Seeking debt advice!!

joeydc123

Hi everyone thank you for taking the time to read this. I am lost at the moment with what to do about some debt I have, feel like im not going anywhere with it. To explain the situation I currently have a loan I am repaying which currently sits at £2400, repayments on this comes to £110 a month ( £50/60 of which only goes towards repayment ). I also have a catalogue I am repaying which currently sits at about £1200 and repayments consist of £108 a month ( £60/70 of which actually goes towards repayment ) . The advice I am after is, what would be the best way to pay these off whilst reducing my monthly outgoing. There are so many different options and I am lost with what would be the best one to take.

Any and all advice is much appreciated

greensalad

Get all your financial paperwork and complete a Statement of Affairs. Do this accurately, you'll need to open up your bills and accounts to work out exactly how much you're spending:

http://www.stoozing.com/calculator/soa.php

Posting your SOA up here will allow members to help you identify where your money is going. It will also give you the amount you have for monthly debt repayment.

Once you've got your monthly repayment figure in your mind, you can input all your debt data into a snowball calculator. This shows how you should assign your money to have the most impact and clear your debt the quickest.

http://www.whatsthecost.com/snowball.aspx

Looking forward to hearing back from you with these figures.

Ilona

joeydc123 wrote: »

Hi everyone thank you for taking the time to read this. I am lost at the moment with what to do about some debt I have, feel like im not going anywhere with it. To explain the situation I currently have a loan I am repaying which currently sits at £2400, repayments on this comes to £110 a month ( £50/60 of which only goes towards repayment ). I also have a catalogue I am repaying which currently sits at about £1200 and repayments consist of £108 a month ( £60/70 of which actually goes towards repayment ) . The advice I am after is, what would be the best way to pay these off whilst reducing my monthly outgoing. There are so many different options and I am lost with what would be the best one to take.

Any and all advice is much appreciated

Hi. I am not understanding why only a portion of your monthly payments are going to repay the debts. Where does the rest of it go?

Ilona

bexster1975

I'm guessing the rest may be interest?

sourcrates

Ilona wrote: »

Hi. I am not understanding why only a portion of your monthly payments are going to repay the debts. Where does the rest of it go?

Ilona

I think the OP has split the payment they make into capital, and interest repayments.

Ilona

Thank you. I wondered if they were paying a Debt Management Company.
Ilona

rockm87

Get your SOA together and post here for some good advice!

joeydc123

hi all, apologies for late response. Yes you are correct the amounts that don't go towards repayment are interest or charges applied by both the bank and the catalogue.

I will be submitting my SOA shortly and appreciate everyones assistance