feel like i'm going around in circles

ditty1234

@jadewest94
Marbles........................1182.96...56........40.55 (Currently on holiday plan which ends soon)

Vanquis........................701.28....47.35.....59.92
This might be controversial advice, ad I am not a specialist but unless you can pay those cards in a couple of months I would stop paying completely, wait til they default/or get them to stop the interest - which they will do if you declare financial difficulty and then you only have to pay the balance. Obviously this would then goon your credit file, but this would also stop you from getting further credit, or a mortgage for 5-6 years, which you can then use to save up for a deposit! I am just saying this as most people don't realise you can do this, and with the interest rates - you could pay the minimum amount and never pay it out. Criminal if you ask me.

Danni-R

Hi, 
Your gas and electric seem really high for 1 person who's at work. My energy company wanted to up my DD's but it turned out I was over £300 in credit (low use in the summer etc). Have you called them and given a meter reading etc? 

TheAble

ditty1234 said:

@jadewest94
Marbles........................1182.96...56........40.55 (Currently on holiday plan which ends soon)

Vanquis........................701.28....47.35.....59.92
This might be controversial advice, ad I am not a specialist but unless you can pay those cards in a couple of months I would stop paying completely, wait til they default/or get them to stop the interest - which they will do if you declare financial difficulty and then you only have to pay the balance. Obviously this would then goon your credit file, but this would also stop you from getting further credit, or a mortgage for 5-6 years, which you can then use to save up for a deposit! I am just saying this as most people don't realise you can do this, and with the interest rates - you could pay the minimum amount and never pay it out. Criminal if you ask me.

You don't want to screw up your credit file at the tender age of 25 for the sake of a couple of grand. Better to work as hard as you can, cut expenses etc to pay it off as soon as possible, then work on building wealth. 

Singlespeeder

With a very modest £1900 of debt at truly horrendous Interest rates, isn't a balance transfer onto almost any other sensible card an option? Doesn't need to be 0% even , most would be MASSIVELY better than the current rates. That, if possible, has to be better than trashing your credit score.

ditty1234

Singlespeeder said:

With a very modest £1900 of debt at truly horrendous Interest rates, isn't a balance transfer onto almost any other sensible card an option? Doesn't need to be 0% even , most would be MASSIVELY better than the current rates. That, if possible, has to be better than trashing your credit score.

I am not recommending it, I am saying it's an option, and a weird way to only pay the money back once. ie not just lots of interest.

sharpe106

I think if the partner is moving in soon and splitting the bills, providing you don't spend all the money on rubbish, your debts will go pretty quickly. 

warby68

I'm glad you mentioned the partner moving in, sharing the expenses will make a huge difference. Splitting the household running costs and your £100 pay rise should give you around £360 pm more. You should be able to clear those debts within a year if you stay focussed. Well worth it. Your interest on £2k at a rough average 40% is £800 pa - crippling. Stay firm , get rid and keep progressing on. I'm glad to hear you're young and still growing your income - there is a good chance for things to get a lot easier if you get that small but very expensive debt cleared and budgetting cracked.
Good luck

BlueJ94

Singlespeeder said:

With a very modest £1900 of debt at truly horrendous Interest rates, isn't a balance transfer onto almost any other sensible card an option? Doesn't need to be 0% even , most would be MASSIVELY better than the current rates. That, if possible, has to be better than trashing your credit score.

Thanks for the input but I've looked at a balance transfer and I can't get one at all. I wish I could so I could focus on one bill not a few 

BlueJ94

TheAble said:

ditty1234 said:

@jadewest94
Marbles........................1182.96...56........40.55 (Currently on holiday plan which ends soon)

Vanquis........................701.28....47.35.....59.92
This might be controversial advice, ad I am not a specialist but unless you can pay those cards in a couple of months I would stop paying completely, wait til they default/or get them to stop the interest - which they will do if you declare financial difficulty and then you only have to pay the balance. Obviously this would then goon your credit file, but this would also stop you from getting further credit, or a mortgage for 5-6 years, which you can then use to save up for a deposit! I am just saying this as most people don't realise you can do this, and with the interest rates - you could pay the minimum amount and never pay it out. Criminal if you ask me.

You don't want to screw up your credit file at the tender age of 25 for the sake of a couple of grand. Better to work as hard as you can, cut expenses etc to pay it off as soon as possible, then work on building wealth. 

Thank you. This is my aim! Just want to be clear of debts and not worry so much about money. 

BlueJ94

Danni-R said:

Hi, 
Your gas and electric seem really high for 1 person who's at work. My energy company wanted to up my DD's but it turned out I was over £300 in credit (low use in the summer etc). Have you called them and given a meter reading etc? 

Hmm, I'm on a smart meter so I have to top the gas/electricity up via a card so I will check this