Time To Wake Up & Smell The Coffee!

clint1974

Hello All

I have decided to face up to my debts and have been avidly reading lots of posts. I will try to give you a rough picture of my current financial state.

I earn around £1200 a month

my outgoings are as follows :-

Mortgage (Interest Only) £300 p/m
Car Finance £90 p/m
Gas /Elec £50 mth
food£50 mth
mobile £30 mth
council tax £55 mth
tv licence £10 mth
car ins £35 mth
home ins £20 mth
gym £20 mth
fuel £80 mth
NTL TV & Broadband £20 mth
Barclaycard £5000 @ 24.9%
RBS Credit Card £3600 @ 22.9%
Northern Rock Loan £5000 @ 9.9%

This is a rough sort of picture. I have tried to transfer the credit cards but no one wants me as credit rating has plummeted recently. My plan is to VT (Voluntary Terminate) the car and get a run around so the £90 im paying on it can go against my barclaycard. I am also in the small claims court claiming £500 in late payment fees from B'card having successfully done it against my bank. This will also goto paying off credit card. Another idea i have as i want to get out of debt asap is to get a lodger 12 months @ £350 a month. I have also signed up to the mystery shopper and am investigating the betting altho its way over my head! Any money saving tips welcome. I am a single male if that makes any difference! I suppose it saves me a bit;)

clint1974

P.S the minimum payment on Barclaycard is £112 and RBS £80.00

immoral_angeluk

Hi and welcome to DFW! Am just wondering if Balance tranferrring your debts to a lower interest card is an option? I also just want to say I'm very jealous of how little your council tax is!!! Ours in £99 per month for a 2 bed council house! lol!

lynzpower

hiya clint

Doyou really only spend 50pcm on food- if so well done :T

Welcome :wave:

clint1974

yep am a single geezer so mainly eat super noodles! The council tax i get 25% off as i am single occupant and i think where i live its generally quite cheep!

clint1974

tried a few balance transfers but no go gonna leave it a few months and keep my payments up to date as keep gettin refused.

leon103

Whats the payment on the loan?

Welcome by the way.

anniestar

Welcome and good luck with your debt repayments. I LOVE your signiture and link. Good stuff.

dinkylou

Hi and welcome.

Have to say it looks like you are doing pretty well apart from the CC's

Have you tried looking at a copy of your credit report? Might show a few things on there as to why you keep getting refused. For example, mine showed an old CC which had nt cancelled and a store card I had forgotten about.

That way when the time comes, you ll be in a better position to BT your CC s to a better rate?

Also, try phoning them up and asking them to reduce your rate or what offer they can give you to BT the balance to one card? Sometimes they may offer you a better deal and there s no harm in asking - others have done this and saved money.

James&Shell

NOthing more to add jut wanted to say good luck and i hope it all goes well

whatatwit

If you VT the car, will you get money from that?
Also what are the other car expenses you have, servicing/mot, the cost of running a runabout, combined with the purchasing of one, needs to be taken into account when considering changing cars.