debt free

andystreet

i have a few debts, appx 900 from argos and a few hundred more from other things, i have poor credit score and an income of 10,000 pa, whats my best option to clear my debts, i was thinking along the lines of credit card no/low apr for 24 months, any help??

Toomuchdebt

If you have a poor credit score you're unlikey to get a no/low apr card. Could you post an SOA so we can see how best to advise you?

National_Debtline

Hello there.

Do considercompleting a statement of account, it'll help you decide on the best optiongoing forward. The following site allows you to copy and paste your figures onto this thread: http://www.stoozing.com/calculator/soa.php

The financial statement needs to be realistic, it’s important to ensure you have enough moneyt o live on until you next get paid. The aim is that you will never need to borrow again. The figures do need to be reasonable, creditors may reject a budget if some of your outgoings are too high. There are general guideline figures, for example we highlight typical housekeeping figures on ourwebsite:

https://www.nationaldebtline.org/S/steps/step2/Pages/Step_2_06c.aspx

The aim of the budget is to help you calculate how much money you have left once you have accounted for your essential outgoings. The money you have left is called your ‘surplus’. This is the amount you can then offer to your creditors.

Once we know what that surplus is, we will be able to make suggestions to aid you in getting your situation sorted.

Best wishes,

David @ NDL.

andystreet

sorry i didnt mean no apr card, is there not balance transfers at no/low apr? what is an soa sorry?

jessie4109

The SOA is statement of affairs. It's basically putting down your income and your outgoings. Use the link that National debtline gave to go to it and copy/paste your results on here so people can help you in ways to cut down and save money to pay off your debts faster. Nothing to worry about (honest).

andystreet

my main problem is the argos card, it is taking forever to pay off, its 29.9 apr and the interest each month is soo high

marliepanda

Double post

marliepanda

andystreet wrote: »

sorry i didnt mean no apr card, is there not balance transfers at no/low apr? what is an soa sorry?

No quite sure what you mean here.

To do a low apr/0% balance transfer, you need to have the low/0% card to transfer it to. You cannot have 1 without the other.

The interest on your Argos card should be about £30 a month (less actually, £300ish over the year, not doing the exact maths) I know thats not ideal by any stretch, what can you afford to put to it?

susieq87

with poor credit rating you are unlikely to get to get a credit that will offer you 0% interest for a long period of time on balance transfers (assuming this is what you were asking) i would advise posting your SOA so that we can see your income as well as outgoings and then work with your disposable income to clear the debt!