Had my lightbulb moment this week, about 50k in debt, now where do I start?

milliemonster

shopaholictiedtheknot wrote: »

SouthernSoftie wrote: »

And, as if by magic, cahoot have just e-mailed me to say they are raising the interest rate even more to 17.9% and also changing the minimum payment from 2% to 2.5%.... so that would be an extra £35 per month with even more interest.

quote]

Same here! I only have £300 left to pay on mine and paying £150 this month and the same next though so won't affect me too badly, when I first took the loan out it was only about 7% interest!!

yeah I got that one today aswell, when I got my loan 2 years ago the APR was 5.9%, I've never missed a payment either so why on earth have they gone up so much!!!!

SouthernSoftie

milliemonster wrote: »

shopaholictiedtheknot wrote: »

yeah I got that one today aswell, when I got my loan 2 years ago the APR was 5.9%, I've never missed a payment either so why on earth have they gone up so much!!!!

Pants, isn't it. I took out the flexible loan because it was so low.... and have also never missed a payment, and pay more than the minimum every month.
I also have a cahoot card with nothing on it, never missed a payment.

Yes it is flexible...... for them!

Twins

Hi

Just wanted to quickly say that your life assurance is way too high - just like mine!! I only just found this out this week. I've been paying £116 per month and just realised that it was from an endowment policy which we changed 5 years ago to repayment!
I can cash it in (which I intend to do) and get some money back to pay of the debts.

What sort of life assurance do you have? Have a look at my thread on the Life Assurance board. New quotes I am getting are for £23 per month now compared to £116 per month! But of course that's with no payment at the end of the policy...it's just a life assurance for death or critical illness.

Hope that helps and good luck!

SouthernSoftie

Twins wrote: »

Hi

Just wanted to quickly say that your life assurance is way too high - just like mine!! I only just found this out this week. I've been paying £116 per month and just realised that it was from an endowment policy which we changed 5 years ago to repayment!
I can cash it in (which I intend to do) and get some money back to pay of the debts.

What sort of life assurance do you have? Have a look at my thread on the Life Assurance board. New quotes I am getting are for £23 per month now compared to £116 per month! But of course that's with no payment at the end of the policy...it's just a life assurance for death or critical illness.

Hope that helps and good luck!

Thanks, all I know is when we got our mortgage 4 years ago we went with Abbey as I had been with them about 30 years.
I'd never had a mortgage before and the OH did not have good credit. We didn't shop around coz we were so doubtful we would get one, never having had one before we just went with them.
The life assurance is also with them.
It will pay of the remainder of our mortgage if either of us die, and will cover the payments if the OH has to be off work, but not me.
There is nothing to be got back at the end.

SouthernSoftie

Ok, well today I have contacted the Natwest about a basic joint bank account. Never had a joint acount before, and tbh it will mean I can keep an eye on his spending more, not that he spends a lot at all, but will make budgeting easier.

He is also cutting down in the ciggies... bless... but stress doesn't help.

I have also told him (note the 'told') that he should reclaim old bank charges as he used to have loads and loads. That was until I sorted his account out for him. He is of the ostrich type when it comes to finances, he digs his head in the sand and can't be bothered!

I will also think about my charges on credits cards.

I will also be ringing my rich Uncle..... coz you never know!:D

shopaholictiedtheknot

Keep up the good work:T We haven't got a joint account either, keep thinking we should do but since my account has been overdrawn in the past I haven't dared try - apparently they check how you manage your account before letting you??

SouthernSoftie

I had a joint account in my previous marriage.... never again coz he emptied it, no clue whatsoever about money.

Anyway, OH is not keen on losing cheque books and credit cards, just in case, but if that's what has to happen so be it.
He gets into the 'I don't want to talk about it' mode lol.

It might make him realise the problem a bit more too, as at the mo he pays the mortagage and life assurance and I pay everything else. He never sees my statements, so what he doesn't see doesn't exist right?:rolleyes:

We need the extra bank acount as a parachute account anyway, just in case Barclays get funny with him.

shopaholictiedtheknot

I had a joint one in my previous marriage too, I must admit I was the spendthrift one though!! (hence my screenname LOL) That is partly why I don't want one now, at least my overspending only affects MY account then!! Anyway I have turned over a new leaf this month and I am going to sort myself out by hook or by crook!!

Can I ask, do you know what you have spent all your money on or are you like me and just frittered it away over the years?

peb

Just a quick note - I see that your insurance is with Abbey; please do check elsewhere as Mortgage Lenders are notorious for having the highest insrance. This also includes buildings and contents insurances. We are not suggesting that you do not have insurance but simply that you get the best deal on the insurances you have,

Keep plodding on and you will get there!

SouthernSoftie

shopaholictiedtheknot wrote: »

I had a joint one in my previous marriage too, I must admit I was the spendthrift one though!! (hence my screenname LOL) That is partly why I don't want one now, at least my overspending only affects MY account then!! Anyway I have turned over a new leaf this month and I am going to sort myself out by hook or by crook!!

Can I ask, do you know what you have spent all your money on or are you like me and just frittered it away over the years?

It was just stuff really.
When I moved here with him and started my job it didn't help that we get paid 7 weeks behind, and I took a long time to get enough hours, started on 13 hours a week for ages.
Now I am higher up in my job, have control over what hours I do, but am being overworked bigtime, ie 100 hours in ten days.... hence why I am off at the mo with suspected work related stress, ha ha.

Then we, sorry I, got the loan for a car, for him..... and other credit cards just got filled up with 'stuff'.... and then when I did had the money in my bank to pay for stuff I panicked that I didn't and used the cards anyway!

Oh and when we bought the house there were 3 of us, joint owners and mortgage owners, so 3 people to pay the bills etc. Then Mum died, so it's just the two of us with the same bills.

We could just sell the house and clear it all but I couldn't cope with that as it was built to get Mum here and she died with me in what is now the dining room.

I also inherited a third of another house, but can't do anything with that, name isn't even on the registry as can't afford solicitors fees at the mo, so have not included it on any SOA.... so again if my relative, who lives in the house pops his clogs I may also be able to pay everything off, who knows. but I wouldn't wish that on him obviously.

I said to my OH last night, if all was paid off we would actually be well off and not need credit.... and that's what is making me do this as paying lots of interest, and to me over 30% is too much, is a bit like renting, you pay the money and someone else benefits.