Conslidation. Did I do right? Help!

Butterfly

Hi there, I was in a similar situation to you...£11k in debt. I got a consolidation loan at my bank and paid off a few things but on the way out of the bank they gave me a new CC and I immediately racked up another £1k debt! Then I got a 2nd consolidation loan and then managed to move it to a 0% credit card. I cut all cards up and then paid off the credit card and have been debt free ever since. It was a 4 year journey from racking up the debt to paying it off. It was full of twists and turns but I did it in the end. And so will you. You've done all the right things. I think paying off the one loan is more manageable for some people (like you and me) rather than paying off a few debts which can be overwhelming. Just stay on your path and you'll be fine. Just stay conscious and grateful for all that you have. Although it's best to pay your debt off first before you start saving. Saving's always tricky if you're paying debt off. Best to focus on one thing at a time and use any saving money to pay your debt off. And enjoy your holiday but maybe make it the last holiday until you pay off your debt. Have a budget for this holiday. You don't need to spend much to have a good time. You don't have to impress your girlfriend, I'm sure she understands your money journey and probably respects you alot more for it. Believe me a man who is in control of his money is a million times more attractive than one who isn't. I've ended relationships in the past because the guy has buried his head in the sand about his debt. Give yourself some credit (not the money kind but the compliment kind!) and keep your chin up! x

bluebag

j19842 wrote: »

Thanks a million to you all for your replies.

ALL of my cards are paid up, cut up, and cancelled.

I don't have access to a CC anymore, and I sure as hell won't apply for another.

I have learnt the error of my ways. This is my lightbulb moment.

I now just have to pay back £10k, and manage my current account better... building a buffer...

Well done!

I used to find I was well motivated when the bank/credit card co. red letter or whatever had given me a major whang! It's keeping it going and not using those ' well it's only till payday/next month' or a dose of 'well Iv'e been so good lately'

Keeping up the motivation and consistancy is the key to keeping out of the mire.
This place is amazing for that, you could make a great hobby out of moneysaving just being on here.
Make your money work for you, not the banks.
Wishing you all the best.
bb

JoolzS

You will get offered new CCs in the post - do not fill in the forms. You are doing brilliantly and you don't need to default on that.

Julie

Running_man

Contact Santander -see if can pay extra on loan.Some allow you to pay up to £100 extra per month with no penalty.Never dealt with santander so dont know if this possible.