Debt free wannabee

raptor1261

I could sell the car something i have been thinking about but bus fares would rise. If i can sell my imac and settle the creation finance then thats one less creditor to worry about.

If i took the car to work it would cost me £60 week in petrol, not factoring in the service costs etc.

jaydeeuk1

You're also paying £50 into an isa, put that in to paying debts back, they're nearly 30%apr


How much is in your isa?

dazla

Hi

I'm in a dmp atm, I'm single and I have managed to get my groceries bill down to approx £80.00 per month. It takes some savvy shopping and can be hard work at times but I take advantage of all the price reductions on food by going to the supermarket at early evenings when the bargains come on to the shelves

Swampy3k

Credit union - good asset in the position you are in now, how much do you have in it? would it be feasible to get a loan from them? the APR would be a lot less than what you are paying for some of those cards that you could consolidate!

ISA - stop this now, there is no point in saving when you have this much debt. see http://www.moneysavingexpert.com/savings/pay-off-debts

raptor1261

Credit union is a good source for loans and as u pay back some goes towards savings. I got about £900 which i forgot to put as an asset. Ive applied to them but no guarantee...but they dont show up on credit reports either.

Thrugelmir

Is your mortgage currently on a fixed term product ?

raptor1261

yes fixed til april 16

-taff

You do need an emergency fund though, so don't use the ISA if it's your only emergency money.

You're spending £126 a month on the car. Bus prices may rise but not by £126?
Get a bicycle/motorised bicyle or something if you want your own transport.
You can get another car when you're solvent.

Puzzcat

If you do a dmp then your credit file will be trashed for 6 years from the date of default and for ap markers 6 years from when debt settled. Personally other than my mortgage I don't want credit again so an easy choice for me, you may have other choices.

raptor1261

Its trashed already....because ive got a lot of credit it is poor. Im hoping it will improve when the car shows as settled.

I have factored £10 a week for an emergency fund.

Having done my sums, im going to try and not enter a DMP. it will be tight but will be much better.