Debt free by summer 2011

gilligansyle

Hi

are you sure ALL your debts are on 0%? I can see that the cc's would be, but surely the car loan isn't. Or are they just fixed payments, like a Welcome Finance deal.

Is the loan secured on the car? You need to check out your options, as technically you may not own it until final payment, but you risk losing what you've paid so far if you terminate the agreement. Maybe ask the question on the main board, someone will know the answer.

Good luck anyway.

rictus123

gilligansyle wrote: »

Hi

are you sure ALL your debts are on 0%? I can see that the cc's would be, but surely the car loan isn't. Or are they just fixed payments, like a Welcome Finance deal.

Is the loan secured on the car? You need to check out your options, as technically you may not own it until final payment, but you risk losing what you've paid so far if you terminate the agreement. Maybe ask the question on the main board, someone will know the answer.

Good luck anyway.

They are not 0%...they are fixed payments. Cant worry too much about the interest as the plan is there wont be any debt(except car payments) by 14th of Febuary!!

The loan is not secured on the car, the loan is not secured on anything. Car is with Blackhorse and Loan is with RBS. Considering i take home £1,300 + a month my debt is 2.5 months ages...small scale compared to alot on here, i think thats why my diary is being overlooked! As theres not much i can cut back on/do for extra income so not much spending goes on on a daily basis for me.

I asked but got no reply. So im just going to stick it out. The car was £7,500...and by my calculations iv still got that left to pay. So thats the interest out the way basicly, now im actually paying for the car.

Might have a lump sum to clear car finance by end of the year as earnings shoot up dramatically in the summer.

So could either be looking at £5k in savings and only my car as debt by the end of 2011 or no debt what so ever so £2k a month disposable income!! Either would be amazing!

I have a bit of money from investments coming in the next few days...about £1200 worth! So that will come in handy!

Overdraft is now paid off...might clear platinum credit card to go with is so il have less than £1,750 to go and 11 weeks until my goal date!!

So £160 a week! Less than half my salary! I can do this!!

rictus123

This is the biggest stumbling block i think i will come across!!

I cant get into work and since i have a manual job i wont be getting paid for it!

Might be off all week! Defo be back to work on Monday though so next Friday it will be as little as £300 take home as opposed to the usual £666!!

This is why i shouldnt have been so stupid with money, i should be enjoying a bit of time off but im not. Im £120 down so far! So iv got about £718 in my account as of a few days time....Still got £500 overdraft btw...long story but basicly im still more than £2500 in debt! Its so annoying, its really getting to me right now! Im stuck in this little village, nothing to do and noone to see. If i got winter tyres on then i would go and see my gf tomorrow but i cant see me having access to money before friday so pointless as she has winter tyres and will be coming here on Friday.

£718 cash + £300 in a week on Friday = £1,000
with £100 digs, £35 phone, £40 phone(i know its down twice...only deal runs out start of next year), £240.40 car payment, £100 petrol, £50 loan, £60 to 2 cards an overdraft(20 each)

Total = £625.40....£375 left for presents and to last me until the 24th where i get (hopefully) 2 weeks pay + 3 weeks holiday. Going by last years this should be about £1,400....just hope i can get at least a third of that to debts!

rictus123

Just thinking about things and things are changing for the better. May not seem like it when im losing a weeks wages this fortnight/other things getting to me but hopefully a few days at work then a good weekend with my gf(wont be spending a penny as wont be leaving the house ) then il be back on track and my mind set and focused on getting closer every week to being debt free..at least this week even though im not earning, im not spending. Im sitting at home doing nothing as its free!


Just cannot wait until the summer right now. Serve my time and wages will be so much better! At long last! So alot more disposable income...will be easier to save up/pay debts!!


I have a new goal to get to right now!

Im going to review my goals...going to try and save up £1,000 before i pay off debts etc and treat £1,000 as 0.


So when that £700 is through im going to give £500 to gf to keep for me...

I might lose a bit by paying more interest but i wont get caught with no money again like i have right now. I hate it so so much its so annoying on a wage like mine with such little expenses !

jwil

Sorry to hear about not being able to get to work, that would be really annoying.

I know what you mean about not having any 'emergency' cash, it's so frustrating knowing that all that cash could be yours if you weren't paying off debts.

Hope you enjoy your few restful days anyway, and hope you manage to get back to work soon!

rictus123

Yeh it is very annoying!! Just off the phone to the bank about a loan to clear all them cards and get rid once and for all. Just going to keep my rbs one for fuel but it will be getting paid off every month. Cant wait until im off work on holiday so im actually getting paid for it - 2 weeks over xmas. Then after once the weathers better il be putting in the overtime. This is just about rock bottom. In debt, not much money to my name and not earning...It will get better though and iv got a homer coming up building a double garage once the weathers better-about March. So that will bring in an extra £1,500 - £2,000 or so. Just what i need. Never going to get in a position like this again.

jwil

It's probably too late, but do you really want to get a loan when you can clear your debts in just a few months anyway? Will it cost you more in the long term or extend your DFD?