Getting Started Seriously

bazzaang

Hi There

Just a note to get things off my chest. Have applied today for a consolidation loan to bring together all of my debts, mainly credit cards. Once the loan has come through will be paying off all cards and cancelling the accounts. Will then be working blooming well hard to repay the loans and mortgage. Had been trying to tell the wife that we had been overspending mega big style every month for ages but could never quite manage it. Kept thinking that I was the man, I was the main earner, I should sort it on my own, no need to involve her.

That kind of thinking was getting me depressed and stressed, we have now talked about our allergy to money (we kept chucking it away never kept it for long) We will have consolidated our debts down to two personal loans and a mortgage.

Credit cards are going as i said, we just spent on them when money ran out in account, we were getting overdraft fees every month, balance going up every month. Everything was just snowballing. Talked with wife and told her that although we were meeting payments every month we were using cards to pay cards etc and if this carried on we were gonna quickly find ourselves in home losing territory, this shocked her into realising the severity of our situation and now we are taking action.

Thanks for listening to this little rant/moan

I'm not very good at sharing problems etc but now hopefully maybe things can start getting better, although still to ashamed to post any figures yet.

Anyway thanks again

Magentasue

Posting the figures isn't necessary but writing them down,adding them up and crossing out non-essentials is a great help and means you are both thinking the same way. Good luck - so long as you stick at it, things can only get better and that has to be a positive thought, doesn't it!

bazzaang

Stick to it, is exactly what i intend that we do have tried this before and not stuck to it nd now we are in deeper. Don't wnt to try and fail again.

Thx for replying and the kind words

climbgirl

Do stick at it, it's not easy, I know! I find the people on this board are so encouraging and supportive, so if you're feeling in need of a boost, just post.

You don't have to post figures of the debt, but if you can post your incomings and outgoings there are some people here who are amazing at finding ways to save and cut back. Ways that you may not have even spotted.

Remember, we're all anonymous and nobody is here to judge you. And if it helps you cut back a bit and save, it's worth it in the long run. Most posters here are probably in a similar situation, truth be told! So remember you're not alone

southernscouser

Hi bazzaang.

Please don't think I'm trying to criticise or anything but consolidating all your debts isn't going to make everything OK. (if that sounds harsh I'm sorry, doesn't mean to be, just hard to get your tone across with words ).

What I'm trying to say is you are clearly living beyond your means. If you spend more than you earn your debt will increase. There is no point in consolidating all your debts only to run up the CC's again! Have you posted a SOA (state of affairs) on this board before? If not please do. We really can help.

Have a look at this thread for a guide.

http://forums.moneysavingexpert.com/showthread.html?t=107280

Has your loan been approved as generally speaking taking out more debt to pay off debt is often not the way to go about things. Quite often transferring your debt from one card to another for example can save you hundreds of ££'s a year.

If you haven't posted a SOA please do. I guarantee we will be able to help.

Good luck.

SS

johannamse

If you do get another loan, make sure it is flexible and you can make overpayments and you shop around for ppi (or don't get it maybe).

bazzaang

thx for the replies to my post. Southernscouser, dont worry i dont think you are being harsh, i appreciate consolidation isnt a magical cure, doing it to lower payments as well as MASSIVE cutbacks and organisation. Just spendings hours at the mo going through finances with fine toothcomb accounting for all the mny outgoings nd the very few incomings:rolleyes:

Johannamse PPI although great in principle is far to expensive for a bloke of my should we say modest means so dont worry i wont be getting it. And i know some people may think that this is chancing it but im sorry needs must

Thx for all your support, all replies taken in a helpful constructive manner. (even if you dont plan on them being taken that way:p)

johannamse

Don't worry I have never gotton ppi either, don't think its chancing it either. They are not worth much I think and it is hard to get then to pay out.

Are you getting a loan with where you can pay overpayments?

bazzaang

Hi, cutting back got off to a flying start today, went to fill up wih petrol at my local tesco's on the huge petrol gantry outside the garage they had super unleaded at 82.9. 10p less than usual.




Great zoomed in, filled up, got charged 92.9 at pump, paid, zoomed up to the store, straight to customer services. And after a protracted discussion and repeatedly repeating myself that they were advertising the price at 82.9 down at the garage, finally go refunded so hence a free tank of petrol. Yippee gret start:j

bazzaang

Had another lightbulb moment. Must be the free petrol;)

I know i was told to do this earlier in thread but being pigheaded took a while to sink in. Have shifted cc debt round from 3 to 2 cards and have applied for british airways amex card 4.9% hoping to be able to put £8000 on tht then 0% the rest of cc debt.

Heres hoping

I know i should put a SOA online but believe me it has taken a lot for me just to post what i have posted, im afraid the SOA will have to wait for my next brave moment to come along:o

Thx for all your support

southernscouser

Do put a SOA up mate. I know how you feel. When I first posted all my debts I felt really ashamed and I'm not just saying that! I genuinely did! At the end of the day, all we are to you is a username and a picture and vice-versa! We don't know you from Adam.

I felt so much better when I put mine down aswell as up to that point nobody new about my finances! It was such a relief to get it off my chest.

I always keep mine in my signature aswell so it is a constant reminder to myself.