Some advice please

Balfos

Hello,

I'm currently trying to sort myself out as I have a high sum of borrowings and various outgoings and a baby on the way.

A few months ago I went through my books and figured out how much I am oweing on various cards and loans which was £22'629.95 (approx interest is a fickle thing)

I had 3 credit cards and one store card all maxed to the sum of £4050 and loans of £18579.95.

I've since been able to clear 2 credit cards and the store card and destroyed them.

I've got one card down to £3000 now and still have the outstanding loans.

I intend to chip away at the credit card as and when i can along with the bank taking the minimum payment each month from my account. I still have 4 years on one loan and 4 and a half on the other still to pay but one of them I can chip away at also.

So including interest on the loans I owe £18'801.29 (£11'322.72 HSBC & £7478.57 Black Horse) and one credit card with £3000 (HSBC @ 16.9% apr)

Basically I'm looking at other ways of making this work for me, if possible and any general tips on saving money. I still have various bills to pay and the rent and I'm running ebay auctions for various possessions of mine and havent got much else left.

Kate1983

Hello and welcome to DFW!
Your best bet is to post up a Statement of Affairs detailing all your incomings and outgoings, debts and APRs. See the sticky thread posted by Southernscouser at the top of the Debt Free Wannabe board for first time posters.
Well done on your work so far on the credit cards and congratulations on the baby!
Kate
x

Balfos

Hi, thanks for the welcome below are my ins and outs.

Monthly Incomings:
My salary - £1,120
Extra Income - £100
Total - £1,220
Monthly Outgoings:
Rent - £350
Council Tax - £120
Sky £45.00
Phone/Broadband - £45.00
Mobile - £36.00
HSBC Loan - £235.89
Black Horse Loan - £142.41
Credit Card - £90 (minimum payment at the moment)
Work Train Travel - £74.00

Total: £1093.30

£11'322.72 HSBC Loan 7.9% APR (4 years and 1 month left)
£3000 HSBC Card 16.9% APR (Minimum of 3% payed per month)
£7478.57 Black Horse Loan 11.9% (4 years and 4 months left)

Other bills are currently being paid by my Wife but she isnt in a great way financially either but I am in the midst of sorting hers through but for the moment I need to take care of mine.

The excess money goes on food and anything i can generally help with.

RAS

Balfos wrote: »

Hi, thanks for the welcome below are my ins and outs.

Monthly Incomings:
My salary - £1,120
Extra Income - £100
Total - £1,220
Monthly Outgoings:
Rent - £350
Council Tax - £120
Sky £45.00 - this has to go short-term, get freeview
Phone/Broadband - £45.00 - check whether you can reduce this and use the free eveing and weekend call facilities
Mobile - £36.00 - go PAYG and cut your calls
HSBC Loan - £235.89
Black Horse Loan - £142.41
Credit Card - £90 (minimum payment at the moment)
Work Train Travel - £74.00

Total: £1093.30

£11'322.72 HSBC Loan 7.9% APR (4 years and 1 month left)
£3000 HSBC Card 16.9% APR (Minimum of 3% payed per month) - this is where you ned to put any money that you can as it is your most expensive debt. - unless your wife has worse APRs
£7478.57 Black Horse Loan 11.9% (4 years and 4 months left)

Other bills are currently being paid by my Wife but she isnt in a great way financially either but I am in the midst of sorting hers through but for the moment I need to take care of mine.

The excess money goes on food and anything i can generally help with.

Hi check www.entitledto.com incase you can get anything extra in benefits.

And bear in mind that household expenses are the area where you can make savings so get OH over to the Money Saving Old stlye board to cut your joint expenditure.

Join www.freecycle.org for fee clothes, electrical equipement and household goods. The may be second hand but could save you a fortune.