newbie needs advice

iwillbedebtfreee

Hi all.


I woke up today and thought enough is enough. I have amassed the below debt. I have move back to my parents house recently following me and my partner splitting up and feel now is the time to hammer my debts whilst I have the chance:

6250 halifax to pay on a loan with 45 months left
6350 on barclays cc
1250 maxed overdraft with halifax
1650 mbna cc
1560 tesco cc.

I earn 17000 a year with the following deductions coming out of my salary before it gets to my bank

78.50 per month travel loan
38.50 per month cycle to work scheme
12 per month union fees
12 per month work gym membership
30 per month share save scheme through work

I also have a cineworld card which us 16.90 per month
My mobile phone is 20 per month
I pay 125 per month towards house hold


Please help me, pick at me
Be brutal

rockm87

Hi and welcome

try giving this a go: http://www.stoozing.com/calculator/soa.php

completing a full statement of affairs of your current spending and debt, so we can really see what you have :-)

-taff

Get rid of the gym membership and cineworld card.
You can excercise outside of the gym, and if you only go an see one film a month, you're saving half the money.
Whats the travel loan for if you cycle to work?

Can you move any of your cc debts to 0% cc's?

Tixy

Hi and welcome to the forum.

Do you know the APRs on all your debts? if not then it would be worth finding those out (so you can tackle the most expensive debts first).

Then find out what the minimum amounts are on each and work out how much you can afford to put towards your debts each month.

It might be useful to complete a statement of affairs - by the sound of it you won't have all the costs on the model (household etc) but at a guess there are other items you need to budget for on top of what you have listed (clothes / groceries / entertainment / presents etc). This link is the calculator we recommend, and just ignore the costs you don't pay for www.stoozing.com/calculator/soa.php

National_Debtline

Hi and welcome to the forum.


If the above really is all your expenditure then there's not really all that much to trim back on. However is it possible to say what you actually bring home after the deductions i.e. what is on your payslip? Completing a statement of affairs (SOA) as others have suggested might help to remind you of any other expenses you may have overlooked.


For guidance on how to attack the debt balances in the most efficient way, you should enter the figures into a "snowball" calculator. There are lots of these about - http://www.whatsthecost.com/snowball.aspx for example.


Dennis
@natdebtline