Need Help/Advice wanted please

BlueShaun

Hello All,

I could really do with some help/advice on how to get on top of my debt problem.

Possibly Irrelevant background
Quite a bit of it is to do with being stupid with my money, however a lot of it is a residual problem of 5 years of university (i was ineligible for student loans or grants, so this was entirely self funded) and a recent investment in clothing - I have shed over 6 stone since February 2006:j which necessitated (several) new wardrobes:eek: and have had an at fault carcrash.:mad:

I am in work for 1 year 1 month now, and have managed to Payback loans of over £3000 to relatives.
End

The Sticky posts have suggested I post the following:
My Statement of Affairs

Monthly Incomings:

My salary - £1,611

Monthly Outgoings:

Rent - £350
Phone - £35
Food - £200
Car Insurance - £62.71
Petrol - £165
Loans - £364.01
Car Tax - £11
Clothes - £80
Social - £60

Total £1327.72

Balance: £283.28 (Used for cards)

OverDraft £1222 (£500 @ 0% then 14.9%) Limit £1500

HSBC Credit Card £1458 @ 14.9% Limit £1500

PO Credit Card £2105 (0% until end Feb) then 13.9 % Limit £2300

Loans:

Professional Studies £7168 at 7.9% fixed (£199 per month)

Personal Loan £ 5454 at 7.9% (Interest Frontloaded – £165 per month)

As the 0% card is ending soon, I had applied for the M&S card as suggested here. I was turned down, i suspect partly due to my already holding a HSBC card, most probably due to my maxed everything?

How should I progress from here?

Any Advice and Help Would be appreciated.

I have finally shared the extent of my problem with my gf and her support has helped bring me to this point, and been a great relief.

Thanks,

Shaun

fatbelly

Hi BlueShaun, and welcome to DFW.

If you can control your spending, then you've got £364 +£283 per month to throw at your debts, which should clear them pretty quick if we can reduce the interest rates on those cards.

I think your plan to BT to a M&S card was spot on. It wasn't the HSBC card that messed you up (I've got both), nor maxing your cards (I do that too).

Have you changed address recently? Are you perhaps not on the electoral roll?
Might be worth checking your credit report - only costs £2 max. Could be free.

If there's nothing spoiling your credit rating then apply for another card. Still plenty to choose from at:

http://www.stoozing.com/0fees.htm
and
http://www.stoozing.com/lob.htm

Best of luck.

BlueShaun

Thank you for the advice.

How do i check my credit report for free? I found a £2 option at equifax.

I've been at the same address since Jan 2006, but before that i have moved regularly. I'm not on the electoral register.

ancasta_2

If your not on the electoral register,that will be what is turning down your applications. get your self in touch with the council, add yourself on and bobs your uncle, you should be good to go soon.