Newbie - your thoughts etc welcomed!

clarab_3

Hi,

I'm guessing you have no PPI on your loans or cards or you'd be claiming them, but it might be worth checking and cancelling if there is - It wont pay out because you are self employed so you would be better without and may be able to cut your minimum payments until you are back on your feet financially.

moestar

No, recently cancelled PPI on one of my cards as realised it was pointless. Grrr wish I'd done it ages ago!

Thanks for the thought! :-)

M

clarab_3

moestar wrote:

No, recently cancelled PPI on one of my cards as realised it was pointless. Grrr wish I'd done it ages ago!

Thanks for the thought! :-)

M

there may be compensation to be claimed on all the PPI youve paid out on to date if it was missold to you - ie if you were self employed when you took the cards out?

moestar

I have achieved my goal for 12 Feb - moving £8600 from 16.9% to a new 0% deal with Virgin.

Rather than accepting the 3.9% until August offer on my statement, I rang up and asked them what they could do for me. Chap was very helpful and here are the terms:

0% deal until Nov 2007.
They transfer £8600 into my bank account in 5-6 working days
I use this to pay off the 2 credit cards I'm BTing from
- this means I only pay one £75 BT fee instead of two, one for each card.
The £8600 transfer doesn't count as a cash advance or anything - it is still at 0%.
First month's payment is £80 (£5 minimum and £75 BT fee)
Subsequent months until November the min payment is £5 (currently about £200)

I think this is a good deal - unless anyone thinks differently? I did elegantly sidestep the offered PPI :A

As in my SOA - I am in a temporary negative cashflow situation, month on month, due to recovering from illness. So the £195ish reduction in payments will be a real help for the next couple of months. But I am aware that I don't want to pay the minimum up till Nov and then have barely paid anything off the debt! So will do my sums and plan on increasing the monthly payments from say May - to at least £200 which should mean the debt falling by £1400.

Also a confession - at the last minute I asked them to add £1000 to the £8600 cash to my bank account - this is entirely on the same deal. Rationale being that I am worried about cashflow the next month or two, for the first time ever I think I am literally down to nothing in my bank account :-(

I figure that I can keep this £1000 as emergency money in a savings account in case I need it - rather than having to borrow in a hurry when the sh*t hits the fan. And at least make some interest on it in the meantime. Don't feel entirely comfortable with having increased my debt by that £1000 - I guess I can always pay it back off the Virgin card next week if I decide it was a bad idea. At 0% and capped BT fee, nothing lost.

What do you think???

Re PPI: I reckon I paid about £350 the last couple of years - I may write to them and complain about misselling, & see what happens. Cheers clarab.


Moestar

moestar

Have achieved my goal for 12 Feb - moving £8600 from 16.9% to a new 0% deal with Virgin. :j

Rather than accepting the 3.9% until August offer on my statement, I rang up and asked them what they could do for me. Chap was very helpful and here are the terms:

0% deal until Nov 2007.
They transfer £8600 into my bank account in 5-6 working days
I use this to pay off the 2 credit cards I'm BTing from
- this means I only pay one £75 BT fee instead of two, one for each card.
The £8600 transfer doesn't count as a cash advance or anything - it is still at 0%.
First month's payment is £80 (£5 minimum and £75 BT fee)
Subsequent months until November the min payment is £5 (currently about £200)

I think this is a good deal - unless anyone thinks differently? I did elegantly sidestep the offered PPI :A

As in my SOA - I am in a temporary negative cashflow situation, month on month, due to recovering from illness. So the £195ish reduction in payments will be a real help for the next couple of months. But I am aware that I don't want to pay the minimum up till Nov and then have barely paid anything off the debt! So will do my sums and plan on increasing the monthly payments from say May - to at least £200 which should mean the debt falling by £1400.

Also a confession - at the last minute I asked them to add £1000 to the £8600 cash to my bank account - this is entirely on the same deal. Rationale being that I am worried about cashflow the next month or two, for the first time ever I think I am literally down to nothing in my bank account :-(

I figure that I can keep this £1000 as emergency money in a savings account in case I need it - rather than having to borrow in a hurry when the sh*t hits the fan. And at least make some interest on it in the meantime. Don't feel entirely comfortable with having increased my debt by that £1000 - I guess I can always pay it back off the Virgin card next week if I decide it was a bad idea. At 0% and capped BT fee, nothing lost.

What do you think???

Re PPI: I reckon I paid about £350 the last couple of years - I may write to them and complain about misselling, & see what happens. Cheers clarab.


Moestar

flowerofscotland

Well done on facing up to your difficulties. I can empathise with your situation as a big reduction in income is partially responsible for my debt situation (spending too much was another factor ..................)

Getting the 0% deal from MBNA seems to be very sensible in the current circumstances - the big danger of course is missing the deadline for paying back before the deal finishes as you will only have paid off a few pounds (35 per month).

Good luck with your ventures

moestar

Many thanks for the encouragement flowerofscotland.

I know I have spent too much too - mainly on property investment courses in the US which I haven't so far had the guts/money to do anything with!

At least I am a lot less high maintenance that I used to be in the city - spending thousands on clothes and flying to France for lunch etc .. !! Thought it was all great until I realised I am mid-30s and have no assets.

Most of my spending now (other than debt repayments!) is on improving my horse training & business skills, though I need to watch that spending carefully too.

I have a big note in my diary in October reminding me when the 0% deal ends - when I have a date I'll set up the MSE reminder thingy as well!! Determined to save fees.

Cheers again,

M

gingeremmie

No advice as I'm a newbie too but good luck and I'm sure there must be ways out of the situation. I hope the benefits do become approved, it's not your fault you were ill.

You do horsey things too don't you? Or am I mixing you up with someone else? Do you do any teaching? Could you do any other services - clipping or something?

moestar

Hi gingeremmie,

Yes I do horsey things. :-) Was it you that fell off your moped? It's hard to keep track of everybody! :rotfl:

Something I haven't done a lot of recently is problem horse work. I did a quailfication a few years ago, learned Join-Up etc and was thinking recently that I should start doing that again, as well as the teaching. Tbh I have about as much on my plate as I can handle at the moment! Though my main schooling client is on box rest :-( so not getting paid for doing that. Still I have a clinic booked for May and hopefully more during the summer when everyone wants to get out and ride a bit more.

How is your laminitic horse (if that was you!)? Do you know what caused it this time of year? Was the grass growth enough to bring it on or was it another toxicity?

Anyway, see you around,

M

Reformed

Have you considered teaching secondary? It sounds as though you intuitively know how to explain to people, you'd get a bursary and a golden hello - however its a bit intense if you are recovering from illness. Perhaps you could tutor? Best of luck whatever you decide to do - I hope it works out for you

*A*