In a lot of debt - please help!!

GeorgieFTB

BellaMay10 wrote: »

The sad thing is I don't really know how the debts racked up - I guess they started at Uni then I moved to London to try and kickstart my career but with no money in the bank and on a measly graduate wage I quickly got myself into a lot of debt and I've never really recovered from it. I've been stupid and naive and now don't seem to have any way out of this mess. I want to be able to give my family a nice life but am sinking fast.

Ohh honey, you're not sinking, you've started to deal with this issue. Its so hard to start so give yourself a break, you have done a good job so far...:T

There has been a little jumping on your husband, I don't think its meant to be attacking, I think those on this board are just of the mindset that they have to protect their own, and you're the one posting so the huggys are jumping to your defence, even if you don't need it!:D

If £64 doesn't seem right then you need to start a spending diary. On the nappy front, I found the cheapest of cheap nappies leaked a little, well if I'm honest a lot, but the next one's up were actually better than p*mpers.

Just think back to your favourite memories as a kid, were they the super-duper great new toys or the afternoon you spent baking/sticking/drawing with your mum. I always feel so guilty that I don't have enough time for my kids so I keep trying to give them some undivided attention, even if it is only 15 mins sitting on the floor playing with soldiers.

Once you know the apr's of all your debts and how much extra you have to pay it off the same website, http://www.makesenseofcards.co.uk, can calculate your debt free date, it might be depressing at first but you can knock that down and at least you will be able to see light at the end of the tunnel!

Good luck
Gx

BellaMay10

I certainly agree that a nice life doesn't have to involve a lot of materialistic stuff, we are a happy family but I just get down and feel I'm letting everyone down.
Anyway...on a positive note I've been doing a bit more work on getting my head out of the sand today...I've checked my account balances (the balances on my SOA were approximate) and they are a little bit better than I thought, as follows:
Barclaycard £6,113 - credit limit £9,000
MBNA £4,135 - credit limit £10,800
Next card £252
LLoyds TSB Loan £8,622

The repayments were more or less right so it doesn't alter the amount I'm paying back but there is about £4,000 less debt than I thought Still an appauling amount of debt I know.
I have also checked my credit file and score - my score is 999 which looks to be pretty good?! It says ways to improve would to be reduce debt (of course!!!) and reduce number of creditors.....so this is where I'm after some advice (may get a bit complicated - please bear with me...)
The majority (not all) of my barclaycard balance is on 0% interest rate until August 2011
My MBNA balance is at 0% interest until May 2011
My Next balance is (as many suggested) a high rate of 25.9%
I also always reach (exceed) my Overdraft limit of £2,500. Ugh.

I have an offer on my MBNA account for balance transfers from other cards and to my current account of 0% until Dec 2011. Would I be as well to put my o/d onto this credit card to make the most of the 0% until Dec? And also transfer my Next card onto the credit card? My concern is after December would I be in a worse position? There is a 3% transfer fee.
Also, does it make sense to load the Barclaycard balance onto my MBNA balance - essentially filling up the one card but getting rid of the other entirely even though I'm on 0% on barclaycard until August anyway?!
I'm so confused - any advice would be greatly appreciated! Thanks x

BellaMay10

Right, I've now just looked at the website suggested by GeorgieFTB above *Thank you* and 'snowballed' my debt. Keeping it as it is my debt free date is November 2014 (not great but not as bad as I'd thought!) if I lump my barclaycard debt and Next debt onto my MBNA card (with the promo rate) it comes out at Septmeber 2014.
Looking at the results on there though I don't think much of my MBNA balance can be on the promotional 0% rate at the mo. as I'm paying around £80 interest a month at the mo as opposed to £20ish on my Barclaycard - so not sure that loading money onto that would be a good idea ....agggghhh I'm so confused!

CH27

Have you checked to see if you qualify for Child Tax Credit?

RAS

BellaMay10 wrote: »

Right, I've now just looked at the website suggested by GeorgieFTB above *Thank you* and 'snowballed' my debt. Keeping it as it is my debt free date is November 2014 (not great but not as bad as I'd thought!) if I lump my barclaycard debt and Next debt onto my MBNA card (with the promo rate) it comes out at Septmeber 2014.
Looking at the results on there though I don't think much of my MBNA balance can be on the promotional 0% rate at the mo. as I'm paying around £80 interest a month at the mo as opposed to £20ish on my Barclaycard - so not sure that loading money onto that would be a good idea ....agggghhh I'm so confused!

if you can tell us what the APRs are on these debts, we can help a bit more effectively.

pennypusher

Hi check your husband's DMP is with a firm who don't charge him for it. He needs his money to go towards the debt and not a company who charge for their services.

GeorgieFTB

BellaMay10 wrote: »

Right, I've now just looked at the website suggested by GeorgieFTB above *Thank you* and 'snowballed' my debt. Keeping it as it is my debt free date is November 2014 (not great but not as bad as I'd thought!) if I lump my barclaycard debt and Next debt onto my MBNA card (with the promo rate) it comes out at Septmeber 2014.
Looking at the results on there though I don't think much of my MBNA balance can be on the promotional 0% rate at the mo. as I'm paying around £80 interest a month at the mo as opposed to £20ish on my Barclaycard - so not sure that loading money onto that would be a good idea ....agggghhh I'm so confused!

OK so not nearly as bad as it could be, I think you need to check with MBNA what the rate is and how much is on what, ok thats babbling but you know what I mean...

Once you know that then you should have an idea what needs transfering where. Once you've done that and if you manage to clear a card don't get rid of it try to get another promo rate then you can move your OD onto a cheap rate, that should shave a few months off.

If I was you I would then get rid of your OD so you can't get charged again, scary yes but start a couple of challenges and you should be able to shave another few months off...

Gx