Toms DFW Diary!

Kevicho

There is always hope lynz, im just wondering with all the money he has made if he can pay off one of the smaller debts first to boost how much he has for debt repayment

The halifax OD is the prime candidate, whats the limit on that account, post the limits for all these cards and we will see if we can do some transfers to give you a bit more freedom.

This scenario is exactly the one i spoke about a couple of months back in my cashflow post, all his income is being used via bills or repayments, leaving nothing left for overpayments.

As lynz also said, your main option here would be to sell the car, and save for a few months while you get to a level you can afford a car.

Best wishes

Kev

Nuclear_Tom

Cheers Kev.

All the cards are VERY close to limits unfortunately, although I think there could be scope to pay off in full every month to keep the interest at zero, expecially the Aqua!!!

Kevicho

Nuclear_Tom wrote:

ut need must.

Also - just remembered something that might just save me here short term - Capital One offered partial settlement of £168 for charges,

Are these bank charges? if so how much did they charge you?

I would hold your nerve on this one as you WILL get the full amount back

Kev

lynzpower

@Kev I never said there was no hope!

If you get your fuel & mileage back Tom, you should add those "incomes" to your SOA. as technically you dont lay out for the unrecoverable.

Im going to look again at your debts- see if we cant find much leverage? I did ask tom- is your credit rating shot? Or is it actually OK? ONly those APRs are a killler some of them!

lynzpower

Barclaycard - £615 - £27 - 24.9%
Lloyds Card - £960 - £20 - 5.5%
Halifax Card - £780 - £16 - 24.9%
Aqua Card - £250 - £25 - 39.9%
Vanquis Card - £450 - £25 - 24.9%
Capital One Card - £340 - £17 - 24.9%
HSBC Card - £510 - £15 - 18.9%
Next Account - £760 - £50 - 26.9%
Lloyds Loan - £3920 - £114
Halifax Loan - £8545 - £155.02
HFC Finance - £845 - £57.30
First National - £604 - £20.91
Tesco Loan - £343.76 - £85.94
Halifax O/D - £150 - £10
Parents - £1100 - £20

Tom
What do you mean by this statement - Im a bit confused

All the cards are VERY close to limits unfortunately, although I think there could be scope to pay off in full every month to keep the interest at zero, expecially the Aqua!!![/QUOTE]

Do you mean you think you could pay off the Aqua card in a month? Thats 250 and I cant see where in your SOA you have this money- do you mean from your amazon/ ebay income? Have you paid anything off with your amazon income as yet- or has it disappeared into the abyss? Do you have it about to transfer anywhere? or has it been transferred etc?

Nuclear_Tom

Shot to bits! Officially very poor.... although on the mend, and partly due to inaccurate info on it from O2 which is currently in the process of being removed.

If you check the spreadsheet, mileage etc are there as incomes, just not specified on the not-so-detailed SOA.

Nuclear_Tom

What I mean about paying a card off, is I could use my wages to clear the card, and then use it for general spending, as clearing the balance means 0%... even though the balance wouldn't actually be any less.

lynzpower

Nuclear_Tom wrote:

What I mean about paying a card off, is I could use my wages to clear the card, and then use it for general spending, as clearing the balance means 0%... even though the balance wouldn't actually be any less.

Aha, I understand what you mean now
Sorry about that

Personally I wouldnt do that, as if your ratings shot, your best bet is to try and get it repaired. So overpayment is the name of the game here. If you manage to properly clear & close this one then thats one "settled" and credit rating will improve. Maybe not massively but this is the only way to properly repair your CR.

Out of interest, whats the halifax account for? would it be a good idea ( dunno just asking) to transfer your banking over to them and leave the lloyds one with a trickle of money going in - so they cant claim next months wages as youll be royally stuffed. If you are going for your charges back anyway, you may as well try and veer away from them in any case- youll need parachute account.

Nuclear_Tom

I'm in the process of transferring my banking to A&L, so Lloyds wont be getting any of my money I dont want to give them it.

The Halifax is just an old overdraft I'm slowly clearing. :beer:

tobedifferent

Your car insurance, pterol and maintenence are very high regardless of your background.

What car have you got, how old is it, and what insurance group is it? If you must have a car do your work give you anything extra other than mileage for it?

Could you not switch to something small, reliable and cheap? For example a well maintained Fiesta or Ka? These go very well and only rust is a problem, apart from that they are dirt cheap to repair and run. My sister sold her ancient fiesta a few weeks back and had loads of people biting her hand off to buy it. She sold it to a mechanic who was buying it for his son. He didn't even want to drive it or look at the engine, he checked the bodywork 'as thats all that matters' and then gave her the asking price.

I put aside £30 a month in order to service and Tax my 6 year old Ka and thats far more than enough. And a 400 mile round trip uses 1/2 tank - which is less than £15. I drive a lot and currently spend £50 for normal monthly useage.