Debt's getting worse, help!

dancingfairy

Hi - I think a spending diary/analysis would help - if you can free up any of that 'spare' 500 a month it would really help.
Other suggestions:
1) I'm not sure what interest rate is on your barclaycard? Perhaps you can see if you can get a decent interest transfer deal to lower the interest?
2) Are there any ways to get extra income - any items you can advertise in the paper that someone might want for christmas? perhaps a car boot inside or planned for spring?
3) I presume you are shopping around as best as you can for any expenses that crop up?
4) have you checked you electricity lately to see if you are on a good tariff and whether you are in credit or not?
5) anyway to collect tokens/points etc - ie Nectar/Tesco - my boyfriend managed to redeem an HMV voucher through coke points yesterday - anything like that you can collect?
6) internet surveys etc for a few pence?

Hope something takes your fancy.
Good Luck - keep chipping away at it.
df

pugzy

dancingfairy wrote: »

Other suggestions:
1) I'm not sure what interest rate is on your barclaycard? Perhaps you can see if you can get a decent interest transfer deal to lower the interest?

It's a balance transfer of £1600 from Halifax that I made in Oct 2010 on a 0% APR balance transfer deal until Oct 2011. I have just closed that Halifax account today. I struggled to find a company to take me for the balance transfer, so joined Credit Expert and they got me this one first time, without affecting my status

2) Are there any ways to get extra income - any items you can advertise in the paper that someone might want for christmas? perhaps a car boot inside or planned for spring?

Have already been doing that for months. We don't buy things just because we have done in the past, only what we use and the essentials. My OH won an iPod Nano at work a while back and I sold that on eBay to a local guy for £100 on Sunday. Currently got a CD changer and a guitar on eBay but no luck yet. Car is up for sale too. Really don't have much else to sell of value though.

3) I presume you are shopping around as best as you can for any expenses that crop up?

My partner is perfect for this, does it all the time. We've never spent over £80 a shop and we only shop every 2 weeks. Just get little essentials if needed (milk etc.)

4) have you checked you electricity lately to see if you are on a good tariff and whether you are in credit or not?

Yeah, it's not perfect but Scottish Power screwed us over with a large estimated bill and then hiked the DD up in March 2010. Have paid that all off now, just entered a new reading and it's still high. But we live in a 2 bed coach house, only electric, no gas, keep the heating off for as long as possible and use E7 where we can, but having 4 empty cold garages underneath your feet really does make a negative difference to the feel of the place

5) anyway to collect tokens/points etc - ie Nectar/Tesco - my boyfriend managed to redeem an HMV voucher through coke points yesterday - anything like that you can collect?

Again, my partner and I do this all the time. Bought most people's presents from Tesco Direct on Sunday using the double your vouchers scheme. Perfect!

6) internet surveys etc for a few pence?

Am signed up but have only done a few. They were tedious, 9 out of 10 didn't accept me, and the others were literally pittance and took a long time. Had no stamina or patience TBH.

As you can see, we've explored a lot of avenues already and have always scrimped where possible, it's just my large loan that I got before we were together that I pay off and the credit card which screwed me up when I changed jobs in Oct/Nov 2009. Other than that, we're fairly good, just playing catch up and wanting a future too!

Thanks for your help, much appreciated

MrsTinks

cycling... ok you can't cycle in a suit - but you CAN carefully put your suit in a bag and wear something else... I know this is possible as a slightly nutty ex of mine cycles about 15 miles to work and back in all weathers... I grant you he is a bit weird and actually ENJOYS cycling! But he does have buns of steel!
Anyway - I can appreciate your OHs views on not wanting to delay the wedding - I didn't want to delay mine either... thankfully my dad paid for most of it although it still meant there were things I should have not scrimped on in hindsight which had I waited a year we could have afforded...
And you need to change your SOA if the "pot" isn't joint Either it's ALL joint or it's ALL seperate and then you need to put in exactly what you pay for each bit of the bills and split it evenly...

otherwise you will have a surplus which you don't really have as she's putting £300 away so it's really only £200 and I'm sure she has a haircut too and the odd bridal magazine and and and

pugzy

Trust me, where I live really isn't ideal for cycling to and from work, especially at the times of day it would be required and the time of year, so it has to be a no-no I'm afraid, it would save me a packet if I could though

Ok, maybe I need to re-do the SOA and repost later on as I was unsure on splits of joints etc.

As for mine, I'm determined to get it sorted, just need a few bits to go my way (hope my bonus still exists next year after all the cost-cutting that's gone on there/sell my car/get one of the 2 jobs I've applied for and have interviews for next week as they're more money)

pugzy

Thought I'd update this thread instead of beginning a new one

Well, best part of 6 months on from my original post where I was crying for help and I've made some of the best decisions in my life, still in a large amount of debt, but I'm well under control, just wish it would clear a lot quicker. Created a full on repayment plan which I am trying to stick to where I aim to snowball my 2 big debts.

- My bank loan is now £3.4k - I pay £118.65 per month, however, as it's 14.88% APR, only around £75 actually gets paid off towards it each month. Is it worth me trying to put this on a Balance Transfer with a credit card at 0% and clearing off each month with the full £118.65? Is it likely to be accepted and is it recommended?
- My credit card is now at £1k, I have been paying £116.45 per month to try and clear it before Christmas.
- My £772.32 court case I paid off thanks to my mum pursuing my Gramp's will in which he left £1k to me.
- £3.5k student loan is still continuing, but as said before, not concerned about that right now.

I sold my car which was a thirsty v6, bought the cheapest, most economical, cheapest tax and insurance vehicle - 106 1.5 Diesel which gets over 60mpg everytime and has cut my fuel bill by well over half per month!! It's amazing and best decision ever!!

My partner and I are still wedding planning and everything's going great, got a good plan worked out, majority is sorted and I'll ensure it's the best day of her life. She is paying and saving for it all, along with her parents and my mum.

So yeah, all going well and am happier than ever - plus, I start my new job in 2 weeks which is a £1k payrise on my current job

Long way to go but I'll get there, just wondering if I'm snowballing my debts in the right way due to APR's on both the big debts (loan and credit card). I'm currently trying to go down the route of paying enough every month on the credit card so that it will be cleared by Christmas, then I can throw that amount towards the loan too, as well as the £118.65 I pay towards it. However, with the APR of the loan at 14.88%, should I be throwing this extra cash at the loan right now and just paying the minimum towards the credit card whilst it's at 0% (till October then I'll balance transfer again).

Is it worth trying to shift this £3.4k loan amount onto a 0% APR balance transfer credit card?

Thanks for all the help and advice guys

pugzy

Well, I just found my old thread from this time last year by chance when I began to deal with my debts...how things can change!

I got married and it's all paid off already

I've paid off my Barclaycard CC which was £1.6k.

I've paid off my Lloyds loan which had the interest on it (around £1.4k)

All that's left to pay is the other part of the loan that I moved over on a 0% MBNA Money Transfer (£1.8k)

So in 12 months, turned everything around, reaped the rewards and paid over half my debt...the remaining MBNA debt will be shifted by April 2012

I'm very proud now

dancingfairy

wow congratulations.
df

ILoveEoin

Well done 2 u:)

hope u both had an amazing wedding and good luck in the future esp been debt free xx

JustinCredibleGillespie

Fantastic news! I wish you all the best

JCG

xx

Catslovelycats

Well done, Pugsy!
Life must feel so different for you now.
How on earth did you manage to pay off so much so quickly? Please tell!