Desperate, and Banks keep saying no

worndownmum

mariannemarlow wrote:

i have £250 if premium bonds that i have had for about 4 years. never won anything on them but dont want to cash them in just in case..

Hi to everyone ,
My husband has £250 of premium bonds since 1976 !!!!
30 years and never won a bean, We had forgotten them until I saw this post.
They are history and will go towards paying off my highest apr.
Can I just say good luck in your battle as I am just learning how silly we have been with money.
We always paid extra off the highest balance which is something ( I have learned from here )you never do its the apr thats the thief.
Best of luck


Jessie

mariannemarlow

worndownmum wrote:

Can I just say good luck in your battle as I am just learning how silly we have been with money.
We always paid extra off the highest balance which is something ( I have learned from here )you never do its the apr thats the thief.
Best of luck


Jessie

thanks

yes i agree about the apr thing. it's not something i thought about either, just spent spent spent

oh well, we live and learn!

h4nym

Hi Marianne

Am I alone in wondering what your husband's financial position is? Can he not assist any?

If he can't, then it's still very straightforward - not necessarily easy - but straightforward. Overpay the highest interest debts first. End of story!

You can pay off the Evans card in a month - Once you have paid off Evans, you'll feel happier. What a fab feeling that will be. Then take the £150 that you just allocated to Evans and add it to the £70 you already pay the Abbey card - so it's £220 each month until that's done. At £220, it will take about 18 months to clear that to zero.

In 18 months time, assuming that you've maintained the £269, the balance on the Lloyds card will be about £11,400.

So - now you add £220 to the £269 and start paying £489.

By my calculation, your loan will be all done in 42 months time. This will release £311 to add to the Lloyds card which, by then, will be about £2400

Adding the 311 to the 489 means that it will only take 3-odd payments of £800 to clear this down to zero.

So - debt-free in 45 months time - October 2010. And your honour and pride intact. In fact - you pride enhanced - lessons learnt and life lived within means.

If it's any consolation, for various reasons I ended up with debts over £135,000. Those don't include the mortage! My debts are now down to 100k and falling rapidy - I'm fortunate - I do earn extremely well - which made it incredibly easy to borrow money for various ventures- but I've really had to cut my cloth! I'm expecting to be debt-free (mortgages apart) in September of this year. Again, just for consolation, I earn around £150,000 pa. And I now have to seriously justify to myself why I want to buy a particular brand of whatever as against the "value" counterpart.

Best of luck

H

mariannemarlow

hello there, thanks for the reply.

my husband has his own debts and we split the household bills down the middle.

i can see what you are saying with your plan, but unfortunately i cannot afford the minimum monthly repayments anymore as they are over £800 and that is money that i do not have.

Marianne