Please help :(

ganderson1804

Right... here goes!

We have got ourselves into a wee bit of mess and i want to try and resolve it and i am looking for advice on the best way to do this.

Our debt is as follows:

£2000 on credit card
£2000 due to my dad
£1000 due on existing loan
£200 due on student account overdraft
£1000 due on current account overdraft.

I can’t decide which is the best way to handle it all.

My options were...
1. Get a 0% interest free period credit card. Shift everything onto this, including doing cash advances to pay my dad, the existing loan and student overdraft. Get a second 0% credit card for everyday spending and leave the current account to come out of overdraft.
2. Get 0% interest free period credit card which allows money transfers. Use our £5000 overdraft on current account to pay my dad, existing loan and student overdraft and do a money transfer at 4% and then a balance transfer from the credit card at 3.2%
3. Any suggestions?!

I want to aim to repay all of this within a year.

Any advice/help/support you can offer would be much appreciated.

I am on a big money saving/making mission. I have put loads on gumtree/ebay last night and i have joined up to online survey sites and also requested a payout from my paypal and topcashback accounts. At present we have £300 in savings.

I have switched from BT to sky for our phone and broadband which saves us money and I am going to phone to cancel sky movies tonight as we don’t watch it. I’d love to change energy providers but we are in debt to Eon right now so i need to wait until we have cheaper bills over summer to repay it before we can shift.

I tried the budget planner but i find it really hard to be totally honest when filling it all in.

I need help on where to start please! I’m getting desperate and stressed about the whole situation.

PollyOnAMission

It really depends how much interest you are being charged on the various debts as to which you should be paying first.

How is your credit history? Would you have a good chance of being accepted for a 0% card with a high enough credit limit?

If you post the interest rates for the debts then people will be able to help you more. If you have access to credit (especially 0% credit) for emergencies, I'd be tempted to use your £300 savings to pay towards the highest interest portion of your debt as a starter.

ganderson1804

Credit card - 17.95% apr
Dad loan - interest free
Existing loan - think its about 17%
Student account - interest free until July, 17.81% EAR
Current account - £250 interest free, 19.24% EAR

I think...

matttye

Ganderson1804 wrote: »

Credit card - 17.95% apr
Dad loan - interest free
Existing loan - think its about 17%
Student account - interest free until July, 17.81% EAR
Current account - £250 interest free, 19.24% EAR

I think...

Pay off:

1st - Current account
2nd - Credit card
3rd - Loan
4th - Student account
5th - Dad

Unless your dad is struggling and desperate for the money back!

If you can transfer some or all of the debt to a 0% card then do so.