Looking for a little advice!

EagleGreen

Sorry .. apr on the £222 loan is 6.3% and on the new car loan it's 5.9%.

kar

Are there only 2 of you? £250 per month on food could easily be reduced. See the old style board for that.

Sky has got to go.

To me your life insurance sounds expensive. Is there anywhere you could get the same cover cheeper (i don't know much about this though as i don't have any)

You say most of the left over money is OH's??? Are you not confronting the debt together? Does OH like to spend the rest on things which are non essential? I don't understand (sorry?)

You haven't put car tax/ tv licence/MOT etc in your budget at all so there are things you ned to pay out that aren't in there. I would suggest a spending diary so you can see where your money actually goes.

Annie Fanny post is also a good place to start. You need to know IF you can overpay loans and IF there is an early settlement fee (quite probably No and then Yes, but you need to know and how much the fee is)

Welcome to the board.

kar

kar

Just read your last post (cross posted). Is wedding completely organised? Is there any way you could cut back on the costs and put some of the money you have saved towards your debt?

There's a thread on here somewhere about moneysaving and weddings

lynzpower

EagleGreen wrote:

Thats Helpful!! Thanks for that!

Car Loan is not mine, but my partners. All of that is our combined outgoing. If you read it right, you'll see I DON'T think I have loads of money left!

Cheers Again

Sorry for that, was on the phone at the same time & didnt mean to come accross as rude.

I wonder whether a spending diary is a good idea for you both if you are not too sure where all the money goes to?

Sorry again

Bestthingsinlifearefree

Hi Eaglegreen,

I think you need to sit down with your other half and have a BIG financial heart to heart.

When you are married presumably your debts will be her debts and your income will be her income and her debts will be your debts and her income will be your income. i.e "together for richer or poorer"

If you are going to be married but keep finances separate. What happens if you lose your job and have no income ?

Will your OH let you starve ?

You need to use that 4K of joint income to build both of your financial futures together.

If you have the menality of my money and her money ie if you or she are not ready to join financially together are you really ready to join emotionally together in marriage ????

EagleGreen

lynzpower wrote:

Sorry for that, was on the phone at the same time & didnt mean to come accross as rude.

I wonder whether a spending diary is a good idea for you both if you are not too sure where all the money goes to?

Sorry again

No probs! I know I have a problem .. I want to beat it!!

EagleGreen

Bestthingsinlifearefree wrote:

Hi Eaglegreen,

I think you need to sit down with your other half and have a BIG financial heart to heart.

When you are married presumably your debts will be her debts and your income will be her income and her debts will be your debts and her income will be your income. i.e "together for richer or poorer"

If you are going to be married but keep finances separate. What happens if you lose your job and have no income ?

Will your OH let you starve ?

You need to use that 4K of joint income to build both of your financial futures together.

If you have the menality of my money and her money ie if you or she are not ready to join financially together are you really ready to join emotionally together in marriage ????

We have lived together for a year now and to be honest we have been putting a set amount into a joint account to pay for mortgage and other bills. Typically this has been around £750 a month each.

I admit I am too embarrased to sit down and work it all out, and hate to feel like I am asking her to share more money thanks to my failiings in the past. She knows the levels I am at, but generally thinks I am getting by ok. Really, I want to give myself a set horizon and be free at that time. Thought the loan would do that. Surprised it was rejected hence the fact that I am on here.

Might it have been rejected since my current levels are too high?

Bestthingsinlifearefree

EagleGreen wrote:

We have lived together for a year now and to be honest we have been putting a set amount into a joint account to pay for mortgage and other bills. Typically this has been around £750 a month each.

I admit I am too embarrased to sit down and work it all out, and hate to feel like I am asking her to share more money thanks to my failiings in the past. She knows the levels I am at, but generally thinks I am getting by ok. Really, I want to give myself a set horizon and be free at that time. Thought the loan would do that. Surprised it was rejected hence the fact that I am on here.

Might it have been rejected since my current levels are too high?

Hi Eaglegreen,

I can understand not wanting to use "her" money to clear your past debts and there is a certain logic and nobility in that.

I think the key is not CHANGING the debt from one type of debt to another e.g credit card to loan (though that can be part of a debt reduction strategy ie to get low interest rates).

But the real aim is to focus on is REDUCING that debt by either increasing income or reducing spending.

Again I would sit down with your OH and draw up joint financial plans, targets, aims, priorities.

Is it possible to have a marriage where one person says I am ok I have no debt and a decent income but tough luck on my wife / husband they have a big debt and low income...but thats their problem and stress as we keep our finances separate.

Surely your problems are her problems and vice versa.

Annie_Fanny

But can you see the point that some of us are trying to get across to you? I know it is considered a bit 'radical' but the approach here is to UNDERSTAND your finances NOT bungle from one consolidation loan to another. You need to understand that unless you tackle this problem very soon then your finances are going to get way out of hand. You have come on here at a good time. Why get a consolidation loan for 4 years when you could pay it off much much sooner - by tackling your spending habits, targeting the repayments carefully (not just throwing a bunch of cash at it and wondering why it hasn't gone away). I am assuming you are young and looking forward to married life? If you are and this is my advice you don't want to be saddled with this much debt in four years time. In four years time you want a nice pot of savings.

You say that you were given excellent rating by credit reference agencies but honey let me tell you that their findings mean ZIP. Did you pay to have them calculate your credit rating? If yes then I'm afraid you were ripped off - these 'additional extras' are just ways for these companies to make extra money.

EagleGreen

Thanks for all the advice. Guess I just need to start looking at what is being spent and rail things in a little.