24K debt, 25 years old, work in a bank = problem!!

Redbedhead

Maybe an idea would be for you or your fiancee to take a second evening job? Something like shelf stacking at Tesco maybe? Then you would get the added benefit of staff discount to bring down our costs.

Additionally, it won't take you away from the children during the waking hours and doesn't create a childcare problem as the other parent is at home.

Good luck

firesidemaid

gpage2000 wrote:

Thanks again for everyone's tips.. the only thing is.. that i'm finding it hard to disregard the idea of a secured loan. My mortgage people NorthernRock will offer me the total debt for a mere £155 per month, bearing in mind i'm paying over £500 on the debt now. Yes it's over 25 years, BUT....
OR... £24 loan @£155 is affordable, plus we can overpay by £100 per month NOW and then in April my pay rise will allow for a further £100 per month over pay = £355 per month means debt paid in... wait for it.... 6 years 11 months!! That is taking into account interest rises and a small regular pay rise.

There are no fines for paying early as it's flexible, just working the same as overpayments on a flexible mortgage. And i've checked the t's and c's with an ex-solicitor at work... no limits on overpayments.

Surely this is better than losing time with kids? I'll save tonnes of interest, and years of debt, and still pay less out than i am now... and it's not even taking into account the fact that my pay will go up a lot over the next few years, doesn't count my bonuses or the fact my fiancee will begin work again soon...

i haven't found a catch yet, and we have learned well not use credit cards or personal loans again... ever!

Be good to hear what you all think about this one:j

i f you have this mortgage consolidation option i would take it, IMHO - it will immediately relieve the stress.

the mortgage is only ever over 25 years if you don't pay any more off it. if it really is that flexible, then see how much you can pay off it and throw as much at it as you can. currently it's a good rate. when the offer ends in 2 years you can then remortgage to a lower term/less years and pay more when your wages go up.

BUT! BIG BUT! learn from this! cut up all your credit cards - you will NOT need them. maybe save any extra cash in a high interest account at the mo, rather than overpay -use the saved money to pay for christmas.

buy martin's money saving book and learn from this site. continue to save/mse and make money in every way. and remember as you have now learnt, debts reduce your choices in life.

good luck

gpage2000

Well loan papers are on the way to finalise things, it will indeed relieve stress, not affect family time etc

WE HAVE LEARNED THE HARD WAY!!

C.cards all cut up, loans ready to repay

And the fiancee is going to work soon, weekends, and whatever she earns, about 80% of it will go towards overpayments on the loan - with an aim of £100 minimum per month (takens loan term to 10 year, instead of 27!) but if possible £200, then loan is gone in 6 years and a bit...

then we will have £355 spare to hit the mortgage with, not taking into account any payrise or bonus...

so see you all in 6 years for mortgage free advice!

thanks and bye for now:j :j :j :j

Mozette

"what is the point of life if not to reproduce?!"
Well thanks gpage2000, obviously there is no point to my life then, or others who either choose not to, or can't, 'reproduce'. There are some fantastic parents around who have wonderful children, but looking at some, the world would be a better place with a few more people leading 'pointless' lives.
I'd like an Audi TT, but I can't afford one, so I've got a cheap old car, I don't expect the rest of society to fund my choices, thank you, I'm in debt partly due to circumstances beyond my control, partly due to my own actions, but I will get out of it myself. And I don't feel that my life is pointless.

Sorry, I clearly upset some people, which wasn't my intention, the bit about the car was a bit out of order, but particularly for people who would dearly love children but can't have them, I think the remark that there is no point to life unless one reproduces is fairly offensive. But I do accept that there was little point in being sarcastic in return. I'm not slagging anyone off for having children, but neither would I slag anyone off for not having children.

Timmne

Mozette wrote:

"what is the point of life if not to reproduce?!"
Well thanks gpage2000, obviously there is no point to my life then, or others who either choose not to, or can't, 'reproduce'. There are some fantastic parents around who have wonderful children, but looking at some, the world would be a better place with a few more people leading 'pointless' lives.
I'd like an Audi TT, but I can't afford one, so I've got a cheap old car, I don't expect the rest of society to fund my choices, thank you, I'm in debt partly due to circumstances beyond my control, partly due to my own actions, but I will get out of it myself. And I don't feel that my life is pointless.

Don't be such a pr!ck - OP didn't suggest that other people would pay for his kids. He had kids and for some reason that none of us know, and shouldn't presume, he ended up becoming short of money and had to fund debts with debts. It happens to quite a few of us here on the DFW board; maybe you should look at the basics of this board before you come in here sl@gging off all and sundry without knowing any facts.

I can't bear arrogant, self opinionated people like you spouting your worthless views; pretty much the worst kind of contributions given on this board are ones from people like you.


Edit: I realise this comes across as rather confrontational; I apologise if it has offended anyone (except anyone else who is going to moan at/about someone that's in debt).

GreyPilgrim

Mozette wrote:

"what is the point of life if not to reproduce?!"

Although I find the sentiment a bit careless and shortsighted, its a totally watertight argument from a darwinian point of view

Cannon_Fodder

Isn't this whole website about showing people better ways to achieve the same thing - more money efficient ways, often, but also related to life...

So, sometimes it is necessary to give people a reality check...

...a year's planning and saving, would have helped before the kids arrival. Too late, now, yes...can't stick them on ebay...but for others who lurk on the site, reading about the OP dealing with their situation, it could be useful to see wider opinion's - it could save the next person going down the same route....maybe.

I don't think this OP has truly has his lightbulb moment. He's on the way, a start is better than not. But not there, yet.

Good luck, moving forward.

gpage2000

Mozette wrote:

"what is the point of life if not to reproduce?!"
Well thanks gpage2000, obviously there is no point to my life then, or others who either choose not to, or can't, 'reproduce'. There are some fantastic parents around who have wonderful children, but looking at some, the world would be a better place with a few more people leading 'pointless' lives.
I'd like an Audi TT, but I can't afford one, so I've got a cheap old car, I don't expect the rest of society to fund my choices, thank you, I'm in debt partly due to circumstances beyond my control, partly due to my own actions, but I will get out of it myself. And I don't feel that my life is pointless.

oh dear... some people like to take things more seriously than others! Thta is not my view on life at all, just mearly an instant response on reading your quite unhelpful comment previously posted.

Anyhow... even if i had no kids, i'd still have been in the same boat, so end of 'argument' that's for another website. and my pointless remark, was aimed at the remark you made.. as it was pointless!

I am sorry if i've offended anybody else, no hard feelings
now back to debt....:A

gpage2000

GreyPilgrim wrote:

Although I find the sentiment a bit careless and shortsighted, its a totally watertight argument from a darwinian point of view

thanks - it's true in that sense, and everbody leads different lives.. I am now a true family guy, but 6 years ago when i first met my fiancee, i was completely the oposite! but to make things clear, my debt has in no way come from having children.

Yes 2 wages is better than 1, but we would have only spent the money on something else!

gpage2000

Cannon_Fodder wrote:

Isn't this whole website about showing people better ways to achieve the same thing - more money efficient ways, often, but also related to life...

So, sometimes it is necessary to give people a reality check...

...a year's planning and saving, would have helped before the kids arrival. Too late, now, yes...can't stick them on ebay...but for others who lurk on the site, reading about the OP dealing with their situation, it could be useful to see wider opinion's - it could save the next person going down the same route....maybe.

I don't think this OP has truly has his lightbulb moment. He's on the way, a start is better than not. But not there, yet.

Good luck, moving forward.

We couldn't have saved due to debt... and the children are nothing really to do with the debt, a lot of it was accumulated in the years before their appearance.

As i previously mentioned, I have many friends who live with their partners, save money.. have a nice home, talk about having kids, and then will wait til they are older and more 'secure' which is fine if that's what they want to do.

WE did not plan to have a baby, (the second we did!) - and life changed completely from there, money didn't really come into the picture then, so my lesson learned is to keep a tight watch on the finances at all times, as we just ignored things, and ended up in a bad place.

Thanks for the good luck, a secured loan is certainly not good for all: but we know now - the hard way.