Ok, Asked for help before, new username, here we go

mr_mourinho

Compared to other people, I don't feel that I have problems at all, but it's just a case of having so much outgoings that I need to frame myself as I wish to move out at the beginning of 2006.

Basically, I have just outlaid £270 for the last installment of my Magaluf holiday in July, I have just started my full time job after finishing college, however I am currently estimated to be £-360 (with £-110 for broken computer that has pushed me into that figure) into my £500 overdraft before I get paid next, my pay cheque should be around £500 which should leave me with £150 clear.

Sadly this barely covers my direct debit outgoings

£30 Mobile
£25 Broadband
£33 Laptop Minimum Payment
£3 Health Protection Claim Back

I have a laptop that I owe around £500 via an 12 month interest free plan, that runs out in July so I need to take action in order to deal with that. I dont want to pay a year's backdated interest of 29.9% if it isn't paid off.

Additionally I owe £150 to HSBC for an overdraft i've still yet to pay off in my old bank account.

Which means I am living in the overdraft and going around in circles in an attempt to get out of the debt cycle. However I have taken a decision to do the following:

Magaluf holiday is 20-27th July, I am aiming to take £400 - £500 with me, with that in mind I don't mind dipping into the overdraft in order to take that amount with me.

I have acquired a Mint Card - 9 month Interest free on payments and transfers.

I am paying off the laptop on that, to clear that debt, and save me £33 min payment.

Also I intend to clear and close the HSBC account as I migrated all my account to First Direct some time ago. Additionally, to give me a good start and allow me to manage my cash much better I intend to clear some of the £-350 overdraft so that i have some more working capital for the month ahead.

Sense check on this plan ? Also if you need to know anything else then please ask...

:cool:

jonesMUFCforever

I remember you from last time!!
I'm keeping out of this.
Eric

Magentasue

ejones999 wrote:

I remember you from last time!!
I'm keeping out of this.
Eric

Oooh, how intriguing!

PinkLipstickBabe

ejones999 wrote:

I remember you from last time!!
I'm keeping out of this.
Eric

Come on guys, brighten my night and tell me the story, waiting with baited breath

trafalgar_2

Sense check on this plan ?

if you weren't going on holiday you would be better placed to sort your finances out;)

andy88_2

trafalgar wrote:

Sense check on this plan ?

if you weren't going on holiday you would be better placed to sort your finances out;)

That's what I thought earlier, but I'm glad someone else said it first

scheming_gypsy

isn't he entitled to have a break or should he cancel it and lose his money just to be in a better place to sort his money out..

Kimberley

Well really i would have thought a break would be nice once your debts are sorted. Once mine are sorted i'll be taking the kids for a break as a treat for sacrificing doing without certain things..

scheming_gypsy

looks like my next holiday is going to be in a wooden box, it'll be warm though

andy88_2

scheming_gypsy wrote:

isn't he entitled to have a break or should he cancel it and lose his money just to be in a better place to sort his money out..

In the light of what someone else said earlier ...

I remember you from last time!!
I'm keeping out of this.
Eric

... I don't think we're going to like the OP's answer to that question

jonesMUFCforever

His other user name was team_sainsburys. He got the same sort of advice then too!
Eric