Just found this site - Help needed

oscar52

Found this site completely by random, but now I have I could do with tips on reducng my own debt (even if its a point towards the information)

However, I have seen mentions of IVA and alike here already - these are no good to me with working in the financial sector (credit cards)

For reference all I have are debts and travel / basic living costs (live at with parents)

I have thought and tried ebay, but profit wasnt very forth coming.

Thanks in advance.

Oscar

beverleyhills

Welcome to MSE. Can you post your SOFA on this thread so that people can offer you some advice. There are are threads for first time poster to read and a post from Southern Scouser on what should be included.

babes21

Hi Oscar, Welcome to MSE.

As bevereyhills said, post your SOA that way people will be able to help more by seeing your ingoings and outgoings.

dudleyboy

Welcome to MSE, Oscar.

First things first, click on the below link and enter your email address (at the top) so that you receive the free weekly email that accompanies this site. You certainly won't regret it! Then, of course, bookmark this site itself!

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1126781470,52726,

Next, read the page linked below and prepare a comprehensive Statement Of Affairs (SOA), so we can help you tackle your debts and expenditure based upon your current income, outgoings, debts and APRs.

http://forums.moneysavingexpert.com/showthread.html?t=107280

Everyone here is very helpful. The more info you can provide, the better the advice you'll receive.

chocaholic110

Welcome and you have definitely come to the right place.

oscar52

Ok, here goes SOA as requested.




Hope this makes sense.

Added to the above out goings are petrol(100) food in work(40) internet(25) mobile - necessity(10) contact lenses(10) car insur(26) addding another 211. Total 864

I
Didnt actually think in this kind of debt, but uni is expensive when self funded, and other factors gave me more still - now i need action.

CLAPTON

just a few things then

can you add the APRs to the lines of CC debts and the number of payments outstanding for the cahoot debt and its APR.

its a lot easier to read your spending if its itemised line by line but no matter. it doesn't seem very comprehensive....no mention of things like socialising, any magazines/newspapers, clothes,
also very very important to add all the annual and one off bits of expenditure (i.e. everything you are likely to spend in the next 12 months), with these divide by 12 and add a line to your spending list...so presumably you will spend something on car tax, servicing, MOT, repairs, RAC/AA etc ..do you buy any presents/xmas expenses, any holiday plans , weekends away...basicaly if you're likely to spend it over the next 12 months then it needs including.... only then can you see whether you are going to spend more than you're earning.

oscar52

Posted the amendments - the cahoot loan, with it being flexible has no specific term. The A&L loan has 38 (could be 39) repayments left.

As for newspapers etc I rarely buy these with living at home, parents buy those. RAC - im on my dads policy, and as for holidays - no plans as dont think i can afford one.

sophiesmum_2

Hi Oscar

To begin with you could do with getting some of your cc's onto lower interest rates. Any chance of getting 0% or low life of balance transfers. That would allow you to pay a little more off the actual debt.

the other thing that jumps out at me is work lunches. You could get this down really low by taking in your own food, probably £10 a month or so,which would give you extra to throw at your debts.

sure the experts will be along to help soon.

sophiesmum

CLAPTON

ok so your spending really is 864 and income is lets say 1150 on average which gives you just under £300 per month extra to reduce your debts.

use the money to snowball your debts that is pay the minimum on each debt except the one with the highest APR (barclaycard in your case) until it is paid off, then start on the next debt with the highest APR and so on. this means you will pay off the debts in the quickest time and pay the least interest.
try putting the numbers into the snowball calculator
http://www.whatsthecost.com/snowball.aspx

whatatwit

As you appear to have a surplus of income each month, you need to keep a spending diary to make sure that you are not loosing money, like we all seem to.

If you put any surplus against your highest APR debt, that will soon disappear and then you can use that extra money against your next highest.

There is a link to a 'snowballing' calculator, no doubt some kind person will post it for you.

Good luck, and keep posting on here.