Petes pickle

Lorientfo

Hi folks,

Long time lurker first time poster so be gentle

Now like most people on here I've picked up some of that nasty debt stuff that just won't go away no matter how much I try to shake it off so I thought I'd reach out to the collective wisdom of the board.

State of affairs

Mint Credit Card : Approx £2300 @ 5.9% LoB & £2300 @ 7.9% LoB
MBNA Credit Card : £3900 @ current offer equivalent to 6.9%, runs out April 08
M&S Credit Card : £3800 @ 6.9% LoB
Tesco Loan : £8700 with approximately 4 years to run @ £216 pm
Egg Credit Card : £0 (£3000 Limit)
Marbles Credit Card : £0 (£4300 Limit)
Overdraft : Approx £900 but just changed accounts so about to be at 0%

Now the problem I've got it that although that's all pretty substantial I'm thoroughly commited to getting on top of it all but currently my monthly outgoings are exceeding my incomings by about £60 so I need to cut this down to stay afloat in the short term. I've been worshipping at the altar of Martin for a while now so all my other expenses are as lean as they can be :money:

I've worked out that currently it's costing me £500 (rounded) a month to pay off these debts and to give myself a bit of space and allow me to work on them effectively it needs to be nearer £400 a month. So any ideas are welcome.

My current theory is that Egg are currently offering me 6.9% LoB and the savings account I've just got is at the same level so I could transfer these and effectively have a 0% back up if I need it or at the very least some funds at a much cheaper rate than the standard card rate, doing a little evil for a greater good as it were. :A I should have my yearly bonus plus ebay sales to make up the shortfall until early next year so that's not too bad, however now I type it it sounds like a stupid idea... opinions ?

I don't want to be treading water I want to be swimming the channel !

Larumbelle

Good for you on taking the plunge!

If you post an SOA (full list of all incomings and outgoings) we'll see what we can do about getting rid of that deficit for you! There's always room for improvement!

Do you have any bank / credit charges you could reclaim?

Anything you could sell or ebay?

Any time to get a second job or other part time income?

Lorientfo

thanks silvercharming

I would post all my incomings and outgoings but I'm absolutely sure there is no room for improvement there as I said I've been around this site for a while so everything is as cheap as it could possbily be. I've gone into hermit mode as well so there really is as little expenditure as possible. I will list the debt outgoings though as that's my main bugbear :

Mint Credit Card : £104 pm
MBNA Credit Card : £88 pm
M&S Credit Card : £94 pm
Tesco Loan : £216 pm
Total : £502 pm (£450 break even)

Natural decay means that at this time next year I'll have reached my desired payment threshold but I need a way to make up the deficit or get there faster is anyone can think of one.

I've got plenty of stuff to sell on ebay and I estimate that's around the £500-600 mark in total so that should sort out the deficit for the short term.

lauradora

Yes but if you post us an SOA I bet there's a few things we can do for you. DFW's can work wonders you know!

Lorientfo

ok ok you've sold me, I'll do an in depth job tomorrow

Tustastic - You're not being slow I've just blurted it out and not really done a good job of explaining what on earth I'm on about