SOA - not mine - member here who doesnt want to be named...

sammiboo

crap your right - it is £494

bloody PC calculator:

OK will edit:

katiekittykat

Lol, does the other bit add up right?

I will check now?

Dr_Hook

sammiboo wrote: »

crap your right - it is £494

bloody PC calculator:

OK will edit:

The situation's looking better already!

floss2

Is that £80 board a week or a month?

Have they started a spending diary - if I were a betting woman I'd say they spend more than £40 a month - for example, I have £30 a week "spends"

sammiboo

Ok sorry about that

I must have pressed a couple of extra numbers on the keyboard - DOH

This leaves

£278.85

So where does this money go?

Looking at the a couple of the smaller debts you can pay the lloyds card in one go with what you have aleft in a month

katiekittykat

I think they need to re think their spends, as someone else suggested, start writing stuff down (everything you spend in a week)

Dr_Hook

sammiboo wrote: »

Looking at the a couple of the smaller debts you can pay the lloyds card in one go with what you have aleft in a month

I agree - to use management-speak (:p) I'd go for the 'low-hanging fruit' first, i.e. the lloyds, capital one and natwest credit cards - simply to tidy things up and give a psychological boost.

Then I'd start attacking in order of APR and snowball from there.

katiekittykat

What does snowball mean?

Dr_Hook

Have a look at https://www.whatsthecost.com.

Snowballing is basically the process of paying minimum payments on all your debts but one and throwing as much as possible at that one debt.

Once that one's paid off, you add what you were paying off it it to the minimum payment on the next debt on your list, etc, etc.

Eventually you're paying more and more off each debt in turn - the payment snowballs.

If you do it in order of attacking the most expensive debt first (i.e. the one with the highest interest rate) it's the most effective way of repaying your debts - assuming you can meet the minimum payments plus some.

rayday2

Dr_Hook wrote: »

You don't get the allowances, i.e. no tax on the first £5,220 (depending on tax code) you earn and 10% on the next £1k-ish, so pay 25% on everything you earn in your second job, but that still leaves 75% to throw at debts.

You can ask the tax people to split tax codes I worked three jobs and when I explained it to them they sorted it out for me. Depends if you work full time and take a further part time one its not worth doing then but if you work like I did several part time jobs they do it you end up with weird tax codes though!