My SOA,

LouLee2008

hi, i know its not alot of debt, just wondering if anyone had any idea what i should be paying,

i am about to start a tempory job which is £7.50 per hour and i do 25 hours so i think this equals about £160 take home a week

so

Income - £160 weekly

Debts

Mint Credit Card - £495.03 Limit is £500, i always pay the minimum which is £11

Catalouge - £1325.20 I have a arangement to pay back this £50 a month, no interest is added

Overdraft - £160 - this is being reduced by £20 a month

I know there probabaly isnt alot else i can do really apart from paying more on my credit card,
but i have been on JSA for last few months so have had little money, now ill be earning a bit more whats the best thing to do.

I dont have any other outgoings except maybe petrol at £30 a month or so.
I also am unable to get any Credit cards due to poor credit rating.

Many thanks

Louise

bank_of_slate

Hi Lou!
Congrats on your new job!
Will there be an opportunity for overtime or promotion at all?
Have you tried to keep a spending diary to cut down on the little things that you buy so you can increase those minimum payments?
...Linda xx

LouLee2008

there is a chance of going for the permanant job, but its not a given,

to be honest i dont actually spend anything, it tends to all go on my debts, i always seem to pay of more on catalouge coz its such a big debt! idont even know what i brougth on it lol

bank_of_slate

Is there anything that you could sell on Ebay to help to throw at the debt?
If there's a chance of a permanent job then you show em that you're the best choice for it! Before you know it you will be on your way to being debt free!
...Linda xx

LouLee2008

ive sold everything already, when i wasnt working and getting benefits its how i survived i have like 3 dvds left lol.. i know it wont take me long once i have regular income i cant wait

LouLee2008

anyone got any other tips?

~Beanie~

By my reckoning you should have at least £500 per month left over if you really don't have any further outgoings (what about car insurance / tax / clothes / food?). I would try and make more than the minimum payment on your credit card, even if you only increase it to £20 per month, it will go down alot quicker - £11 will barely be covering the interest so your actual balance is probably only reducing by about £3!

LouLee2008

Car insurance is paid till september, my car tax is £20 a year so do able, i dont buy clothes, and food not really.. lol i shouldnt be in debt really lol

Welshlassie

You must have other outgongs, if you pay petrol you must have a car and associated expenses. Rent, food, mobile, clothes, internet costs etc

You would need to post a full SOA for thebest advice, but

Being as there is no interest on the catalog, you would be better off putting anything over an above the £50 towards the debt with the highest interest rate as this is costing you money. I'd say probably the Mint card first as the OD is coming down anyway. When each debt is paid off you can then use the amount you paid of this to add to other payments on the other debts (known as snowballing) this will help to bring down the debts in the quickest and most economical manner.

If you are only working 25 hours a week, have a look at getting some mystery shopping jobs, these can bring a bit more income in.

Otherwise have a look on the "Up Your Income" board this will give you some more ideas for increasing your income.

When you first get your job, make sure you are on the right tax code as this will eat into your wages otherwise.

good luck with the new job and bringing your debts down.

LouLee2008

Im quite lucky there, yes i do have a car, but my dad and my fiance are both mechanic and my dad owns 2 garages so im set there, i live with my parents and expecting rent to be at max £50 a month as i am never here, i dont buy clothes, idont have to pay for internet, food is only really if i want to buy takeaways