£11,500 in debt..enough of living borrowed life.pls help

alykhalil

Can someone please help me. Did post a thread some many days back but not much response. I need serious help please. in 3 yrs of me being in UK i have a debt (unavoidable) of approx. £11,500.

Virgin credit card : £3000 Interest free upto Jan 06)
Monument credit card : £3100 (interest free upto Nov 05)
Intelligent finance credit card : £1350 (interest free upto Mar 06)
Halifax credit card : £1400 (interest free upto Nov 05)
Natwest loan : £2500 (paying interest 14.4%)

adding up all the minimum payments it still comes to about £245 + when the interest on all of them start it will reach approx. £330 which is very close to my monthly wages. My situation is that to pay the minimum to these guys i have to borrow money from my other credit card company and pay them...

can anyone pls advise...ive had enough of living this borrowed life !
thank you

ben500

Not my field sorry but don't despair, check your thread regularly and post the information people request of you if possible and the help will surely come.

Sorry not much help but at least you know the thread has been noticed!

alykhalil

ben500 wrote:

Not my field sorry but don't despair, check your thread regularly and post the information people request of you if possible and the help will surely come.

Sorry not much help but at least you know the thread has been noticed!

thks for the hope mate.Bless

nadnad

first of all - was your debt really unavoidable?

second of all apply for some new 0% bt cards - well apply for one at least so as not to effect your credit rating, at least then you might get enough of a credit limit to transfer the 2 cards that are imminently running out of 0% - capital 1 is doing 0% until Jan 2007 I think. If you get a card well and good - if you don't then phone the cc companies and ask if you can get a reduced % rate. Failing that you can get a low apr for life of balance card - check out Martin's section on this http://www.moneysavingexpert.com/creditcards.

And that is one high interest rate you've got for your loan - did you price around? Or is that all they would give you? do you have a penalty if you pay it off early (and transfer else where)? how long has it to run? What exactly are you paying on each thing each month? how much do you earn? waht are you circumstances? what are your other outgoings? Sorry for all the questions but it helps to get a bigger picture.

homersimpson_3

post a list of all income (wages and all benefits) and your outgoings- the chances are people will come up with ways you can save some money which can they be targeted at debt.

ben500

There you go there's your first set of questions, remember your anonymous here so spill your guts and get some straightforward advice, a rare commodity these days, once you have your loans sorted pm me for ways of reducing your shopping bill to next to nothing I will be glad to help there and a few ways of subsidising your income at least until you get sorted, good luck and remember! you just started solving your problem.

alykhalil

nadnad wrote:

first of all - was your debt really unavoidable?

second of all apply for some new 0% bt cards - well apply for one at least so as not to effect your credit rating, at least then you might get enough of a credit limit to transfer the 2 cards that are imminently running out of 0% - capital 1 is doing 0% until Jan 2007 I think. If you get a card well and good - if you don't then phone the cc companies and ask if you can get a reduced % rate. Failing that you can get a low apr for life of balance card - check out Martin's section on this http://www.moneysavingexpert.com/creditcards.

And that is one high interest rate you've got for your loan - did you price around? Or is that all they would give you? do you have a penalty if you pay it off early (and transfer else where)? how long has it to run? What exactly are you paying on each thing each month? how much do you earn? waht are you circumstances? what are your other outgoings? Sorry for all the questions but it helps to get a bigger picture.

debt unavoidable ? yes it was unavoidable. purchased some very VV expensive items (just 3 units) from abroad with a hope of selling them here. paid by credit card for those items and thought in 30 days would get money back. did check the Uk market before buying but bad luck. it didnt work.

Loan, i did not shop around. it was just that i went to deposit a cheque of small amount and the customer services guy just called me and started " did you know Mr. ??? that you are eligible for a loan upto 10,000...blah blah blah " i thought, a good chance to pay the credit cards back. i went for it. this happened on the 6th month of me 1st arriving to UK. he also added some home insurance, some job cover, + + + which i NOW feel i did not need AT ALL.

i have a capital one card £400 limit, not much.

- 0% credit cards, i doubt if i will get any. though i have £3000 on my citicard + £400 on my capital one card + £400 on my mint card + £550 barclaycard untouched but they have no offers
- No penalty if i pay off earlier.
- My wages are £479/month after tax
- outgoings per month are (AT THIS MINUTE) £675 approx.

hope this helps. pls ask me anything information or questions you wish. i will answer them.thank you

alykhalil

ben500 wrote:

There you go there's your first set of questions, remember your anonymous here so spill your guts and get some straightforward advice, a rare commodity these days, once you have your loans sorted pm me for ways of reducing your shopping bill to next to nothing I will be glad to help there and a few ways of subsidising your income at least until you get sorted, good luck and remember! you just started solving your problem.

cheers budz..will keep you updated

ben500

You are going to need to provide a more detailed breakdown of your outgoings at least there are many that can provide specialist help in various aspects of household finance give them the info and they WILL teach you to save money.
HTH

alykhalil

my income £479 after tax

outgoings per month :

- 30 phone bill
- 35 mobile bill (contract)
- credit card repayments (minimums) : total £207 approx.
- room rent £300
- petrol £55
- bit and pieces £50
Totalling to : £670 about

nadnad

what type of home insurance do you have? if yuo're living inrented accomodation you don't need buildings and if you are a student or something you probably shouldn't be paying that much contents insurance. how much are you paying for that now? you seriously shouldn't be paying for job cover if you're earning £479 I don't think its worht it - others may disagree I don't know. But to me if you lost your job (what is your job anyway? part time. full time?) you could probably get another one earning that much with little problems. So cancel job cover. Check out moneysupermarket for a loan thats cheaper than what you have - if you really don't have any penalty for paying your own off early.

how are you surviving at the minute if your outgoings are more than your income.?

can you get another job evenings/weekends etc?

i need to do a bit of rsearch on you cc situation and see if I can come up with something - maybe someone else will post with some instant pearls of wisdom. You have too many cards for a start but I need to have a think about that.

Post ALL the cards you have whether there are balances on them, interest rates, deals available, you minimum payment each month etc. Also post your other outgoings i.e. rent, other bills, food etc. and we'll see what we come up with - the more info we have the better.