Debt Trouble

[Jo3y83]

Re: Debt Trouble

Can I claim bank charges back and if so, how far back can I claim?

[Amethyst]

Re: Debt Trouble

6 years easily - forever with a little effort. Well I say easily - things are all held up at the moment with the OFT v Banks Test Case. Theres a few threads at the top of the forum you should have a read of

DO you have all your statements and what not ? and do you think you have many ?

[Jo3y83]

Re: Debt Trouble

Hi Wendy, yes that's where I got the £25k figure from.
It's not good and it's bringing me to tears :cry:
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I do have quite a few banks statements I think but they might only go back a year or so, I'll have to check
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This is the exact breakdown as it stands at the moment:

Full time job £1334.00 per month
Bar job £200 per month

My outgoings are:

£300 Friends Loan
£237.74 Barclayloan
£70 Vodafone
£32 Gym
£100 Rent
£70 Egg Credit Card
£14 Barclaycard
£10 Capital One Credit Card
£120 Driving lessons
£47.50 College Course
£80 Saving for holiday next year

That is everything that comes out every month. Obviously, when I get paid £1000 gets eaten by my overdraft and soon I'm back in the minus again.

[Amethyst]

Re: Debt Trouble

Honestly honey - your budget - if you included everything - is fine. You are in a good position - you aren't behind on anything and you have decided to get it sorted before it gets into a major problem with DCAs and courts being involved.

A bit of budgetting and some careful juggling and you'll be fine.

Hows your credit rating ? Any chance of shifting the c/cards to a 0% jobby?

[Amethyst]

Re: Debt Trouble

£1081.84 out - £1500 ish in

Can bump up your payments on the c/cards make a dent in them, pay back your OD at a sensible amount and still have some money left over.

Vodaphone will be reducing to about £30 a month - so thats £40 extra can go to cards.

Driving Lessons - when you pass that will vanish and you can pay that towards cards. (Just dont go getting any dodgy car finance ok)

[Jo3y83]

Re: Debt Trouble

My credit rating isn't too clever and I have tried to get another loan to consolidate the 2 I already have but to no avail. Credit card companies don't want to touch me either.

[Amethyst]

Re: Debt Trouble

Okay....bad credit rating means you must have some late payments etc on your file - which in turn equals charges you might be able to reclaim.

You are probably best off keeping the loans as they are anyway.

And really once you get the £1000 OD to a debt rather than an Od you will feel a hell of a lot better - just be strict on yourself and don't get another Overdraft at the new bank. And keep those credit cards chopped up.

[Jo3y83]

Re: Debt Trouble

Well, that's a positive note I guess
I will keep the loans as they are for now. Really want to get rid of my credit cards first

[Amethyst]

Re: Debt Trouble

Yep - always try look on the positives. Honestly you do seem in quite a good position - I know its hard seeing a majority of your money swallowed up in debt, but with some good management over next year or two you'll be free in no time

[Jo3y83]

Re: Debt Trouble

Let's hope so!
How much extra should I put on my credit cards a month if I leave £100 a month in my account to clear my OD?

[Amethyst]

Re: Debt Trouble

Not sure. As much as you can manage above the minimum repayment without finding it a struggle.

Which card has the lowest interest rate ? Might be worth a balance transfer so its all in one place.

[Jo3y83]

Re: Debt Trouble

I think Barclaycard has the lowest rate. I was going to pay off Capital One ASAP as it's only £150

[Amethyst]

Re: Debt Trouble

That sounds like a plan. Well put that up to £50 a month for three months if you can - then its gone, and if you manage okay paying them the bit more you can keep that amount going out to one of the others.


Check the Barclaycard and Egg rates (should be on your statements) and see what credit you have left to use on each, see if its viable to put them in same place.

[Sapphire]

Re: Debt Trouble

Jo honestly hun you are in a great position to get debt free, I only wish it was so clear for a lot of people out there.

As Ame says stick to your guns and keep plugging away, you'll be surprised how quickly things will become better for you.
Please though whatever you do, don't take on any more credit (that's if you can anyway), its not worth it. Just concentrate of getting debt free in a couple of years.

[Jo3y83]

Re: Debt Trouble

I certainly won't be taking on anymore credit, I can promise you that!
It just seems never ending but I know I'll get there eventually and it will be so worth it in the end.
I've just finished drawing up a Financial Plan for myself that takes me through until July next year. It will be my guide :tinysmile_grin_t: