My debt problems

anonymousfigure

Hi, I am new to this and it is a first step for me in getting debt free. The following debt you see is a spiral out of control... It all started with one credit card from when I was young and trying to consolidate with another and so on... I am not living off scraps of food but if this continues I could see my self getting into big trouble. Please see below my debt:

Barclaycard: £3,600 £100pcm 24.90%apr
Asda: £2,500 £70pcm 22.80%apr
lloyds Loan: £3,752.55 £183.42pcm 21.33%apr
Egg Card: £1,200 £35pcm 29%apr
Barclays loan: £1,279 £50pcm 15.9%apr

In total I am £12,331.55 in debt paying a total of £438.42 per month in debt as well as my living costs. I tried for a consolidation loan with my bank Santander and I was declined. I would love to get this into one lump debt that will be easy to manage and track but i don't think banks will help me due to all the debt above. Below is a very brief look at my "need" spending pcm:

Monthly Income: £1,600

Rent/Council Tax, Electric, Water, TV license: £520pcm
Mobile Phone: £30pcm

If this is a wrong way of posting a thread or asking for help I apologise in advance, I am new to this place and just looking for help and advice. Thanks

Koicarp

You need to post more detail for advice on here including food costs, travel to work etc. Though personally I would start here: https://debtremedy.cccs.co.uk/QuickAssessment.aspx?WT.svl=cta_dr_2

RAS

With respect to the barclaycard , have you got any spare capacity?

Is Asda a loan or card?

anonymousfigure

RAS wrote: »

With respect to the barclaycard , have you got any spare capacity?

Is Asda a loan or card?

Barclaycard is maxed and I went online to see if I could add another credit card for consolidation and it said I was not entitled. It's an ASDA credit card... All the repayments you see are above minimum also...

RAS

Any spare capacity on the Asda card?

And if push coems to shove, what are the minimum payments on those cards and loans, as you need to make the payments most effectively, not just and extra tenner on each.

anonymousfigure

RAS wrote: »

Any spare capacity on the Asda card?

And if push coems to shove, what are the minimum payments on those cards and loans, as you need to make the payments most effectively, not just and extra tenner on each.

I see your point on the repayments however I am paying around £40 more on the Barclaycard and £10 - £20 more than the minimum on the others but my issue is when I fall short on the month I end up getting little bits on the cards and end up back at the beginning which I am trying hard to avoid...

I have no significant money remaining on any of the cards to put it simply... I guess I am a loss cause... As I say a loan to pay it all off at 20-25%apr would be fine over 4-5 years then all I have to worry about is keeping to a budget... I just can't see these cards going... I have also cut up the egg card so that should look better soon... I can see myself getting into some trouble with this and I can't see a way out

RAS

rather than paying the extra off the barclaycard, you need to pay it off the egg card because the APR is highest.

Plus your details in to the snowball on www.whatsthecost.com and see what I mean.

Anything round the house you can sell that would give you £100 to start things rolling in the other direction?

cord123

As a pp said, you need to give your proper expenditure per month. From the figures you have given there is about £600 left over monthly.... you need to work out what your ACTUAL expenditure is and go from there...

I did this a few months ago and can now see that there is a way out - it may mean a few 'beans on toast' dinners but I would rather do that that continue in debt. Well done though (not meant to sound patronising!)

The way I did it (and it may be completely wrong) is to pay the minimum on everything and then tackle the debt one by one with any extra money. So pay one debt off at a time.... I started with the highest interest, paid my extra money onto there and then when that was paid off, paid the minimum payments i was paying onto that into the next bit of debt along with any extra money and so and on so on... I have worked out that my last payment will be Nov 2011 and that will be for £980! eek! Cant believe that at the moment £1000 of my money goes to debt each month :-( Dont include any bonuses etc when you are working out payment plans, I havent, just incase your situation changes and you dont get them etc!

Good luck :-) xx

DorsetGirl_2

You need to pay extra on the card thats the highest, so in your case the Egg card, because its the one thats costing you the most.

There is help for you, but we really do need a proper SOA to be able to see you situation.