My SOA No.2

firesidemaid

angel31572 wrote: »

I understand your curiosity. There was a very specific reason for the debt occuring in the first place. All quite tragic but very personal. Thanks for asking anyway.

sorry, i wasn't meaning to pry at all. when i ask this i don't ever mean that you have to tell me/us, just for you to think about.

wishing you all the very best x

angel31572

sazzacat wrote: »

sorry, i wasn't meaning to pry at all. when i ask this i don't ever mean that you have to tell me/us, just for you to think about.

wishing you all the very best x

I don't think for one minute you were prying. I appreciate your interest and your help.

Crown

Hi again Angel, Nice to see you back

I havent really got any advice as I think Clapton summed it up in his earlier post. Just thought i'd wish you luck with it and make sure you let us know your decision

angel31572

Crown wrote: »

Hi again Angel, Nice to see you back

I havent really got any advice as I think Clapton summed it up in his earlier post. Just thought i'd wish you luck with it and make sure you let us know your decision

Thanks again. I will let you know.

Storm

angel31572 wrote: »

Loan: £180

Credit Cards:
#1
Interest rate: 27.9%
Balance: £3900 I pay more than the minimum payment of around £120 per month (usually £200) but have to use the card again before the end of the month. Balance is not going down.

#2
Interest rate: 26.5%
Balance: £1750 I pay more than the minimum amount each month (usually £150-£200) but have to use the card again before the end of the month. Balance is not going down.

#3
Interest rate: 27.9%
Balance: £750. I pay more than the minimum amount of around £60 (usually £80-£90) but have to use the card again before the end of the month. Balance is not going down.

Total Credit Cards: £6450

How much is the actual proposed loan for? The total amount you'll repay is £19655.28 (£272.99 x 72) which when your CCs only total £6450 seems ridiculous! Is this including the remainder of your previous loan too? How much is that for?

What really scares me with these sort of loans is the length of time it will take you to repay it - a lot can happen in six years, and whilst we all assume our pay will go up, it can't be guaranteed.

Penny-Pincher!!

Hi

Whats your credit like? Could you apply for a 0% cc and BT the accounts over

I just dont like the idea of taking credit out to pay credit IYSWIM. At least with a 0% you know where you stand etc.

PP
xx

13katrina

Hello,

February 2006, my husband and I split up after years of struggling financially. Our marriage was in crisis, our daughter was miserable and I thought that was it. I had a crazy year without him and got into even more debt (as did he). We finally sat down; got real and realised we had a huge problems (around December 2006). We patched up our relationship but due to all the financial mess we had created we were unable to move back in together - my tax credits would have gone down to £10.50 a week due to his income but his income was only just covering the mortgage, paying his debts, keep to his parents plus a monthly travel pass for work (and I was using every last penny I had to just live, pay my debts, childcare and a huge joint loan - the monthly payment is the same as some peoples mortgage payment).

To cut a long story short, we were going to consolidate - luckily I found this site first and we learnt how to live cheaper, pay our debts off logically with the least amount of interest being charged and are now well on our way to being debt free.

My husband will be moving back in at the end of April (we still have a way to go but this is a huge step forward to us- we'll finally be able to be a family again). It's been a sharp learning curve but I can honestly say I won't get into debt again. We consolidated twice before and if we'd gone down that route again, I expect in the end we would have lost our marriage and our home.

Good Luck whatever you decide to do - I totally understand why you would want to consolidate - for me, I thought it was the only way I'd be able to put my family back together. However, yes this way was harder in the short-term but the lessons we've learnt will last us a lifetime and hopefully will preven things falling apart in the future.I can vouch for the fact there are people here who can help. Also, look at the budget planner - this has been the single best tool, I've taken from this site - it's amazing what having a plan can do for you (and it's amazing what you can learn to live without).

Sending big Hugs - I know it's not easy. Katrina