Help!

Grumpelstiltskin

Hang on £100 on food yet £400 on petrol?

theoretica

Do you really have an extra £350 a month to pay off debt? If you do, then paying off the Barclay card in full and then in a month or so seeing what they can offer for a balance transfer form the MBNA might be worth trying. But I suspect you don't have that £350 - where is it really going? Some things in your statement like £100 presents can be cut, but others look low - feeding four people for £100 a month? £400 on petrol but no road tax or car maintenance? Is the car the HP debt?

tbaker31

Grumpelstiltskin wrote: »

Hang on £100 on food yet £400 on petrol?

Yes basically I share a proportion of our food bill with my fiance. But due to my work it requires me to travel a lot. But it's covered on expenses by the employer

tbaker31

theoretica wrote: »

Do you really have an extra £350 a month to pay off debt? If you do, then paying off the Barclay card in full and then in a month or so seeing what they can offer for a balance transfer form the MBNA might be worth trying. But I suspect you don't have that £350 - where is it really going? Some things in your statement like £100 presents can be cut, but others look low - feeding four people for £100 a month? £400 on petrol but no road tax or car maintenance? Is the car the HP debt?

I have money left over to pay off debt yes. I am paying off Barclaycard. My issue is the other card. I am not the only person who earns money. My fiance earns money, she spends money on our food shopping to offset so of the outgoings. Road tax was initially put in the finance deal I had in the car. I haven't had to pay that yet. Yes the car is the HP debt.

Grumpelstiltskin

So does your finance work?

You need to do an SOA giving both your incomes and full amounts for food etc.

Also have you included your expenses in your income?

tbaker31

As i stated initially I have the money to pay off one of my credit cards but today I tried to get extra credit to move the MBNA balance as it is about to incur nearly 30% interest on it. I am prioritising paying off the Barclaycard for piece of mind so I am only down to one card. But by the time i have the interest on the MBNA would have started and i am concerned that the money I pay on the card will just be put back on in interest

tbaker31

Grumpelstiltskin wrote: »

So does your finance work?

You need to do an SOA giving both your incomes and full amounts for food etc.

Also have you included your expenses in your income?

Ok I will recalcuate with both our incomes and what she is responsible for.

Sorry what do you mean? Yes the additional £400 in my income takes care of the £400 on petrol.

theoretica

tbaker31 wrote: »

I have money left over to pay off debt yes.

£350 a month?

tbaker31 wrote: »

Road tax was initially put in the finance deal I had in the car. I haven't had to pay that yet. Yes the car is the HP debt.

You need to budget for this for next time it is due and servicing too.

DCFC79

When is the phone and tv contracts due to end ? Savings can be made here.

So you dont need haircuts, or entertain yourselves eg cinema, evenings out ?
Should really have something in the emergency fund. What would you do if an appliance breaks down or the needs tyres or brakes ?

tbaker31

theoretica wrote: »

£350 a month?

Not always as on-off costs occur. but around £250 yes. So I have been making additional payments on both Barclaycard and MBNA card.




You need to budget for this for next time it is due and servicing too.

Just had a service and was in service plan so won't have one for another year. Road tax not due until September but will add that in the new SOA I am doing