My SOA amd My Debt Diary

skintscotsman

ok folks another addition to the thread:

one credit card just sent me a new card as the current one expires at the end of the month

scissors were used very quickly and it is int he bin in a million pieces

skintscotsman

just cancelled the gym membership too

one more payment of £42 to go and gym is over

never used the damn thing anyway

will fix my faithful old push bike or go hillwalking

arielsmelody

skintscotsman wrote:

NatWest Loan - this is that bit that confuses me!! The original amount I took out in December 2005was £18500 over a period of 7 years with monthly repayments of £300.40.

I was advised this was at a flat rate of 5.2%. I just phoned the bank to ask more about this, and they say this equates to APR of 9.7% and the outstanding balance is actually £22229, therefore making the amount repayable £25233.60.

There is an article on this site about flat rates/APRs, and it sounds as if this is the trap you fell into.
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1140790591,42162

skintscotsman

arielsmelody wrote:

There is an article on this site about flat rates/APRs, and it sounds as if this is the trap you fell into.
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1140790591,42162

:mad: wish i hadn't been so daft

oh well, you live and you learn

Phoenix79_2

Get rid of the £12 advantage gold payment on your Natwest account. Its a waste of time. It offers hardly any benefits.

tryhard_2

hello and welcome
well done on cutting up the card; can u shift debt to lower interest? your car/petrol etc is using a lot of your money. could you downgrade to a smaller car?

skintscotsman

Phoenix79 wrote:

Get rid of the £12 advantage gold payment on your Natwest account. Its a waste of time. It offers hardly any benefits.

if i cut that payment, the interest on my loan will increase

benbenandme

Welcome and good luck !!! :hello:

Sounds like you've made a pretty good start today what with calling up everyone and cancelling the gym and reducing RAC, think of how much you've achieved in a day!! :j

You said you're parents are aware you plan to get rid of Sky, are they aware of the sitution you are in ?? You may find they can help you out too ??

Anyhow, keep posting and good luck!!

skintscotsman

tryhard wrote:

hello and welcome
well done on cutting up the card; can u shift debt to lower interest? your car/petrol etc is using a lot of your money. could you downgrade to a smaller car?

i am going to apply for 0% card so not getting stung on cc interests

the car i have is a 1.4l and really is the smallest engine i could feasibly have for the amount of miles i do. it is an old ford escort that only cost me £500 and only had 55000 miles on the clock. i have already done a further 6000 miles since just before the summer and all i have had to do is replace some tyres and sort the rear portion of the exhaust, all fair wear and tear in my opinion. it breezed through it's last MOT with only a bulb needing replaced and something else that was relatively minor.

skintscotsman

benbenandme wrote:

Welcome and good luck !!! :hello:

Sounds like you've made a pretty good start today what with calling up everyone and cancelling the gym and reducing RAC, think of how much you've achieved in a day!! :j

You said you're parents are aware you plan to get rid of Sky, are they aware of the sitution you are in ?? You may find they can help you out too ??

Anyhow, keep posting and good luck!!

there's no way i could tell my parents of the magnitude of the debt I am in, they would never be able to afford to help me out

i got myself into this pickle, i'll get out of it with my own hard work (and maybe winning the lottery :rolleyes: )