Ian VVTi Posted July 19, 2011 Report Share Posted July 19, 2011 Owed: i have a 3800 un secured loan i have 2400 on a credit card and a 300 overdraft Moneys: i have 810 quid from my months wage i have 900 redundancy pay i have my car for roughly 2000 grand and im owed 1200 owed = 6500 moneys = 4910 what do i do i i clear the credit card and the overdraft or the loan or maybe a bit of each im unsure... Link to comment Share on other sites More sharing options...
cs2000 Posted July 19, 2011 Report Share Posted July 19, 2011 Best advice is to clear the highest intrest debt first. Link to comment Share on other sites More sharing options...
Ian VVTi Posted July 19, 2011 Author Report Share Posted July 19, 2011 Best advice is to clear the highest intrest debt first. not what is taking the most every month? cause i think it might be a while befor i get anything ive been applying left right and centre getting nothing back (ohh i hate it when they dont even have the time to tell you you have been unsuccessful) and the construction industry is in a large black hole atm Link to comment Share on other sites More sharing options...
Gen6GT Posted July 19, 2011 Report Share Posted July 19, 2011 Your very best bet is to make an appointment with your local CAB and take their advice, rather than listen to those of us who requent this forum. And do it immediately, before you pay anything off, other than minimum payments to keep your creditworthiness. Remember that unsecured loans can be made into secured loans if you have any property, even if you don't want that to happen. A County Court can order that if one of your unsecured creditors asks for it. But, seriously, get in touch with the CAB immediately. Link to comment Share on other sites More sharing options...
Ian VVTi Posted July 19, 2011 Author Report Share Posted July 19, 2011 ok no idea what CAB is i dont have property i live with my mum and dad but ive lost my job so has my dad and my wee brother so no-one is really in a position to help anyone the construction industry is a fucking joke! Link to comment Share on other sites More sharing options...
dr3bin Posted July 19, 2011 Report Share Posted July 19, 2011 The CAB is a "Citizens Advice Bureau" - they offer professional assistance for stuff like this Try googling for your local CAB and get an appointment to see someone as soon as possible. Link to comment Share on other sites More sharing options...
spotv6 Posted July 19, 2011 Report Share Posted July 19, 2011 basicly what people are advising is .. you are in no position to pay off any loans or credit cards! the Citizens Advice will help you by telling your creditors that at this moment in time you cannot pay ANY intrest or payments due to the fact you no longer have an income !! get in touch with the c.a.b immediately to arrange an appointment!! Link to comment Share on other sites More sharing options...
sonic Posted July 19, 2011 Report Share Posted July 19, 2011 cab is the way forward , personally would clear the overdraft as if the bank get an arse on and shut you account then could cause issues later on in life when you start work again only bit of advise i can give is DONT let your creditors dictate what you have to pay them , offering stupid small amounts is better than none , but they will take the piss, they are just interested in your money not you being able to live just an afterthought ,is the loan and the credit card with the same bank as your account , as they CAN snatch money out of your account to pay these off if the funds are there (had it myself a week before xmas a few years ago) , stick yer money some where safe , like under a mattress or another bank for a while Link to comment Share on other sites More sharing options...
izzzzythedog Posted July 19, 2011 Report Share Posted July 19, 2011 ok you look at the highest interest , decide which is the worst of the lot and pay this off instantly , aim backwards to clear all the highest interests first , an overdraft may have a 30% interest rate on it as do some credit cards this will then most likely leave you with 2700 outstanding as being owed is a bastard to get money back now take out a credit card with virgin and transfer the money owed across to this card , they will charge 3% for this , now pay off every penny you can afford every month to clear the debt , you would previously be paying 2.5% in interest every month so as a minimum pay this on top of the minimum from the statement , this will most likely be about £115 so aim to pay 140 a month , this method will save you approx £120 a month in interest alone .................. you will have 19 months on the credit card interest free , it will take 20 months to clear the debt , you really have to get a frame of mind that these bastards are evil and forcing you to live beyond your means , you need to scrimp and get realistic with money realizing you on a path to shit and unhappiness based on poor money management , if you can get your head around the idea of keeping your phone for 2 years not 6 months , cooking your own food and not spunking it on a take out , inviting friends round to sup a crate for 15 quid from asda and not doing £150 on a night on the piss , selling some of the shit you have around that was brought on a whim and isnt really wanted or needed but it seemed a good idea at the time etc etc , if you get your head around this you will not owe feck all and will given a short time be a home owner on a path to a bloody good financial future debt is the norm these days , its a reflection of the american consumerism that we have been forced upto , debt should be seen as a massive weight around the sholders and not something everyone has http://uk.virginmoney.com/virgin/credit-cards-v3/ http://www.citizensadvice.org.uk/ http://www.moneysavingexpert.com/ the final link is a site that if you go with the spirit of things will help you out no end CAB are staffed as pro bono work from the professionals such as solicitors and accountants , it is part of the licensing agreement that they do free work ( pro bono ) , becuase of this and the small fact its run by volunteers means you may not get to speak to someone for a fair amount of time , they helpfull when all else fails but tend not to go in depth due to time considerations if you need any further advise then ask away , pleasure to help Link to comment Share on other sites More sharing options...
Ian VVTi Posted July 19, 2011 Author Report Share Posted July 19, 2011 cab is the way forward , personally would clear the overdraft as if the bank get an arse on and shut you account then could cause issues later on in life when you start work again only bit of advise i can give is DONT let your creditors dictate what you have to pay them , offering stupid small amounts is better than none , but they will take the piss, they are just interested in your money not you being able to live just an afterthought ,is the loan and the credit card with the same bank as your account , as they CAN snatch money out of your account to pay these off if the funds are there (had it myself a week before xmas a few years ago) , stick yer money some where safe , like under a mattress or another bank for a while they are both with teh Bank of scotland so i will start doing that Link to comment Share on other sites More sharing options...
dublet Posted July 19, 2011 Report Share Posted July 19, 2011 I'll lend you the money for 99 easy weekly payments of 99 pounds. Link to comment Share on other sites More sharing options...
Ian VVTi Posted July 19, 2011 Author Report Share Posted July 19, 2011 these may be un neccesery though already got an interview and 2 people have been trying to get me while i was on the phone Link to comment Share on other sites More sharing options...
dr3bin Posted July 19, 2011 Report Share Posted July 19, 2011 Ah quick work, good luck on landing a new job - money worries are never fun! Link to comment Share on other sites More sharing options...
tctech Posted July 19, 2011 Report Share Posted July 19, 2011 Your very best bet is to make an appointment with your local CAB and take their advice, rather than listen to those of us who requent this forum. And do it immediately, before you pay anything off, other than minimum payments to keep your creditworthiness. Remember that unsecured loans can be made into secured loans if you have any property, even if you don't want that to happen. A County Court can order that if one of your unsecured creditors asks for it. But, seriously, get in touch with the CAB immediately. well said ..totally agree with this .good advice is paramount in these situations ps hope you get a job soon Link to comment Share on other sites More sharing options...
jhadley2k Posted July 19, 2011 Report Share Posted July 19, 2011 1. dont pay anything off 2. do you have any payment protection insurance on your loan or credit card 3. if you do.... go to the martin lewis website and look at claiming back the ppi 4. advise your bank and loan company of your situation... they will help you 5. good look on the job front Link to comment Share on other sites More sharing options...
arizona Posted July 19, 2011 Report Share Posted July 19, 2011 Appointment with Citizens Advice is good plan but they will likely be busy so you'll be lucky if dont have to wait for a couple of weeks. In the meantime just pay any minimum payments due on card but no need to tell bank or card issuer yet. The reason for this is as soon as they know they will do all they can to recover as much as poss. Your card limit will be slashed your overdraft frozen and they will grab any money that goes in to use against it, this is where its not good to have your bank also being associated with the credit card. Open a cashcard account which is one of the easiest accounts to open, Barclays are excellent. This keeps you in control of your money. The post above recommends you go to your bank or loan company as they will help you, believe me they will help themselves not you. This information was given to me several years back by CAB and the opening of the bank account was essential They will then help you with what to work out with your creditors or what to pay first. Good luck with the jobhunting Link to comment Share on other sites More sharing options...
hyper-wrap Posted July 20, 2011 Report Share Posted July 20, 2011 TBH I agree with gen6gt on one hand...but if it was me, I'd quite simply clear the debt as soon as I had the chance. This whole thing could be a blessing in disguise mate. Jobs come and go...debt doesn't...it just stays till you bite the bullet and sort it. oh and if you want a steady job on a site. my mates a construction engineer and is hiring. means you moving to London though. teehee. Link to comment Share on other sites More sharing options...
carlasumm Posted July 20, 2011 Report Share Posted July 20, 2011 i would clear the over draft and credit card first because that way should you need the money again it will be there for you to use again as you have made the payments Link to comment Share on other sites More sharing options...
izzzzythedog Posted July 20, 2011 Report Share Posted July 20, 2011 1. dont pay anything off 2. do you have any payment protection insurance on your loan or credit card 3. if you do.... go to the martin lewis website and look at claiming back the ppi 4. advise your bank and loan company of your situation... they will help you 5. good look on the job front so how will the off chance of a few hundred quid being returned and a lovely pile of ccj`s help ? Link to comment Share on other sites More sharing options...
Ghoulie Posted July 20, 2011 Report Share Posted July 20, 2011 Max all your cards out and move to spain. Sorry that wasnt any help Ill leave you alone Link to comment Share on other sites More sharing options...
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