Financial Advice Needed!!!

Jack_Gleeson

Hello all,

Targets:
Reduce the interest rates I'm paying on my credit cards.
Possibly consolidate it all into one single loan or what's recommended by yourselves.

My Finance:
Salary = £25000
Monthly = £1666(varies)
Rent & bills = £800

Current Account: Cahoot Account, 500 overdraft, currently £494 available in my account.
Savings Account: Cahoot, available £0

Credit cards:
Capital One 33.9%APR!, Balance = £858, Limit = £900 Paying £40 a month. Card is cut up.

Barclaycard 22.90% APR, Balance = £927, Limit = £900, (missed a payment this month due to being skint) Paying £40 a month. Card is used sometimes.

Loans:
Egg loan, £2000, currently stands at -£1,717.30, paying £60 a month towards it

Default:
£758 Royal Bank of Scotland, arose from ridiculous bank charges which I'm in the process of claiming back (can I get the default removed?)


That’s about it,

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I'm wondering if anyone has any ideas on how to either improve my credit history so I can get a better credit card with a 0% balance transfer rate or how to get a better credit card in general.

I also need some tips on moving into a new apartment since I have to relocate for my new job since it’s a 3 hour commute from where I am at the moment.


I'll love you forever if you can better my situation or just provide any sort of advice as I'd love to get rid of these chains holding me back.

Have a great day

Jack

Jack_Gleeson

no one got any advice :Z

slowlyfading

hey and welcome you need to post a SOA (see southernscousers thread at the top of the boad) and i'm sure more experienced people will be along soon
SF x

silkglade

Hi and welcome to MSE, if you post your SOA then we can have a look for you. Well done in taking the 1st and most important step to becoming debt free.

sammy115

Is your default from Royal Bank of Scotland totally made up of charges. If so then you should be able to do something about it. If you go over to https://www.consumeractiongroup.co.uk they will have advice about the default. Even if it isn't totally charges there is information on the boards over there about trying to question a default.

As to the credit cards, if you have a default I doubt very much if you will get a 0% with a default against your name. All you can do is not miss any payments and overpay and get the balances down. Try https://www.whatsthecost.com for snowballying advice.

I think the biggest issue is to understand why you are so skint all the time and how you have run up credit card and loan debts. You need to post an SOA and keep a spending diary.

DON'T CONSIDER THE CONSOLIDATION LOAN. all you will do is run up more debt, especially if you haven't got your spending under control. I am of course talking from experience!

silkglade

How much do you spend on food & travel - is this included in your ret and bills?

Gemmzie

Do Cahoot offer a credit card? I got a much better rate with my bank than an external provider. Might be worth asking them

joeblack066

Hi there!! A full SOA would help, as it helps the guys on here give advice as to where you could make savings, but from what you've written so far.....

How much of your take home pay is realistically available to service the debts, after you've taken everything into account?
Could you set yourself to have a very frugal May, and clear the Cap One?
Look on https://www.gumtree.com to find rented accomodation in the area that you need, also https://www.rightmove.com This will tell you average rents in the area you're looking at. Is buying a property something that you don't want to consider at the moment?

nickelodeon

Hi,
As everyone has said we really need a SOA to properly help you.
In relation to your credit cards you probably won't be able to get a 0% deal with defaults on your credit rating, but have you tried phoning the credit cards you've already got to see if they will reduce the interest rates or do you a special interest rate if you transfer one of your other balances to them, it might be worth a try.