I wanna be debt free.

krankie_frankie

Not sure if this is the right place to post this? I apologise if it's not.

Reading a few of the other posts in here about how much people owe, I don't feel so bad now! But i still owe money to people, so I really would like help to make my monthly payments better.
Basically I have a 5 year £8000 loan with Abbey with payment protection at an interest rate of 6.1% I have 40 months left on it and pay £193 a month, give or take a few pence.
I also have a capital one credit card with an outstanding balance of £723 at 0% for the next month or two (it was a balance transfer) On a good month I can pay £100 of this balance. A bad month between £30-£50.
Ideally I would like to save myself a bit of money and have this consolidated into one and ideally have it cleared in the 3 years or so I have left with Abbey. Very much doubt anyone could get it cheaper and a much shorter time frame!
Any additional information required to help me, please ask and I will do my best to provide it.

Hopefully some kind soul can help me :think: I would forever be in there debt instead of the banks and credit companies!

Lemon_Tree

hi and welcome to such a good place. There will soon be more clever people around to give you advice, but generally i'd advise you to start with a SOA (see the stickies for new people at the top of the board), and would warn you than generally the opinion on here runs away from consolidating your debts into one payment, often we can help a lot with advice about how to cut your monthly spends etc.

good luck and stick around

krankie_frankie

Thank you Lemon tree for your reply. I'm not sure me posting my monthly income/outgoings will help. As I only really need help with making my monthly outgoings for my loan and credit card debt less. As you can see they are nearly £400 If I can reduce that I will be a happy bunny :rotfl:

sparky0107

krankie_frankie wrote: »

Thank you Lemon tree for your reply. I'm not sure me posting my monthly income/outgoings will help. As I only really need help with making my monthly outgoings for my loan and credit card debt less. As you can see they are nearly £400 If I can reduce that I will be a happy bunny :rotfl:

Hi & Welcome,
Your SOA is a very important factor to getting the sound avice from the good people on this forum, with it they can advise you where to make cut backs, also have you tried the snowball calculator? Link below

http://www.whatsthecost.com/snowball.aspx?country=uk

Hope it helps

sidnee

Hi - first post, am an intrigued lurker (in debt, thankfully under control, paying off big loan in full next week!) and congrats to all fighting their debt - I'm impressed.

Just reducing your outgoings on the loan/cc is masking the problem - if the experts on here can find a way of limiting your expenditure over the month it could lessen the load on your finances and free up money to bring your DFD forward!