Need some advice.....

frannypops

Hi all,

Need some advice

I currently have a finace on my car and still owe about £3500 and is not due to end till 09/2014 and I owe about £3000 on my hsbc credit card , 1000 on my mbna and 600 on barclays (which is a low apr for life :j) Every month once I have paid my bills and rent im only left with £150 which I budget but always go over.

I do have some savings (dont have much in my ISA £500 but I have some in my life savings £2000) and was thinking about using it to get rid of my car payments which would free up and extra £200 a month which can go towards my credit card and then I can try and rebuild my savings.

Good idea or not.

DCFC79

Depends whether they would allow you to pay it off early, a fee might be involved.

Why do you go over the £150 you budget for ?

ch3101

Yes if I were you i'd keepp your ISA as your emercency fund and use the £2000 to reduce car payments.

The £150 you have left, what do you use that for?

And in the rent and bills, have you included payments to creditors?

frannypops

Hi,

Out of the £150 I buy Diesel for the car £60 per 3 weeks, then its general spending for friends and familys bday or if my mum is a bit short. But when i go over its only by about £20.

PS I have looked at the settlement payment for the car its £3500, which i think its doable if I senseable.

Thanks for helping