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Debt Advice

5 replies 742 views
I am currently carrying a fair bit of debt and looking for a bit of advice.
  1. I have credit card debt which I am currently paying the minimum
  2. Some default credit card debt which i am paying off
  3. I have some arrears on car finance
I have been fortunate to get some additional money but wanted to know where would that money be best placed to help my debt?

Replies

  • SinglespeederSinglespeeder Forumite
    92 posts
    Sixth Anniversary 10 Posts Name Dropper Combo Breaker
    I suspect folks may require significantly more information. The devil is in the detail !
    Mar 19 Debt - Mortgage £37,196.75; Barc Mortgage Overdraft £39,536.57; Tesco CC £4037
    O/D £1300; Lloyds 0% CC £6,456.35; Family £2,000 TOTAL= £90,526.67
    Now - Mortgage £29,723.44 Barc Mort O/D £23,624.73 Total=£53,348.17
  • 1. The credit card debt: £5800
    2. Default Crediit Cards with debt management companies: £8000
    3. Outstanding car finance: £1600 - i paid that off just today actually
  • edited 13 July at 2:03PM
    sourcratessourcrates Forumite, Board Guide
    21.5K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    edited 13 July at 2:03PM
    Hi and welcome to MSE.
    In order to advise on this, we need to know your outstanding debt totals, who owns them, and how much money you have available to make settlement offers with.
    Its best to list this all first, so we don`t have to keep drip feeding information from you, that way we can help you better.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Sourcrates, thanks for getting back to me, but i think ultimately what i wanted to know is:
    1. shall i pay off my expensive debt? credit card debt is obviously accumulating interest
    2. pay off the debt with the management companies, no interest is accruing there
    my initial plan was to split my monthly payments 75% to debt management and the remaining 25% to top-up the existing minimum payments i pay on my credit cards
  • sourcratessourcrates Forumite, Board Guide
    21.5K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Interest bearing debt first would be the sencible choice, yes.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
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