Quickest way to get debt free?

Bennbfc

Ok so facing up to it. I have also explained to the missus my situation now so no hiding when letters etc come through the door.

I owe

Wonga £630
Quick quid £500
Lending stream £670
Sunny £500
Payday express £298
Barclaycard 2000

As with using the above companies my credit score isn't too good.

All the payday firms above want paying off in installments apart from Wonga (although on the 8th of july they reckon I can sort out a repayment plan.) and Payday express.

I've spoken to Quickquid and deferred payment until next month where they will take 2 circa £150 payments.

I was thinking of paying the Payday express one off this month in full, on pay day which is the 15th of July.

I need to phone Sunny and Lending stream, to beg poverty and say I cannot pay them this month but offer them a smaller payment to keep em sweet.

For the Barclaycard, some of it is not my debt and I will be getting sent £150 from a mate to which he owes me so I can fire that off there.

My Monthly wage at the minute is around £1300 plus a slight bit of overtime which Im not entirely sure of the amount so I'll leave that out. I have been approached about changing my shift pattern to a 12 hour pattern which will see me get about a £300 a month rise, plus I'm due a small hourly rate rise too.

My outgoings are:

£395 Mortgage
£169 Personal Loan (used for my half of the deposit for my mortgage)
£10 TV License
£10 Life insurance
£50 for my Phone Bill - Although Orange/EE have said that I can pay off my contract for £98. So that might be an option as it doens't run out until September.
£60 for Food (Aldi:T:T)

My plan is to just for the next few week smash the overtime at work, staying on an extra 4 hours a day making 12 hours 5 days a week and a 12 hour saturday. Then when I get on the New shift pattern, I'll benefit from the added money (due to shift allowance for doing night shifts), plus I can do alot more overtime due to not working everyweek day like I do now.

Does anyone have any more ideas and tips I can use.

Thanks for reading.

matttye

Don't bother paying off your contract. £98 is not really any cheaper than you paying £50 each month, so you're not saving any money by paying it off early.

Just pay whatever you can afford to the highest interest debt first. Pay the debts off in order of highest to lowest interest.

Out of curiosity how did you use a loan for a mortgage deposit? Most lenders won't allow that.

Dobbibill

Bennbfc wrote: »

Ok so facing up to it. I have also explained to the missus my situation now so no hiding when letters etc come through the door.

I owe

Wonga £630
Quick quid £500
Lending stream £670
Sunny £500
Payday express £298
Barclaycard 2000

As with using the above companies my credit score isn't too good.

All the payday firms above want paying off in installments apart from Wonga (although on the 8th of july they reckon I can sort out a repayment plan.) and Payday express.

I've spoken to Quickquid and deferred payment until next month where they will take 2 circa £150 payments.

I was thinking of paying the Payday express one off this month in full, on pay day which is the 15th of July.

I need to phone Sunny and Lending stream, to beg poverty and say I cannot pay them this month but offer them a smaller payment to keep em sweet.

For the Barclaycard, some of it is not my debt and I will be getting sent £150 from a mate to which he owes me so I can fire that off there.

Hi Benn,


Well done on facing up to things


You mention that all the PDL companies want you to pay instalments, how much have they asked for? Have any of them frozen the interest for you or if not what APR are you paying for each one? Also how much is you minimum payment on Barclaycard?


When you have all these figures I'm sure some of the more experienced people will be able to pop along to give you more help and support. I don't know whether you have checked out the snowballing calculator http://www.whatsthecost.com/snowball.aspx this will allow you see how long it will take you to pay off all the outstanding debt, calculating by either lowest balance first or highest interest rate.


Good luck with everything


DB

longtermplanner

Council tax? utilities? clothes? transport to work?

Getting a lot more overtime is a great idea. You still need a budget that covers everything though...

Bennbfc

My other half pays the council tax and utilities.

Im going to ring them up and ask for them to freeze the interest.

I went through a mortgage broker, Countrywide, when I obtained my mortgage with Santander.

Minimum payment on the Barclaycard is around 40.
The monthly payments for the PDL's are around £150 to £200

I just wanted someone to tell me it's not far fetched to be able to pay it off in a couple of months.

asparagus1968

don't pay the £150 from mate to Barclaycard, just make sure you pay the minimum to them (£40) and chuck the rest at the highest interest payday loan.
mobile, have you paid for july? , so only august and September to go? so either 2x£50 or do you 3 more payments to go?
make sure you give notice on your contract 30 days before contract ends!

On_my_way

Well done, you have faced up to the situation and with overtime and keeping your spending very minimal, you should be able to get rid of those debts very quickly. The most important thing is to make absolutely certain that you keep up with your mortgage payments.

Bennbfc

No I havent paid the july bill yet or the June one for that matter so I'ts going to be better for me to pay the bill off.

I was thinking that too with the 150 to barclaycard, although the interest period has just started so I'll pay what I can and then give the rest to a company.

Thanks for all the messages, means a lot. Im gonna be cracking on with the overtime from tomorrow onwards. Just having Sundays off to chill out, rest and have sunday league football. By this Sunday I should have 28 hours overtime so should be moving sometime soon.