Advice please...

henrypootle

Current debt situation:
Bank overdraft £950 (current balance -£849)
Next account £103
Tesco c/c £1659
Total £2714

I'm currently on maternity pay of around £500 and pay £300 into mine and my husbands joint account for bills etc. so that is covered.

Keep spending on Next account (slapped wrist for me) so usually end up paying around £50 a month on to it. I will close it down once I get it paid off as I can't be trusted with it!

Have a reward bank account which I have a fee of £15 per month and I get charged £1 per day for overdraft so approx £30 per month.

Tesco credit card I keep paying minimum amount of around £30 which is hardly touching balance.

Also have mobile which is only £10 a month. So outgoings of approx £435. Then I have bus fares, usual bits and bobs etc. not much left over for paying off debts.

One thing I can do straight away is change from reward account back to a regular. Think I will still have od fee though.

Wondering whether to get a loan to clear everything. Don't feel like I'm getting anywhere. The fees and minimum payments added up would prob be the equivalent of a loan payment. Had a quick look on my bank website and seen 3000 loan for 120 per month over 3 years.

Any advice on this?

My hubbie knows about my next account and od but not about credit card. Long story but I'm not telling him if at all possible! Feel like I need to sort myself out as I have been here before only in a worse situation than this.

I will be going back to work later in year but only part time so things will change again then. Tried my hardest to get things sorted before I went on maternity but still not great!

Niv

Firstly £15 plus £1 per day is not approx. £30 it is approx. £45. This is important to accept in your situation because with only £200pm to play with £15 is a fair amount to miss right off the bat. I would not be getting a loan in your situation, I would be paying off next then tackle the next highest debt. If you don't spend more on that card you will have £50pm for your other debts.

What benefits do you get from your bank account to justify £15pm?

I understand you don't want to tell your husband about the cc, and I will not try and sway you on that (beyond saying if my wife hid it from me I would kill her!), however is it worth speaking to him about the OD to see if he can help you out with paying it off? If so with that gone you would have ~£30pm extra to put towards your cc.

[Deleted User]

What are the APRs, and minimum payments, on Next and Tesco?

Also, what is the maximum amount you can put to your debts?

Ilona

henrypootle wrote: »

Keep spending on Next account (slapped wrist for me) so usually end up paying around £50 a month on to it. I will close it down once I get it paid off as I can't be trusted with it!

Obviously slapped wrist doesn't work. Have you destroyed your card? You need to shred it right now, take a sturdy pair of scissors to it, cut it into the tiniest of pieces, or set fire to it. Don't wait until you close the account, remove the temptation now.
Ilona