full SOA and interest rates and we'll see what you can do.

The reason consolidation is not recommended is that it can appear to offer an easy way out - but, because you have more cash available, and room on your credit cards, you can quickly end up in an even worse state - don't take my word for it - there are loads of people on here who have done this.

Consolidation is only an answer if you really have seen the light and can trust yourself to cut up all credit cards and not apply for any more. Only you know if that is the case - but your reaction to giving up sky is along the lines of 'I'm working and I deserve it' - that is the type of attitude that's got you into this mess so I don't think consolidatioin is the way to go.

Don't mean to be so harsh, sorry but it needs to be said, welcome and good luck!!!!!