Help needed with a plan of action!

guns4

Hi all, I am new to this and i am asking for advice.

Currently I have a monthly income of £1350 without my partners income!

Outgoings

Morgage £770
Gas £36
Elec £40
Insurances £97
Phone Bills Broadband etc £85
Water rates £28
TV & sky £55
Council Tax £100

Debt outgoings

Loan £135 (bal 10,000) 8years
Credit cards x 3 £175 (bal 7000)
plus overdraft £1500

I have thought about getting another loan to clear the debt, but good intentions fail and think I will start borrowing on credit cards again. I can not cut them all up because I need at least 1 to cover my work expences, but know that there will be 50 quid here and 50 quid there will go on guilty pleasures.

I need help with a plan of action to get debt free any takers!!!

LookingAhead

Does your partner contribute as well then? You haven't listed all your outgoings like food, car maintenance - the usual stuff.

When I joined this site I had a similar level of debt to you with a loan, two or three credit cards and two overdrafts. Never thought I would see the wood for the trees.

But you can - and without consolidating.

Can you list your APRs for your cards? You need to tackle these and the overdraft first.

You need to start (obviously) cutting back and/or increasing your income if you can.

See the thread at the top of the DFW forum for newbies.....a full SOA always helps!

guns4

My partner pays for the food and contributes £200 to the bills, but due to sickness she has had 2 x 3 week spells off work in recent months which hits hard and why the credit card debt has increased.

I have a company car so thats covered

Apr on the credit cards is 1 at 16% and 2 at 14%

LookingAhead

OK gotcha.

Well have a browse through this if you haven't done so already:

http://forums.moneysavingexpert.com/showthread.html?t=562271


I would say target the 16% APR card first but if you can list SOA and each balance with its APR next to it, it will help clarify for us.

guns4

sorry brain freeze SOA?

LookingAhead

Statement of Affairs.

The URL will explain everything....

LookingAhead

It links through to this one

http://forums.moneysavingexpert.com/showthread.html?t=107280

(Sorry it changed recently...still getting used to it!)

liz105

guns4 wrote: »

Hi all, I am new to this and i am asking for advice.

Currently I have a monthly income of £1350 without my partners income!

Outgoings

Morgage £770
Gas £36
Elec £40
Insurances £97 - what does this cover? are they the best deals you can get?
Phone Bills Broadband etc £85 - this is very high, can you break it down, again are they the best deals?
Water rates £28
TV & sky £55 - Do you need the full sky package?
Council Tax £100

Debt outgoings

Loan £135 (bal 10,000) 8years
Credit cards x 3 £175 (bal 7000)
plus overdraft £1500

I have thought about getting another loan to clear the debt, but good intentions fail and think I will start borrowing on credit cards again. I can not cut them all up because I need at least 1 to cover my work expences, but know that there will be 50 quid here and 50 quid there will go on guilty pleasures.

I need help with a plan of action to get debt free any takers!!!

what about food and social costs?