Help Create a debt plan

adray

Hi All,

As above I would like a little help to plan my way to be debt free.

Monthly Income -

Salary - £2759
Business Income - £2000/2500 (varies per month)

Debt -
Nationwide Loan - 298/month (12500 remaining 48 of 60 months left)
Barclaycard - 110/ month (3600 on card at 21% APR)
Santander Car Hire Purchase - 331/month (9000 remaining 29 of 60 months left)
Overdraft - £2000 limit (in and out of it every month but still need it)

Monthly outgoings -
Halifax Mortgage - 520
Business Insurance - 200
Energy - 31
Contents Insurance - 13
Gym - 60
Sky - 44

My credit score is pretty poor due to a court decree I wasn't aware of when I was 18, that has been paid and comes off in October.

I get married in August this year so currently I am saving for the wedding, but not enough for my liking. I have opened a new current account to start giving myself only £100 per week to live off and not have my main account or AMEX cards in my wallet to stop me using them, victim of overspending due to my own stupidity.

After the wedding I want to get my head down and debt cleared ASAP but in the meantime is there anything I can do such as balance transfer credit cards or should I consolidate into a new loan over a shorter term and just pay 1k a month or more to get it cleared?

Thanks.

Tixy

Hi

I think you might find it useful to do a full statement of affairs and budget for all your outgoings not just DDs. It might give you a clearer picture of what you can put towards your wedding then debts a month (and be easier for you to monitor whether you are sticking to your budget).

Do you know the APRs on all your debts? and how much you are paying towards the overdraft a month (be that interest or charges).

Certainly if you are able to get a balance transfer card to a 0% deal that would be better than paying 21% to barclaycard. If you could get a card that allowed money transfers (such as an MBNA card) you could consider if it was worth moving the overdraft to the card (but that depends on how much your overdraft is costing you on average a month).