Credit Card / Loans / Overdrafts 18000 debt - where to start

[swa2009]

Hi,

 

I have got myself into just under £18000 of debt over the last 18 months in the following

 

A&L Loan 10172.40 - 49 months of £207.6 left to pay

A&L C/C 3450.00 - Monthly repayment of approx £85 APR 24% p.a

Tesco C/C 1700.00 - Monthly repayment of approx £55 APR 0% until 12/09

A&L O/D 300.00 - Monthly payment of £15

Natwest O/D 2000.00 - Wages go into this account monthly

17622.40 - Repayments Approx £400 per month

 

Added to this I pay board of £200 per month and other costs of living are meaning that after my salary goes into my account (£840 pm) I have vertually nothing to live off and whilst my loan is slowly being paid off the C/Cs and overdrafts are only being reduced by approx £5 each per month.

 

I have been trying to avoid the issue over the last few months as I have had other things building up and it has come to the point that I cant cope and need to sort things out. I tried to call A&L today to arrange reducing any interest so that I can start paying off my debt but they said that I would need to earn more money for them to reduce the interest????

 

I dont know where to start and what to do, I have been contacted about IVAs but I dont see this as a viable option and want to pay back the full amount that I have borrowed.

 

I am currently living with parents but will be needing to move out in the next few years, if I had to move out now then i just wouldnt be able to afford anywhere so need this sorting out asap.

 

Any help or advise would be really helpful as to a starting point.

[Khadzay]

Hi Swa2009

 

Firstly youve come to the right place, Im not an expert and not confident in advising on aspects as serious as this. However, I can assure you, you are not the only one in this predicament, and I understand exactly what you are going throught, it is hard and depressing, I felt the same as you, felt like complete SH*%&T day in day out, the only advice I can give you, is read throught the many different threads on here, and someone with more expereience will surely help you, like theyve helped me, and I know its a cliche, but things will improve and that light at the end of the tunnel is there. I know Ive not been much help in answering your questions.

 

Dont let the B&$)_*$ds get you down.

[PGH7447]

Hi,

 

I have got myself into just under £18000 of debt over the last 18 months in the following

 

A&L Loan 10172.40 - 49 months of £207.6 left to pay

A&L C/C 3450.00 - Monthly repayment of approx £85 APR 24% p.a

Tesco C/C 1700.00 - Monthly repayment of approx £55 APR 0% until 12/09

A&L O/D 300.00 - Monthly payment of £15

Natwest O/D 2000.00 - Wages go into this account monthly

 

17622.40 - Repayments Approx £400 per month

 

Added to this I pay board of £200 per month and other costs of living are meaning that after my salary goes into my account (£840 pm) I have vertually nothing to live off and whilst my loan is slowly being paid off the C/Cs and overdrafts are only being reduced by approx £5 each per month.

 

I have been trying to avoid the issue over the last few months as I have had other things building up and it has come to the point that I cant cope and need to sort things out. I tried to call A&L today to arrange reducing any interest so that I can start paying off my debt but they said that I would need to earn more money for them to reduce the interest????

 

I dont know where to start and what to do, I have been contacted about IVAs but I dont see this as a viable option and want to pay back the full amount that I have borrowed.

 

I am currently living with parents but will be needing to move out in the next few years, if I had to move out now then i just wouldnt be able to afford anywhere so need this sorting out asap.

 

Any help or advise would be really helpful as to a starting point.

 

Hi and welcome, there are a couple of things you could do

 

1. start a budget spreadsheet and list everything you pay out and see what is left, and cut back on non essentials

2. pay the zero and low apr CC the minimum each month that they ask for. and pay what you can afford on the highest interest first,

3. cut all the cards up

4. was there ppi on the loan

5. are there any charges you can claim back

6. arrange with ypur parents to pay a reduced rent for now.

7 change bank so that your money is not eaten by he overdraft