Advice Needed Please!

SugarPlumFairy_3

Hiya,

This is my first time on here - it was recommended to me by a very good friend and I thought that you may be able to help me out with my siuation.

My problem is with my credit cards. I currently owe £5,743 on my A&L card (6.9% till Jan 06) and £2,341 on my Egg Card (0% just ended - think current rate is around 14.9%). Payment on both are round about £50 a month as the A&L card has a payment thingy where you only pay an amount + the interest every month.

I know that I need to transfer these balances so that I am not paying any interest. Surprisingly I have just applied for an intelligent finance card and a rbs card online and been accepted for both (IF gave me £2100 limit). On my IF application I put down that I wanted to transfer the A&L balance but as the credit limit offered is £2100 am i right to assume that this is the amount they will take off the A&L card?

My other problem lies in the fact that I am only just making the monthly payments on both cards so if i transfer the balances to 0% cards then i will have to pay 2% each month rather than the special A&L payment method, so im worried that I wont be able to afford these bigger payments. Basically I am looking for some advice on the best course of action.

I really want to try and get this sorted out as I am starting to get to the losing sleep point and that is no good for the soul!

Thank you so much in advance, I hope you can help. :A

brummiebabe

The regulars will ask you to post ALL outgoing expenditure & what you've got coming in! It means they can give you good all round advice!!Welcome to the site - you've come to the right place!!:D

SugarPlumFairy_3

Ok. so, my monthly expenditure-

Rent 275

Fuel 160 (I have to travel 100 mile round trip 4 days a week)

Food 50

Mobile 50

Loan repayments 450 (still about 2.5 yrs to run on 2 loans - one with IF and one with Northern Rock)

Credit Cards - 100 -ish (see prev post)

Next Account 17

TV License 10.99

Internet 14.99 (Need broadband so i can work from home 1 day a week)

Water 5

Electricity 7

So about 1130 outgoings a month.

My salary is £1181 a month as I pay £102 a month into my pension. This leaves about £50.

Hope this helps! :eek:

tochun

Would be useful to know what the interest on the loan is? Also, are there penalties for early repayment?

SugarPlumFairy_3

The APR on the NR loan is 8.9% and on the IF loan is about the same although i cant find the paperwork right now!

Just had a look at the IF one - has longer to run than I thought - until Nov 2010

The NR one is also over 72 months and i have been paying it off for about 18 months so still 54 more to go.

Have just realised just how much denial I have been in and am now feeling absolutely terrified!

SugarPlumFairy_3

Sorry, there are no penalties for early repayment

nelly_2

Personally I'd see if you can put a pause on that pension payment and use it to pay off the cards instead. Try to get the interest free cards you can also shift a loan onto them too. You have to be carefull not to re use them or you will end up worse than where you started.

frosty

Hi,sugarplumfairy,I am in a lot of debt,so you are not alone,I have just managed to apply for another 2 0% cards,make sure you read the small print,some cards say you may be charged a btf ,if you question it they dont normally charge you,

SugarPlumFairy_3

hiya, i have looked into pausing the pension payment but the problem is that they wont suspend the payments. I have to withdraw from the scheme then reapply to join at a later date, and i wasnt sure if this was a good idea or not. any suggestions?

skintchick

You need to worry about your debt before you worry about a pensions, so withdraw and go back in later.

Also, talk to your work about them paying for your broadband, if it is for work purposes.


Your mobile bill is very high - you need to cut that down.

Also, why is your TV £10.99? It should be £10.41. Small point I know, but pennies add up to pounds.

black-saturn

I really can't understand all this about mobile phones. Only 10 years ago nobody had one so why do people think they can't live without one now? They're so expensive.