Help Help Help, Debt Repayment

Matt1892

Hi,


I have signed up for the forum for some advice. I basically want to become debt free as soon as possible and start to save for a deposit for a house, but my debt seem to be on going and snowballing effect.


I will outline my current finical situation below and be grateful if anybody could advise what I should do?


I take home £1200 a month.


Current bills

Car + Insurance £300 (Salary Sacrifice) (36 MONTHS REMAINING)
Gym £25 (12 month contract)
Mobile Phone £40
Loan Payment £105
Argos Card Payment £17
Contact Lenses £20
Credit Card Minimum Payment £50

CURRENT DEBT
£1800 - Halifax Loan (21 Months Remaining) (105 monthly)
£2500 - Barclays Credit Card (50 Minimum Payment) 0% for 24 months
£300 - Argos Card ( 17 monthly)

I spend around 80 on fuel per month

AFTER BILLS NET = £660

Can somebody please help me out and give me a an idea to get rid of the two main debits credit card and loan?

Many Thanks

poppasmurf_bewdley

You need to do a full SOA listing ALL your ingoings and outgoings to give a complete picture of your financial affairs.

The above shows very little.

National_Debtline

Hi Matt

I agree with Poppasmurf, if you complete a full SOA you’re more likely to get advice and suggestions.

If you complete the template through this link you can post the results in the forum:

www.stoozing.com/calculator/soa.php

James
@natdebtline

enthusiasticsaver

Do you not have rent, food etc or are you living with parents?

What is the interest rate on the loan and the Argos card? Tackle the highest charging debt first but check if there are early repayment charges on the loan. Once they are cleared tackle the Barclays 0% card.

How did the debt arise in the first place and was the loan to consolidate credit card debt?