Advice PLEASE!!

purplenicky
purplenicky Posts: 84 Forumite
in Debt-free wannabe
Hi

I have the following debt:
£13,500 left on 1 loan @ £385 per month
£4000 left on another loan @ £136 per month
£8300 on one credit card roughly £150 per month
£6700 on another card @ roughly £135 per month

I went to the bank for advice today and they just offered me a verylarge loan which with insurance would increase my monthly outgoings!!

Any advice on the above very welcome.

Thanks in advance
Nicky xx
Competition wins...:j

July: Face painting kit, Gourmet Meal Kit for two, Family Tickets to Paultons Park August: Elizabeth Arden Goody Bag £45, £15 i-tune voucher September: 8 meg i-pod, loreal conditioner, nivea for men set, Zoey 101 necklace October: John Frieda products,

Comments

  • Needcash_3
    Needcash_3 Posts: 145 Forumite
    Hi

    What are the APRs on the loans and credit cards?

    Don't take out PPI insurance on loans !!

    NC
    Lightbulb moment: 1st Jan 2008
    -x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x

  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    Hi Nicky,

    Don’t go for the loan option as all you will be doing is moving the debt from one place to another – it will still be outstanding and then be in the same boat again.

    If you put together a SOA then we can have a look if there is anyways of cutting back, you will also know how much money you will have left over after paying your priorities to offer your creditors. It’s hard to advise fully via this forum but CCCS do have a free online facility called debt remedy where you can be provided with a SOA and best advice on a long term solution to your debt problems. If you click on this Link it will take you directly to Debt Remedy

    Good Luck Nicky

    Sarah
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • purplenicky
    purplenicky Posts: 84 Forumite
    Thanks for that. I have just completed the online debt remedy paperwork and am actually thought I was worse off than I actually am!!

    I am really goingt o tighten the purse strings for the next few months!!

    Thanks again!
    Competition wins...:j

    July: Face painting kit, Gourmet Meal Kit for two, Family Tickets to Paultons Park August: Elizabeth Arden Goody Bag £45, £15 i-tune voucher September: 8 meg i-pod, loreal conditioner, nivea for men set, Zoey 101 necklace October: John Frieda products,
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