cc help!!

stokefan

i have roughly 15k of debt over several credit cards and 1 overdraft.

i currently live with my parents, it started when i got made redundent, i thought i would get a job soon after and in the mean time started to spend on my credit cards, anyway this went on for a few months and finally i found a job. then two months later this comany went bust, it took me a further 2 months to get a new job which started a few weeks ago

income 1100 p/m

out goings
290 p/m board food etc
100 p/m car insurance
120 p/m fuel(work)
100 tsb cc
30 natwest cc
60 mbna cc
60 halifax cc
75 if cc
30 barcleycard
45 monument
40 citi card
50 mobile phone(work)
1000 outgoings p/m


i dont know what my next step is, because i cant really go on living at my mum and dads house, and yet cant afford to move out and whilst im trying to pay the minimum on my cc's they aint getting me any closer to getting debt free

any help would be greatly apprieciated

SunderlandBlackCat

Hi & welcome to the board

Could you be a bit more specific about how the 290 p/m board food etc is made up?
100 p/m car insurance seems very high have you shopped around for a better deal?
120 p/m fuel(work) & 50 mobile phone(work) - do work contribute anything towards this & if so have you included it in your income?

It would also be very useful to know more details about the debts.
i.e. current balance, credit limit & interest rate

Once we know more detail we'll be able to show you how to start tackling them

stokefan

tsb cc 5000 at the moment
natwest cc 1000
mbna cc 1200
halifax cc 3000
if cc 3000
barcleycard 350
monument 1000
citi card 1000

tsb over draft 1100

work dont pay anything towards phone and petrol, and i dont want to rock the boat as im on a three month trial before they decide to take me on or not.

insurance is best i can get as im only 22, my car isnt worth much any way possibly less than 1k


they are all basically at the max, not sure on interest rates but if is about 6 percent, all the others are above 13percent

southernscouser

Are you still spending on your credit cards at all?

I'm just wondering wether you have reduced all your outgoings to below your incomings as the £110 a month you have left over doesn't go very far for all the things you haven't included in your SOA. :think:

Have you applied for any new cards recently? If not then you could apply for a low life of balance card which will no doubt reduce your interest payments! Can you list all your APR's and outstanding balances? It will help gives us a clearer picture and we'll be able to advise you better.

stokefan

my credit rating aint great now mate, i missed the last two months payments off most of them.

the only low creditcard is if at 6%

i aint spending on my cards no

southernscouser

Any chance of increasing your income? Second job perhaps?

Have you snowballed them to see how long it will take to pay them off? :think:

pinkshoes

That still seems alot for the car insurance... at 22 it usually goes down, even for guys! I think my bro paid about £45/month a couple of years ago when he was 22 for his 8 year old renault clio (worth about £1000).

it might be worth switching your car to something in a lower insurance group, or consider getting 3rd party insurance. get a few quotes from other companies.

boo2905

Hi

Just regarding the car insurance side - as people have said before I'm sure you can get it cheaper. I've only just turned 23 and got my first insurance on my own last December. It turned out to be an initial payment of £75 (although I could have given less if I wanted) and then monthly payments of £50.24. Plus I only have to pay until September and then get 2 months off which is great. it's worth looking around.