First post, SOA (kind of)

hayley11

Hi everyone,

I've been coming on here for over a year and never posted but I've gotten so many ideas and inspiration from everybody on here. Anyway I have decided to take control of my debt so if I put it in writing i'm more likely to stick to it!

Here's my current situation...

I was made redundant at the end of Janaury and have been looking for a job since, I've so far managed to live off the settlement I got and DLA. Stupidly I listened to people who told me I couldn't claim jobseekers allowance while I had some redundancy left (i got £1800) So anyway I went to sign on on the 27th March and haven't had any money off them so I'm going to chase them up on that. I have however now found a job, I am temping until next Friday then I have a full time perm job. At the moment I am living with my boyfriends family, i'm not paying any rent at the moment because i'm not working but I will start paying his mum some rent soon. I've listed all my debts below, I sold my house at the end of Feb and my ex husband and I managed to get ourselves into a bit of debt.

Egg credit card - £1830 (apr 7.9%, min pay £50/mth)
TSB Loan - £6200 (apr 19.9%, min pay £200/mth)
TSB credit card - £907 (apr 7.9%, min pay £30/mth)
Next - £650 (apr 2%, min pay £70/mth)
Overdraft - £200 (not sure apr and I don't pay it off)

Once I am working full time again I think I will be able to pay around £500 a month off my debts and I've worked out on the snowballing thing that I should be debt free in 2 years. I'll be moving into my own apartment once I am working, that's why I'll only be able to pay £500 a month towards my debt.

Sorry it's a bit of waffle! Thanks for reading...

Hayley x

GirlRacer_2

Hi Hayley and welcome to DFW's. Congratulations on getting yourself a job, it'll take you a few months to get back on your feet but once you are you could try and balance tranfer your 2 credit cards to 0%, The apr on your loan is massive, you really need to concentrate on getting that paid off. Saying that though, it may be easier to deal with the smaller debts first and then plough all your spare cash into the loan when the smaller ones are paid off.

The guys will be along soon and they'll advise you whats the best course of actio.

hayley11

Hi

Once I have been working full time for a couple of months I am going to try and switch that loan to a lower APR, to be honest I got it because it was so fast and convenient but looking back I should have looked around a bit more.

Thanks for your reply

Hayley x

Headintheclouds_3

Hi Hayley, and welcome. Hopefully you'll find some great hints and tips on here