I WILL sort my financial life out! HELP.

Sunshine&Stars

Hi Everyone!

Well, its been nearly a year since I have been on this forum and I have had good and bad moments, but I am determined this time to sort my life out and stop my unnecessary spending.

I have seen the light again, and I am sick of being mega skint, and I am also very cross with myself as I only have myself to blame. I don't even really have anything to show for all my spending either.

This year I am sorting myself out proper.

I am going to start with my credit cards & overdraft and wondered what you'd do in my position.

I have :

Approx:

M&S Life of Balance Card : £1550
Citi Bank Life of Balance Card : £4500
Virgin - APR - prob 15% - £2500
Overdraft - £1500

I have been very naughty and using my Virgin card to get me by when I have no cash left. I am stopping that now this instance. I transferred £4.5k from my Virgin to my new Citi Bank card but still have some sat there, which is stacking up interest wise.

I always get very close to my OD limit also, every month and the bank have craftily sent me a letter saying I have agreed to this OD facility for a £25 fee a month and if I don't like it, I have to settle the OD in full right away.

So the questions are:

1) Would you move the Virgin Card balance to elsewhere? If so where?
2) Is it worth doing a SBT from a new card into my current account to clear the OD?

Thanks for all your support.

HelzBelz

What are the APRs on your M&S card, Citibank card and how much do you pay on each of your debts per month?

findingmyownway

Sunshine&Stars wrote: »

Hi Everyone!

Well, its been nearly a year since I have been on this forum and I have had good and bad moments, but I am determined this time to sort my life out and stop my unnecessary spending.

I have seen the light again, and I am sick of being mega skint, and I am also very cross with myself as I only have myself to blame. I don't even really have anything to show for all my spending either.

This year I am sorting myself out proper.

I am going to start with my credit cards & overdraft and wondered what you'd do in my position.

I have :

Approx:

M&S Life of Balance Card : £1550
Citi Bank Life of Balance Card : £4500
Virgin - APR - prob 15% - £2500
Overdraft - £1500

I have been very naughty and using my Virgin card to get me by when I have no cash left. I am stopping that now this instance. I transferred £4.5k from my Virgin to my new Citi Bank card but still have some sat there, which is stacking up interest wise.

I always get very close to my OD limit also, every month and the bank have craftily sent me a letter saying I have agreed to this OD facility for a £25 fee a month and if I don't like it, I have to settle the OD in full right away.

So the questions are:

1) Would you move the Virgin Card balance to elsewhere? If so where?
2) Is it worth doing a SBT from a new card into my current account to clear the OD?

Thanks for all your support.

Hello and welcome the boards :beer:

It may be very worthwhile transferring the Virgin card as the interest rate on cash withdrawls is usually astronomical and when you make payments its the last to clear if you see what i mean. So you have to clear the whole balance to stop paying the massive interest rate. So if you can shift this to the lowest APR card then i would do it and CUT UP THE CARD.

For the overdraft question it depends on the interest rate (taking into account the £25 fee you can probably get a better deal on a CC but depends on credit rating etc).

Have you thought about doing an SOA? (see southernscousers sticky for newbies). We can probably help you cut your outgoings and free up some cash to chuck at the debts. There aren't massive at the moment but need dealing with asap to prevent them becoming a problem.

Welcome again

Sunshine&Stars

M&S 3.9%
Balance £1594.97
Min Pay £39.87

CitiBank 2.9%
Balance £4520.06
Min Pay £101.70

Money is quite tight so I only every pay the minimum.

Sunshine&Stars

Sorry I should have made myself clear. I don't withdraw cash on my Virgin Card but will use for petrol.

I seem to be FOREVER at the petrol station.

We have a juicy car and we need a diesel really.

findingmyownway

Sunshine&Stars wrote: »

M&S 3.9%
Balance £1594.97
Min Pay £39.87

CitiBank 2.9%
Balance £4520.06
Min Pay £101.70

Money is quite tight so I only every pay the minimum.

These are pretty good interest rates.

Post an SOA and there's lots of help availble here. Do you work? Have kids? etc etc. We need to know a little about the situation to be able to help to the maximum.

Sunshine&Stars

Any thoughts on the Over Draft situation?