My debt aims

rootdown

Hi everyone, I'm currently trying to clear some niggling debt I've had hanging over me.

Overdraft: £1000 Bank of Scotland, Ultimate Reward account. Pay £12 a month for this account, don't use any of the "benefits" and £1 per day that my account is more than £300 OD.

H.B.O.S. Credit Card. £950 debt. Also pay PPI on this, interest rate about 17.5% PA.

Virgin Credit Card. £915. Also pay PPI here too, interest rate about 18% PA.

Outstanding Gas and Electricity: £575. Currently paying cash quarterly. However once this is cleared I will be moving to Direct Debit, and using any cash back to pay off the credit card debts.

My income is £20K per year, I pay £400 per month on rent/council tax.

Any advice welcome, particularly with credit card interest and PPI.

MFWannabe

Hi
Firstly you need to fill in an soa using the one at www.makesenseofcards.com

Then we can see all incomings and outgoings and can advise where you could make some cutbacks.
With reference to the PPI i have no knowledge of this other than i know you can claim it back; someone with more knowledge will be along later
Reference your bank account ring them and ask them to change it to a normal current account

rootdown

FREEZ wrote: »

Hi
Firstly you need to fill in an soa using the one at www.makesenseofcards.com

Then we can see all incomings and outgoings and can advise where you could make some cutbacks.
With reference to the PPI i have no knowledge of this other than i know you can claim it back; someone with more knowledge will be along later
Reference your bank account ring them and ask them to change it to a normal current account

Thanks that's brilliant. :thumbup:

[Deleted User]

rootdown wrote: »

Hi everyone, I'm currently trying to clear some niggling debt I've had hanging over me.

Overdraft: £1000 Bank of Scotland, Ultimate Reward account. Pay £12 a month for this account, don't use any of the "benefits" and £1 per day that my account is more than £300 OD.Does this mean that your allowed overdraft is £700, and you are £300 over this? Can you downgrade the account and still keep the OD? Can you [even temporarily] increase the OD so that you are not over your OD incurring EXTRA charges?

H.B.O.S. Credit Card. £950 debt. Also pay PPI on this, interest rate about 17.5% PA.What is the monthly minimum that you are paying towards this? And what is your current repayment? Are you paying above the minimum?

Virgin Credit Card. £915. Also pay PPI here too, interest rate about 18% PA.Check what the APR is if you are not sure. What is the minimum payment? And are you paying anything above the monthly minimum payment?

Outstanding Gas and Electricity: £575. Currently paying cash quarterly. However once this is cleared I will be moving to Direct Debit, and using any cash back to pay off the credit card debts.(I am assuming that this is arrears - how much are you managing to reduce this by?) Try and reduce your usage - switch the thermostat down on the boiler (you will never notice), and switch the heating down, switch things from standby to off when not in use, use energy saving bulbs, only have lights on in rooms you are using

My income is £20K per year, I pay £400 per month on rent/council tax.

Any advice welcome, particularly with credit card interest and PPI.

As suggested by above poster

Comments above,

HTH,

D9