Advice to get out of debt faster ?

[Kiara1237]

When I was younger I was pretty stupid with money, saw credit as free money, and had a run of zero-hours contracts, an ex who took a lot of money from me etc and just didn't save much.

Anyway here I am with a credit score that 'needs attention'. I have no defaults or CCJs luckily, but did have a few missed payments in the past.

I owe £1000 overdraft (cut down from 2k), and £1500 in loans to my bank.
£800 on a credit card.
£4500 consolidation loan (I was given about 3k, used this to pay off old loans I was very behind on and half of my overdraft)

I earn £1200 and then for freelance extra work I can earn about £80 per month, and my parents tend to give me around £40 a month.

I don't want to do an IVA or anything as I know it affects your credit score for 6 years. I can afford all my current repayments, I'd just like to speed it up.

My rent is £370 including all bills.
Phone is £5 now.
Repayment of all my debt is basically £400 per month as i'm trying to pay back my overdraft at £100 per month.
Put away £20 per month in a savings account.
Gym £20 (this is my only subscription)
Have to spend about £100 per month on transport sadly.
Food £50 ish per month.
My haircut is like £15 every 6 weeks, all my clothes come from charity shops or Primark, eBay etc.
Don't drink or smoke.
£110 repayment for a cosmetic treatment I had, this is due to finish in April.
I've cut back in every single area I can. I don't want to give up the gym as it's important to me.
I also do paid surveys which can earn me around £25 a month if I do enough.

I'm trying to get a part-time job on top of mine. Yearly income is about 17k from my main job, 18.5k if you include the freelance.
Applying for anything, but haven't had much luck.

Anyone have any other suggestions?
Sorry it's a lot to take in and read.

Pop your details into a snowball calculator and you can see how to pay your debts Andy I bet which order. Set your standing orders at about £5 above minimum payment as it is at the moment and leave it like that while you bung all spare cash at the debt you want to clear first. Then when that’s gone add the minimum payment of that one to the next debt and all spare cash and hammer it. Then those two payments on to the next debt etc. Etc.

www.lemonfool.co.uk/financecalculators/snowball-calculator.php

I sit and do surveys etc. every night while I’m sat in front of the tv and can earn £100+ a month.

Also have a look at the Make £10 a day threads on the Credit Crunch section of MN. Also get yourself acquainted with the forums over on MoneySavingExpert.com especially the Debt Free Wannabe board. There are lots of fabulous boards on there.

You’re paying back 400 pounds a month? If so, that’s really great. I think all you can do is be patient and wait. You’ll get there in the end.

Agree with PP about diverting the £20 savings to whichever of your debts has the highest interest rate.

An average interest rate of 18-20%, or worse, is going to be way over the 1-2% (if you’re very lucky) that your savings are making right now.

Look at Money Saving Expert website

If you swap to another bank, some are offering £125 free to move

Secondly, can you cut down on eating out with BF ? Look for vouchers on the MSE website, eat in, yellow sticker reduced food etc

I also agree, no point in saving £20 at 1% interest, when you have debt at a higher interest

Grow your hair save the haircut money

Pay off your debt faster

You haven't included birthday/Christmas presents in your list ?

Move your haircuts to every 8 weeks- you'll hardly notice the difference unless you have a fringe and most hairdressers will normally do a free fringe trim if you're a regular customer. Get it cut by a trainee under supervision.
Stop eating out when you meet your bf.

See if the gym will renegotiate your membership.
As soon as your £110 payment no longer needs to be paid then start binging that amount at your other debts.

It's no point saving when you have the debt (unless it's a specific pot for something coming up, like to have the money ready for, say, your MOT). The interest on the debt will be costing you more than you'll get on any savings.

It's worth following My Frugal Year on Instagram if you're on it. Lots of tips from someone with a bigger hole to climb out of than you as well as resources for looking after your mental health too. You could perhaps try one of those micro savings accounts than round up to the pound on your purchases and save the rest so that you have another little lump sum to pay at the end of the month.

How much per month are you spending on travel to BF & going out with BF ?

Get him to travel to you ?
Cut down if it's every week to fortnightly or once a month ?

Secondly, your parents are giving you £40 a month, £480 a year tax free

Focus on paying down the highest interest debt first.

It sounds like you are doing really well However, the debt will take a long time to clear if you only make the minimum repayments because as time goes by and the debts reduce the minimum repayment amounts reduce too. Instead, fix your repayments at TODAY'S minimums - if you can afford to pay it this month, you can afford it next month too. Continue making fixed repayments set at TODAY'S minimums and the debt will go down a lot faster.