Don't think I can do it - help

Chrismojam

I think I'd cut down on the £200 for food etc...I suppose it depends how much your petrol etc is?...But food etc for one person...and pet can be done very cheap (or reasobably cheap if you want 'quality'???)

Also, I think SS suggested using £450 of the ISA money to pay off American Express.....I agree....this will save the interest...and when you are debt free you can always pay it back....or like others have suggested..try tarting...

Other...more useful.. posts will be along shortly:o

llh189

Thanks guys,

I am going to pay off me Amex card, it is a real mental block to have to the money I promised not to spend, but you guys are right the interest is way more than the interested I get on my ISA.

Looked again at my SOA and it was a typing error, haven't got an extra £147, did my sums wrong on my SOA but definitely haven't got it!

BT is both internet and phone, large ( and very shocked ) last month, I am going to stop using the home phone, and will use my mobile ( get 750 mins of peak per month ) and will avoid during the day ( calls really expensive during the day )

The £200 cash is an what I am supposed to live on, petrol is £40 per month, the is food , going out, presents.

The loan is the big thing for me, £635 is just killing me, but I can see an end to it and really really want to avoid retaking it over a longer term and keep increasing my cc debt.

Thanks again for all your advice - just really need a pep talk, I am going to start a fresh.

Have had three no spend days in a row now!

southernscouser

Well you'll be freeing up £15 a month by paying of the Amex. I know it doesn't sound alot but it's still £180 a year! Think of it as 3 months worth of free council tax!

See how you feel when you have paid it off but it does make sense to use the remainder of your savings to pay off your other debts although I can understand your dilemma! :think:

In_Search_Of_Me

hi there! Big hugs! Agree with others that phone & mobile seem really expensive so possible to cut down. Have a hunt for cheapest phone provider (there is a thread on here - see main pages). I really do thing you should have a chat with your M&D about the £4000. I'm sure they would understand you using the money to pay off debt rather than paying interest on loans/cc's etc. That way you could pay off cc & save the money & pay the loan off early? I realise that this will be hard but you're stuck between a rock & a hard place at the mo & I'm sure your parents would support you if they knew how stressy this is for you? Hope you find the solution thats best for you.

steve_cov

Sorry to be nasty, but you skilfully avoided the question I tucked in the middle of my earlier post...

steve_cov wrote:

You say you "had to" get a new car, but you don't say how much of your £15,000 loan debt was spent on the car. If it's a good proportion, could you trade down in the car market and make a lump sum repayment to reduce your monthly payments?

Would that be an option for you? It could free up enough cash to allow you to live more comfortably.

The motive is kind, even if the question is cruel.

llh189

Steve,

When I worked at my old company I earnt a lot more and was on a car allowance scheme, this scheme stated that you must have a car that is less than 3 years old, so I purchased a a car ( with a loan of course ) and then had to trade up after 2 years ( this car was just less than I year old when I bought it), when I came to part ex my car the value was loads less than my o/s loan.

When I purchased the new car ( a 206 ) I had to fund the new loan, plus about 4.5k which remained on my previous loan, I also took a couple of grand to pay off a credit card, less the part ex aamount meant a loan of about 15k.

The just two months after buying the car, I lost my job, had been there for 8 years but got made redundant, just statutory pay.

I took at job ( about 15k paycut ) to to keep working I, my ex I and I were planning to start a family so both agreed a job closer to home, less money = less stress = better for family. In January I did the terrible sin of re-financing my loan, to a better rate, but I also reduced the payment term so that by the time a baby came I would be debt free, this was done will the full knowledge of my ex and I tightened my belt and paid a little less at home, as we had a grand plan, so higher payments now, whilst we were both working, to mean that I would be debt free would I was pregnant.

We also started to buy a house, got pass the survey stage and everything, mortgage in place, removal van booked and then my EX decided that actually he didn't want to have a family ( has a son already ) and therefore we split up.

I live in a rural market town, and do 13,000 miles per, normally on getting back to forth from work, the car now being 2 years old and remember only a 206 is probably worth about 4 / 5 K. So after buying a new but worse car will be left with a couple of grand and just can't get my head around that would be the best thing to do.

I am also in the process of trying to get a new job, which would mean more travelling and my car is cheap to run ( it is a diesel and only pay £50 road tax, no MOT yet, cheap insurance ) and very reliable.

Hope this helps, would still welcome any other suggestions though, although have learnt a couple of valuable lessons, never ever buy a brand new car with 100% finance and don't plan your life absolutely around someone else's promises.

Lisa

moozie_2

Hello Lisa

I don't have any advice on the car issue but you seem to be doing well with everything else. It takes a little time for everything to become clear but once it does, it all seems easier.

Hang in there, you're doing well :T

lynzpower

I agree a second job is a great way of helping you through this carp time or at the very least sell everything you dont need on ebay or a car boot etc get that cash rolling in and throw it at whatever debts you can

Verbatim

Hi Lisa,

I thought you'd done really well anyhow. Everything seems pretty reduced to me and what isn't you're well aware of and in the process of sorting.

Not much help am I but well done and good luck.

steve_cov

llh189 wrote:

Hope this helps, would still welcome any other suggestions though

Never mind, you've made big strides already anyway...