Debt Dilemma

walwyn_2

Yes Linda, I've checked every other outgoing to ensure I'm paying the minimum. No choice really!

bank_of_slate wrote: »

Hi Wal, Have you checked that you're on the cheapest supplier for gas & electric, home insurance and motor insurance?
Can you re-negotiate your mobile costs?
...Linda xx

bank_of_slate

Good!
Does your wife work at all?

and there are no grocery costs listed above.
...Linda xx

walwyn_2

First Direct loan - borrowed £13,800 @ 10.9% APR over 60 months. Have made 4 repayments to date. Not sure if I can overpay?

I am virtually on the maximum limit for all of my credit cards:

Halifax - total debt £12.5k, 22.5% APR. Min monthly payment £280
Egg - 7k, 21.9%, £145
Amex - 6.4k, 19%, £150
Morgan Stanley - 3k, ?%, £60
Mint - £5k, 21.5%, £110

RAS

Net monthly income is approx £2,100.


MORTGAGE £554
COUNCIL TAX £43
GAS & ELECTRICITY£35
WATER RATES £13
TV LICENCE £14
LANDLINE PHONE £6
MOTOR INSURANCE £15
HOME INSURANCE £9
INCOME PROTECTION INSURANCE £15
TRAVEL £150
MOBILE £25
PERSONAL ACCIDENT COVER £5

Total £1034

But, no food, clothes, presents and holidays etc?

First Direct loan - borrowed £13,800 @ 10.9% APR over 60 months. Have made 4 repayments to date. Not sure if I can overpay?

Monthly payments on this?

I am virtually on the maximum limit for all of my credit cards:

Halifax - total debt £12.5k, 22.5% APR. Min monthly payment £280
Egg - 7k, 21.9%, £145
Amex - 6.4k, 19%, £150
Morgan Stanley - 3k, ?%, £60
Mint - £5k, 21.5%, £110

£745 per month plus loan payments

So you have enough to cover the monthly payments?

But you do not have spare to cut down the capital and at those APRs you need to get this sorted.

What have you spent the money on? Is there any stuff that can be sold to start paying off the highest APR, which is halifax?

Can you get a second job?

Buffythedebtslayer

Can you look for any 0% deals? - not sure what your credit rating is like, I believe Pay pal are doing one, do you have any "anniversary deals" on the egg card you could take advantage of?

I think you might have to tell your wife - but I understand why you don't want too - no one knows the extent of my debt apart from people on here!

so, possible ideas - if you don't want to remortgage?

1. is there anything you can sell to pay off some of the debt?(car, computers, body (just kidding) any collectables? ebay car boot sales etc people will buy anything!
2. can you work overtime? or get a second job?
3. do you have any savings you can use? ( probably not I know but I thought I'd ask!you never know! )
4. 0% like I suggested above?
5. I am loathe to suggest this but could you consolidate your debts into a new long term loan, making sure you have an option of over payments for the loan, and then absolutely throw everysingle spare bit of cash at it? this all depends on your credit rating mind you. I am sure you can get a credit check for free some how....?

I have consolidated my debt many times, mostly to just have one single monthly payment. this time I made sure I could over pay tho,

you see on your wage, it would be tight but you could manage to that kind of debt if it was in the right place if you see what I mean - credit cards plus horrific interest rates not a plan.

hope this helps

xx