How I'm taking control of my £164,893 debt

[Deleted User]

Hi Ging,
Didn't want to just read and run.
Well done for paying off what you have done so far. You seem very focused on what you want to acheive.
I look forward to reading your progress on your way to debt freedomness

EssexHebridean

Ginger - when you took your NR loan did they by any chance tell you that you could only have the loan if you agreed to take out their PPI? If so, then do a reclaim on this using the template letters - they admitting miselling to me after the first letter went in - I'm just waiting for the refund now.

Good luck clearing your debts.

chevalier

well done on focussing on your debts. and good luck with raising the settlement figure for the loan. shall keep an eye on your thread.

have you checked that all of your utilities and insurances are the cheapest. If you have been with the same company for a few years then it is likely that you can get the same product cheaper. And get cashback via quidco or topcashback as well

chev

justruth

Hey it's good to see that you are doing so well, on the final repayment of the NR loan vs the ISA and overdraft, is this the same overdraft that costs you £15 a month? I'm always hesitant to suggest cashing in an ISA unless in real difficulty as you can only save so much each year through these, and if you are keeping them for the very long term the compound interest may be more than the loan, but that really is one of those decisions that you make for yourself. Can you balance transfer onto 0% credit cards as an alternative?

Either way congratulations on making it look so easy!

J

gingernutbizkit

awww you guys! Thanks all for your support...... was begining to think I was just talking to myself!

In response....... Palema I am very focused at the moment. Just realised that if I could get rid of the debt then I would be at least £1500 a month better off. Imagine how many shoes I could buy with that OH says we could then get another mortgage and buy a place in the sun...... but then she doesn't have any dealings with our finances and strangely doesn't seem to see that a mortgage is a DEBT not a freebie that comes with a new house!

EssexH - thanks for the advice. I had a hell of a job when i took out the NR loan. Firstly they wouldn't let my wife and I have a joint loan becuase we weren't (to quote the salesman) 'properly married' :mad: then I got the hard sell on the PPI during which he actually told me that my job wasn't secure as my boss could decide that he wasn't happy with me and I'd be out!!! To which I replied that he was more likely to have an unhappy boss :rotfl: and still refused to take out the PPI. For 20 minutes he continued to try and talk me into it so I asked to speak to his manager - which soon made him shut up . Anyway, upshot was that I got a letter of apology for pressure selling and didn't take out the PPI.... so sadly nothing to reclaim.

Chevalier - thanks. You're probably right. I have changed my utilities (gas and electric now on good fixed deal) but I have never looked at my insurance. I'll add it to the list. I'm already with quidco and the money I'm 'earning' with them is going in my fund for having a hoiday in 2011 for no cost - about £450 so far :T

Justruth - the £15 OD has gone I hadn't thought about 0% credit cards. How on earth do you work out compund interest easily???
I'm glad that I am making it look easy.... just wish it was in practice.

Ging x

gingernutbizkit

Right..... with the debt we have paid off so far we have an extra £558.34 a month so this money from March will be going towards the NR loan along with the £100 from ebay..... meaning I ONLY have £1463 to find before 1st May

gingernutbizkit

Just joined the Morgage Free in Three - Take 2 thread. Wouldn't it be great to pay off our debts and mortgage by the time I'm 30

hmm, done some working out about compound interest and it seems that using my ISA money to pay off the loan will lose us about £800 over the next three years. Whereas if I can shift to a 0% credit card I will not be charged this amount...... seems I need to find the money another way

fletch3163

Hi there

I was wondering, how do you justify to yourself spending on holidays? I only ask because I'm having a helluva time with myself would you believe:o . I'm not in a huge amount of debt, and I've some savings (one isn't cancelling out the other at the moment) but with all this fiscal uncertainty my resolve has strengthened. I want so badly to get rid of my mortgage and to get some "spare" money under my belt. My biggest problem is I've turned into a miser in the process:eek:

I eat all leftovers for lunch (even when I don't fancy it), I fuse the bejaysus out of every teabag, and I'm now driving DH mental with my grocery challenge/meal planning/don't throw away attitude.

My question his, how on Earth do you still get a life whilst getting debt free?

gingernutbizkit

Wow Fletch..... that's a massive question and certainly one I have struggled with. Personally I know that I need to have a holiday as it's one of the few times my wife and I have some quality time together. I also have SAD so some sun to look forward to is really important to me. I wouldn't take a holiday though if I thought I would spend all my time worrying about the money we were spending.

I do however set a budget and stick to it - looking for the cheapest deals we can find. We save all year for it - so no last minute panic!

I think it's about getting a balance. I know this is morbid but if I died tomorrow I wouldn't want my headstone to read 'great money saver - led a boring life' but neither would I want to leave my debts to my loved ones.

My goal (as previously mentioned) is to have a holiday in 2011 that is totally free.... so watch this space. :dance:

fletch3163

Well, I might just take a leaf out of your book. Problem is though, I think it's rather like the tenner in your purse. When first you break into it, it's gone in a flash. As soon as DH gets wind that my resolve has weakened he'll be in there with a thousand clever ideas.

I'm having a bit of a Spring Want-fest at the moment. I've not succumbed to anything yet but....................