My/ our debt in black in white. Advice needed!

The_Tax_Mans_Cash_Machine

Send back the "goods on approval" from the catalogue !!!

Skint-gall

ifonlyiknewthen wrote:

If your OH gets new o% or low lob card he could transfer your card debt onto it. They just want card number not who`s name its in.
OH and I have done this with our debts to swap things around to get best card deals!

Thanks. Will get him eto apply. Just need to decide which card to apply for.

Skint-gall

The_Tax_Mans_Cash_Machine wrote:

Send back the "goods on approval" from the catalogue !!!

I wish I could but they have to be sent back within four weeks unless they are faulty. The goods on approval part means that basically they are buy now pay later purchases.

Bestthingsinlifearefree

Hi SG,

Excluding the debts your joint income is much higher than your joint outgoings.

So just out of interest what did you spend the 30K of debt on. How was it run up ?

By identify what caused the runing up of the debt may help you in the future to keep on the right track.

I wish you well.

Best,

pudding06

Are you snowballing?

Remember that apart form finding lower rates of interest you should be paying all the extra off the card with the highest interest first. Then when thats paid off the payments stay at the same rate and get transfered as extra payments to the next highest interest rate.

probably teaching grandmother to suck eggs but just in case I thought I'd mention it.

https://www.whatsthecost.co.uk is a good snowball calculator but I used this to shock myself into action the created my own excel workbooks whcih are brilliant for tracking everything.

good luck

pudds

Skint-gall

Bestthingsinlifearefree wrote:

Hi SG,

Excluding the debts your joint income is much higher than your joint outgoings.

So just out of interest what did you spend the 30K of debt on. How was it run up ?

By identify what caused the runing up of the debt may help you in the future to keep on the right track.

I wish you well.

Best,

Hi we were both students for four years, moved out of the family home when we were young and paid for our wedding. Also just before our wedding my OH was forced to resign from his well paid job and it has taken some time for him to be earning a comparable wage again.

Skint-gall

pudding06 wrote:

Are you snowballing?

Remember that apart form finding lower rates of interest you should be paying all the extra off the card with the highest interest first. Then when thats paid off the payments stay at the same rate and get transfered as extra payments to the next highest interest rate.

probably teaching grandmother to suck eggs but just in case I thought I'd mention it.

https://www.whatsthecost.co.uk is a good snowball calculator but I used this to shock myself into action the created my own excel workbooks whcih are brilliant for tracking everything.

good luck

pudds

At the moment we are not snowballing. I don't know whether it was best to do this or to throw everything at the smallest debt so that we have one less debt. Snowballing probably is the best idea. Any extra we make from ebay etc will go straight to Cahoot.

pudding06

At the moment we are not snowballing. I don't know whether it was best to do this or to throw everything at the smallest debt so that we have one less debt. Snowballing probably is the best idea. Any extra we make from ebay etc will go straight to Cahoot.

yes there are two ways of doing it and really it depends on the individuals which way suits you best.

the snowball calculator link allows you to calculate it if you do it higest interest rate first and then if you paid it off smallest debt first.

this allows you to compare how much difference in interest there would be.

i'd have thought that if you have a small debt at 0% and another at 11% it seems silly to pay off the 0% one first, even if that one was comparatively small.

pudds

Skint-gall

pudding06 wrote:

yes there are two ways of doing it and really it depends on the individuals which way suits you best.

the snowball calculator link allows you to calculate it if you do it higest interest rate first and then if you paid it off smallest debt first.

this allows you to compare how much difference in interest there would be.

i'd have thought that if you have a small debt at 0% and another at 11% it seems silly to pay off the 0% one first, even if that one was comparatively small.

pudds

Thanks. I will discuss with my OH tonight and see what we decide is best option.

Storm

With the goods on approval from Choice - are these all things you really need? If you can't send them back, but they're still new it may be worth trying to sell them on Ebay - OK, you won't get the full cost back, but it will allow you to pay off a big chunk of the account (which will probably be astronomical after the free credit bit)