debts all over the place

Hello, I've looked on this site for answers to my various debt problems, and have tried some of the suggestions, but am still utterly confused. It doesn't help that I'm dyslexic and probably the least organised person in the world - but I'll try and break down my debts to see if any of you can help!

I have a Natwest Graduate account (I graduated in June 2003) and am way above the overdraft limit of £1000, usually hovering around the -£2150 region. I tried to switch my account to the Lloyds Graduate account but they said I needed a Switch card (not my measly Solo) before they'd allow me to do so. I also applied to Alliance and Leicester for their current account but was turned down.

I earn £12,500 a year before tax so have not had to start paying back my £15,000 student debt just yet. My rent is £650, which I split with my boyfriend. We would love to buy somewhere of our own, but worry that this would be even more expensive.

I have paid off 3 credit cards with an Egg loan for £5000 which I think I'm being charged 6.9% for. They take £150 from my account each month.

I am sure that I could manage these debts in a much better way - and hopefully then be able to think of getting a mortgage and get my life on track, but I feel so frustrated and confused as to what to do - I would be really grateful for any advice. Thankyou.

Comments

  • crazyhazy
    crazyhazy Posts: 316 Forumite
    If you post a breakdown of where your other money goes each month then we will be able to advise you on where you could cut back and pay off debts a bit quicker. Some areas straight away might be your food bill, there is a challenge over on old style for cutting that. Also, do you have the best deals for gas/electric, telephone etc, do you have a mobile that you could change to pay as you go or get rid of completely. Do you go out alot or buy shop sandwiches rather than making your own, this can save alot. Give us an idea of what your money goes on and we'll help you sort through it.
    Total Debt (27th Nov 08) £16,707.03 Now £5,102.72
    Debt Free Date [strike]Nov 2012[/strike] August 2011
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    rent at £650 a month is a lot ! Especially on £12.5k !

    Its approx equivalent to a £110k repayment mortgage !


    So definetly look at downsizing where your at as thats where your monies goign even though you split the rent.
  • debtbuster2K5
    debtbuster2K5 Posts: 1,515 Forumite
    Hi, Best thing you can do to start with is to ensure those credit cards have been cut up, Now you have all the debt on one loan. If you havent you may find that you quickly rack up debt on them again, so get chopping!!!!
    24 hours in a day. 24 beers in a case ... coincidence? :beer:
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