Advice/support needed

Purplepiglet_2

Hi everyone

Hoping for a bit of advice or support

Here’s what I currently owe……

CAPITAL ONE Credit card £1700
TESCO Credit card £1000
NEXT Account £295

I also owe my mum £500 and am up to the brink of my £1500 overdraft. My mum has said I don’t have to pay it all back straight away – I will pay her back though but maybe after I have paid off some of the others.

I get £1400 pay per month so I never get out of my overdraft.

My outgoing are:

Rent (including bills) £340
Car payments £302
Car ins £45
Loan repayments £123
Petrol £190
Mobile phone £25
Next acct repayments minimum £30
Capital One account repayments minimum £52
Tesco CC account repayments minimum £30

Obviously on top of that is food etc but I am gonna try and be as economical as possible so I don’t really know what the bare minimum I can get away with is.

I have been left in the lurch by my boyfriend and I feel like I am never going to get out of my debt. I had thought about trying to put all of any spare cash I have at the end of the month into one debt at a time whilst continuing to pay the minimum payments on the others. I thought about trying to pay off the Next one first (as it’s the smallest) and then move on to the others. If I keep to minimum repayments it will take me years to pay them off L I have tried getting a cheaper card/loan to transfer my debt on to but I have been refused everywhere and the bank wont extend my overdraft.

Just looking for a bit of advice really, I feel so stressed out all the time and I’m getting all panicky.

Thanks

Helen

saintly_2

hello and welcome to mse

i'm not very good at givin advice but i reccommend you to have a look at southern scousers stickied post at the top, it has a snowball calculator, this is great, you put the apr's of your cards and it tells you what bills to pay off 1st which will saves you interest.

someone more knowledgeable will be along soon

CLAPTON

firstly you need to find out where all the money goes and give more details of the debts.

so draw up a proper budget with absolutely everything in it...like socialising, food (tops 150 including all lunches), clothes , magazines, haircuts
and include all the annual and one offs like car tax, mot, servicing, RAC/AA, presents, xmas costs, holidays etc ...with these work out everything you might spend over the next 12 months, divide by 12 and put a line into your budget.
For the annual /oneoffs you need to actually save up this money each month so you have the money when the bill becomes in.

only if you do this can you see if you are actually spending on average more than or less than your income.

start a spending diary and note down absolutely everything you spend no matter how small and keep a running total...often quite frightening but very worthwhile.

find out all the details of the debts in particular the APRs of the CC and the overdraft and also how many payments have you left on the loans?

for the credit cards pay the minimum amount on each CC except the one with the highest APR..on that one pay as much as you can..thats the quickest way of clearing the debts.

stop spending money except where essential

you car related costs are huge...why is petrol 190?
would it be worthwhile to sell the car and buy something cheaper

can you increase your income...parttime job or is there a spare room you can let?

could you move back home until some of the debts are paid off?

pudding06

Purplepiglet wrote:

Hi everyone

Hoping for a bit of advice or support

Here’s what I currently owe……

CAPITAL ONE Credit card £1700 (apr?)
TESCO Credit card £1000 (apr?)NEXT Account £295 (apr?)

I also owe my mum £500 and am up to the brink of my £1500 overdraft.(Do you get charged interest or a fee for this - if so how much?) My mum has said I don’t have to pay it all back straight away – I will pay her back though but maybe after I have paid off some of the others.

I get £1400 pay per month so I never get out of my overdraft.

My outgoing are:

Rent (including bills) £340( You need to itemise each of these bills seperately for us)Car payments £302 ( Is this a car loan or road tax, mot and repairs?)Car ins £45 -( Ouch was this the cheapest Quote?)
Loan repayments £123 ( whats this for? ie what apr and what company?)
Petrol £190 ( crikey - thats a lot - do you really need to use this much?)Mobile phone £25 ( could you reduce your useage, or payg if on contract?)Next acct repayments minimum £30
Capital One account repayments minimum £52
Tesco CC account repayments minimum £30

Obviously on top of that is food etc but I am gonna try and be as economical as possible so I don’t really know what the bare minimum I can get away with is.

I have been left in the lurch by my boyfriend and I feel like I am never going to get out of my debt. I had thought about trying to put all of any spare cash I have at the end of the month into one debt at a time whilst continuing to pay the minimum payments on the others.

I thought about trying to pay off the Next one first (as it’s the smallest) and then move on to the others.( go to https://www.whatsthecost.co.uk and do a snowball - on the left hand side of the page - try it interest first and it will tell you how much it will be also if you do it your way, balance first, further down)
If I keep to minimum repayments it will take me years to pay them off L I have tried getting a cheaper card/loan to transfer my debt on to but I have been refused everywhere and the bank wont extend my overdraft. ( you get a poorer credit score the more applications you make, so stop for a while - dont apply for any more at the moment)

Just looking for a bit of advice really, I feel so stressed out all the time and I’m getting all panicky.
Thanks

Helen

Sorry for over wrtinting your stuff but sometimes its easier to point it out on your soa than retype it.

Please dont panic Helen, we're here to help and support you - youre amongst friends on here.

Perhasp when you have time you can answer some of the above ( you dont have to do them all at once lol) and we can help you more. The more we know the easier it is to advise you that's all, so when you can get back to us.

good luck and :wave:

pudds

dancingfairy

Hi and welcome :hello:
A few things that I've noticed. Your petrol costs seem huge - is there any way you can reduce these and use public transport at all/ get a lift/walk more etc?
Also do you really, really need the car? It is taking a lot of your money - you may need to get rid of it for a while until you are back on your feet.

Best of luck with it all.