My/ our debt in black in white. Advice needed!

Skint-gall

lynzpower wrote:

The single- quickest thing to do to ghet rid of the debt is reduce the amount of interest and overpay your debts at every opportunity

Joint Northern Rock, balance £17000, £184 per month, approx 11% APR ( was tied to previous Together mortgae with NR and so still has 22 years to run!!!! We were a loan refused when we applied for loan to be rewritten).

Mines. Egg Loan Balance £10,787.74. ££215.21 per month. Due to finish 01/02/20012. APR 7.7%


Mines. Cahoot credit card. Limit £4000, balance £4098.99, £100 per month. 11.8% apr TRY TO MOVE TO o% or low life of balance!

Mines. Cahoot overdraft. Limit £2000. Balance £2089.99. Attempt to pay £80 per month. APR 9.8% Open a new bank account - try A&L you can get cashback through quidco & they match your OD at % for the first year- I just spotted you have an A&L account. Dig around & see what other 0% accounts would take this overdraft & close this account.

Mines. Choice Catalogue Limit £3600. Balance £329.86, Goods on approval £967.99. Pay approx £120 per month.I expect the APR on this is huge? Do check. I suspect this is the one to get rid off first, if you cannot find a 0% card to pass the debt to. For gods sake recycle every catalog in the house do not pass go etc get rid.

Joint Alliance and Leicester overdraft. Limit £900. ( are you usually at the top of the OD each month?)


Joint Smile Overdraft. Limit £500. Balance £494. This was supposed to be our parachute account as will be claiming back bank charges. ( smiles 0% isnt it?) TBH this should be the last thing on your list of concerns. Chop the card up for this, and leave it for a while.

You have too many accounts ( i used to too ) and it can make it impossible to work out whats going where, can lead to things bouncing and generally make things more chaotic.

I suggest a few things.

1. reduce the amount of interest meaning virtually every penny you pay is off the balance.
2. make savings as others have pointed out and put this surplus direct towards your most expensive debt
3.carry on selling,making money etc so that you can find extra overpayments. Dont be too shy to use vouchers towards shoppping, and be savvy with your clubcard.
4. i really recommend if youve not already reading the great ways to cut back hunt at the top of the page. theres stacks of tips in there on living frugally some really good ones too

Welcome
lynz

Hi thanks for replying. The catalogue ordering is usually online, I have thrown the actual book away. Rather than being charges interest on your payments each month the price of the goods is more to begin with. So its like the interest is added on at the beginning.:o

Skint-gall

lynzpower wrote:

The single- quickest thing to do to ghet rid of the debt is reduce the amount of interest and overpay your debts at every opportunity

Joint Northern Rock, balance £17000, £184 per month, approx 11% APR ( was tied to previous Together mortgae with NR and so still has 22 years to run!!!! We were a loan refused when we applied for loan to be rewritten).

Mines. Egg Loan Balance £10,787.74. ££215.21 per month. Due to finish 01/02/20012. APR 7.7%


Mines. Cahoot credit card. Limit £4000, balance £4098.99, £100 per month. 11.8% apr TRY TO MOVE TO o% or low life of balance!

Mines. Cahoot overdraft. Limit £2000. Balance £2089.99. Attempt to pay £80 per month. APR 9.8% Open a new bank account - try A&L you can get cashback through quidco & they match your OD at % for the first year- I just spotted you have an A&L account. Dig around & see what other 0% accounts would take this overdraft & close this account.

Mines. Choice Catalogue Limit £3600. Balance £329.86, Goods on approval £967.99. Pay approx £120 per month.I expect the APR on this is huge? Do check. I suspect this is the one to get rid off first, if you cannot find a 0% card to pass the debt to. For gods sake recycle every catalog in the house do not pass go etc get rid.

Joint Alliance and Leicester overdraft. Limit £900. ( are you usually at the top of the OD each month?)


Joint Smile Overdraft. Limit £500. Balance £494. This was supposed to be our parachute account as will be claiming back bank charges. ( smiles 0% isnt it?) TBH this should be the last thing on your list of concerns. Chop the card up for this, and leave it for a while.

You have too many accounts ( i used to too ) and it can make it impossible to work out whats going where, can lead to things bouncing and generally make things more chaotic.

I suggest a few things.

1. reduce the amount of interest meaning virtually every penny you pay is off the balance.
2. make savings as others have pointed out and put this surplus direct towards your most expensive debt
3.carry on selling,making money etc so that you can find extra overpayments. Dont be too shy to use vouchers towards shoppping, and be savvy with your clubcard.
4. i really recommend if youve not already reading the great ways to cut back hunt at the top of the page. theres stacks of tips in there on living frugally some really good ones too

Welcome
lynz

My credit rating isn't too good so I don't think I would be accepted for any 0% cards.
We are usually at the limit of the A&L overdraft and this gets paid off twice a month when we both get paid.
We have sent off for a SAR for four different accounts and hope to reclaim some back charges which we will use towards debt. We are leving A&L till last so that we have an account to go to and are able to pay off our overdraft if they try to close our account.
I think once we have started to pay off interest and see that the balances are actually reducing it will make us feel alot more postive.

lynzpower

Oh also , have you cut the cards up?

lost_soul_6

Why not look into a loan to put all your cards into one payment or at least them with the highest intrest we did this with the help of our bank and now only make one payment a month and it feels like there has been a weight lifted off our shoulders and cut the amount of mail we recieve by a third this might be worth a try

Skint-gall

lynzpower wrote:

Oh also , have you cut the cards up?

The cahoot current account card has been cut up and the Smile one. The Cahoot Credit hasn't as yet and the A&L one we need as this is where our wages go. I know the Cahoot one will have to go!!:o

Skint-gall

LOST_SOUL wrote:

Why not look into a loan to put all your cards into one payment or at least them with the highest intrest we did this with the help of our bank and now only make one payment a month and it feels like there has been a weight lifted off our shoulders and cut the amount of mail we recieve by a third this might be worth a try

Hi,
Thanks. This is what we have done previously and it didn't work as we just used the cards o/d's again. I hope it works for you. I think if I had the determination then that I have now the loan would have worked!

Just signed up for Inside the box. Hoepfully get some money through that. Alreay signed to pigsback, you gov, quicdco.

lost_soul_6

we only have one card now and this only has a limit of £750 and this is only used for ordering things of the net and so on when the company ask us if we want the limit increased we just say no.

Skint-gall

LOST_SOUL wrote:

we only have one card now and this only has a limit of £750 and this is only used for ordering things of the net and so on when the company ask us if we want the limit increased we just say no.

That WILL be us one day! Not worked out OUR DEBT FREE date yet

Skint-gall

Cahoot credit card now cut up!!! was more difficult than I thought but it's gone now!! Yippeee!!!

OH is phoninh telewest tonight to see if we would be better of on another package and I am looking out for a cheaper home contents insurance.

lynzpower

YAYYY
nice work on cutting the card up

Soon yu will forget about ever using one, promise