In serious debt help

creditisbadnews

I have 3 credit cards which I am paying off every month.
Natwest 3.4k 17.9%
capital one 1.6k 34.9%
mbna 1.6k 19.9%

I have tried applying for different cards for BT's but no joy,I have £350 left after payed everything.
So with that £350 please can you point me in the right direction what to pay first and how quickly these will be payed up.

Thanks

Tixy

Do you mean you have £350 left each month after minimum payments to also put towards your debts?
If so you want to overpay the most expensive debt first - ie the capital one debt.

If you enter your info into the snowball calculator http://www.whatsthecost.co.uk/snowball.aspx it it will calculate how long until your debts will be cleared and show you the best order to repay them.

[Deleted User]

Hi, start by filling in a Statement of Affairs showing all your income and expenditure and psoting it here

http://www.makesenseofcards.com/soacalc.html

RAS

what are the limits on the cards?

creditisbadnews

Thanks guys

The £350 is what is left in my account every month.
The worst thing about it is I know a loan would cover this but no one will lend,probably due to me reaching my credit limits.

Limits are Cap 1, 2k
Natwest 3.5k
Mbna 2.5k

RAS

Hi

A loan would not pay off your debt, it would simply transfer your debt from three cards to one loan, and you might end up in a worse situation.

creditisbadnews

RAS wrote: »

Hi

A loan would not pay off your debt, it would simply transfer your debt from three cards to one loan, and you might end up in a worse situation.

Yes I just thought that might be the solution,but by the looks of it its going to be about 3 years by time this lot is cleared.

CH27

creditisbadnews wrote: »

I have 3 credit cards which I am paying off every month.
Natwest 3.4k 17.9%
capital one 1.6k 34.9%
mbna 1.6k 19.9%

I have tried applying for different cards for BT's but no joy,I have £350 left after payed everything.
So with that £350 please can you point me in the right direction what to pay first and how quickly these will be payed up.

Thanks

You have £350 left after all your bills are paid & food etc bought for the month?

Pay off the dearest card first & then move onto the next card.
Cut up the dearest two cards so you cannot spend on them anymore.

creditisbadnews

CH27 wrote: »

You have £350 left after all your bills are paid & food etc bought for the month?

Pay off the dearest card first & then move onto the next card.
Cut up the dearest two cards so you cannot spend on them anymore.

Hi CH27 do you mean just pay the minimum off the 2 lowest rate cards first then put all the rest into paying off capital one.

CH27

creditisbadnews wrote: »

Hi CH27 do you mean just pay the minimum off the 2 lowest rate cards first then put all the rest into paying off capital one.

Yes I do:)

dancingfairy

Hi credit is bad news - have you been through all your bills to check you are not being overcharged - check your gas/electric, check whether a water meter would save you money, check you are on the right phone tariff and downgrade a tairff or 2 if you can, cancel any unwanted subscriptions, etc - you might be able to free up a bit more each month by doing this - meal planning/freezing stuff etc can reduce the food bill - try and be creative and reduce each bill as much you can.
Also have you checked to see whether you are entitled to any benefits at all?
Don't forget you have 2 council tax free months (probably) so chuck any spare at the debts.
I bet if you set yourself a challenge you can get rid of those debts faster than in 3 years.
df