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"Simply not solvent!

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  • Verbatim
    Verbatim Posts: 4,831 Forumite
    Part of the Furniture 1,000 Posts
    Congratulations on the overpayment. That's one payment I've never regretted, paying extra to the credit cards even tho' all mine have been at 0% I've been so glad when I paid more early on and so regretted it when I thought I had loads of time before they expired and "something else" seemed more urgent that month.

    Note to self pay large chunk this month to make up for too little last.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • planbetter
    planbetter Posts: 52 Forumite
    Part of the Furniture Combo Breaker
    Thanks for the link to the snowball thing - was heartened that I may be debt free in my lifetime - felt as if I would be in this position for ever. Got some cashback on my remortgage and put most of it towards credit card. Would have had to treat myself and family but now can see that paying off the most expensive debt is the best plan. Don't know if regular overpayments will be possible but will continue to seek inspiration from this thread and who knows!
    http://www.moneysavingexpert.com/img/ml-thumb-spin2.gif
    :money:

    Proud to be dealing with my debts
  • Verbatim
    Verbatim Posts: 4,831 Forumite
    Part of the Furniture 1,000 Posts
    How are you Sea???
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • Seaxwyn
    Seaxwyn Posts: 4,896 Forumite
    I'm fine, thanks, Verbatim. I haven't written on here for a few days as nothing really has changed.

    I had a conversation with OH which unfortunately went the usual way of me nagging and him being defensive. However his bank balance is healthily in the black and he has paid a few bills this week so that's all positive. I think he has got the message that any spare cash has to go onto my Abbey CC, and I'm going to lay off the nagging until closer to 16 June, when my '1.9% rate ends.

    I am thinking of transferring OH's loan onto my Abbey card. I phoned to enquire and they said that when the current promotional rate runs out they will offer me a new one, the woman even said it might be 1.9% again. I'll need to pay off £900 to make space within my current credit limit, which should be possible and the thought of losing the loan might be the incentive OH needs to make that kind of payment.

    Of course the money currently on the card will stay at 12.9% and the 'new' money at the cheaper rate will be paid off first, so I'll need to find out the details and seek advice on whether that is a good move.

    Workwise, we are still busy, though OH is coming to the end of the work he has booked. He has been encouraged to apply for a job, which is really good for his morale, however it's in a town 180 miles from here so needs some thinking through.

    All in all I'm feeling quietly optimistic today.
    Total debt: 1 January 2007 £[strike]49,387.79[/strike] 1 January 2012 £[STRIKE]19,312.85[/STRIKE] 1 August 2012 £11,517.62



  • Seaxwyn
    Seaxwyn Posts: 4,896 Forumite
    Ignore the above, something MUCH better has come up.

    Thanks to a post from the wonderful taxi73, i applied for an Egg card with 0% for balance transfers until May 2008. And marvel of marvels, I was accepted, with a credit limit of £7,500! So the HSBC loan can go on that, along with around £3,500 off the Abbey card.

    It should then be possible to clear the rest of the Abbey card and hey presto, the big loan becomes no 1 target debt. And perhaps someone on this wonderful site will have an idea for dealing with that.

    I'm really chuffed! So is OH! He is just off to the off licence now to get something to celebrate.
    Total debt: 1 January 2007 £[strike]49,387.79[/strike] 1 January 2012 £[STRIKE]19,312.85[/STRIKE] 1 August 2012 £11,517.62



  • Verbatim
    Verbatim Posts: 4,831 Forumite
    Part of the Furniture 1,000 Posts
    Excellent. I'm glad you have a result!!:beer:
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • hypno06
    hypno06 Posts: 32,296 Forumite
    10,000 Posts Combo Breaker
    Fab news about the Egg card - it will really make a difference, and may just be the kickstart that OH needs.

    Once you have moved all the money around, update your snowball calculator and see what difference it will make.

    Stay positive, you are on a roll now!
    Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)
    Life begins at the end of your comfort zone (Neale Donald Walsch)
  • Seaxwyn
    Seaxwyn Posts: 4,896 Forumite
    OH has a work dilemma (a luxury for someone who has been without regular work for a long time). He has two offers for the next academic year...
    • Sessional lecturing worth £9622 at the college where he currently works - this is a minimum as it doesn't include time for marking. On a freelance basis so no perks such as holiday pay, pension etc. He should get a certain amount of freelance work to fill the gaps but nothing is guaranteed.
    • A full-time job at a different art school, salary £26,666 with all the perks of a full-time job HOWEVER 180 miles from home (and not an easy journey either by train or car) so he would probably have to rent a room there and commute weekly in term-time.

    It's hard to know which is the better option. Does anyone know how to even start weighing these up?
    Total debt: 1 January 2007 £[strike]49,387.79[/strike] 1 January 2012 £[STRIKE]19,312.85[/STRIKE] 1 August 2012 £11,517.62



  • bandraoi
    bandraoi Posts: 1,261 Forumite
    could you move?

    (oh, and woohoo on at least having an option!)
  • Seaxwyn
    Seaxwyn Posts: 4,896 Forumite
    Hi Bandraoi

    We don't want to move. We have friends and family here. The children are very settled at their schools. Also my work requires regular trips to London, which is very quick and easy from here. We have discussed it and are all agreed that if he takes that job, he would spend the weeks away.

    And yes, it's great having a choice!
    Total debt: 1 January 2007 £[strike]49,387.79[/strike] 1 January 2012 £[STRIKE]19,312.85[/STRIKE] 1 August 2012 £11,517.62



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