We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
help with debts...new here
Comments
-
sdj25 wrote:I'd echo the other guys then and get your balance transferred from the Next card.
If you can't get a new card, try calling MBNA & see what sort of deal they can give you for transferring the balance over.
Don't get a consolidation loan, you end up paying more even if it "saves you money every month" (don't believe that Carol!)
What would be best, getting a new card and paying the balance, or going for the mbna?0 -
Don't worry, lots of us have done that consolidation thing.... the problem you have is unless you really address your spending habits, you run the risk of running up another debt. Please don't feel I am judging you or being harsh - I did it twice!
Start by managing the money you have rather than taking out a larger loan. I'd start by transferring the Next balance to the other card. Close out the Next card, because that should improve you credit rating a bit. In December, look for another 0% card to 'tart' over to.
Go through all your junk/possessions and sell what you don't need/want/use anymore. Ebay and Amazon wherever possible, or do boot fairs.
Do a statement of affairs for your home anyway, and see if you could save your family some more money - switch utilities, cut back on unnecessaries, start saving on household bills using the Old Styleboards, and with smarter shopping. Your other half might be a bit happier about chipping in to help with your debts if you are demonstrating that you are serious about not wasting any more.
You can work your way out of this - and you'll feel a lot better knowing where the money goes!!
Good luck xSome days, it's just not worth chewing through the leather straps....
LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
May grocery challenge £45.61/£1200 -
Is there anywhere cheaper you can get your sons clothes from ie George@asda, Tesco, primark, QS etc as Next can be quite pricey?Making my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
bargainbetty wrote:Don't worry, lots of us have done that consolidation thing.... the problem you have is unless you really address your spending habits, you run the risk of running up another debt. Please don't feel I am judging you or being harsh - I did it twice!
Start by managing the money you have rather than taking out a larger loan. I'd start by transferring the Next balance to the other card. Close out the Next card, because that should improve you credit rating a bit. In December, look for another 0% card to 'tart' over to.
Go through all your junk/possessions and sell what you don't need/want/use anymore. Ebay and Amazon wherever possible, or do boot fairs.
Do a statement of affairs for your home anyway, and see if you could save your family some more money - switch utilities, cut back on unnecessaries, start saving on household bills using the Old Styleboards, and with smarter shopping. Your other half might be a bit happier about chipping in to help with your debts if you are demonstrating that you are serious about not wasting any more.
You can work your way out of this - and you'll feel a lot better knowing where the money goes!!
Good luck x
dont worry, i dont feel judged at all. I thank you very much for your advice.
I have just been looking online and there is a tesco credit card, which is o% until june 2007. I am thinking of applying for this, and paying off my next directory. Or should i be thinking of moving it to my MBNA card? the problem is i normally pay my next using the MBNA credit card anyway, so it doesnt actually come out of my wage directly. This is why i was thinking that maybe consolidation would be the way to go, so i am paying off a loan and next directly from my wage each month. God im useless at this0 -
If you think you'll use the Next again you'll have to close the account as soon as its cleared then the account isnt a temptation, there's nothing worse when the shiny catalogue comes through the post and you think you'll just have a quick flick through whilst your having a coffee :rolleyes:
Then if you need something from there you have to go to the store and spend cash, then you can only buy what you can afford.Debt Free Nerd 1700 -
i think you are right
So with regards to the next, and the fact i use my credit card to pay it each month, would it be better paying it all on to that MBNA credit card, or finding a new one.
Even though i pay it with the credit card i still never have any money, so i dont know whats best to do.:o
oh and i just thought of another question...is it worth borrowing the amount on my egg loan with another provider with a lower interest rate? eg the northern rock loan is £10 a month cheaper, over the same term. how do i work out if i pay more to egg over 3 years, than northern rock over 4 years though. Egg is 7.7%, northern rock 5.9%0 -
First, attempt to get a new CC at 0%. If you get a good enough balance, you can transfer over your Next Card, and even some of your MBNA.
The 0% crowd
HSBC - 12 months
Cap One - until 1st Jan 2008 (about 14months)
The Life of Balance
&More - 3.9%
Sainsbury's - 5.94%
Honorable Mentions
Morgan Stanley - 3.9% on BTs until Jan 2010
With regards to MBNA - if you physically call them (it's a freephone number) and say you want to either get a new card through someone else, or transfer a balance on to their card .. they will offer you a discounted BT APR.
Hope this helps0 -
sdj25 wrote:First, attempt to get a new CC at 0%. If you get a good enough balance, you can transfer over your Next Card, and even some of your MBNA.
The 0% crowd
HSBC - 12 months
Cap One - until 1st Jan 2008 (about 14months)
The Life of Balance
&More - 3.9%
Sainsbury's - 5.94%
Honorable Mentions
Morgan Stanley - 3.9% on BTs until Jan 2010
With regards to MBNA - if you physically call them (it's a freephone number) and say you want to either get a new card through someone else, or transfer a balance on to their card .. they will offer you a discounted BT APR.
Hope this helps
thanks very much0 -
I am really negative about Next directory - apart from the terrible interest rates, what about the cost of the catalogues themselves? When I used them a few years ago, they were sending out four catalogues a year, so it cost something like £10 even if I didn't buy anything, plus the cost of deliveries - crazy when you are on a tight budget.0
-
tyllwyd wrote:I am really negative about Next directory - apart from the terrible interest rates, what about the cost of the catalogues themselves? When I used them a few years ago, they were sending out four catalogues a year, so it cost something like £10 even if I didn't buy anything, plus the cost of deliveries - crazy when you are on a tight budget.
i know, im starting to realise this, but i love their clothes so much. Still i think its going to be best to go into store for things, and save up for them0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.5K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards