Help! The £29407.81 debt challenge...

lynzpower

What are the prs on your debt and interest rates on your savings? Only how much is in the Axa account, I would clear debt with this, if your APR on your debt is higher than the return on your savings you are effectively "borrowing to save"

You mnight be locked into an 18 month contract, call and see if you can downgrade your mobile package should save a few quid!

the other thing is that once your outgoings have gone theres 700 quid sloshing about.Start a spending diary to work out where this all goes

Redbedhead

Insurance of £50 per month seems high - can you give more details as to what this is? Is this just for car insurance? In which case, have you shopped around and looked through Quidco to see if you can get it cheaper?

When do the loans finish?

jonnyboy80

Hi all and thanks for all the support I have been getting has really helped!!

The phone was just taken out recently but did come with a new Nokia 6300 which I sold on ebay for £135 and that went straight off a min payment needed last month. The insurance is a bit steep (just over £600 pa) but have only been driving for nearly 3 years-it was over a grand in my first year ouch!! However, Direct Line have offered a renewal of just over £500 and through Quidco should get about £100 back-this expires in August.

The AXA plan I have is a long term (15 year plan) which i can't touch. This was started the first day I worked but in hindsight this amount each month should have gone on my debt...

jonnyboy80

Oh and the HSBC loan has just over 2 years left but am thinking of tranferring part of this over to reduce my monthly min spend any ideas on this?

jonnyboy80

Hi all.

Have just worked out what has been paid off my debt this month and feel fairly pleased...Would have been soooo much better apart from the f%$*ing car needing major surgery, which had to go on my credit card-I just didn't have the cash to pay it off!! However, I have been busy saving money wherever possible and with the help of a £50 YouGov cheque (my first at last!) have paid the following off:
(I am gonna do future monthly breakdowns to see how much has been cut from my debt!)

MBNA £0.00
HSBC £1,636.00
Capital One £9,793.20
Egg £2,544.56
HSBC £14,119.00
Amex £864.18

TOTAL £28,956.94

This mean I have paid off £450.87 since my first posting!!!

Avogirly

Hi and welcome to MSE. Your situation is exactly the same as mine two years ago. Slowly and surely I am reducing my debt and hopefully this year due to an increase in wages I should break the back of my debts.

Each little milestone you reach will feel like a massive achievement and will keep you motivated. When your feeling down, pop on here and chat to everyone and we will collectively give you a kick up the bum to keep going.

Paying £450 must of felt fantastic and well done for doing so.

Avo
xXx

BONJOEY

hey keep up the good work, this site will keep you motivated.

taxi73

Hi and welcome..well done on what you have paid off so far.Are you in a position to balance transfer some of that debt to 0% BT cards.
I have about the same as you to clear right now...it was £37000 in oct last year...so keep up the good work and an extra job during school holidays can really help knock it down...good luck

jonnyboy80

Thanks for everyones support and comments!

Hi taxi73-have just transferred my Amex balance onto my Capital One managed to get 0% til next April so pleased with that. My big concern is still my HSBC loan each month of £564.76.... Nearly went over my overdraft this month and don't want to get stung by the bank. Am hoping of moving some of this over to my MBNA card. This has nothing on it and a huge limit of £7800. Any ideas peeps??

comicmankev

Good luck mate! I'm in a VERY similar situation, and will help if I can!