Help (desperately) Sought with SOA and Shifting Credit

sarahs999

Well done sanctuary, your positive attitude will get you there in the end. Good luck

DisgruntledGoat

Accruing more debt is not a fear - I haven't put anything on these cards in two years and have no intention of every doing so again! - I just want to stop paying crazy interest so these debts will start to go away.

That's great - just needed to flag this up in case, as it's such a common problem

As well as cutting back expenses, the flip-side is selling off things you don't want/need. Downsizing the car is one aspect, it's also why I queried what "other assets" are. It may well be that you can make a significant dent in the debts by having a clear-out, after which it's a 12-month or so slog and you're there. There's a bunch of information on this board (and others) about ebay, Amazon etc. for things you can sell off.

Well done sanctuary, your positive attitude will get you there in the end. Good luck

I'd second this, great attitude and best of luck from me too

sanctuary

Thanks to all of you who questioned my high phone bills on this thread, I called BT and discovered that THEY owed ME a whopping £1000. It has been refunded, and I am now reading the MSE articles on how to shop around for a better deal.

Thank you all for your encouragement and sage advice.

clarab_3

sanctuary wrote: »

Thanks to all of you who questioned my high phone bills on this thread, I called BT and discovered that THEY owed ME a whopping £1000. It has been refunded, and I am now reading the MSE articles on how to shop around for a better deal.

Thank you all for your encouragement and sage advice.

Wow, thats phenomenal!

Byebye HSBC!

YOu really seem to have the determination - stick with it!

**confuzzled**

sanctuary wrote: »

At the end of each year, we get a 'refund' from our electricity supplier - at the end of 2009, the amount refunded was just over £250. It wasn't until you questioned it, danthemoneysavingman, that I wondered why my electricity provider has not adjusted my monthly DD rather than refund at the end of each year because NO!!! we most certainly don't leave everything on all the time (I am a stickler for never keeping anything on standby, closing lights when we leave a room and using energy-saving bulbs).

So - thank you for questioning it. After I have addressed my landline, the electricity company is next on my list. Then my buildings insurance! I will shop around for better deals on all of these.

Don't forget your cashback via Quidco or similar;):D

sanctuary wrote: »

Thanks to all of you who questioned my high phone bills on this thread, I called BT and discovered that THEY owed ME a whopping £1000. It has been refunded, and I am now reading the MSE articles on how to shop around for a better deal.

Thank you all for your encouragement and sage advice.

WOW!:eek: Bet that was a lovely phone call:D One card down......:D:D

Butti

Sanctuary

Electricity - It's easy. Your supplier hasn't adjusted your Direct Debit because the way things have been running its been sitting in its bank account rather than yours. How nice have you been!

Remember they are a business not your friend (The bank hate it for some reason when I say that to them!)

Well done

B

sanctuary

Butti, I'm beginning to figure this out! Even the sweetness of my BT refund was somewhat bitter – how could I have been so clueless for so long?

Tomorrow I tackle my credit cards.

Question:

If the credit cards with the debts are in my name and I apply for, say, two new ones in my husband's name (with 12 months free interest), will I be able to transfer the balance of my cards to his?

If not, the other two suggestions that I am toying with are simply applying for new ones in my name OR contacting my mortgage company.

BecBlueC4

Hiya

You can transfer balances from anyones card you like as long as they are not with the same provider.

Hope this helps and good luck!!!

Bec

Edited to add - You can find out what cards are provided by what banks on the Credit cards board.

DVardysShadow

I think potentially you are actually in good shape. You could downsize your way out of debt, although I realise your assets are necessary to maintain your income.

With the surplus you show, you could slay your debts in 3 years, but I suppose the problem is that this does not seem to happen, so I would imagine there is money leaking away that you have not noticed. Perhaps a spending diary for 3 months to gain more insight?

sanctuary

DVardysShadow wrote: »

I think potentially you are actually in good shape. You could downsize your way out of debt, although I realise your assets are necessary to maintain your income.

With the surplus you show, you could slay your debts in 3 years, but I suppose the problem is that this does not seem to happen, so I would imagine there is money leaking away that you have not noticed. Perhaps a spending diary for 3 months to gain more insight?

Money has definitely been leaking. It makes me feel sick to my stomach because - in spite of evidence to the contrary - I am not a naturally wasteful person.

Your suggestion for keeping a spending diary for 3 months is a good one - I don't think 1 month would give a clear enough picture.

It's been a difficult day, but I think I'll actually sleep easier tonight as I feel better for facing up to things. And I sure am grateful for all the support and invaluable advice I've received here. :A