Advice Please

norm79

Right after a bit of advice on what is best to do start really reducing debt. Basically I was a bit silly in younger days (now 27) and ran up debt that kept growing. Was starting to get on track intil just before xmas when i had to fork out £1100 for a new car. This actually helped me aout a little as i needed one anyway and made me look at my finances and decide to sort them out.

In total i owe the folowing

O/D £2000
Loan £14000 (including interest)
C/C x 3 £6750

First of all i was looking to transfer balances on credit cards however i have had a problem. I have not missed a payment on an account for over 2 years now and thought my credit rating would be getting back on track. however, when looking at my report i realised i had an old card which i though i had cleared that had £10 that was interet after payment added on. As i did not know about this it has been registering as unpaid for 6months+ for ages now. this has meant my rating is not as high as i had hoped although it has risen since i have paid it quite a bit. Has anybody else had the same trouble and what actions have they taken to correct it?

Crown

Hi, and welcome.

It would probally be best if you can post up your statement of affairs inc incoming and outgoings.

takea look at the sticky threadys at the top of this forum if you need help with this.

Im sure someone will be able to advise you more when you provide the details

regards

norm79

thanks for that.

in - £1245

out
loan - 245
hsbc cc - 120 min
egg cc - 15 min
mbna cc - 10 min
phone - 30
rent - 325
bills - 100
food - 100
fuel - 120

*plus need to pay 300 over next 2 months to sister.

the main problem i have is due to that £10 i did not know about can not get any cc to transfer balance

fatbelly

Am bumping this one up cos i think Norm needs some more help!

CLAPTON

perhaps you could re-organbise your SOA along the following lines


An SOA Statement of Affairs

a. list of income
b. a detailed list of spending (include mortgage and secured debt but exclude unsecured debt)
c. a total of spending as above
d. now you can see how much you have to pay debt monthly by forming income minus spending
e. a list of unsecured debts
i.e. debt amount, minimum monthly debt repayment, APR
f. a total of unsecured debt and of monthly unsecured debt repayment
also say if you rent or buying , if so how much is the house worth and how much the mortgage, also your general situation: partner, children, working etc.



now you mention fuel..does that mean you have a car..if so there is no mention of insurance, car tax, servicing, RAC/AA, repairs, also there is no mension of clothes, the odd present, xmas costs, socialising, haircuts, newspapers/magazines, holidays, optical/dental/medical, lunches, takeaways, hobbies, interests or whatever.

as far as your unpaid bill is concerned , have you now paid it off? not much else you can do about that.