Serious Debt and I don't know where to turn

Margaret_Millne

Barclaycard Balance is £2371 Limit is £2400
Virgin Balance £1798 Limit is £4,200
Natwest Balance £3086 Limit is £7,300

It looks to me like you have enough credit limit left on the Virgin to transfer the Barclaycard Balance. Once Barclaycard is clear you can balance transfer £2400 of the Virgin balance back to Barclaycard, so you now have £2400 on Barclaycard at 2.9% instead of 14.9%.

Pay the minimum amounts to Barclaycard from then on, whilst you pay £50 to Natwest, and concentrate on getting the Virgin balance down. You have to be very disciplined about this though, because your minimum payments may well be less than you are paying now.

Make sure you make a note of what you are paying now, and continue to pay that amount in total, spread across the 3 cards as outlined above.

Does all this make sense??

Debt_Free_Chick

Does all this make sense??

Perfect sense ... but

Income £900.00
Expenses £1143.18

Deficit £ 243.18

Potential savings in budget

Sky £10.00
Football £45.00
Socialising £100.00
Lottery £ 8.00
E'ment £ 20.00

Total £183.00

And I'm not sure that the endowment should go - needs careful thought. And the guy needs some life if we suggest he ditches Sky, football, socialising AND the lottery

Ian - I really think you should call the National Debtline

0808 808 4000

They may be able to negotiate with your creditors - possibly get interest frozen and/or reduced payments. Your credit record will be shot to pieces, but I can't see how you're going to stay afloat ... unless you get another job paying at least £200 a month - and you'd still have to sacrfice the Sky and footie

Give them a call. You can listen to their advice and then decide what to do.

Regards

IANOLIVER123FOOTBA

That makes sense thanks. I'm feeling a bit better about it now.

IANOLIVER123FOOTBA

I'm gonna shuffle my credit cards as suggested and at least then I'l be paying some cash off the balances and not just interest. I really apprieciate all the advice everyone has been giving me. It has made things a lot clearer.

Nickynoo1

£80 per month for food. How many is it for? Can this be reduced. See marraige relationships and old style pages.

£7.50 dentist. Do you need this. Can you self insure

£3 Positive care plan and £4.50 accident plan. Are they worth it? Do you need it.

£8 lottery. can this be reduced

I know these are little things, but they all add up. By stopping these thats another £20 per month, £240 per year, £1200 in 5 years.

I hope you see where I'm coming from

Nickynoo

Nickynoo1

Any chance of getting a part time job.

Pub work is great as it's quite a sociable night out, punters buy you drinks, you get to meet new people, watch the football (if they have a big screen) and you get paid for it.

if you work say just 2 nights a week, you could be bringing home another £150 per month.

Nickynoo

Nickynoo1

Sorry to keep popping back but your in my head as you situation is a lot like mine.

Once youve BT the money back to barclays, ask Virgin for a reduced rate on BT's you may then be able to BT some of your Natwest debt over at a better rate.

Nickynoo1

Debt_Free_Chick

I hope you see where I'm coming from

Nickynoo

It's absolutely sound Nickynoo. Unfortunately, he needs to find at least £250 p.m. - ouch

Margaret_Millne

Perfect sense ... but

And the guy needs some life if we suggest he ditches Sky, football, socialising AND the lottery  ;)

It was actually the bit about shuffling the cards I was asking if it made sense. I agree the guy does need some life, I was only suggesting he could make some savings here. Admit I got my sums wrong a bit though.

If he shuffles the credit card debt he must be making some savings/headway in actually clearing the balances with the payments he is making.

He still has to cut expenses somehow, but I think he knows that already, and has said himself he can see where to start.

Sorry Ian, we seem to be talking as if you weren't here, but we are only trying to help in our different ways. Not all one persons suggestions will be the right ones for you, but at least you are getting ideas from several different view points.

GuinnessGirl_2

Any chance of getting a part time job.

Pub work is great as it's quite a sociable night out, punters buy you drinks, you get to meet new people, watch the football (if they have a big screen) and you get paid for it.

if you work say just 2 nights a week, you could be bringing home another £150 per month.  

Nickynoo

As I was reading the outgoings and the plea to keep a social life I was going to suggest this. It would bring in more money AND prevent (or at least cut) the spending for socialising.