Loan and credit card advice needed please.

Benthosboy

Hello all.

I'm hopefully getting myself sorted after the wife made her decision to leave me. Now I need to get my finances sorted out and if anyone can help, it would be greatly appreciated.

I can't post an accurate SOA as yet due to the fact that in a few weeks time, I'll be moving out of the bungalow that we get with our job and living permanently in the motorhome and as I've never been a 44 year old single man living in a motorhome, I have no idea what it will cost. I have already, however, reigned everything in and will be living an extremely frugal, but simple, life. Once I'm in the m/h and sorted, I'll post an accurate SOA.

Monthly incomings:
£1000 salary.


Monthly outgoings:
Food/toiletries etc- any suggestions as to a reasonable amount? (I have very simple tastes).
M/Home road tax: £15.00
M/Home insurance: £22.00
Insurance for 2 dogs: £50.00
Food for 2 dogs: £30.00

Other than that, there 'aint much else! I won't have to pay for water, electric or gas, I have a shedload of clothes, I phone the family once a week and will use the payphone for that. I rarely use the mobile, poor signal down here. I intend to give the m/home a run once a week but not too far so there won't be much in the way of a fuel bill.


Debts:

TSB cc: £2300.24 bal @ 26.5%APR. £10000 limit.
Halifax cc: £1016.44 bal @ 20.9%APR. £8050 limit.
Cap One cc: £4409.33 bal @ 21.83%APR. Debt is mine, card is wife's. Once clear, it will be cancelled.

Motorhome loan: £488.97 13 months left to pay. (It's possible to get this re-calculated to run for another year which will cost me another £600.00-ish, ie: £7100-ish. Is that good or bad?

Question: by being as thrifty as poss, is it possible to pay all these debts off on my income, and still have a little left over? Even though I intend to spend as little money as poss, I don't want to spend all my spare time gazing out of the window :eek:

OR: would it be advisable to get a personal loan to cover the whole amount, have one lower payment every month, (obviously for more months), and be able to save some money AND have some left over?

Sorry to be so vague but I feel like Cortez at the moment, on the edge of a "New World" and feeling a mite of trepidation. If anybody can help, thanks in advance.

Martyn.

RAS

Hi

I would not even contemplate a consolidation loan. They very rarely work.

You need to post up the minimum payments on each card.

I would strongly recommend that you check your credit rating.

Would it be possible to pay off the Cap 1card with the halifax one, and then separate your finances from OH?

You have less than £8,000 credit with £18,000 credit limit, of which only £4,00 is visible to the credit reference agencies, which will adversely affect you ability to get alternative offers.

I would suggest that you cut the the limits on all the TSB CC right back to £2,500 and try getting a better LOB offer before you move out of the marital home. it wll be very hard to do anything once you move out.

Put the information on your cards into the snowball on www.whatsthecost.com and see what difference it would make if you could get down even as far as 8 or 9 percent.

floss2

Are all the debts yours or are some joint debts from your marriage?