debt help please

patman99

desperado88 wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
rbs cc.........................3760......91........19
nationwide cc..................2700......29........4.9
american express cc............990.......50........17
very...........................1000......50........21
next account...................1000......100.......21
opus cc........................500.......26........4.9
halifax cc.....................13800.....225.......19
mbna cc........................7300......173.......16.9
barclaycard cc.................2000......50........19
barclaycard cc.................3580......72........19
sainsburys cc..................699.......20........4.9
marks and spencer cc...........1480......38........17

What are your limits on your Sainsbury's , Opus & Nationwide CC's?.
I ask this, as you could transfer some of the debt from the Halifax, RBS & Barclaycard cards across and save 14% interest.
Do this prior to starting your DAS (or DMP) and it could reduce the amount you end up paying in interest by £14 per year per £100 owed per card.

blisteringblue

desperado88 wrote: »

just did that debt remedy thing,it says that i have £640 available every month(must mean my wife and sons benifits)
anyway says that if i pay that into a das i could be debt free in 5 years 7 months!!!

gonna look at that again canny be right?

You might be surprised, but just check you don't leave yourself short. They will suggest amounts you can put in your budget for non essential bills, but the whole point is to allow you to live your life while paying your debt. They don't want you to agree a budget that is fair.

desperado88

blisteringblue wrote: »

You might be surprised, but just check you don't leave yourself short. They will suggest amounts you can put in your budget for non essential bills, but the whole point is to allow you to live your life while paying your debt. They don't want you to agree a budget that is fair.

oh right should I put more in than the suggested amounts......?

thehappybutterfly

I can understand what you're saying about keeping your partner out of it - it's not her debt etc etc - but you just can't do it yourself. You will definitely benefit from emotional support. Is the debt only in your name because your OH doesn't work? If so, it's a joint responsibility.

ETA - Im not suggesting its legally a joint responsibility just morally IMO.

desperado88

patman99 wrote: »

What are your limits on your Sainsbury's , Opus & Nationwide CC's?.
I ask this, as you could transfer some of the debt from the Halifax, RBS & Barclaycard cards across and save 14% interest.
Do this prior to starting your DAS (or DMP) and it could reduce the amount you end up paying in interest by £14 per year per £100 owed per card.

most of the cards I closed after they tried to up the rate and were maxed out....although I think the last couple of statements said there was some available credit on the balance for life cards will look into this before I sign anything....thanks for that.:money:

blisteringblue

desperado88 wrote: »

oh right should I put more in than the suggested amounts......?

No just put recommended amounts in, but complete boxes for items you may not actually use but wouldn't look out of place if you did. eg. Lunches at work, pets if you have none, dentists, hairdressing etc etc

Sparecashherewecome

I spend £350 a month on food for a family of 4 adults and two kids. So I think that it would be easy to knock £100 off your grocery bill. Www.frugalqueen.co.uk has amazing and healthy recipes.

I have just made two family sized pizzas for 90p using the left overs from the week (ham sweet corn and mushroom) and a garlic bread at 32p.

It can be done but if you really want to knock your debt down x. My husband and I have got rid of £34k of debt with twice your income but twice the number in the household so you can do this , the first step is always the hardest.:j

Vikipollard

Not got any useful advice; there's so much already been posted


Just wanted to say that although it's all in your name, you should see it as your wife's debt too as you are a team. Please try to include her in what is happening, particularly if she tends towards head-in-sand. It's quite fun once you get in to looking for ways to save!


You can do this and I wish you all the very best

desperado88

thanks to everyone who posted and helped me on my thread,I have found out since yesterday I may be able to get my income up to £28,000 gross ,it's not confirmed just looking into it.....what iam asking is with those figures above would I be able to get out of this without doing a das/dmp although it sounds very appealing iam worried that if I go through with it I would, be able to get a car in a few years time and I need a car...

Worried_Girl

Hi Desperdao, I started a DAS in October 2011 with my husband owing £60K!! We will be making our last payment in December this year!

I understand all of your concerns but for me DAS has been life changing. Ours was arranged free of charge through our local CAB. With DAS your property is protected and all interest and charges stop as soon as it as accepted meaning that every penny you pay goes to the amount you owe.

It would certainly be something to consider.

Good luck!