Got to sort myself out. Where do I start!

mrsmoneytroubles

Well the time has come to me that I need to sort out the finances. I am in a real real mess.

My debt stands at -

Barclaycard - £180
Next- £1,125
Aqua- £2,546
Creation- £4,200
Capital One - £1,320

Total - 9,371 :mad:

The only bonus I have on my side is my house, I don't want to sell, I can't remortgage - but its worth £350k with a mortgage of £90k

The credit card payments are killing me, so I need to work out a plan. I am not sure what the plan will be - but I will update when I think about what I am going to do. Makes sense to me I just start on one card and move to the next. The Barclaycard is the worst interest combined with the Capital One card. So I know they need to go first.

Wish me luck. I am going to need it.

enthusiasticsaver

Can you move any of these cards to 0% deals?

mrsmoneytroubles

Thank you. Um I don't know how would I go about this? Just look and apply?

mrsmoneytroubles

I just applied for Sainsburys CC they said no based on my 'unsecure debt' exceeding their threshold.

I don't really want to keep applying won't look good.

enthusiasticsaver

Go to the main MSE site and look at credit card eligibility checker and fill it in and that will give you an idea as to whether you would be accepted. Will be difficult if you have defaulted on anything and if you are on a very low income but worth a try. You are looking for 0% balance transfer cards. Have you made a note of what interest rate you are being charged on all your debts above?

supermassive

Have you looked at your other outgoings to see where you can reduce them to have extra money to pay off the debt?

enthusiasticsaver

mrsmoneytroubles wrote: »

I just applied for Sainsburys CC they said no based on my 'unsecure debt' exceeding their threshold.

I don't really want to keep applying won't look good.

Are you on a very low income? Your unsecured debt is not that high.

mrsmoneytroubles

Yes I would say I earn 1300 a month.

I will sit down and look at my outgoings - I needed to write down that I am in trouble - so I can then feeling like I am moving forward.

Thank you

enthusiasticsaver

mrsmoneytroubles wrote: »

Yes I would say I earn 1300 a month.

I will sit down and look at my outgoings - I needed to write down that I am in trouble - so I can then feeling like I am moving forward.

Thank you

Certainly that is the way to start.

Are you still spending on the cards? I would suggest you stop using them and alongside focusing on the priority debt you wish to pay off first put so much each month to an emergency savings account so you are not tempted to add to the debt.

Other good options are to start a spending diary so you can record everything you spend and that can be quite enlightening. Next is record the interest rates you are paying so you can set which priority debt to start focusing on.

Hiddenidenity

Some brilliant advice already given.

The best thing to do is work out where you're spending. Then where you can cut back.

Good luck x