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toasti

Money been spent on car repairs,over spending due to being bored,a car loan...just mounted up and now I hate myself for it

Storm

Don't waste time hating yourself, we've all done it, hence being on this board! I think the question was probably more a case of whether you could sell anything that was a large chunk of the debt to pay some off now.

I think maintaining minimum payments & paying any extra to one creditor can work wonders - it's real motivation to cross off one debt completely (as I found with mine - see my sig).

What you could do is use Martin's budget planner (there's a link at the top of the DFW board) to accurately work out how much each month you can put towards the debts, and then put the figures into the snowball at https://www.whatsthecost.com to work out the best one to throw any extra at, and what your debt-free date will be.

Bestthingsinlifearefree

toasti wrote: »

Money been spent on car repairs,over spending due to being bored,a car loan...just mounted up and now I hate myself for it

Can you sell the car / move closer to work? etc etc

toasti

JUST RANG HSBC AND they said my credit card interest rate was 21.9%!! they have brought it down to 14.9% for 6 months which is a start I guess!

postingalwaysposting

toasti wrote: »

Hi thats a great idea thanks!
Have less than £400 a month as have recently moved house and had to pay for removal firms and old bills etc so that's put money down a bit.
To be honest I would rather try to sort things out myself by paying off hsbc credit card first then the egg card then the hsbc loan (smallest to highest)
What do people think?
Thanks so much

hello toasti, welcome dont feel down we are all in the same boat here, hop in and we will all help. The advice you have been given here is great. But with regards to your statement above in bold, although you will prob be happier doing it this way and you will seem like you are getting somewhere... i would do it highest interest rate to lowest, there for if you lowest amount of debt has the lowest intrest rate you would leave this to last as you wont inccur as much penalty. The best was to work this out is using a snowball calculator try this http://www.whatsthecost.com/snowball.aspx

hypno06

Hi Toasti

Def try out the snowball calculator - it is amazing how much difference can be made by paying off the right card first or managing to divert £10 from the shopping budget to the cards etc.

It will also give you that all important Debt Free Date, so that you can see the light at the end of the tunnel (even if the tunnel is quite long!).

toasti

Hi have been looking at debts and here's the facts:
hsbc £15000 at 7.9% (loan)
hsbc credit card £2000 at 14.9%
egg card £5000 at 14.9%
Am I therefore correct in thinking that I should pay off hsbc credit card first and ploughing more money into that?

toasti

ps Would I just pay minimum payments on the other credit card?

emzig123

Hey toasti,

you are spot on. You could pay either HSBC CC or Egg first, and yes put minimum payments on other cards.

Well done!

toasti

thanks! Going to pay hsbc one off first as hsbc are doing my head in and I want to cut all ties with them now.So...going to be a miser for a few months and pay off hsbc card,tough luck on my friends who will want me to go out (although I am venturing out this eveninng on £10 lol).Plan is:
1.Pay off hsbc credit card (ploughing more money into that)
2.Pay off egg card (with minimum payments)
3.Then look at hsbc loan
Is it true by the way that I cant close my hsbc account as I have a loan with them?This seems rather silly when I could just pay them directly from my main bank account.Thanks!