Sick and Tired of being in Debt!

lamarsi

firstly congrats on making a start ! although it sounds abit like you've made you mind up about the loan which is no bad thing as long as you cut up your c/c and look at it as that being the end, i've done it three times and each time i ended up spending on my cards again so be careful.. are your mum and dad charging interest? are they pushing for the money to be paid back? cause if not it may be better to tighten your belt for the next few months and stay in and pay it of without the loan if possible

AJLondon

I am thinking that this is the only option I have ?

bargainbetty

One small thing - when you are looking at the loan, have a look at how many monthly payments you will make and what that really adds up to. You might find it's not as great a deal as you think, and with most small loans front-loading the interest, you won't be able to pay more off quickly if funds become available.

If you put up a full statement of affairs, people might be able to help more. Otherwise, think about why you ran up more debt after the first consolidation loan. Unless you change those habits, cut up all your cards etc, you'll be here again in a year or two.

I'm still wearing that tshirt myself, although this month should clear it - only taken me three years to sort out the mess.....

Best of luck x

AJLondon

With all my outgoings I would really struggle to cut my OD down and pay my folks off. Is it best I contact Virgin and ask them to cancel my application?

lilac_lady

Great that you've tackled your debts and seem to be serious about wanting to be debt free. If you're SURE that taking out a new loan or credit card will be used for clearing debts and not used in creating other ones, go ahead. If you doubt your willpower then don't even consider a consolidation solution.

Start paying your parents back asap. Would they take £100 per month instead of £250? Draw up a budget, use a spending diary and keep going. Good luck!

slummymummyof3

Why don't you post a joint SOA for all outgoings and incomings which are broken down - that way we may be able to make other suggestions as to where as a household you can make savings.

AJLondon

Thats the thing. It isn't our debt at all. The £650 we each pay covers everything ....mortgage all bills, TV, Net and Food..

Its my own money thats the issue..

slummymummyof3

I appreciate what you are saying, however, there may be opportunities to save on your bills/tv/net/food etc that would mean you may have to both contribute less to those outgoings meaning you can up your repayments to your debt - does that make sense?

mum2one

Souns like you had the night from hell, but in a way your brain working overtime and came to a lot of good decisions.

Def agree - (apologies if I sound like I'm mothering you, or being bossy boots, )
keep the new loan
dump the virgin cardgd cancelled the ins
agree looking at cancelling the reward part of the account, still be same o/d charges - I've got the standard Halifax account and have a od facility, 1,500 so get charged £1 per day - keep the o/d option only incase of emergency

Just another thought re your phone, you say your on flex account, is that a contract with a phone, if your out of contract, may be worth considering the sim only card - about half the cost and your get as much of not more benefit, if you go through Quidco - you get cash back.

Re the £200 per month - don't take that out as cash in one go, - consider opening a 2nd current account, and out the £200 into there, then to get the money you have to go to a cash machine / make a debit purchase etc... otherwise £200 in hand could get blown in one go.

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Re the job - now this is just my thoughts - ok the new job may seem to be better, but as the old saying goes the grass isn't greener on the other side - also what happens if you take the new job, 6 months donwn the line your probnabtion period ended / theirs redundancies etc, you may wel be one of the 1st things to go...... also you would nnedot check your ins as there may be a clause about being in employment / change of job etc.

If you were made redundant etc then yes def apply for the new job, you've been with your employer for a while, maybe use it as an incentive to get debt free, the quicker you can get debt free then you can look for another job.

As for holidays I say yes, maybe an odd thing to say, but I think that you need a reward for paying the debts, otherwise all pay no pleasure just makes u more likely to spend on the credit card as a pick me up. I know myself that the holidays to me are the things that make me stay on the debt free route, I'm a single mum, with a 7 yr old daughter, its not her fault I got into debt, so I do as much as I can to make sure she doesn''t suffer...... I'm guessing you don't have children, but just a glimpse into the future xx

AJLondon

I am now at work (ssshhhhh! lol) and have been thinking alot on the way here as I have heard nothing from Virgin or Tesco today so far. I must be able to work my way into my debt without the need for another consolidation loan and another credit card.

I will see what I can do with my folks and see what I can do in relation to paying them back.. Will also try and eack out some o/t at work.. its gonna be a long hard battle and at some stage I am going to have to come clean to my OH about all this again and risk losing the best thing that has ever happened to me... But, needs must as I am sick of all this ... I wanna be free and thats why I have come here for help.

You people are amazing and your stories and diaries are really an inspiration. I will post a full SOA later on when i have a chance workloads here permitting..

Do you guys think I can crack it? The priorities for me will be to pay off my folks and get credit card done...

Do you think I can do it without the loan and 0% CC? Just worried as Virgin came up online "we need more information from you"