Debt Free by 21 With SOA Including Help make sense pleasee :D

sweetipie92

Hey all , I have just sat and worked out my ruff debt amount.... also have worked out how much i can actually afford to pay back each month also.... Could people tell me the best way to tackle these



O2 ?
Captial One £371.00
Barclays £300.00
BarclayCard £350.00
Lloyds TSB £1,600.00
Wonga £400.00
Pay Day Express £200.00
Money Shop £150.00

Able to pay per month : £45

Thanks Everyone In Advance:D

Lokolo

Start with the highest APR. Although I suspect with the credit cards theres the minimum amount so leaves you very little to overpay with.

The Pay Day loans are most probably very expensive. And only paying £45 across all of that isn't likely to help.

Is there no way you can increase the £45? Or at least sell some stuff to get rid of the pay day loans?

glasgowsaver2011

3371 of debt.

able to pay 45 a month towards this debt

Assuming 0% on all this debt (unlikely)

No further charges (unlikely)

That will take 74 months

thats 6 years!

And thats assuming that you are on a 0% rate.

You need to get a second job, or a prt time job, or something

sweetipie92

What sorta monthly payment should i be looking at paying?

glasgowsaver2011

sweetipie92 wrote: »

What sorta monthly payment should i be looking at paying?

Make a budget.

How much do you have after bills.

Allow your self 20 a week pocket money.

the rest goes into your debt

wants.to.be.debt.free

Glasgow saver is correct - throw all spare money at your debts.

Start with the highest rates of interest first, probably pay day loans and then tackle the 2nd and then the third and so on and so on.

Leave yourself a little to spend, but remember for every pound paid off your debts is a pound you will never have to pay interest on again.

sweetipie92

So do i pay 1 at a time? because there sending me letters saying they want paying? so do i say im paying them off a little at a time etc?

glasgowsaver2011

sweetipie92 wrote: »

So do i pay 1 at a time? because there sending me letters saying they want paying? so do i say im paying them off a little at a time etc?

If you do not make the minimum payments you will get into worse debt with charges etc.

How much is your monthly income?

How much is your rent/expenses.

how much are the minimum payments on these.

Where did you come up with the figure of 45 per month from.

dreamdreamer

There's not really enough info here for us to give you any real advice, are you working, are you able to survive on your wage, do you need to cut your spending etc etc. I'd suggest a starting point would be to fill out a Statement of Affairs here. That'll tell you how much you have "spare" to throw at your debts. You can post that on here if you like and people will give you some more advice on how to cut back on things to give you more than the £45 (which isn't really enough for a debt of this size if you want it paid off any time soon) to throw at your debts.

As to what order to tackle them with, the general rule of thumb is pay off the one that's costing you the most in interest or charges. But until we know the APRs/minimums on the debts it's hard to say.

sweetipie92

Edited with corrections
Monthly Income Details[/b]
Monthly income after tax................ 809
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 809

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 200
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 555


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Wonga..........................400.......400.......3000
Capital One....................371.......15........39
Barclaycard....................350.......15........39
02.............................500.......40........0
Lloyds tsb.....................1600......40........30
Total unsecured debts..........3221......510.......-


Monthly Budget Summary
Total monthly income.................... 809
Expenses (including HP & secured debts). 555
Available for debt repayments........... 254
Monthly UNsecured debt repayments....... 510
Amount short for making debt repayments. -256

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,221
Net Assets.............................. -1,721

gizmo111

Do you not pay any rent? Any other household bills?
Entertainment, holidays etc