SOA What more can I do.

Sunnylooloo

hi Andy.

Eek can't really advise what to do.....

I have noticed that some of you debt is quite small - would it not be best to get rid of those first if you can (and obv not add on any new debt to the credit cards?

Tesco CC.......................66
Halifax CC.....................356.27
Virgin CC......................605.89
Furniture World................660

Also (and not being nosey) I noticed you pay your dad 1,000 a month and nothing to you MIL - I don't know if maybe your dad could give you a few months off and then you could clear the little debts?? I don't know??

I also see that two of the above CC are 0% once they are paid off can you see if you can get a deal for the other two credit cards you have?

andys15

What I am cosidering doing is halfing my debt. The £9400 tesco loan is the longest serving one. I have 40 payments left. I am considering getting another £10k loan over 40 months at roughly 7.9%. This would mean I have £20k paid of within 16 months and the further £20k paid of in 40 months. Not very DFW but a solution that maybe pleases all. I reckon it will cost me a further £4k in interest, nearly £1k a year over £80 per month.. Thoughts??????????????

andys15

Sunnylooloo wrote: »

hi Andy.

Eek can't really advise what to do.....

I have noticed that some of you debt is quite small - would it not be best to get rid of those first if you can (and obv not add on any new debt to the credit cards?

Tesco CC.......................66
Halifax CC.....................356.27
Virgin CC......................605.89
Furniture World................660

Also (and not being nosey) I noticed you pay your dad 1,000 a month and nothing to you MIL - I don't know if maybe your dad could give you a few months off and then you could clear the little debts?? I don't know??

I also see that two of the above CC are 0% once they are paid off can you see if you can get a deal for the other two credit cards you have?

I originally owed my Dad £37000, and I have paid £1000 per month for the last 28 months. I have only been on my wage since 2008,and my wife since mid 2008. Before that I left a job, took half pay to train in my new job, and my wife had to give up her old job due to relocating, add on top a house,with a dodgy tennant and paying rent for where we lived as I trained. Anyway I digress. MIL has a dodgy son in Thailand, my brother in law. Lets just say her money is safer with us at this moment in time. Although we physically dont have the £7250, it is known when we will pay this back.

Sunnylooloo

andys15 wrote: »

What I am cosidering doing is halfing my debt. The £9400 tesco loan is the longest serving one. I have 40 payments left. I am considering getting another £10k loan over 40 months at roughly 7.9%. This would mean I have £20k paid of within 16 months and the further £20k paid of in 40 months. Not very DFW but a solution that maybe pleases all. I reckon it will cost me a further £4k in interest, nearly £1k a year over £80 per month.. Thoughts??????????????

Personally..................... NO don't do it....................

Sunnylooloo

Anyway Andy do you acutally have this 755 free everymonth?

has someone suggested a spending diary?

Happytogetdebtfree

Hi and welcome, i havent read fully but i wouldnt recommend getting another loan ? what would be the purpose of that ? eventually your debts will be paid be it 2 to 5 years.. your managing ok now and with some tweaks will manage better so get the idea of another loan out of your head... you have agood excess each month to service a good life and some debts, the road is long but you will eventually get there ...

andys15

Sunnylooloo wrote: »

Personally..................... NO don't do it....................

Are you my inner thoughts. I spend ages on tesco loan calculator,and all my debts on a bit of paper. I work out scenario afetr scenario,and my inner voice is screaming No Dont do it. Somedays I think, I only live once etc etc,other days I want to hammer every penny towards debt. It has come down since OCT 09, but the feeling every month of over £5000 going into my bank, and buying the value food etc really riles me.....

andys15

Sunnylooloo wrote: »

Anyway Andy do you acutally have this 755 free everymonth?

has someone suggested a spending diary?

Well actually I do. Well a little more if truth be told. I was putting away £550 each month for my holiday I have just returned from. I also have surplus amounts in my 9 accounts. The halifax credit card(clarity card another top MSE tip) is the amount we overspent whilst on holiday.
But this is becasue thanks to MSE I am strict with everything. If we have ran out of grocery money we live on noodles, toast and cereal for tea. My Soa etc is should I find a better balance between repaying debt and having a better life(value beans etc for tea). I am a model DFW at the moment, but I am wondering wether to change a little. Hence the new loan(not consolodation, but increasing the years, and lowering the payments) MSE has taught me about consolodation.

Happytogetdebtfree

9 months left paying your dad then you will move on to mil? can you not half what you pay your dad and then service some of the cards that have intrest rates on ? one month pay 500 to dad and pay the 500 off halifax cc, alternate your 1000 each month and pay chunks off teh card with intrest, the loans really your stuck with untill you can fully pay off i think you have a reasonable chance of servicing the debts and enjoying life, but please do not add any further loans unless mil and dad want the money back now then maybe so ... x

Sunnylooloo

I know!! I can imagine Andy! I earn a good salary and yet now I watch every penny.......

You have done the best thing get it all out in open and work through it.

The loan - please I personally don't think it is a great idea - been there done it got the T-Shirt...... loan after loan after loan.........

Now I have a basic bank account - only loans I have are with the mortgage (and house being sold) credit cards all on payment plans and I finally have some money left each month.

I'm off home but I will back tomorrow to catch up on any more comments

Take care
LL