Where are we going wrong?

Jesthar

sandhawk2701 wrote: »

Thank you for all your replies.It certainly has given me an idea what I am to do.
Will sit down with OH tonight and show him the situation as I don't think he really understands how bad its got.

Well, at the moment it's not too bad, but it IS borderline, as in if you had a sudden major expense it may well be enough to tip the balance and overload your finances. If you act now and get it in hand, though, you should be OK before long.

I'd definitely pay off the Grattan amount if you can as well, as catalogues are notorious for 20+% interest rates.

Oh, and see if hubbie will agree to only taking a tenner to the pub for a while...

As you have several areas of expenditure which may/may not get spent each month, I think a spending diary is going to be a must - I have a spreadsheet of my own design and enter EVERYTHING in there. It's invaluable for seeing where I've had lax moments in the month!

samaki

could you sell the new laptop that your son decided he didn't want?
could help a little...

sandhawk2701

Well I've sat down with OH and shown him the state of things. On reading through all the replies he has agreed that we have lapsed with budgeting and spending.

Tomorrow I am doing a full kitchen cupboard and freezer list to start meal planning again.

I will contact the council to see if I can change to a 12 payment plan on our council tax.

Check the comparision sites for a better electric deal.

Its amazing how seeing it all written down in black and white that it is do-able and we will over come this.............

angelicmary85

YAY!! Glad to hear that OH is on board, good luck with all that's to come!

sandhawk2701

Please don't shoot me at this idea I thought of this morning .........
Would we not benefit from moving the Currys(2) debt to the MBNA card as it is lower percentage
The currys 2 debt starts next month it was a buy now pay later term so the debt would only be about £1000 if we paid it off.

I have taken all comments on board and we are gratrful to all that have replied

tyllwyd

If you have a debt at 29% APR, then anything you can do to move it to a lower APR is worth considering. Also have a look at Barclaycard, because they often have balance transfer offers for existing customers . But before you transfer, make sure you do the maths to see if it is worth it with the balance transfer fee.

RAS

Absolutely right. It is called the credit card shuffle.

Read Martin's articles on handling debt and it is the first port of call if you have nearly enough money.

robnye

sandhawk2701 wrote: »

Please don't shoot me at this idea I thought of this morning .........
Would we not benefit from moving the Currys(2) debt to the MBNA card as it is lower percentage
The currys 2 debt starts next month it was a buy now pay later term so the debt would only be about £1000 if we paid it off.

I have taken all comments on board and we are gratrful to all that have replied

yes if the transfer is at a 0% rate....! but they will almost certainly charge a 2/3% transfer fee

Jesthar

Absolutely, sandhawk, especially if you can get a low or 0% balance transfer rate. You may indeed have to pay a transfer fee, but as a 29.5% interest rate is (in simple terms) costing you an extra £295 a year for every £1000 borrowed, chances are pretty strong that the transfer fee plus lower interest rate will save you money here - do the maths first to be sure, though!

Hee hee - you're getting the hang of this pretty fast, you know!

sandhawk2701

I have looked into rates on the credit cards A+L MBNA we still have 0% interest on transfers til June 09 but a 3% fee the card after that is 14.8%.

Through the post today, came the statement and two blank credit card cheques.

Could I use a cheque to pay off Currys (2) £1,099.98 that would clear that debt before it starts in May 09.

It reads that the rate is 2.9%p.a until October 2009

Is this a good idea??

Also I rang the council about the tax, explained the situation and have an arrangement to pay £35 pw by standing order until it will be paid in January, it was the best she could offer. Still hadn't paid April's £1..30 so a bit of catchup.
OH is paid weekly so it is not a problem sorting that.


Have listed everything in the freezer and storecupboards, so apart from the usual bread, milk, eggs and packed lunch bits should be ok for 2 weeks
Have even meal planned for those 2 weeks too.