tips that dont affect credit history?

madkitty

Im £8k in debt at the moment and gradually paying it off however I am just managing to get by on £200pm - does anyone have any tips etc that I could try with the credit card companies that wont effect credit history? I didnt know if you could negotiate a few months at a lower apr etc?

RAS

Kitty

We need a lot more information to help you.

Firstly, can you advise the APRs on all these debts; the minimum payments and maximum values on CCs and the loan periods on loans, plus how many more payments you have to make.

It would be even better if you can put up a full statement of Affairs, as often the savings are to be made from your monthly spends.
http://forums.moneysavingexpert.com/showthread.html?t=107280

Also have a look at the snowball on https://www.whatsthecost.com

immoral_angeluk

How about something like this?
http://www.moneysavingexpert.com/cards/cut-credit-card-interest

angelavdavis

As Ras says, you might benefit from posting up your income and outgoings, complete with debt breakdown, aprs etc on here so the good folk can offer their advice on you cutting down outgoings to help throw more money at your debts.

madkitty

Ok here goes (luckily its all in a spreadsheet anyway!)

incomings £1570
outgoings:
cartax £20
rent £650
nwide £15.72
sky £31
idnet £14.99
gas £21
elec £13
BT £12.22
O2 £30
E&L £10.27 (cat insurance)
E&L £7.02 (cat insurance)
car £31.19
Blockbuster £14.99
water £18

debts:
Egg £131 (£4k balance)
capital one £25 (£500 balance)
la redoute £16 (£100 balance)
Next £70 (£550 balance)
ikea £10 (£180 balance)
Debenhams £10 (£150 balance)
Argos £15 (£350 balance)
nwest visa £15 (£700 balance)
sky £50 (£1500 balance)
Barclaycard £50 (£2k balance)

I'll be honest I dont have a clue what the APR's are!!

At the moment the plan of action is paying off next and then using that amount to start snowballing with the other debts. Luckily Im in a sales related job and so my monthly incomings can vary quite a bit but at the moment its tough with getting any commission!

I know I could cit out my blockbuster online rental but I gave up smoking 8 weeks ago as I couldnt afford it so I wanted to keep one small luxury. The cat insurance also stays as its covered £4k in vet bills with a poorly cat over the last 2 years so that pays for itself!!
Any tips would be grateful!!!!

madkitty

should also add I have nothing to shuffle as theyre all up to their limit and I did apply for a 0% interest but was turned down!!!

RAS

You need to pay of the most expensive debt first and if you do not know the APR, you cannot do this. So can you go away, find the statement or ring them up and find out ASAP.

We cannot help you much until you have this information.

madkitty

but I thought snowballing was the best way to pay off debts starting with the smallest first? I am paying just over the min payment on the most expensive (Egg) and that would take me years and years and years if I concentrated on this first?

RAS

madkitty wrote: »

incomings £1570


outgoings:

Essential

rent £650
gas £21
elec £13
BT £12.22
water £18
council tax £83 and
tvlicence £10
Food?

Car
cartax £20
car £31.19
petrol £80
petrol, MOT, repairs,?


nwide £15.72 - what is this?
sky £31 - ditch this an use freeview. You get many of the channels.
idnet £14.99 - what is this

O2 £30 - mobile ? Can you reduce you package or go PAYG?
E&L £10.27 (cat insurance) - check if this is the cheapest option
E&L £7.02 (cat insurance) - ditoo

Blockbuster £14.99

Clothes, travel to work, going out, holidays, presents, haircuts etc?

debts:
Egg £131 (£4k balance)
capital one £25 (£500 balance)
la redoute £16 (£100 balance)
Next £70 (£550 balance)
ikea £10 (£180 balance)
Debenhams £10 (£150 balance)
Argos £15 (£350 balance)
nwest visa £15 (£700 balance)
sky £50 (£1500 balance)
Barclaycard £50 (£2k balance)

Hi until you know where the money is going it is hard to advise how to tackle this. Can you add the missing elements.

It is probably worth starting a spending diary so you can see what you are actualy spending where.

RAS

madkitty wrote: »

but I thought snowballing was the best way to pay off debts starting with the smallest first? I am paying just over the min payment on the most expensive (Egg) and that would take me years and years and years if I concentrated on this first?

If you want to pay off the money most efficiently - pay least interest, you pay the most expensive debt first.

Some people find it psychologically easier to pay off a few of the small ones first, but it is more expensive.

This is why you need to play with snowball properly, so you understand the impact of your decsions. In the end it is your decision but at least you know what you are doing.

madkitty

outgoings:

Essential

rent £650
gas £21
elec £13
BT £12.22
water £18
Food?

Car
cartax £20
car insurance £31.19
petrol, MOT, repairs, insurance - mum pays if Im stuck!!!! petrol comes out of £200pm allowance

nwide £15.72 - home contents insurance
sky £31 - ditch this an use freeview. You get many of the channels. I cant live without sky one!
idnet £14.99 - broadband

O2 £30 - mobile ? Can you reduce you package or go PAYG? stuck in contract for another 12 months
E&L £10.27 (cat insurance) - check if this is the cheapest option I need cover for pre-existing conditions so it is
E&L £7.02 (cat insurance) - cheapest for her age

Blockbuster £14.99

Clothes, travel to work, going out, holidays, presents, haircuts etc - all covered under my leftovers of £200pm

debts:
Egg £131 (£4k balance)
capital one £25 (£500 balance)
la redoute £16 (£100 balance)
Next £70 (£550 balance)
ikea £10 (£180 balance)
Debenhams £10 (£150 balance)
Argos £15 (£350 balance)
nwest visa £15 (£700 balance)
sky £50 (£1500 balance)
Barclaycard £50 (£2k balance