Newbie looking some advice

Kenny_B

Thanks to blitzboy for redirecting me here, here is my orignal post, hope someone can help.

Hey Guys

New to the site, registered as I have a few money concerns and just really want any advice that people may have.

My current debt stands at the following:

Overdraft: -£700 (being paid off at £100 per month)

Credit Card No. 1: -£1500 ( £1800 limit)

Credit Card No 2: -£3610 ( £3500 limit!)

Wow, actually putting it down on paper freaks me out!

Recently due to various personal and family problems I lost track of my finances.

I missed a payment on CC number one a few months back and have only just realised, as such where I believed I was paying on time turns out I have been paying a month in arrears, cue 2/3 late payments on this account.

As you can see on CC number two I have went over my agreed credit limit, I have incurred one charge for this and am due to incur another one as I am only able to make the minimum payment this month which will not bring me within the required limit.

As you can imagine these debts are of a big concern for me, I am and have been coping with them bar these last few months and really want to knuckle down and start clear as much of the debt as quickly as I can. I am really concerned about the charges I have been incurring as prior to this I was always making payments on time, however I am worried at how my Credit Score will be affected and how this will affect me in the future re:mortgage's etc.

What are people sugguestions? Should I look to get a loan and pay them both off so I have a set figure to pay each month? Should I look to get another CC and BT the two cards, again to have one single payment to make?

I can cope ok with paying both on a regular basis with more than the minimum payment but I want to get back within my limits asap and making the payment on time.

Sorry for the long post folks, any help would be greatly appreicated on the matter.

ps. I am unaware of the exact rates of APR etc but will contact the lenders tomorrow to clarify.

19lottie82

Hi Kenny - Your debt doesn't sound too bad compared to a lot of peoples! You need to post a Statement of Affairs (SOA), this will show us your incomings and outgoings so posters can advise you where to cut back so you can throw as much as poss in to clearing your debts.

http://www.makesenseofcards.com/soacalc.html

DCFC79

You could post a SOA kenny.

Kenny_B

Realisied once3 agin that this really wasnt the best place to post!! Although I want to be debt free I am currently just trying to make sense of CC fines and charges and their effect.

I am changing jobs and reloacting in three weeks so a SOA would be pointless, but having looked at the format, Its is definitly something I will come back to in the near future just for my own personal interest.

Thank you to everyone's paitence and assistance for a newbie (a ture newbie in every sense of the word)

youknowwho

Just having a brief look, I would suggest you get number 2 CC under it's limit asap, you will be getting charged £12 per month for being over limit, that is way more than the interest it would cost to borrow the small amount to get you underneath limit.

youknowwho

Just having a brief look, I would suggest you get number 2 CC under it's limit asap, you will be getting charged £12 per month for being over limit, that is way more than the interest it would cost to borrow the small amount to get you underneath limit.