Newbie and in need of advice please

dollybeads

Hi all

Went to appt with Bank Manager and covered a whole raft of things I needed to do. My main focus was to see if we could negotiate a lower APR rate on one of my loans, the answer was no......they did offer a consolidation loan and a cheaper rate (slightly) but over a longer term which I declined. However visit not wasted as set up some saving accounts for my monthly budgeting to go into and have a spreadsheet that shows what is allocated for what and ins and outs. Discussed a few other things about selling my house etc etc.

So next step I guess is to keep with budgeting, save enough for annual expenditure and start paying extra off on my high rate loan at 17.98% via my snowball calculations. I am also going to explore what other banks etc can offer in terms of loans at possibly a cheaper APR, as Verbatim has said to be before on here, if you don't ask you don't get.

I appreciate the above may seem really routine, but for me this is a massive step, I actually contacted the bank when I wasn't in crisis and needing more money from them, went with my SOA, Snowball, spreadsheets for savings etc (she was V impressed and had not heard about MSE surprisingly, told her to have a good look). I really don't recognise myself......all of this down to the support and help from you DFWers. Thank you each and every one.

And even if I can't get a cheaper loan will be debt free now by September 2013 if I keep strictly to my budget and overpayments. Get in

Curious123

Dolly, just wanted to say you're really inspiring and have given me a kick up the derriere. May I ask what a snowball is? and SOA? Am v new..

dollybeads

Hi there, and well done for posting, its the first step.

The SOA is what is called a Statement of Affairs, and gives an accurate assessment of your income and expenditure. You put in the details to an online tool, and it works it all out for you in minutes. Quite frightening to do, especially if like me you have been ignoring things in the hope they might just go away........they don't.

there is a linke at the top of the debt free wannabee thread, from southern scouser, I will try and find the link and will post back on here for you in a minute.

Once you have done this, you can copy and paste it to a post on here (see my first post, which shows you what it looks like). From then on in you will be inundated with great amounts of help and advice on what you can do from there on in to reduce costs, consider alternatives, up your income in some very useful and unusual ways etc.

The snowball, is the next step on, where you can if you have any money left over each month (i didn't when I put my first post on based on current spending) pay off the most expensive debts fist. This is really really helpful, it tells you exactly which debts to pay and by how much (which changes each month as the interest goes down). It does this until you are debt free and will give you a debt free date. Most excellent for inspiration. The snowball is part of teh SOA so you can follow the links from there.

Will find the links for you and post again in minute or two.

For me this has been a real life changing event, I have never saved before in my life (as you can see) but you will get oodles of help and support on here that will make a huge difference. Go for it .......it will be the best thing you do for yourself.........Promise :j

dollybeads

Hey curious, link below to SOA calculator, also someon has done a step by step guide of what to do and when so will dig this out for you also. Found it !https://forums.moneysavingexpert.com/discussion/2976812 try this or any of the "sticky's" at the top of the DFW threads (stickies are usually advice that has become permanent so worth a read, v helpful)

Also thanks for your comments, things like this really make a difference and give you a little boost to keep going when things are tough.

http://www.makesenseofcards.com/soacalc.html

Dolly x;)

dollybeads

katsu wrote: »

Hi Dolly,

Tip on the beauty front: look for a college of FE near you that teaches health and beauty. It will run a salon where you can get supervised treatments for a fraction of the high street cost. Try one near your home or work and see what you think of the haircuts and beauty treatments for lower prices. In my experience it is a slower treatment than an experienced beautician/hairdresser would do, but that is why you save money, and you can at least relax for the extra time

All the best.

Rang the local college today for a wash cut and blow dry, £6.00 instead of my usual £45.00. They have a professional salon all supervised by their lecturers. Also charge £6.00 for a facial, so may allow myself a treat at some point in the future. Thanks for the tip

Gingerjar

Hi Dolly

Have just read your fabulous list of achievements, I bet you've amazed yourself with what you've done and saved in such a short amount of time.

Hope you had a good bank appointment and did not get sucked in by the consolidation monster. There are still a few ethical people left in banking (usually the more junior ones!) and I hope you got one of these!;) I did the different accounts for difeerent things last year and it's made a big difference - no more nasty shocks at car service time!

HOpe you have a good evening, m'dear

Lv G x

dollybeads

Hi Ginge

Good to hear from you. The bank went ok, asked about a reduction in my high loan rate APR and the answer was no, they offered consolidation with longer term and lower APR but I declined and explained why. Went with SOA, snowball, spreasheets for savings etc and the manager was v impressed, not heard of MSE so gave her the party line and suggested she take a look.

The visit wasn't wasted as had other things to discuss, savings accounts, selling my house, coming off my joint account with my ex etc etc. But am going to try other banks to see if they can offer me something better, but with a shorter term and less APR. As everyone always says on here, you can only ask and you never know they may say yes! Even if I can't get a cheaper one, by working with the snowball, will be debt free by September 2013, hurrah. Its ambitious but not impossible. its amazing what can happen in just a week..............
Have a good evening Ginge and hope to catch up with you later Dolly x

dollybeads

I feel such a fool, have been religiously going through the mountains of posts and trawling the DFW thread to find people I wanted to keep up with, only to find by accident how you subscribe to threads. Ha Ha what a noodle, simples when you know how.

And for anyone else, even more stupid can't remember what its called that you need to click on. Will find and post back on here.

Dumb Dumb x

dollybeads

Its thread tools in the green task bar, and then subscribe to thread in the drop down menu. I hope its not only me thats this dumb x

Verbatim

Not dumb at all Dolly. I'm sure you've picked up in a week what it took me months to realize!
Good stuff at the bank too, well done you.