Challenge Debra...life goes on

Hiddenidenity · 1 July 2017 at 8:45PM

hign10pines wrote: »

My overdraft is also included in the loan, so my only debts going forwards are the 3 loans. One has a high interest rate so I aim to overpay that as much as I can.

Well done

Hope you've had a nice day

hign10pines · 3 July 2017 at 7:52AM

Reconciled everything to YNAB and I have £200 max for 3 weeks. Not too bad (more then normal) as we are away this weekend where most of the spending will be then a local beer festival the weekend before payday.

Waiting for the wardrobe to be finally delivered today. They better not make the same mistake again!

Update on my bank account switches:

Co-op sent me paperwork stating a £200 overdraft, then sent me a decline account letter. Didn't really want them anyways.
TSB have sent me my pin number, just waiting for my card then I'll sort out online banking.

enthusiasticsaver · 3 July 2017 at 8:47AM

I second HIs advice to close down the credit cards or you may find yourself in a few years time with 3 loans plus credit cards, a debt cycle you will find difficult to get out of. Consolidation rarely works in getting rid of debt but if you were only paying minimums on credit cards and paying interest on them this would be why they were not decreasing. I would close the Barclaycard and lloyds credit card so you are not tempted to spend on them when money is tight which inevitably it will be.

Looking at your soa I don't see how you will be able to afford these loans once you are at uni though. Also £200 per month for entertainment is high when you are in debt. Can you move somewhere cheaper as £750 is more than half your income?

hign10pines · 3 July 2017 at 11:46AM

enthusiasticsaver wrote: »

I second HIs advice to close down the credit cards or you may find yourself in a few years time with 3 loans plus credit cards, a debt cycle you will find difficult to get out of. Consolidation rarely works in getting rid of debt but if you were only paying minimums on credit cards and paying interest on them this would be why they were not decreasing. I would close the Barclaycard and lloyds credit card so you are not tempted to spend on them when money is tight which inevitably it will be.

Looking at your soa I don't see how you will be able to afford these loans once you are at uni though. Also £200 per month for entertainment is high when you are in debt. Can you move somewhere cheaper as £750 is more than half your income?

£750 is cheap where we are. Do you mean over half my income once I'm at uni as it isn't currently.

Oh I won't be spending £200 a month on entertainment , I just set it at max to see how the budget would look.

Excuse me while I go and kill the child that refuses to stop jumping about or the parents who don't do anything about it!

hign10pines · 5 July 2017 at 10:14AM

No more work till 13th July! It's an extra shift so isn't too bad, I'm actually not back at work till 22nd July

Work is stressing me out sooooooooo much!!

Should I have received my TSB card by now?

I know people say don't take out a loan to pay off credit cards but I like having a fixed payment each month that I can overpay on and that I can't re-spend on. Maybe next year I can try for a better APR to cover the two higher APR loan but to only cover the remaining time period, not extending it.

Loan 1 ends March 2022 (148.71)
Loan 2 ends February 2019 (120)
Loan 3 ends June 2020 (92.11)

Hiddenidenity · 5 July 2017 at 1:14PM

What works for one won't work for another, it might look better on paper and less interest but if you find the loan works better than that's whats best for you.

Enjoy your time of work

debrag · 7 July 2017 at 10:01AM

Away at a 24hr race in Derby. Can't log in on my usual name as no password is recognised and every time I try to recover / reset it the site never recognises the captcha!!!!

Was looking at a better loan to cover the higher Apr two loans and reduce the term. Could only find something costing £270 ish a month for 2 years APR something like 99.9%! You can tell my credit history is crap can't you.

hign10pines · 10 July 2017 at 5:19PM

Update on banking switch:

I have finally received my card for my new bank account but I can still access my old bank account. It's been 10 days since I started the switch should everything be sorted now? My card came sometime between days 8-10 (I've been away) so taking post into account, that side of things have been on track. Also got a letter from my old bank dates 27th June about the switch, doesn't say anything other than if I didn't request it to get in touch!

hign10pines · 10 July 2017 at 9:35PM

Having issues with my current uni modules

I received an email a few days ago stating that they suspect plagiarism due to referencing etc I've had to explain myself and now I'm worried I'll fail. Q1 I references the articles in the required place (was told didn't need to for each actual question), was told no referencing required for q2 and I did reference q3 but they act like I didn't!!!!!

I'm going to need a miracle for Portsmouth to accept me now

hign10pines · 11 July 2017 at 5:04PM

Have been playing around with the budget for when I go off to uni (If I even manage it). I took out all debts (credit cards/loans/catalogues) + spends and my balance is £1280. With my loan & OHs share of bills I will have £77.50 left for spends. If I can work two weekends a month then I can pay all my debts and have £164 for spends a month

Challenge Debra...life goes on

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