My SOA, any comments would be appreciated!

alph250

Hello its been a while since i posted as i had my lightbulb moment but it burnt out and now its shining again!

My SOA
Lloyds £5145 @ 6.4% paying £156pcm
MBNA £2768 @ 24.9% paying £50pcm
AMEX £273 @ 17% just submitted payment to clear!

I have £1600 saved so im going to take that of the MBNA but im still not sure what to do with the rest, 24.9% is an extortionate rate!

What doesnt help is that 9 months ago i defaulted on a credit arrangement (moved house, notified lender, they failed to act on the notification, i forgot about the payments as i didnt have the bill eventually it caught up withe me all £77 of it!:mad:, and now i cant even open a HSBC current account! :mad: :mad:

Well thats what i owe and i hope to be debt free in 12 months (its going to be hard!)

Any suggestions would be appreciated!

moxie_2

Can you provide a full list of your incomings and outgoings please as otherwise it's hard to know what to advise.

cat4772

Hi alph250,

didn't want to read and run but want to reiterate what Moxie said - would be really good if you could give us a complete list of your incomings and outgoings.

in the meantime, check out whatsthecost.com to see how overpaying will reduce the debt.

Good luck with this.

Cat.x

alph250

Sorry!

Incoming - £1415
Expenses - £100 NET

Outgoings
£450 - cost of roof over head inc bills (my share!)
£156 - Lloyds loan
£50 - Credit card
£25 - Golf membership
£150 - Cost of car inc ins, tax, repairs, petrol etc
£25 - Mobile
£75 - Food (my share)


£584 left over per month to do whatever with, preferebly pay off debt but £300 goes on having fun!