How to repay my debt ASAP?

[SuzieBooze]

Can I please have some constructive advice, tips and tricks for paying off my debts?

My Debt is just two accounts. A Credit Card balance of £2650 and a Very account with about £1200.

The very account is from hoover/fridge washer and Freezer. At the time of the purchase I was lead to believe my ex would pay half and we would pay off the debt before interest would be applicable.

Unfortunately this didn't happen. Instead he started an affair with a colleague and moved out.

Very scare times financially as together our income was nearly £92K and a most overnight the house hold income dropped down to just my salary of 22K. Meaning it was just my salary to pay the mortgage, Home and life insurance, my car, petrol, the household bills, childcare, Parent pay. Food etc. So basically I had to find a way to pay £2100 of standard household expensive with my net pay of £1500pcm.

I then had a minor car accident.. the car was in my ex's name. A legacy issue from our married life He was responsible for the insurance, MOT etc. Unfortunately for me, he hadn't bought the MOT up to date. He'd lead me to believe it was due due for some months. Low and behold, I had a Bill to pay. I couldn't pass the buck on to my ex as ultimately my accident , my fault. But also I needed a car for work. So couldn't rely on ex to help me.

Things were bitter and difficult for some months while I got my bearings. But it did result in the credit card debt.

We now have an amicable and more sensible relationship. And he pays me more then the CSA minimum. I now have about £300 surplus a month after all house hold expenditure.

But now I need to focus on reducing the debt.

I've transferred the credit card to a 0% balance transfer card and won't use it for spending. But this only buys me 15 months. And the very card is a stupid rate of APR.

I think my only option is to get a second income. Obviously I will be continuing my current full time employment. But Can anyone recommend work I can do from
Home in the evenings whilst the kids are in bed?

MLM schemes are not an option.

@Mindymomo

Ring Very up and try to arrange another payment plan, the interest they charge will be high so explain your situation and try to agree a sum that will suit you.

If you do this it will probably effect your credit rating. I would see about getting another credit card that has a zero percent purchase rate and pay off Very. Chances are by the time either interest free periods are coming to an end - if you still have any debt outstanding - the cards will offer zero interest balance transfers for a tiny fee.

OP, you've had lots of great advice already, but mine is just this. I agree with paying the debt off as quickly as possible, but I also think you should try and save a small amount of your disposable income for emergencies rather than throwing it all at the debt. If something breaks unexpectedly you'll have to borrow more for that.

Gosh debt is so scary, id take out a personal loan from your bank for the full combined amount at a lower interest rate than your current accounts, and paying off the credit card & Very account in one!! then you just have to worry about one payment and you wont be charged as much in monthly interest. xxx

Yes, you may get a personal loan from your bank for about 9% interest. To pay off Very. I found Nationwide very good.

Money saving expert is your friend, there's people there who stretch a meal to feed 46 people !

Have you hit 2 x council tax free months coming ? Lob that money at very. Stick every penny you can at them

Look at prolific academic - I 'earn' £20/30 a month on there - withdraw it every time you get a fiver and pay off very.

Have you checked you won't qualify fir UC ? Maint isn't included in the calculations so you might be surprised.