A newbie looking for advice

notjamieoliver

Hey guys,

I have £2000 debt on a credit card (16.9%pa) and a loan of £10,000 (3 years, one year completed)

I find that I only have about £20 per week disposable after all bills, food, petrol etc is paid. Is there any way to get the loan amount reduced? (£341 per month) my credit card companiy just tried to increase my interest charges to 21%pa but when I called they agreed to keep it at 16.9%. The loan company (Santander) were not so accommodating and said I had to miss payments first - it just doesn't seem fair as I have told them I'm struggling with money.

Thanks

notjamieoliver

*company (sorry, typo)

mum2one

your best bet would be to do a SOA there be a sticky at the top of the board, as there may be ways to find that your outgoings could be reduced.

Also suggest keeping a spending diary, and see how much is going and where, you might find that you comfort spend, just because its there,

sistafromanothermista

http://www.makesenseofcards.com/soacalc.html here is the link....

notjamieoliver

Thank you very much

sistafromanothermista

:wave: Hi and to the board.
You say you only have £20 left after all the bills, shopping, petrol etc. This suggests that you can afford to pay the debts back at the current rate so not quite sure what the problem is here (unless i'm missing the point) Can you maybe switch the card debt to a 0%?
As soon as the SOA is posted i'm sure this will answer some questions i have.....

Remember, answer it as honestly as you can, mine shocked me when i wrote EVERYTHING down what i was spending :eek: