Make 2013 my special year
I want to make 2013 the year I pay off a bulk of my £13,000+ debt; and I want your help to do it.
I'm going to be as detailed as possible with my outstanding debt and want to hear your suggestions for solutions. So here goes...(balances are inclusive of payments made in Jan 2013)
(O/S = outstanding; M/P = monthly payment; I/R = interest rate; Op = option available)
Student Loan: O/S - £869.42; M/P = £173 (currently on Direct Debit, Fixed payment)
HSBC overdraft (with Debt Collectors): O/S - £341.10; M/P = £50 (currently on Direct Debit, Fixed payment); Op = settle at 20% of the outstanding balance
NatWest ovedraft (with Debt Collectors): O/S - £5806.44; M/P = £190 (currently on Direct Debit, Fixed payment); Op = settle at £4000 - weirdly, this doesn't show on my credit file. Should I be worried?
M&S Money Credit Card: O/S - 2972.80 (Credit limit = £3,000); M/P = minimum payment (currently on Direct Debit); I/R = 24.9% APR
Barclaycard: O/S - 1767.05 (Credit limit = £4,080); M/P = ranges from £150 - £350 depending on how much cash I need; I/R 24.9%; Op = balance transfer max £1900 for 6 months
Barclays O/D: 1391.53 (less £200 interest-free od = 1191.53); M/P = c. £15 interest; I/R 14.9% on balance over £200 OD.
My total absolute minimum monthly payment is around £550. Realistically, this goes up to a max of £900 from month to month.
Which options should I take/how best to pay this all off as quickly as possible?Report