Any advice for a financial incompetent please?

Butti

wotsthat wrote: »

Is there anything I've written that you fundamentally disagree with or are you just here for the group hugs?

Didn't like the tone, quite judgemental I thought.....although I have to admit I do like group hugs

RAS

As far as trying to get further low interest rate credit, the fact that yoiu have masses of unused credit available means you are a poor bet.

seabed wrote: »

Hi,

Unsecured Debts
Description....................Debt......Monthly.. .APR....Limit
virgin cc......................2700......60........18.65 - £10k
barclaycard....................6900......160...... .6.8 £9.1K was a BT, not used since
capital one....................173.......5.........24.09 - £4K
Bank of Scotland Loan..........13000.....288.......11.5
Lloyds.........................5640......117...... .24.4 - £12K
egg2...........................3081......75....... .17.9 - Not sure
egg1...........................5600......120...... .17.9 - £6.5K

You need to go to the snowball on www.whatsthecost.com to find out how much easier it is to pay off £5,800 at 17.9 to 18.65% rather than 24%.

That alone will make you money work harder.

If you can make any use of the spare capacity on the barclay card, then do so, otherwise reduce the limit down to say £7,200.

Description....................Debt......Monthly.. .APR....Limit
virgin cc......................2700......60........18.65 - £10k - £7000 spare capacity
barclaycard....................6900......160...... .6.8 £9.1K was a BT, not used since - I am assuming you cannot use the spare capacity on this?
egg2...........................3081......75....... .17.9 - Not sure - find out and use any spare capacity on this before the virgin card, if the card holder is the same person?
egg1...........................5600......120...... .17.9 - £6.5K - £800 spare capacity

You have enough spare capacity above to pay off both the cards below and close them both. That reduces your available credit by 12K and makes you a more attractive bet.

capital one....................173.......5.........24.09 - £4K
Lloyds.........................5640......117...... .24.4 - £12K

It also leaves you some spare capacity if you need it for short-term budgetting purposes.

savingholmes

Well done Butti and RAS for your comments - we are on here for support not judgment as it says at the top of the page...

Welcome Seabed to the forum and hopefully over time you will find the help and support you need her... Try some of Martin's money makeovers for ideas on where to cut back and make savings... It is doable - over time if you keep putting the effort in. When we joined we used to spend a similar amount on food - it is possible to cut down - altho I accept it can be hard work!!

Definitely look at the Make £10 a day challenge and the up your income board on ideas to make money... If you are studying chances are you will still have some spare time in which you could do some activities to bring in additional funds...

Good luck

RAS

seabed wrote: »

She is planning to take about 6-8 months off and receives 10 weeks full pay then statutory pay after that although last time she did get a lot of tax back and we will hopefully receive a decent bonus in April to see us through until her return to work.

You really really do need to do an SOA based on your partner's salary once she is on statuatory pay. My guess is that you can reclaim some tax in April for the period to the year end, but that for the period after that, all that will happen is that she will pay less tax per month once she returns to work.