Help!!!!

forthefuture1985

Hi everyone, I'm new to the site and have joined as there seem to be lots of helpful and knowledgeable people on here. I need help to turn my finances around and be able to get on my feet for my children's future.


I have debts as follows;
Car £1400 remaining (ends in May 2017)
Store card £550 remaining
Overdraft £1100


My income is around £20K annually and I have a credit score of 430.


Does anyone know whether it would be worth getting a 0% balance transfer card such as Barclaycard and consolidating the debts? I worry that I will be rejected and this will put me in a worse position!


Thank you for reading xxxxxxxx

moshoodo1

If your credit file is decent with no missed payment or default/ccj, I will say you have a very good chance. why dont you try eligibility checker on this site to see what card you are eligible for.

regards

Jox

Once the car is paid off in May 2017 you will be able to pay more towards the store card (which is probably a high interest rate) and the overdraft.
Do a SOA (Statement of affairs) to see where you can be saving money, and try to cut costs in your everyday life (make sandwiches instead of buying lunches, buy supermarket own brands, sell things on ebay) and put your savings towards your debts.

DCFC79

You really should post on the debt free wannabe board. Its rare for consolidation plans work, cut back on your spending.

ampersand

Welcome ftf1985. 1st thing - remove your name, advised kindly:-)

Declaring your intention to progress from your wake-up moment is a brilliant 1st step. Setting good finance, budget and savng templates is essential for your children and good family life. Well done for that too.

I suggest you make these Forums your friends:

Boost Your Income

Old Style MoneySaving

In my home (includes DIY) MoneySaving

Greenfingered MoneySaving

Food Shopping & Groceries

Shop but don't drop

Ebay, Auctions, Car Boot & Jumble Sales

Freebies (no spend required) and Freebies (Low Spend)

Menu planning and The Complete Old Style Recipes Collection
[https://forums.moneysavingexpert.com/discussion/346783
are other essentials.

This is Martin's overview:
http://www.moneysavingexpert.com/family/family-money-saving

Don't know if you have any diy/craft/knitting/crochet/sewing skills, op.
Also, use your Library and sign up for their online newsletter - free family activities and story sessions.

That's enough to be going on with.

I'll check later and see if you've followed DCFC's advice. An SOA will help msers pinpoint help for you. All sorts of simple things will make a difference.

Good luck.

forthefuture1985

thank you all so much for your help. I'll try the debt free board. The eligibility checker says yes but there's no guarantees just wondered if anyone had similar circs and had been knocked back. Thank you again it's really appreciated xxx ftf1985 xxx

spall

don't do consolidation, do as they say on here! its bad bad bad , you want to get out of debt, not get more into debt! you think im wrong ! just ask me, I have a life story