I owe £3000 on two credit cards - Please see if you can help

Bettyboop

Hi All,

I have been lurking around this board for a few days and I have noticed the massive amount of support that MSE users have given posters. My debt is a lot to me and to some it may seem very small.

The debt is currently on a barclaycard and M & S More card. Without having to move them as a last resort is there anything I could say to them to get them to reduce or freeze the interest? Sorry if this is a stupid question but I have looked around for other deals and most charge an administration fee of more than £60.00.

I hate having this hanging over my head and as I first step I cut up both cards tonight... If you had this debt what would be the quickest way to reduce it and eventually get rid of it?

Hope you can help.

Thanks a bunch!

silkglade

Hi hon and welcome

What you need to do is post a full SOA statement of affairs - all monthly income and outgoings.

Then we can have a look to see if there is anything we can help you to cut back on.

Bettyboop

silkglade...I have just seen your post. Wow...what an amount of relief you must feel after getting rid of your debts.

My incomings

I earn £12085 per year,

Salary per month: About 800 every month
Child Maint. £150 every month
WTC. £332 every four weeks
CTC. £400 (IR are paying more than this but I think it's wrong so best to use a lower figure)
CHB. £75 every four weeks I think?

What I have to pay for monthly:

Rent: £525
Childcare: £380 - £400
Council Tax: £69
Water: In credit until October
British Gas: £100 every 3 months
British Electricity: £40 every 3 months
Sky: £15
Talktalk: £30 (incl. line rental, calls and broadband)
Vertbaudet: £20 (I pay more than what they ask for)

Credit cards:

M & S - £1300 - take £55 per month by dd
Barclay card - £1400 - I pay over the phone monthly between £50 - £100

My husband kept the car when we left so I do not have to pay for insurance or road tax at the moment!

Hope you can make sense of this breakdown.....I have probably forgotten something.....

Look forward to the help.

silkglade

Ok, Well done on being so organised with your finances

1st how much do you spend on Food, clothes, travel etc.

which card has the highest interest? what are the minimum payments at the moment

Thank you for your compliment by the way

Bettyboop

I knew I forgot something.

Food varies actually - About £25-£30 per week (for the two of us)
Travel - £30 per month
Clothes and shoes I don't buy very often but for an average figure about-£20 a month? Some months I buy for both of us and sometimes it's just for my little one.....not to sure about this one.

Barclaycard - Minimum is £35 a month - yearly interest I think is 22%???
M&S-There minimum is £55 which they take by direct debit

I also forgot to add that IR take £46 per month for an overpayment made on a joint claim I had with my husband last year when we were still together.