£20k in debt is it easier to just go bankrupt?
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I agree with W2L - ignore your credit score as it's just a made-up number.
Try a soft search and see what comes up. There are a few things you can do to keep a good credit record (get on electoral roll, set up direct debit for minimum payment).
If none of this works you will probably need a debt management plan, and that will affect your credit history. But on your present figures it would see you debt-free after 4 years, which is considered a 'reasonable' period0 -
Water for one person seems high - is that on a meter?Is the council tax over 10 months? If so, ask council if you can pay over 12 months.Nothing for entertainment - what about day out when the child comes to visit?EDIT - there's not many SOA's on the forum with a low mobile bill such as yours - but is it contract or is this the total on a PAYG SIM?0
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I agree with W2L - ignore your credit score as it's just a made-up number.
Try a soft search and see what comes up. There are a few things you can do to keep a good credit record (get on electoral roll, set up direct debit for minimum payment).
If none of this works you will probably need a debt management plan, and that will affect your credit history. But on your present figures it would see you debt-free after 4 years, which is considered a 'reasonable' period
Already on electoral role, and paying DD minimum monthly.
If I could be debt free in 4 years that'd be amazing. I just don't see how that is possible with my current situation.0 -
...If I could be debt free in 4 years that'd be amazing. I just don't see how that is possible with my current situation.
Here, enter your CC debt in this snowball calculator.
http://www.stoozing.com/calculator/snowball-calculator.phpI work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
Is it possible to sell your car, remove the insurance and get a bus pass? This would free up £1000, remove the insurance and also the petrol costs. As the bus will be a fixed monthly fee.0
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sourcrates wrote: »What do you eat ?
Seriously you have to live, and £30 is very low, twice that amount would still be low.
The oldstyle board is full of nutritious cheap ideas for food, and using up storecupboard ingredients.0 -
You have a car but have not including repair costs/MOT etc in your budget. You may buy parts and do repairs yourself but it still counts, as does the annual MOT fee.Mortgage started 2020, aiming to clear it in 2026.0
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Are the CC balances and rates accurate? Each one has the same balance and interest rate, etc. Not judging just seems too tidy. If you've just picked rough figures to make the SOA easier to fill out i understand but ultimately you need accurate figures to move forward.
Car insurance is high. Have you shopped around?
Ask to pay council tax over 12 months instead of 10.
Have you reviewed your gas and electricity recently? £60 a month is quite high.
Others have commented to suggest food bill could be cut - this is something i know we can do, but i'm finding it harder than i thought myself.
Check everything else is accounted for - no spending at all on haircuts and birthdays/Xmas is surprising, especially if you have a child.
Hope this helps.Total Debt November 2018: £23, 7950 -
Willing2Learn wrote: »If you can squeeze a 0% balance transfer on a reasonable limit, then that would be three years of paying down your credit card debt using the snowball method.
Here, enter your CC debt in this snowball calculator.
Apparently I can apply for an MNBA credit card at 0% for 36 months (according to this site).
If I did that, what would the next steps be?
Would I try and put 2 cards in there (£16k) or would that be instantly rejected?
Should I put a smaller amount, say £1000 on there, and pay it off in the 12 months?
Or go with a full £8k and close down one of the other credit cards allowing me to open it again when the 12 month period ended?
Thanks for your help everyone!
To answer a few questions: I live in a rural area and have to commute for work. No busses, need a car. The car I do all the work on myself. It's a Toyota, so touch wood rarely needs more than an oil top up.
I cut my own hair.
Birthdays and toys are from charity shops, or experiences/time swaps, rather than a large present that costs a lot of money.0 -
Apparently I can apply for an MNBA credit card at 0% for 36 months (according to this site).
If I did that, what would the next steps be?
Would I try and put 2 cards in there (£16k) or would that be instantly rejected?
Should I put a smaller amount, say £1000 on there, and pay it off in the 12 months?
Or go with a full £8k and close down one of the other credit cards allowing me to open it again when the 12 month period ended?
If you have history of struggling to budget and manage your money, then I would respectfully suggest you do the following as it is the simplest method of repayment:
Divide the total amount borrowed by the months of the promotion.
For example: £16,000 / 36 months = £445 per month repayment.
And then stick to it. You will and can come out the other side
Edit: The reason why you keep your longest running CC account open is that it looks good on your file. Stability. Good credit account management. Lenders like to see that sort of thing...I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0
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