Help AAARRGGGH

ms_london

johannamse wrote:

This is not true...at all. Fruit and Vegetables are cheap as chips! Get over to Old Style board - they have hundreds of cheap and HEALTHY meals.

http://boards.fool.co.uk/Message.asp?mid=9608828&sort=whole#9616827

Read this debtboy and then check out the OldStyle Board. If you whinge anymore I will have to show you my kung fu moves!!

You have been warned!!

fairycherub

What i cant understand is why you were going on holiday if you were already in debt?holidays are a luxury not an essential.You seriously need to prioritise!

ms_london

If you're a muppet then we all are. Dont beat yourself up about it, it happens (hence there being a whole website dedicated to it), just keep up the good work and you'll be debt free before you know it.

xx

BigDebtBoy

fairycherub wrote:

What i cant understand is why you were going on holiday if you were already in debt?holidays are a luxury not an essential.You seriously need to prioritise!

This is true but in all fairness i have hardly been out for the last 2 years trying to set my business up i havent done bad considering i was on the dole for nearly 3 years and got sick of being knocked back so decided to try and set up my own way of making money insted of sponging off the state (not everyone on the dole likes getting free money) so i just thought sod it i need to get away for a bit unfortunatley the credit card helped me do this when it came through the door just before the summer stupid i know but its done now and i have to suffer the consequences i just canbt belive i was stupid enough to fall into the same trap again

anyway enough moaning

ms london i havce applied for the halifax card 12 months interest free and it said it had been accepted with limit of 4,300 i applied to transfer 5k though so if all goes well i can transfer that 4300 int free and pay off the rest on my card first then work on the £4300

Thanks again so much for your help your a star :cool:

System

Hsbc - £6'000 o/s – pay £200 pm -Mthly int 1.24% (Min repayment 2%)
Capital one - £1'600 o/s – pay £35 pm - Mthly int 1.527% (Min repayment £5)
virgin - £2'000 o/s – pay £35 pm - Mthly int 1.32% (Min repayment £5)


all based on minimum payment which i need to up especially on the 6k one as it will take ages to pay off when i am paying £100+ interest a month

would i be able to get a 0% credit card and transfer the bulk of my 6k card to that as paying £100 a month interest is like a kick in the teeth when you are trying to pay off the full amount as quick as possible

i havce applied for the halifax card 12 months interest free and it said it had been accepted with limit of 4,300 i applied to transfer 5k though so if all goes well i can transfer that 4300 int free and pay off the rest on my card first then work on the £4300

BigDebtBoy – I’ve chopped the above from various quotes you’ve made so far. I’ve also had a rough guess at the minimum repayment amounts on your cards, based on what I think you’re repaying from your capital debt after your monthly interest charges.

Anyway, the new Halifax card – is it a Halifax One a/c? It’s fairly good, as has a standard rate that reverts to 9.9% after the 0% period ends. It also has a Minimum Repayment amount of 2% each month.

The reason I ask is that if that’s the case, you’d be better off paying off the Virgin and Cap One a/c’s in full using the £4,300 and using the remaining credit limit to pay something off the HSBC card. Simple reason - they both have a higher monthly interest rate than your HSBC card.

£3,600 on a Halifax One a/c would mean a min repayment of 2% pm = £72, but you’d be saving about £50 (approx guess) that you currently pay in interest charges on the Capital One and Virgin cards. That saving could then be applied to the HSBC card, which would be where you should then throw all your spare cash.

Once you get your card, and given your track record re self-discipline! – I’d cancel your Capital One and Virgin cards (CANCEL though, don’t just shred them). Cancelling means you’ll be reducing your available credit limit on your credit file – you’ll then be a much more “juicy” catch for future 0% card offers .

Hope some of the above helps, I know I’ve done a bit of guessing but the logic’s fairly sound.

Dave

jen_jen_2

can i suggest given your previous temptation to spend that you cut up the card they send you so you cant spend on it and bear in mind that if you do spend on the 0% the "spend" may then accure interest (dont spend on it is the golden rule)

also suggest you tell someone, your parents perhaps what your plans are and give them your cards so if you are tempted you have to make an effort to go through somebody first who can remind you that its not a good idea.

ms_london

BigDebtBoy wrote:

ms london i havce applied for the halifax card 12 months interest free and it said it had been accepted with limit of 4,300 i applied to transfer 5k though so if all goes well i can transfer that 4300 int free and pay off the rest on my card first then work on the £4300

Thanks again so much for your help your a star :cool:

Oh great, well done!!! Just make sure you reduce the balance on your other card, seriously!!!! Im so pleased for you, it makes it so much easier without having to pay a huge chunk of interest each month.

Keep us up to date with your progress.

Ms_London

BigDebtBoy

Cheers for that b-ham dave problem is i allready put in my old card details on the website to transfer from the 6k card but if i can change it i will look into doing what you said

cheers jen-jen and ms-london for your advice do i just have to ring the credit card company to reduce my limit casue last time i did that they just left it and i kept blindly spending until i got a statement through and nearly had a heart attack

i was having a think last night and i realy need to sort out my spending mentalty most of my mates think i am pretty generous and i have allways thought they were just a bit tight lol but thinking about its more like they are sensible and i am a bit stupid spending money thats not mine and spending money on sh%t i cant afford
what are the best things to look at on here or other sites regaring changing my mentality regarding money i need to cut down on most things get some kind of budget sorted and get these debts sorted asap im looking at a year max to get the cards paid off which will be very hard but i reakon i can do it if i change
one problem i have got is that i need to put back as much as poss into my business as without that i dont have a income obviously.
if some one can point me in the reet direction that would be much apprecited and if anyone can show me where i can get some free money that would be great :rotfl:

Nice one guys
Ian

xela_17

BigDebtBoy wrote:

what are the best things to look at on here or other sites regaring changing my mentality regarding money i need to cut down on most things get some kind of budget sorted and get these debts sorted.

If you click on the budgeting link at the top of this page there is a really helpful article on budgeting and Martin's spreadheet so you can do your own.

johannamse

The direction is pointed to HERE! This website has a plethora of information and all the various boards should be a motivation for you.

The best advice I can offer for change of mentality is to learn more practicle information about finance in general (from this site) and about your own finances (I can tell you all the APR's of my cards to the dot), and to start believing that it is possible, but that only YOU can change it!