Please please help.

Schar85

I believe I have a debt problem and not a debt crisis but il let you be the judge. I have listed my income and outgoings to give an estimate of where im coming from.
I earn about £1300 working two jobs my expenses per month are

1000 overdrawn on my barclays graduate account
Car Insurance at £145 pm
Bcard bills totalling £5800 i pay about £200 pm
Student loan of £8000, they take out £15 pm
Eating, money to get through month £100-£150
Savings £200 pm
Phone bill £40
I have to contribute towards household bills which are necessary totalling £350
Oyster card £100 and lastly charities that are £30.

Is there a way that I can consolidate all of these into one? I was thinking about a personal loan but would need about £20,000 to clear debts that are in my name and would like to pay it off quickly rather than have it for 5 or more years. I use to have a really good credit rating until things happened at home causing the spiralling amount of debt. I am only 23 and want to hopefully get married soon but am currently hiding this from my significant other as I really dont know what to do.

Please help on what I can do.

Kind Regards

frugallass

cut the donations to charity for the time being

try to get cheaper car insurance - why is it so high?

is the phone bill a landline or mobile?

I would use the savings to pay off debt

peachyprice

Schar85 wrote: »

I believe I have a debt problem and not a debt crisis but il let you be the judge. I have listed my income and outgoings to give an estimate of where im coming from.
I earn about £1300 working two jobs my expenses per month are

1000 overdrawn on my barclays graduate account
Car Insurance at £145 pm How much!!!!
Bcard bills totalling £5800 i pay about £200 pm
Student loan of £8000, they take out £15 pm
Eating, money to get through month £100-£150
Savings £200 pm Put this towards debts
Phone bill £40 Is this mobile?
I have to contribute towards household bills which are necessary totalling £350
Oyster card £100 and lastly charities that are £30. Ditch this

Is there a way that I can consolidate all of these into one? I was thinking about a personal loan but would need about £20,000 to clear debts that are in my name and would like to pay it off quickly rather than have it for 5 or more years. I use to have a really good credit rating until things happened at home causing the spiralling amount of debt. I am only 23 and want to hopefully get married soon but am currently hiding this from my significant other as I really dont know what to do.

Please help on what I can do.

Kind Regards

You can easily afford another £250 towards debts PM

MrsTinks

Could you break the various amounts down for us with APRs etc? You might find this calculator makes it easier for us to decipher it all
http://www.makesenseofcards.com/soacalc.html

LilacPixie

Consolodating debts is rarely a good idea.

As Mrs Tine says visit the soa calc as it really helps making things clear. Isn't an oyster card a travel thing??

Incisor

Schar85 wrote: »

I believe I have a debt problem and not a debt crisis but il let you be the judge.

...

Is there a way that I can consolidate all of these into one? I was thinking about a personal loan but would need about £20,000 to clear debts that are in my name and would like to pay it off quickly rather than have it for 5 or more years.

You cannot clear debt by taking on debt. Face up to it in situ unless you can produce a financial case to move it.

I use to have a really good credit rating until things happened at home causing the spiralling amount of debt. I am only 23 and want to hopefully get married soon but am currently hiding this from my significant other.

Don't hide it from someone who is so important to you. If they are any good for you, they will work through this with you. If you hide it, they will find out too late, but quite soon if you see what I mean, and the disappointment they will experience will be a severe body blow to the relationship.

NUFCnutter

I agree that the worst thing you can do is hide it from you OH. It will come out and the lying about the problem will be worse than the problem itself. OK if OH decides that they cannot stand to be with you because you are in debt then you know now and not after you are married. It also means that you are not right for each other if your OH would be prepared to dump the relationship because of this. But if OH really cares and loves you then you will work it through together.