Debt free in 3 years?

Littleluc21

Do you think its likely to be able to get debt free in 3 years if you have these debts:

£13000

and I pay £450 a month bak to them??

Thanks guys- trying to get back in control of my life and stop worrying about what I owe and how I can afford to eat!!

newmum1

Yes you can be but can you afford to make such a big payment each month, also, just calculated it as £361 per month but i guessing that you have allowed for the interest????????

angelavdavis

Are you debts incurring interest?

Can you provide more information relating to your debts?

You might want to checkout the snowball calculator - you can enter your debts, interest rates and payments and see when your debtfreedate is likely to be:

http://www.whatsthecost.com/snowball.aspx

Littleluc21

Thanks for such a quick response! I can afford this barely - I really want to get rid of this debt before I start to really freak out about it is a secret debt - tough life of being a student! I currently earn £1000 a month, sometimes more ifI can get a shift at my other job. I am just tired to being poor! Any tips on how to blitz this??

L xxxx

CLAPTON

repaying 13,000 over 36 months at 450 is an APR of about 17%.
If your credit rating is good then you may be able to either shift some of the debt to low LOB CCs or get a lower APR loan... worth considering as you'll then be able to pay off more quickly.

Littleluc21

I have no idea about interest really, I am very dumb when it comes to money - guess you can tell that by my debts! This is what I repay

Bank of Scotland loan - £255 a month
Egg Card - £45
Barclaycard - £20
RBS - £40
Virgin - £60
HBOS - £40

Do you think any of the lenders would freeze interest on them?

L xxxxxx

CLAPTON

Take a step back.

Read the sticky thread on this board and post up an SOA here which will include details of your income, your spending and the full debt details (amounts owed, APRs and minimum monthly payments) Also a little about your general situation , renting, buying, living at home etc etc.

Then we'll be better able to help.

sammiboo

Are you sure you can afford this?

It is a lot of money each month, dont stretch yourself too much otherwise some unexpected bill or money you need to spend and havent budgeted for.

Only do it of you can afford it. What Apr is the loan?

sammiboo

Littleluc21 wrote: »

I have no idea about interest really, I am very dumb when it comes to money - guess you can tell that by my debts! This is what I repay

Bank of Scotland loan - £255 a month
Egg Card - £45
Barclaycard - £20
RBS - £40
Virgin - £60
HBOS - £40

Do you think any of the lenders would freeze interest on them?

L xxxxxx

You should look into exactly what you owe...

Phone each of your lenders and find out what APR you are paying and also what the balance is of each one. As others have said post up a full SOA too. Its hard to give advice without knowing the details.

Littleluc21

Thanks for all your help so far, getting in the mood to become debt and care free now! I earn approx £1000 a month, sometimes a little more. My SOA is

Incomings - £1000

Outgoings

£230 Rent
£150 food bill (for 2 and 3 cats)
£450 Bills
£100 Living (Petrol, Gym membership, Bottle of wine!)

= £70 a month saved for xmas, emergencies and birthdays

L xxx

GeorgeUK

I agree with Clapton.

We need to see how much income there is and where the expenditure is going. You need to target the highest APR first, but you may also be able to shuffle some of the balances so that you are paying less interest and possibly get incentives to keep accounts open to save you more.

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

If possible, please provide totals and APR's for any debts.