Debt Help Needed

Hey everyone,

I am hoping you can help. I am trying to get my debt under control but was wondering if you guys could help.

Ok, so i haven't got the best credit history (I means it's not terrible but it's not fantastic). I have:

C/C - 2 with debts of £4000 (0% until June 2016 and then up to 35% APR) and £1500 (17.9%)
Overdraft - £2400

I would ideally like to consolidate them into a loan but having looked at what is available I don't think I would get one.

Does anyone know what the best way to deal with this debt would be?

Thank you in advance for any help.

Many Thanks x
Debts as they stand:
C/C - £4000 and £1500
Overdraft - £2400

Replies

  • enthusiasticsaverenthusiasticsaver Forumite, Ambassador
    13.3K Posts
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    I would not recommend debt consolidation. It rarely works and you would do better to get your overdraft and credit cards on to 0%. You will also get more responses if you post this on the Debt Free Wannabe Forum.
    Early retired in December 2017. Debt counsellor for a High Street bank in a previous life.

    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.


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  • edited 21 February 2016 at 11:36PM
    YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
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    edited 21 February 2016 at 11:36PM
    Natasha87 wrote: »
    I would ideally like to consolidate them into a loan but having looked at what is available I don't think I would get one.

    Does anyone know what the best way to deal with this debt would be?
    If debt re-structuring is out of the question, you're left with only 2 options:

    1. Earn more
    2. Spend less

    So what are you doing on those fronts? With [2], you'll get some help on the debt free wannabe board if you post up an SOA (statement of affairs). Details on that board. With [1], a better paid job, more hours, second job, sell some stuff, are all options to be explored.
  • Maximum_SavingMaximum_Saving Forumite
    183 Posts
    Forumite
    I suggest you post this on a debt board so those people can help you. Well done for showing the debt amounts you have and you have made the first step to sort out your finances. Are you able to budget carefully so you spend less? Maybe you could get a well paid job so you could earn more.

    Carry on paying the credit card debt of £4000. In mid April 2016 apply for a balance transfer to zero percent interest card. Right now you could apply for a balance transfer credit card for your £1500 debt. If you pay £150 a month to that the debt will be gone in 15 months. If you pay half that amount then it will take 30 months.

    Try to reduce you overdraft. Maybe look at changing banks to one that has low overfdraft costs. Good luck.
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