some advice please

elly2

right this might get complicated, due to an overpayment from ctc i owe £2420 which will be taken out of my new claim by a small amount each week(my stupid fault i know) but they have decided to give me a back dated payment of £2455, now i posted a soa a while ago and i have quite a lot of debt on credit cards with a capital one being the highest apr will i be best paying it all off this card or paying some money off both cards. i have a 500 pound overdraft which i deffo need to pay so that will leave me with 2 grand, but as a newely single student mum of five who's children dont get much( i'm thinking xmas here and the new school term and maybe a few good days out for them) i'm torn between what to do.........oh my washer has packed up as well and is leaking............please help me sort my head out instead of letting my heart rule me.

hooters

is the washer leaking from the front?

Snaggles

Hi elly, if you have a look at Southern Scouser's sticky thread at the top of the board, there is a template on there for how to put together your soa - if you pop that on here we can have a look and see if we can make some suggestions.

Tax credits are a nightmare aren't they - I religiously update them with any changes of circumstances, but they're still never right at the end of the year..

Edit - sorry, I misread your post - I can see you said you have done an soa....lol, silly me! It might be an idea to copy and paste it here so we can see your situation.

elly2

washer has been leaking for ages now but getting worse have replaced the door boot but that didnt help my dad thinks it is from the pump(he usually fixws these types of things for me) he has offered to buy me a new one for my birthday or christmas but he has already done so much for me he knows i am getting the money so dont really wanna take him up on his offer iyswim

hooters

just out of interest, if anyone's in the know to help Elly2, is thereany milegae in paying off cards pro rata with respect to apr?

hooters

elly2 wrote: »

washer has been leaking for ages now but getting worse have replaced the door boot but that didnt help my dad thinks it is from the pump(he usually fixws these types of things for me) he has offered to buy me a new one for my birthday or christmas but he has already done so much for me he knows i am getting the money so dont really wanna take him up on his offer iyswim

I can ask our plumbers (I'm in the business) if you give me more details and see if they can pin point the problem and then see if there is a DIY fix.
Let me know when you have time and people have answered the more important questions.

elly2

income monthly £1280

outgoings
rent £40
gas £40
elect £40
t.v licence £11
sky £15
phone/b.b £25
pocket money £100
loterry £8
dog food £11

loans (both mine)
hsbc £80.00 16.9 apr 14 months to go
lloyds £110 (8 months to go)


c/c s

vanquis £30
sky £30
littlewoods £30 (these are paid above minimum payment but not by much)

hsbc £55 (mimimun payment but trying to pay £100) £2000(maxed) balance £1835.47 limit £2000 apr 13.9
capital one £60 same situ as above... nope it isn't balance£1028.10,limit 1200,apr is 35.6

catologues
studio £10 (130 0wed)
littlewoods £5 (40 owed)

debt recovery agencys
£40 (for argos and abound) dont know if a balance is needed on these(been in touch with 1 debt recover agency today and the balance on the abound stands at £1129.10 no more interest to be added and they will accept the £20 per month)

cigs £150 (dont slate me this uses a huge amount of the budget and i really need to stop, we both smoke)

provident £ 80 (784 owed)

this is my old soa which needs changing but it gives aprs for credit cards
the cigs needs to be changed now on mostly roll ups so save 100 per month
partners job did not work out....................neither did he so come monday need to contact dss and ctc to make new claim
the vanquis sky and littlewoods cards can come of this soa as well
pocket money reduced to 50 per month could not cut it all
and i am now in credit with the council(yaay one debt gone) so that makes rent 28 per month
with partner now an ex will loose aprox 400 per month but gain 100 from not paying his cc and of course a whole lot of stress has gone hopefully leading to a calmer happier me in some aspects

Snaggles

hooters wrote: »

just out of interest, if anyone's in the know to help Elly2, is thereany milegae in paying off cards pro rata with respect to apr?

Hiya - THIS is a great website to play around with some figures - it will show you the quickest and cheapest way to pay off your cards. Generally it's just a case of paying minimums on everything, and then overpaying the one with the highest apr.

elly2

been doing some thinking on this one, will it be best to pay both loans off might get some money back off them (hopefully) will use up all but 400 pounds of the 2000 pounds but will mean i will be 200 pounds per month better off...... with the 400 i can get a washer, treat the kids and save the 200 each month towards xmas, does this seem the most sensible way to go

elly2

Hooters thank you for your offer(sorry i dont know how to use quote yet i;m not very techie)the washer only leaks on its final spin if that helps.

elly2

Hi all i decided to pay of both my loans(no refunds though) and clear my overdraft the money saved from not paying the loans will help pay the credit cards off quicker.