My Names Stuart And I'm A Debtaholic :-)

ScrewLooseStu

Ali,

Thankyou for your post. I agree with your sentiment and understand why consolidation may not be the best option for me.

however i cut my credit cards up a year ago and haven't taken out a loan for over a year so feel that i am starting to get a handle on my spending.

The latest step has been to make personal sacrifice.

I am selling my beloved motorbike.
I have sold my Rolex
I have cancelled my gym membership
I have cancelled my personal trainer
I haven't had a holiday this year
I haven't spent any money on clothes for 6 months

I am trying to illustrate that i am willing to make sacrifices to get my situation back on track. I am going to keep Sky and cancel the broadband unless the company will pay for it, the reason behind this is simple. Like when you go on a diet, if you cut everything out you will end up getting depressed and having a blow out. Likewise if i have nothing then i may have a moment of weakness, i used to have the full Sky package and have reduced this to a lesser package (Cancelled movies) and i will phone Sky up and tell them i am thinking of leaving to see if they will offer me a better deal.

Am i being unreasonable or is keeping one small luxury acceptable?

What does SOA mean and can you point me in the direction of an example so i can do the same.

Where is the snowball calculator?

Thanks.

Stuart

Gemmzie

https://www.whatsthecost.com is the snowball calculator

There's a sticky a the top of this forum about SOAs ... there you go... http://forums.moneysavingexpert.com/showthread.html?t=107280

motch

Hi Stu

heres the snowball calculator link:-

http://www.whatsthecost.com/snowball.aspx

Applying for a Life of Balance 3.9% is what i've done and transferred
a credit card balance onto it, big weight off my mind... If your credit history is good then you should get one. Transfer those high rates onto it or onto a 0% for a year card...

Jase :beer:

gallygirl

Am i being unreasonable or is keeping one small luxury acceptable? Grrrr I hate being put on the spot!!!!! On the basis you've sold your Rolex (oooohhhh get you, what a poser you were, what with your personal trainer & all!!!!!) I'll reluctantly allow the sky .

Seriously, you've been battling away for a while with no tangible results, so well done for persevering. Selling the bike will be great, not only will it give you a good lump sum to play with but will give you more money each month to get snowballing .... lets get started!!!!

Hope you've had a good weekend, looking forward to seeing your full SOA & Debt Free Date!

ScrewLooseStu

Hi,

Quick update,

I have applied for a Marbles card which offers a 0% balance transfer for twelve months.

They give you an answer online and i was accepted so will transfer the A & L credit card balance to this as soon as i get the paperwork.

Then i will close down the A&L account (Not that i have had the card for a year) and pile as much money as i can onto the other debts whilst the 0% runs.

Does this look like a sensible thing to do?

Would it also make sens to combine my other loans into a cheaper loan in order to pay it off quicker at a cheaper rate?

Advice please....

Stuart

ScrewLooseStu

Ali,

The Rolex was a treat after a promotion and it was paid for in full;)

It was hard to let go of but needs must and i have already planned to buy another ridiculously expensive watch in the future.

But it IS!!! going to be paid for with my savings after i am debt free, it will be so much more sweet that way :T :A

And i am not a poser (Honest!!!!!)

Stuart

GingerSte

Firstly the 0% credit card. This is a good plan. However, do not spend any money on your new card, as you will pay interest on it. Also, do not treat this as an excuse to go out and get more credit.

Secondly, combining smaller loans into one big one is called consolidation. There are a lot of threads on this site asking about it and the answer is usually the same. Don't. What usually happens is you end up paying over a longer period of time and, even with the lower APR, you end up paying more. Plus, a lot of people see it as a way of getting more credit. This just leaves them with their credit card bills and loans AND a big consolidation loan to pay off every month. So my advice is to avoid it.

Hope this helps.

ScrewLooseStu

Right,

I am making progress. Just signed up to Quidco and took advantage of the Blockbuster free rental offer. Not only do i get to watch some free films but i get paid £7.50 for the privelage.

I am liking this :cool:

Sent of my 2nd letter to the bank requesting my charges be refunded, depending on their response in 14 days i may have to file against them but i am getting close now and that is £1,085.00 towards my debts.

Just gotta sell my bike.... Anybody want to buy a lovely Yamaha R1 (05)

Stuart

Verbatim

Geat progress. Well done with the DVD stuff.

have no need for bike, but thanks anyway!

ScrewLooseStu

Well i have a huge pile of DVD's and Cd's ready to sell, any advice which is the best site to sell them on?

I have used the snowball calculator and once i have sold my bike i feel 36 months is realistic to be debt free. therefore i am aiming for 2 years

I have lots and lots to sell and am sure that i can raise about £1,000.00 by the end of the year therefore i have set my own ebay challenge....

Look forward to hearing from you...

Stu