lots of debt any ideas?

jak

I have the following debts:
Credit card 2751 APR 15.5
Personal Loan 3042 APR 15.5
Graduate Loan 1230 APR 6.5
Over draft 400
overpayment from work 596

I can't switch to cheaper APR as i've a bad credit rating. I've requested a statement of all bank charges from LloysTSB to reclaim bank charges. If they ask me to close my accounts will I have to pay back all I owe straight away? I'm scared I won't be able to!

Advice please?

I need to make extra money and pay off my debts before August if I can as i'm getting married. My fiance doesn't know how bad my debts are although he knows I have some debt. Should I tell him? The only thing we ever argue about is money!

J:mad:

yung

Welcome to the forum, there is lots of helps and advices form peoples in the same situation as yourself however if you post an S.O.A we will be able to help you, good luck. meawhile have look at this site for advice about claiming your bank charges.
http://www.consumeractiongroup.co.uk/forum/

climbgirl

Yung is right, we can't really offer advice without seeing a full list of your incomings, your outgoings (all of them!) as well as the debts listed above. Please post a full SOA if you can and we can offer advice from there.

climbgirl

Also, if jessica king is your actual name you might want to make your username a bit more anonymous!

jak

What's an SOA? Sorry to be thick!

Storm

Hi and welcome:hello:

As Yung says, you need to post a SoA first so we can see if there's any savings you can make & get a good idea of your situation - see SouthernScousers sticky at the top of the board.

As for telling your fiance - obviously only you know what your relationship is really like, but at the least (as he already knows you have some debts) perhaps you can say that you're going to be very frugal for a while as you want to clear everything before the wedding - he'll more than likely support you in this as it will mean you can start your married life with a clean financial slate.

Good luck

Storm

climbgirl

It stands for Statement of Affairs. All your incomings (everything you earn) and all your outgoings (every you spend. And I mean EVEYRTHING - rent, bills, food, birthyda presents, beer, the lot!), and your debts - how much you owe, to whom, what the limits are and the APRs.

Yung posted a link which outlines it in more detail.

climbgirl

Sorry no, the link from Yung was about bank charges!

Read this thread about posting an SOA - http://forums.moneysavingexpert.com/showthread.html?t=107280

jak

Monthly Incomings:

My salary - 1146
Partners salary - £600

Total - 1746

Monthly Outgoings:

Mortgage/Rent - 330
Council Tax - £72
Electric - £40
TV License - £10.99
Phone - 20
Food - 60
Bus- 40
Personal laon- 78
Graduate loan- 82
Credit card- £300 (try not to pay minimum)
Beer- 20
Overpayment- 119.2 pcm (begins 1st Jan. 07)

£1172.19 Outgoings

Feel a bit silly now as can put more on credit card than I have been.
Will put on £700 pcm to trry and clear it. This is based on earnings beginning next month(first pay day end Dec) as have a new job but this month i'll be only earning approx. £800 in total.

jak

how do you change your user name?

lynzpower

Monthly Incomings:

My salary - 1146
Partners salary - £600

Total - 1746

Monthly Outgoings:

Mortgage/Rent - 330
Council Tax - £72
Electric - £40
( no gas?)
TV License - £10.99
Phone - 20 ( is this all? no mobiles? )
Food - 60 ( a month, between you- thats really low, are you sure?)
Bus- 40
Personal laon- 78 APR
Graduate loan- 82 APR
Credit card- £300 (try not to pay minimum)
Beer- 20
Overpayment- 119.2 pcm (begins 1st Jan. 07)

£1172.19 Outgoings

Do you have all that money "spare"

theres nothing for clothes, haircuts ,gifts anything like that?

I suggest you look at martins budget planner at the top of the page for a full breakdown of where it all goes