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Why Snowballing Debt doesn't work.....
Why Snowballing doesn't work.....well it didn't for me!!! The Theory is sound but in practice its just cost me time and Money. Here is why a little over a year ago, I decided I have to get a grip and reduce the amount of debt I owed. Having read about Snowballing I thought I would give it ago. So I decided I would target…
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What to do now? Help Please
Hi All, Well me and my husband had our lightbulb moment a couple of weeks ago and decided to get our debt situation sorted. We did an IVA the year before last, which failed last year. We have not been contacted by quite a few of our creditors since then. So, I got writing letters to all our creditors to confirm our current…
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Snowball isn't very helpful cos these debts are a bit complicated
In a way I'm not surprised snowballing hasn't quite answered the situation. This is how I stand right now: - £2574.98 on a Cap One credit card till 1 Jan 2008, minimum payment is 3% of balance, so April's payment, just gone, was £79.63 - £8220.66 outstanding on a Northern Rock loan, fixed 5.7%, payment of £156.57. I could…
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Advice need re: new way of budgeting
Trying to rework my way of budgeting as previously I'd always work out a daily budget and go by that but I always seemed to be messing it up somehow so am looking for a better way of doing it.. Here's the way we currently do it.. Dh's wages + My mat pay (soon to end hence time for new budget) = a bills (direct debts) +…
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Rebuilding Credit Rating
Hi, I have recently paid off the last of about £20k of debt and am now "illegitimate" debt free. I have a small loan with black horse £2k approx but thats it. I'm saving hard and keen to buy a property early 2008. How do I go about rebuilding my credit rating? My bank have turned me down twice for an account upgrade…
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Please can I have an MSE sticker...
....you know like the kids get for being good at the dentist ;) I was - shall we say approached, by a local good-yet-expensive photogrophers for a *free* 45 min sitting and *free* no obligation 5x7 print. I paid my £20 deposit and the sitting was fantastic - I insisted that they only take pics of the girls together (so I…
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bank acounts
Hey can anybody help me? I plan on claiming bank my bank charges for the past four years. I want to set up a new account elsewhere. I have a very poor credit rating. Can a new bank refuse to give me an account? Thanks Snowboy.:confused:
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Sinking Under Huge Debt!
I am nearly 64 and working full-time. My health is not good. Very roughly, my net income is £1,300.00 per month and my outgoings are £2,500.00 per month. I am inclined to head in the direction of an I.V.A. but I have 3 questions: 1) What are the forum's views on I.V.A.s? 2) Is there an official website for I.V.A.s? I don't…
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how to get rid of defaults
well we want a bigger mortgage did a credit check turns out my fiancee has 2 outstanding defaults, 1 she sort of knew of the 2nd one she doesnt know why and i dont as we never had a contract with the mobile network, these defaults were 2 yrs ago, do we pay them and will that make the defaults clear or not bother paying…
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Any accountants out there?
Are there any people here who are accountants? I could use some advice... thanks, Nicola x
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Could I ask a little advice on shifting debt around?
Hi everyone, I'm quite new to this forum but I'm enjoying all the money-saving ideas. I wondered whether I could ask a little advice. Our current situation is like this: We have a total of £3500 owing on two Lloyds overdrafts (Platinum 2K & Budget 1.5K) when they are maxed out. We owe about 10k to MBNA (17k credit…
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Student Loans Company Help!!
I am currently on a debt management plan with the CCCS (Consumer Credit Counselling Service) to pay off various debts. (Started at nearly 30K, now down to 6.5K!!!). All of my creditors, apart from the Student Loans Comapny (SLC) have been relatively hassle free. At the end of last year i contacted the SLC to update my…
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Debt free wannabe, getting in more debt, urgent help
Hi, I am really looking for advice, the reason i have got into debt is because my partner had a gambling problem, "once a gambler always a gambler" isn't that what they say. We have been doing really well, for the past year he had stopped gambling and we were re-paying the debts that he had got ME into, stupid i know, but…
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help template letters urgent
Hallo I can't seem to find the thread with the various letters to send to creditors. does anyone know where to find it. have had a CCJ threat from debtmanagers despite the fact they set up the standing order details for collection. grrrrr. appreciate any fast answers or link to hold action template. ona
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letter responces
hi I have sent letters to the creditors explaining the situation were i will have to pay token payments. I sent them about 3 weeks ago and no corrospondence from any of them. They have managed to send me letters to say they have charged me late payment charges. I dont have a phone so i can't phone them ( i got cut off by…
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Can anyone help me - transferring balance on a 'fair' credit rating
Posted this elsewhere but got no responses so hoping perhaps you guys can help! I could really do with some help. Due to being stupid I have wracked up quite a bit of debt on credit card. I moved into shared accommodation to try and improve things and while I am no longer using my credit cards one of them, the balance…
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Would you transfer balance in these circumstances?
Hi fellow DFWs I'm looking for some advice from a snowballing expert. I have an M&S credit card with APR of 3.9% for life of balance transfer. BUT, I made two purchases on this card in Feb totalling £81.12. These plus the interest they accrue are at the standard rate of 17.9%. You don't have to tell me how stupid this was,…
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Chuffing Egg Bank!! Ancient settled defaults still showing as owed!
I went to my mortgage lender today to get a new fixed rate and further finance to fund my car for work (for which I get car allowance, so can run a new/newish car). Went through the application process and everything was good (including sickening the mortgage guy when he realised I was on a damn sight more than him :D…
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Hi to everyone and thanks - vista help required too!
Hi all, Thanks to everyone for making this site so good. I've been lurking for about a year and persuing the email but I finally posted for the first time this week. I have joined the DFW club, wrote to ten companies who I settled accounts with in 2003 with the DPA letters and am in the process of drawing up a budget plan.…
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Best way I can help a friend in constant debt?
What is the best way I can help a friend who's constantly in debt? I'm sitting here, going through my friends last six years of HSBC statements for him (I volunteered and he cannot read very well). Without wanting to give too much detail, as obviously it's quite personal, but at the same time, I want to be able to help him…