I want to clear every last penny

katsu

Pay off and close the Argos card. It costs you nearly 1/3 of your repayments in interest. Get rid now.

Are you in contract on your phone? Sim only cam be under £10 so that could get you another £500ish off your debt this year.

Get your bank statements and credit card statements. Work out where your money is going.

bsms1147

I know you say most of the SOA categories don't apply to you, but haircuts? Presents? Travel? Entertainment? Your £385 (and now £600) a month is going somewhere, or you'd have thousands paid off by now. Some of your accounts have higher balances than they did in April last year. There must be more going on that we or you are not aware of.

I'd suggest really taking a step back and posting a thorough SOA, analysing your statements to account for every penny and every pound spent over the past few months, and being honest with yourself about the situation.

Duh18

I've been away for a while but, I have finally decided to knuckle down and get these debts down before my salary increases in April 2020 and Salary Sacrifice Scheme ends in March 2020.


HSBC credit card , £6,300 21.9% - £300 standing order as of 30th October
Santander credit card £2950 18.9% - Minimum payment standing order as of 30th October
Barclaycard credit card £500 34.9% £100 standing order as of 30th October
Lloyds refinance loan £2500 9.9% £45 standing order as of 30th


I am unable to gain any 0% cards at the moment so my plan is to reduce the CC debt to around £7000 by April 2020 and hopefully at that point I will be able to gain a 0% card or cards.


What do you guys think?

Mutton_Geoff

Duh18 wrote: »

I've been away for a while but, I have finally decided to knuckle down and get these debts down before my salary increases in April 2020 and Salary Sacrifice Scheme ends in March 2020.


HSBC credit card , £6,300 21.9% - £300 standing order as of 30th October
Santander credit card £2950 18.9% - Minimum payment standing order as of 30th October
Barclaycard credit card £500 34.9% £100 standing order as of 30th October
Lloyds refinance loan £2500 9.9% £45 standing order as of 30th


I am unable to gain any 0% cards at the moment so my plan is to reduce the CC debt to around £7000 by April 2020 and hopefully at that point I will be able to gain a 0% card or cards.


What do you guys think?

I'd switch the HSBC to minimum and divert as much as you can to clear the highest Barclaycard interest debt first, then close that card, then max your Santander payments til that's gone. Don't assume because there isn't much left on the Barclaycard and the total interest amount appears lower that it still isn't interest at the highest rate.


Always best to clear these first whilst paying attention to other debts that might run out of special deals putting you on a higher rate.

kangoora

Duh18 wrote: »

I've been away for a while but, I have finally decided to knuckle down and get these debts down before my salary increases in April 2020 and Salary Sacrifice Scheme ends in March 2020.


HSBC credit card , £6,300 21.9% - £300 standing order as of 30th October
Santander credit card £2950 18.9% - Minimum payment standing order as of 30th October
Barclaycard credit card £500 34.9% £100 standing order as of 30th October
Lloyds refinance loan £2500 9.9% £45 standing order as of 30th


I am unable to gain any 0% cards at the moment so my plan is to reduce the CC debt to around £7000 by April 2020 and hopefully at that point I will be able to gain a 0% card or cards.


What do you guys think?

I'm going to be blunt.

I think you will be living with your parents forever based upon the last 6 months. Over the span of this thread (12 months) you have gone from

9/10/18 - £13.1k
26/5/19 - £12k
24/10/19 - £12.25k

So your debt has actually increased since May this year. You successfully reduced your debt by £1k in just over 6 months and yet now you have MORE disposable income you are FURTHER in debt.

You say an SoA isn't needed, I'd say it was essential because if you had even £500/month to throw at debt you could now owe £9.25k instead of £12.25k. You are losing £600/month 'somewhere'........

You need to have your LBM if you wish to become debt-free or you will be spending an awfully long time living at home.

monetxchange

Absolutely what the above poster said. Look at this way - if you’re amassing thousands of pounds of debts when you have next to no bills, you’ll never be able to run your own home, if you did ever get close to the deposit/mortgage stage.

Not trying to be rude, just really want you to have your LBM and everyone on here can give advice on how to move forward. Have been in exactly the same place with increasing income being met with increased debt.

Get a realistic SOA done. Then you can set a tight spending budget - cash put in envelopes or a separate spending account, and the rest transferred to the debt the day you get paid. Then you’re forced to not overspend. Cut up the credit cards NOW and remove them from all online wallets.

You’ve spent a lot in places like Argos - any items you can sell on eBay etc?

Well done on coming back. That’s really hard and shows a fighting spirit.

Duh18

Can anyone advise we’re is best to do an SOA?

Thank you

Duh18

Does anybody also think it is worth while speaking to Santander/HSBC & Barclaycard in regards to reducing interest?