Help please

emma88dot

andyfromotley wrote: »

Hi Emma.

Good news, your SOA isnt too bad, i have suggested some changes which will probably be cost neutral as your grocery bill seems low, so amy savings will probably see you about even.

Secondly you have decent residual income to pay down this debt.

Possible Bad News, is this SOA accurate? Do you actually have £390 'spare' each month? If not then this SOA represents a wish list. But thats ok. if its not accurate you can either go through your bank statements to find out where the cash has been going or just draw a line under it and accept this will be your spending from here on in.

A couple of other things, your interest rates are very high. See if you can get 0% BT CARD and move the high interest debt to that. Close any cards cleared this way in order to resist the temptation to increase them again.

When you have paid off your other debt look to refinance the loan to a lower interest rate. Do not increase it, or the term when doing so.

I guess you are single, if so look for a second job. Bar work, waitressing whatever, it will hugely increase your ability to pay down this debt. With a good wind behind you and a second job you could have this cleared well within 18 months i reckon.

Hope this helps,

Andy

Hi, thankyou for your reply, yes I do have around £300 every month- I was using this to pay another high interest debt off which us now gone, so trying to figure out how to combat the other ones.

I cannot get a 2nd job, I work on average 55 hours a week plus every other Saturday. Then when I get home I have to continue my learning and go over things for the next day, so it really isn't an option.

rising_from_the_ashes

emma88dot wrote: »

I've factored it in to my petrol money on the soa. So I pay for it myself and then claim back.

It's not just fuel costs that have to be considered - you also need to factor the maintenance / wear & tear costs on your car into this - £10 is definitely not enough!!

You didn't answer the question about whether you get it when you're not at work - if not, then it's not guaranteed income and shouldn't be treated as such

ellesbellesxxx

Cc.............................2250......100...... .39.9\ - any way you can get this on 0% balance transfer? If not, this is the priority.7/8 months you could be clear of this!
Very...........................1000......25....... .39.9\ (priority as from Jan..)
Loan...........................5500......150...... .17\ How long left on this loan?
Overdraft......................1000......0........ .17\ priority 3
Overdraft......................1000......0........ .0\ Just be careful that you are still paying into this - you don't want them to recall it!
Mum............................475.......100...... .0\ Is your mum happy as and when she gets paid back?

1) landline - you need to cut back on this massively! All the major companies have good deals on. Go via cashback site!
2) Anything you can buy/sell to raise more money?

I do agree that it is good to have a little money set aside for emergency - esp with owning a car.
Good luck! X

Karonher

Rising from the Ashes - not my post I know but with regard to getting petrol money refunded if the OP is not in work I imagine the answer is no, but as they will not be using petrol when not in work the fuel amount that month will reduce accordingly.

rising_from_the_ashes

Karonher wrote: »

Rising from the Ashes - not my post I know but with regard to getting petrol money refunded if the OP is not in work I imagine the answer is no, but as they will not be using petrol when not in work the fuel amount that month will reduce accordingly.

Therefore they are expenses and should not be counted as income!

-taff

You can get rid of your TV licence, and watch catch up or netflix at a push, and consider changing your internet to plusnet or cheaper. Even with line rental it's about 20 quid a month.

rockm87

I'd pay off your mum in one go, then the following months use the snowball calculator to find the best way to pay off your debt.

Tackle one debt at a time, pay off the minimum on the rest, and pile as much as you can on each debt, one at a time, they'll soon disappear.