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Top of a slippery slope - advice anyone please!
mark1975_2
Posts: 1 Newbie
Hi there
I am a bit of a chat forum 'virgin' so please forgive me if i mess this up! I'm a 31yr old male who lives with my partner, no dependants in a rented property. I want to save myself before what I can see is a downward spiral into more debt. I currently have an overdraft at £900, 2 credit cards at £4000 each, 1 credit card at £2500 and I've got £4000 still to pay off an existing loan. The credit cards came about as I thought I could tart them with no interest for a while but wasn't disciplined enough to cut the old ones up! Until 5years ago I never had any credit cards, overdraft or loans and had the philosophy that if i didn't have the cash - i couldn't have it. That is how I've always been until I got my first card. Why do they always chuck more money at you when you can't afford what you've already borrowed?? What I want to do is get a consolidating loan to pay everything off and have 1 payment per month to make. I cannot find any lenders willing to 'risk' me as I do not own my own home (that issue could start a whole new thread!), and I've changed my job recently (for a better paid one!). Where can I go from here? I'm finding it really tricky sleeping at night because the thought of owing anybody money is just not me. Oh, and I've already exhausted my parents generosity on this matter so I just can't ask them. I'm also concerned that if i apply again with another bank/lender for a loan, it will be marked on my credit history and may go against me in the future.
Any help of advice would be greatly appreciated.
Thanks
Mark
I am a bit of a chat forum 'virgin' so please forgive me if i mess this up! I'm a 31yr old male who lives with my partner, no dependants in a rented property. I want to save myself before what I can see is a downward spiral into more debt. I currently have an overdraft at £900, 2 credit cards at £4000 each, 1 credit card at £2500 and I've got £4000 still to pay off an existing loan. The credit cards came about as I thought I could tart them with no interest for a while but wasn't disciplined enough to cut the old ones up! Until 5years ago I never had any credit cards, overdraft or loans and had the philosophy that if i didn't have the cash - i couldn't have it. That is how I've always been until I got my first card. Why do they always chuck more money at you when you can't afford what you've already borrowed?? What I want to do is get a consolidating loan to pay everything off and have 1 payment per month to make. I cannot find any lenders willing to 'risk' me as I do not own my own home (that issue could start a whole new thread!), and I've changed my job recently (for a better paid one!). Where can I go from here? I'm finding it really tricky sleeping at night because the thought of owing anybody money is just not me. Oh, and I've already exhausted my parents generosity on this matter so I just can't ask them. I'm also concerned that if i apply again with another bank/lender for a loan, it will be marked on my credit history and may go against me in the future.
Any help of advice would be greatly appreciated.
Thanks
Mark
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Comments
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Hi mark & welcome. Don't worry we will all be gentle.
And don't fret about not being able to find a lender who will give you a consolidation loan, as often it is not the way to go anyway. You end up paying more in interest in the long run.
We need you to post up an SOA so read the post for beginners/newbies by Southern Scouser at the top of the Debt Free Wannabe forum to get an idea of what we need from you to be able help.
And you will get lots of help.
LA XX
PS Well done on getting a better paid job.Bank Balance: In the black for the moment.
Sainsburys Loan: Cleared July 2010
Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
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LookingAhead wrote:Hi mark & welcome. Don't worry we will all be gentle.
Well, most of us will be gentle
Is it better to aim for the stars and hit a tree or aim for a tree and land in its branches :think:Loves being a Wonderbra friend :kisses3:
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Pop up your SOA (see sticky) & we will see if we can help
Welcome aboard the DFW train!I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.0 -
I agree post a Statement Of Affairs (SOA) so we can see where to cut back.
Consolidation does not always work. Just read some of these threads that is why some are £40/£50/£60K in debt they have consildated more than once.
It only works if you really know and plug all the leaks in your budget.
Yours
CalleyHope for everything and expect nothing!!!
Good enough is almost always good enough -Prof Barry Schwartz
If it scares you, it might be a good thing to try -Seth Godin0 -
http://forums.moneysavingexpert.com/showthread.html?t=107280
This is the link for first time posters by the way Mark.
xx LA xxBank Balance: In the black for the moment.
Sainsburys Loan: Cleared July 2010
Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
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spud30 wrote:Well, most of us will be gentle
Steady now spud...we don't want to frighten the poor guy off before we've even got started....put your whips away love.
Bank Balance: In the black for the moment.
Sainsburys Loan: Cleared July 2010
Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
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LookingAhead wrote:Steady now spud...we don't want to frighten the poor guy off before we've even got started....put your whips away love.
It's Monday LA....chains and handcuffs tonight Is it better to aim for the stars and hit a tree or aim for a tree and land in its branches :think:Loves being a Wonderbra friend :kisses3:
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