Starting over........

little_miss_troubled

Looking for advice folks. I have recently seperated and moved back home with my mum. Good thing is the only outgoings I really have are for my loans, c/c however I also need to start saving for a new home wether it be rent or mortgage and save for furniture etc too but I cannot do this as I have too much debt thats needs cleared. My signatures shows the debt. I plan to pay of the lower Visa of £599 tomorrow leaving me with two loans and one C/C.

My monthly income is £964.
Outgoings: basic living- foodshopping, £80 travel cost, Mobile £25. Loans repayment £145 & £112, Min of c/c £25. Car £75.

• Any advice please to help me work out what i should do for the best??? Do I just put all my wages to the debt?? Do i try and put money away a side if so how much??
• Also What should be the next item I pay off - the creditcard at 0% till November. Or do i put money away to get Loan No 2 cleared, (112per mnth)???

In desperate need to win lottery as we all are but until that time...need you help??????

[Deleted User]

If your back at your mums I would just get all the debt cleared then start saving for furniture etc.

That means when you have your own home you have no additional payment others than essential bills.

Good luck with it all

Dxxx

danthemoneysavingman

aim to pay off most expensive debt first, if you can't overpay your loans then prob no need to pay off 0% cr card until nov, so put money aside.
hth!

dazWb

I plan to do much the same as you. I'm moving out of my rented flat next month, back in with the family, as currently I'm only servicing my debts to the minimum.

I used the snowball calculator to find out the most effective way to clear my debts, so that I can start keeping all my money and putting it towards savings. It sounds as if you can put substantial amounts towards the debts so you can pull together a deposit being debt free.

Good luck!

little_miss_troubled

Do you think I should try and money away to pay off loan 2 first as I can always just pay min to the C/C and move it come November if I still have it to another 0%???

camuk81

Do you know the aprs of the loan and if there are any early repayment charges on them?

little_miss_troubled

camuk81 wrote: »

Do you know the aprs of the loan and if there are any early repayment charges on them?

hi

The APR are both the same around 6.7% possibly. The biggest loan defintely has early repayment fees as I only took that out a year ago and have 6yrs left. The second loan I am unsure tbh but the amount posted for loan 2 is the settlement figure.

little_miss_troubled

dazWb wrote: »

I plan to do much the same as you. I'm moving out of my rented flat next month, back in with the family, as currently I'm only servicing my debts to the minimum.

I used the snowball calculator to find out the most effective way to clear my debts, so that I can start keeping all my money and putting it towards savings. It sounds as if you can put substantial amounts towards the debts so you can pull together a deposit being debt free.

Good luck!

Hi - do you have a link for the snowball calcualtor, cant find it

jinxy209

have just found this on another bit to do with saving - it seems to be the thing you want. I now have to dig out all my paperwork so I can fill it in too!

whatsthecost.com/snowball.aspx

i cant post links yet so just put in the www

hope it helps

camuk81

http://www.whatsthecost.com/snowball.aspx

Ok long and short the card is at 0% but you need to be aware of what it might jump up to.