Hi All

Frodobaggins

Hiya,
think your right about the kids paying more they have got an easy deal.

hope this makes sense;

£34918 Black Horse 2nd mortgage APR 10.4 £530 monthly
£9997 HSBC cc APR 21.9 pay £420 monthly
£863 Sainsburys cc APR 29.9 pay £40 month
£3507 Provident loans APR 254.5 pay £400 month (finished Aug 11)
£2976 Freemans catolgue(no APR if pay £250 with HSBC cc)
£920 Littlewoods cat (no APR if pay £42 month)
£7571 Bank loan APR 9.9 last payment Nov 2012 £360 month
£1500 HSBC overdraft APR 17.9
£250 HSBC 2nd account overdraft APR 19.9
£1245 RBS overdraft No APR (they havent realised I'm no longer a student) pay £20 a month.

My plan is th finish the provident loans first and then pay off more to cards, possibly then try to pay catologues without cards.
Again many thanks for all the help and suggestions. x

BILLIE

Frodobaggins wrote: »

Thanks for all your suggestions. I think getting kids on board is good idea. Not sure about contacting card companies, whats that about?
3 adults in house are men so reducing shopping bill a challenge but gonna give it my best.
My son has offered to pay satalite and broadband charges as he wants to keep sports chanels. Really good idea to ask family for help.
Many thanks for all your help.

Hi Frodo - re the sentence I have emboldened - I wrote to my card companies explained I was in financial difficulties and asked for help. Made an offer of what I could pay per month and as I said two of them did assist. If you wrote to the card companies you use and the catalogues they may well assist. Billie x

Frodobaggins

Hi Billie,
thanks for your suggestion. It is worth a try right? I will write to them tonite. Feeling a lot more positive today. Amazing how sharing your burden can lighten the load.
Will let you know how i get on,
Frodo x.

RAS

Hi Frodo

You need to get a bit better at managing your children. They each cost you just shy of £300 to keep at home, before you clothe the younger ones. And the £4000 ish catalogue debt suggests that you have spent and awful lot more than £20 per month clothing them.

Your adult children could barely rent a room for that, so thay must contribute at least £300 per month each if they want to stay at home. No questions, they have to do that.

I would also suggest that you go over to the Money Saving Old Style and look at a store cupboard challenge. And set the younger ones to find stuff that can be sold to get those provident loans down.

[Deleted User]

HI, I have listed your debts in the order that you should be overpaying on them to minimise interest paid. This is assuming that you can find your monthly surplus, or can increase your income (by getting your kids to contributre more)

Once you have paid the minimum off everything, overpay on the sainsbury's card as this is the one costing you the most, when gone, continue to pay minimum off everything, and then put previous sainsbury's minimum payment (£40+any surplus you find) towards the provident loan (as this will then be your most expensive debt). Carry on doing this down the list until all debts are gone.

Note: before making any overpayments on loans - ensure that you can do this penalty free.

£863 Sainsburys cc APR 29.9 pay £40 month
£3507 Provident loans APR 254.5 pay £400 month (finished Aug 11) (I'm assuming the APR's wrong, and actually 25.45?)
£9997 HSBC cc APR 21.9 pay £420 monthly
£250 HSBC 2nd account overdraft APR 19.9
£1500 HSBC overdraft APR 17.9
£34918 Black Horse 2nd mortgage APR 10.4 £530 monthly
£7571 Bank loan APR 9.9 last payment Nov 2012 £360 month
£2976 Freemans catolgue(no APR if pay £250 with HSBC cc)
£920 Littlewoods cat (no APR if pay £42 month)
£1245 RBS overdraft No APR (they havent realised I'm no longer a student) pay £20 a month.

HTH

D9

RAS

No the Provident will be 254.5 APR. Around 24% per month.

Which is why the adults in the household need to stump up and anything that can be sold as no longer wanted, needs to be sold pronto.

[Deleted User]

RAS wrote: »

No the proivident will be 254.5 APR. Around 24% per month.

Which is why the adults in the household need to stump up and anything that can be sold as no longer wanted, needs to be sold pronto.

Then yes, this needs to be the number 1 priority before other debts

D9

Clarie_2

Domino9 wrote: »

HI, I have listed your debts in the order that you should be overpaying on them to minimise interest paid. This is assuming that you can find your monthly surplus, or can increase your income (by getting your kids to contributre more)

Once you have paid the minimum off everything, overpay on the sainsbury's card as this is the one costing you the most, when gone, continue to pay minimum off everything, and then put previous sainsbury's minimum payment (£40+any surplus you find) towards the provident loan (as this will then be your most expensive debt). Carry on doing this down the list until all debts are gone.

Note: before making any overpayments on loans - ensure that you can do this penalty free.

£863 Sainsburys cc APR 29.9 pay £40 month
£3507 Provident loans APR 254.5 pay £400 month (finished Aug 11) (I'm assuming the APR's wrong, and actually 25.45?)
£9997 HSBC cc APR 21.9 pay £420 monthly
£250 HSBC 2nd account overdraft APR 19.9
£1500 HSBC overdraft APR 17.9
£34918 Black Horse 2nd mortgage APR 10.4 £530 monthly
£7571 Bank loan APR 9.9 last payment Nov 2012 £360 month
£2976 Freemans catolgue(no APR if pay £250 with HSBC cc)
£920 Littlewoods cat (no APR if pay £42 month)
£1245 RBS overdraft No APR (they havent realised I'm no longer a student) pay £20 a month.

HTH

D9

The Freeman's catalogue one - you've put that it's 0 apr if you pay 250 with your card. However it's really really important that you stop using your card if you can. At the least, this makes paying the catalogue costing 21.9 apr!
Other than that, good thoughts re your children and do the snowballing technique mentioned above :-)


Clarie

Frodobaggins

Hiya,
so grateful to you all for your helpful comments and ideas.
The provident loans are 254.5 APR but even if it goes into arrears they dont add on any further interest or charges so might be better to focus on cards first.
The children have agreed to pay more but we havent yet agreed how much more but anything will help. We are going to have a clear out and do a boot sale maybe sell things on ebay?
Thanks Clarie for pointing out that when I pay catolgues with card its effectively 21.9 APR, I'd never thought of it like that. I have no other means to pay them at present, but I will check the APR if I dont pay £250 and compare. Selling things and kids contribution may make up payment.
many thanks, you don't know how much your help and encouragement are helping me to face up to work at getting rid of these debts. It's no way to live.
Frodo x.