IA's back on the tracks diary.

chevalier

immoral_angeluk wrote: »

It's very hard to get a plan together as I don't know what I'll be earning week to week with AS. Going to have a look today and see what's what though.

I am sure there is some world rain cloud thing going on at the moment! It absolutely splonged it down here this morning right as I was trying to get the children in the car. Sigh, so don't think just because I am in foreign climbs that the weather is better.

Glad to see that you are increasing your savings. Ref the AS I guess it depends on how much you can tout for business (in the nicest possible way!). I guess that it is all about balance as usual.

chev

HBFS

Welcome back IA!

immoral_angeluk

Fank ooooooo

Snaggles

£395 is quite a bit to find, but not unachievable. Have you anything you can ebay?

immoral_angeluk

Snaggles wrote: »

£395 is quite a bit to find, but not unachievable. Have you anything you can ebay?

Hmmm. Not much left! Will have a search through tonight I think.

immoral_angeluk

Is it bad that I'm considering consolidating everything?:o

As I've got an egg card I got something through for egg loans.. apparently there's no early repayment charges and you can pay off extra as and when you like... sounds ideal as we can pay off everything and just have the one to worry about....

hmmmm...

Snaggles

I'm not sure consolidating is the right way for you to go at the moment hun.

You've very recently had a bit of a 'spend' period, where the credit card debt has increased (that's not a criticism, I promise, just an observation).

What if that were to happen again once the loan was in place? You would end up with a loan AND a credit card debt. And you might say now that you wont touch the cards ever again, but life doesn't always work that way, because cars break down, washing machines pack in, cookers conk out, and usually they all go at the same time!

I'm not saying don't do it, because much as we are against consolidation on this site, I do think there's a place for it in tackling debt if it will save you a lot of money. I'm just thinking it's maybe too soon for you to be thinking about that option?

immoral_angeluk

Snaggles wrote: »

I'm not sure consolidating is the right way for you to go at the moment hun.

You've very recently had a bit of a 'spend' period, where the credit card debt has increased (that's not a criticism, I promise, just an observation).

What if that were to happen again once the loan was in place? You would end up with a loan AND a credit card debt. And you might say now that you wont touch the cards ever again, but life doesn't always work that way, because cars break down, washing machines pack in, cookers conk out, and usually they all go at the same time!

I'm not saying don't do it, because much as we are against consolidation on this site, I do think there's a place for it in tackling debt if it will save you a lot of money. I'm just thinking it's maybe too soon for you to be thinking about that option?

I know what you're saying and I know it's not a critiscism lol. I'm thinking aloud if anything as I know that everyone (inc myself) is very anti consolidation on here. I was more just thinking of the ease of being able to pay it off with charges as well as saving the money on interest. I'm mulling over the pros and cons in my head, can you tell? lol!

Pros -
would be easier to manage having it in one place
Would save money in interest depending on rate given.
No early repayment charges or set up fees
They do loans to suits budgets rather than set payments
Can deal with it online

Cons -
Risk of cards being run up again (*ahem, Ste!), would have to be very controlled.
Not guaranteed to get it
Not sure of exact APR.
Debt would all be in my name...



Hmmmmmmm

Snaggles

Yes, nothing wrong with considering it, and looking at the pros and cons. I'm glad you didn't think I was being critical.

A couple of things that you could find out, that might help you decide:

What would the APR be?

Is the APR fixed for the life of the loan? Sometimes flexible loans have a variable interest rate, which means they might be charging 8.9% now, but they can just 'decide' to put it up to 24.9% whenever it suits them.

Would you actually save money overall (what is the total charge for credit (interest + any fees), and the total amount you would pay)?

How confident are you that Ste wont use his credit card? He is used to having that bit of 'flexibility' again now....might be difficult for him to be strict with himself again (oooh, that sounds a bit kinky ).

Just some random thoughts....sorry if you have already considered them.

Toto

I think if you were to go down the consolidation route you would have to close all credit accounts at the same time. I know from painful experience how hard that is to do, I always kept one for 'emergencies'. I was the typical nobhead who remortgaged and cleared all of the debts, only to go and start the business and rack up 60k again on the cards and the egg loan. Ok, we survived it and cleared it all but I would hate to see you in that position sar after all of your hard work.