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PLEASE Help!!! Newbie here!!!
rebeccalou_3
Posts: 7 Forumite
Hi everyone,
Basically I really need help with our debts. They now look on the road to being manageable, but we have had a really horrendous year that has caused a lot of problems with credit checks. My husband was made redundant last Feb when I was pregnant with our first child and we were also in the process of moving. We had to move due to the fact we were in a 1 bed 2nd floor flat and with a baby on the way it just wasn't suitable, but the move costs along with job problems and me on Maternity Allowance didn't help the situation.
My husband has just started a really good stable job. He is earning £22000 basic but it's sales so OTE anywhere above that but likely around £40000 (but we are definately not relying on this) - previous wages before redundancy were about £21k. I am just working 2 days a week and earning in the region of £5000 depending on whether I do overtime (dependant on childcare). Grandparents look after our son so no childcare costs luckily. He also has company car etc. now reducing costs. We now need to start repaying our debts. Obviously bank ones first and then family. Both of our parents have lent us money but are in no hurry for it back, so at the moment I'm concentrating on debts building up interest, then family. We have been very very lucky of that.
We have - £3600 on Barclaycard at ridiculous interest rate (£100 over max just due to increasing interest and minimum payments, not spending on it since November)
£850 Mortgage Reserve account
£1600 remaining on a £4000 bank loan (but this is on a direct debit payment scheme on fairly low interest and not as concerned about this)
£1600 on Natwest Graduate Account at 0% interest
We would obviously like to get a better rate credit card to start paying this off, or a loan to accumulate the debts and get a plan going but it doesn't look like we will be accepted for it. Please help. What's the best course of action?
Thank you so much in advance!!!
Basically I really need help with our debts. They now look on the road to being manageable, but we have had a really horrendous year that has caused a lot of problems with credit checks. My husband was made redundant last Feb when I was pregnant with our first child and we were also in the process of moving. We had to move due to the fact we were in a 1 bed 2nd floor flat and with a baby on the way it just wasn't suitable, but the move costs along with job problems and me on Maternity Allowance didn't help the situation.
My husband has just started a really good stable job. He is earning £22000 basic but it's sales so OTE anywhere above that but likely around £40000 (but we are definately not relying on this) - previous wages before redundancy were about £21k. I am just working 2 days a week and earning in the region of £5000 depending on whether I do overtime (dependant on childcare). Grandparents look after our son so no childcare costs luckily. He also has company car etc. now reducing costs. We now need to start repaying our debts. Obviously bank ones first and then family. Both of our parents have lent us money but are in no hurry for it back, so at the moment I'm concentrating on debts building up interest, then family. We have been very very lucky of that.
We have - £3600 on Barclaycard at ridiculous interest rate (£100 over max just due to increasing interest and minimum payments, not spending on it since November)
£850 Mortgage Reserve account
£1600 remaining on a £4000 bank loan (but this is on a direct debit payment scheme on fairly low interest and not as concerned about this)
£1600 on Natwest Graduate Account at 0% interest
We would obviously like to get a better rate credit card to start paying this off, or a loan to accumulate the debts and get a plan going but it doesn't look like we will be accepted for it. Please help. What's the best course of action?
Thank you so much in advance!!!
0
Comments
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Hi rebecca and welcome to DFW!
The first thing anyone will tell you to do is post a SAO so that the more experienced DFW's can assess where your funds are going. Then they'll try to tweak it so that it's in the order that you will make the most of your income from.
Good luck with becoming Debt Free, I hope to see more of you on here!DFW #414, MoneySaver, Income Booster
It Always Seems Impossible Until It Is Done.
£2,022 in 2022 #39 - Current total £2.900 -
Hi Rebecca welcome to DFW's. Post up your Statement Of Affairs (see SouthernScousers thread for first time posters) and we'll see if we can help you.0
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Welcome
Can you hunt out the papework and list the APrs on you debts, as one of the basics is that you repay those with the highest rates first (snowball).
Ta
RASIf you've have not made a mistake, you've made nothing0
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