Looking for a little advice!

fivemice

Hiya

I'm slightly confused. I'm not sure what difference a loan will make, except end up paying more interest?

If you cut up your cards, you can't add to them, and then with the snowball calculator you will be able to see when you will be debt free anway, so will have your "horizon" date...

fivemice

And speak to your W2B!
My OH had some major secrets from me, he didn't think they would ever come out, but apart from that I knew he was in a pickle. When those secrets came out, he fibbed about the amount because he was embarassed and because he didn't want to worry me. I eventually found out the true amount and you know what I thought? "You silly sausage" and gave him a big hug. I know it sounds soppy, but as far as I'm concerned, we're in this together and I'd hate him to worry just because he was embarassed or afraid of worrying me!

A problem shared is a problem halved, after all!

EagleGreen

fivemice wrote:

Hiya

I'm slightly confused. I'm not sure what difference a loan will make, except end up paying more interest?

If you cut up your cards, you can't add to them, and then with the snowball calculator you will be able to see when you will be debt free anway, so will have your "horizon" date...

To be honest, I think the only difference is it will make me feel better now. Probably wrong, defintely wrong.. but I can'r see it going down anytime soon! Snowball caluclator says it will take 10 years ... I must be doing something wrong!!

lynzpower

Ok, got a bit more time now, so hope I can be constructive

Salary - £1900 per month
OH - £2100 per month

Outgoings

Mortgage £804
Council Tax £191
Loan £222 - under 12 months to go. (remind me of the APR on this)
Gas £20
Elec £20
BT £20 ( What you can do is go for BT for your line rental 10.99 and something like Primus 2 ( free evening & weekend calls for free) or Talk Talk prediallers- check out the phones board should be able to save 60 a year there
Sky £45.00 ( as someone else said dump this) 540 PA
Food £250 ( me & OH manage 100 a month for the 2 of us thats comfortable, no waste, no ready meals, no takeaways :eek:)
Life Insurance £65.00 ( is this for both of you, it does seem high. I pay 22 a month I think and Im a smoker, thats with CIS) ( saving 120 a year minimum)
Petrol: £150.00 ( is there anyway you can share journeys, or cut down, walk some journeys instead? I reckon you can save without too much hassle 20 a month = 240 a year
Amex BA: £240.00 (Balance £7957) (this is 4.odd % right?)
Hfax : £350 (Balance £17,500 (eek)
Car Insurance: £51.29
Car Loan: £230 (just new 3 years to go)

Got anything to sell on ebay or car boot sale? Im selling stuff all the time here and Ive made about 300 since starting off, this is "bits & pieces" nothing high value at all. If you have anything to flog do it!

Sorry again for sharpness before, wasnt quite as helpful as I could have been

silverelephant

Just to put my tuppence in Good for you that you have realised BEFORE the wedding. We just waded through our debt and our wedding and we're now at the stage a few days before our first wedding anniversary where we can't even afford to spend £10 on a takeaway to celebrate it! Make the changes that have already been suggested here and you'll feel much better for it and enjoy your wedding day all the more

In_Search_Of_Me

Hi Eagle & welcome! Well done for starting to confront things. I can only speak from experience & would like to share my cautinary tale with you because I would hate for you to get to where I am but am affraid, from reading the above, that you may well be here soon!! Like you I earn a good salary and had a wild time buying what I wanted when I wanted. I didnt think of how much things cost, shopped regularly for expensive things/food without a care in the world. When my credit card got to high (7000 being my panic point) I would just pay iy off with a loan, then another loan or increase my mortgage. All too soon (about 7 years) I realised that I had no facility to increase my mortgage, had 2 loans & credit cards totalling 34000. You would have thought I would have noticed but providing I could pay the monthly payment I thought hey who cares "bung it on the credit card" with a cheery carefree laugh. Along comes lightbulb monent. I can JUST pay my debts without having to do DMP/IVA & seriously thought for a couple of horrendous days that I would loose everything. I now realise that I will pay over £12000 (yes I did say 12000 & thats not including mort or CC) in interest alone for my debts. I also now know that the loan cos have me by the short & curlies big time because they take interest first so if I repay early I will loose thousands so its not worth it, so I have to keep the loans for another 6 years. PLEASE stop now! Start a spending diary, be honest with you OH (imagine how they'll feel if they find out later!) & work out a budget. Do look(as others have said) at the food bill (really struggling to get mine down & thats just for me!) & think about getting the best package out of sky - if you have to keep it can it be changed - ie I've just changed from SKy to NTL & saved £15 a month...I couldnt get rid of mine - I rarely go out so must have some entertainment!! You need to find what is realistic for you but please tackle this head on. I kept my head in the sand for ages (about 7000 actually!) & really wish now that I hadnt and feel absolutely fab now that I know what I owe, am motivated by paying cards off (also a monthly goal to pay more etc which you dont get with a loan!!) & doing really well. Feels 100% better now, even knowing its going to take ages to do it, know i can!! Big hugs!