trying to help others become debt free

doitmyself

ifstar wrote: »

Got to disagree with you.

Most people aren't very well educated about money and debts (personally I think budgeting and explaining about credit etc should be taught in secondary school but thats a different topic all together). Since most people aren't very well educated about it, they don't know the best way to try and get out of debt and that is why "homeowner" loans etc seem appealing, since they let you pay off all your other debts then even give you money for a nice holiday.

You have said that Martin basically only goes on tv and talks about switching credit cards etc but there is also a whole lot more than that. For instance if you take to the left and see the money saving menu tips, there are tons or articles in there showing people how to get the same or better services for less than they are paying now. How many people bother to change their home/car/life insurance providers annually? These sort of articles give some great help in saving hundreds a year. The problem is, most people aren't aware or can't be bothered as they assume it will be a lot of work and hassle.
I think the budget planner article and spreadsheet are probably one of the most worthwhile things anyone can fill in because it really hits home what your outgoings are and that can help people change their views.

You have also said that since rates are going to increase then it's going to get harder for everyone in the near future. Again you are correct, but there are always ways for people to save money. If you think this site and Martin just preach about 0% or lifetime balance credit cards then you have missed something along the way. Have a look at the articles on the left. There is probably a fair amount you can learn. I've never been in much debt as I was generally brought up to only buy what I can afford, or what I would be able to pay back realistically but the articles have helped me get from being managing to get through each month without going into a negative balance too often to being able to put away about a quarter of my pay into savings. I haven't made any changes to the way I live to do this either.

The amounts that some of the people on here have been able to pay back is incredible, some of it might be due to going to extreme measures to cut back but most of it is because they have got in control of their spending habits and got out of the "i want - i must buy" attitude that seems to exist in this country today. I do agree that some people will make some savings that most people wouldn't bother about, but most DFW's won't go to that length and their savings will come from a realistic budget and knowing how to get the best deal from services and companies.

You are right that most people don't get it and you can't force someone to change but you can point them in the right way and if they decide to act on it then they will be thankful to you.

Hi there ifstar, I liked your post and I do agree with you. I'm also grateful to Martin for creating the site and giving us all a forum to share our views and experiences.

Mrss kicked this one off by saying she's trying to evangelise about moneysavingand and feeling frustrated sometimes as she feels she's not getting anywhere, and to that extent I agree with wherediditallgo (and the other take a horse to water type responses) insofar as make a point, a good one yes but don't preach (applies to anything).

Sounds stupid probably but I sort of disagree fundamentally with the money saving thing. If you owe, let's say £20k you will pay it off by earning more, not by closing the fridge door quickly (that is a gen money saving 'tip' btw)

For me and many of us here it is second nature and the easiest thing in the world to get the best (not necessarily always cheapest actually) mortgage, car ins, loan, er, shopping etc. I still owe sh1tloads though, but I don't deprive myself either. Saving 50p when you owe £50k (example) doesn't do much for the soul, or the bank balance.
Those savings some people have made can, and I think in many cases will be wiped out in an instant by our creditors over the next year or so, and how will they feel then? You have to consider the mentality of it all, I just don't get the pursuit of debt-freeness for it's own sake. One option is to free up your available credit to go spend all over again. Another is 'I'm debt free'!
So what...

findingmyownway

doitmyself wrote: »

Saving 50p when you owe £50k (example) doesn't do much for the soul, or the bank balance.
Those savings some people have made can, and I think in many cases will be wiped out in an instant by our creditors over the next year or so, and how will they feel then? You have to consider the mentality of it all, I just don't get the pursuit of debt-freeness for it's own sake. One option is to free up your available credit to go spend all over again. Another is 'I'm debt free'!
So what...

I'm not sure i follow what you mean. Yes, interest rates are rising and will probably continue to do so. But if you pay that 50p off your CC now then there's less debt for the interest to rise on!

I appreciate that 50p is a drop in the ocean for many - but i don't think you should knock the efforts people are making to reduce and/or abolish their debts.

When does your 50p thats not worth saving, become an amount that is worth saving?? I guess everyone has their own answer to that but surely the lower it is the faster you would pay off your debt. 50p a day for a year = over £180 = less interest to pay on debts (or half a holiday :rotfl: )

doitmyself

findingmyownway wrote: »

I'm not sure i follow what you mean. Yes, interest rates are rising and will probably continue to do so. But if you pay that 50p off your CC now then there's less debt for the interest to rise on!

I appreciate that 50p is a drop in the ocean for many - but i don't think you should knock the efforts people are making to reduce and/or abolish their debts.

When does your 50p thats not worth saving, become an amount that is worth saving?? I guess everyone has their own answer to that but surely the lower it is the faster you would pay off your debt. 50p a day for a year = over £180 = less interest to pay on debts (or half a holiday :rotfl: )

Hi finding
I'm not arguing with you, logically, certainly not but it's way more complex than that. If I buy a packet of fags today for £5 but skip lunch have I wasted a fiver or saved £3? If I pay the 50p and save £180 but my 0% ends and my CC charges me £200 interest am I £180 better off or £20 worse off?
And what about the things I want, and believe, because I work hard (sometimes) and do a good job that I deserve?

I don't like evangelism of any sort. I don't wanna hear about jesus, for example, and when I go to Tesco (my supermarket of choice) I like to think I can have anything that's available to me. That £8 bottle of barolo (reduced fm £12) I bought last nite is better for me, psychologically (and physiologically if you believe the anti-oxidant thing) than that pair of knitted socks you made for yourself. You're (DFW) more at risk of disappointment than me because your expectations are, to some extent unrealistic.
Give yourself a break

Mozette

Well if asked (or even half asked:D ) I will evangelise about getting debt free (and losing weight and being healthy as well, but, different subject) people can think I'm mad, or maybe they might find some of it helpful and they might just look on this site and save themselves from getting in really bad trouble. I have plans to be debt free (other than my mortgage that is) by May 2008, and I can't wait:j ! I finally realised that peace of mind is priceless. At the moment, if interest rates rise too much I'll be in bother:eek: , May '08 it'll be annoying, but I'll be able to cope. Just my own feelings, but I'll be far happier then than now. I'm not fanatical, I still buy some things that aren't entirely neccessary, but I'm happy to be sorted in 12 months. All power to those who would want it sooner and do it though! :beer:
But if the proverbial does hit the fan, I'd rather be in a position to duck...

doitmyself

Good for you mozza, and good luck

fatbelly

mrsspendalot wrote: »

They said about 3 years ago that they were making a composition order and that she had to continue to pay for 6 months and then it would end. However, that came around and then they looked at it and she had missed a couple of payments some way along the line and so they said she has to pay it all now

if this is not the case, I would be interested in how to resolve this?

If her payment history has been OK for the past year, and the last review was 12 months ago, I'd be inclined to try again. It doesn't cost anything to apply for a review. The outcome depends on the judge on the day.

Shows the importance of sticking religiously to the court's order!

But they won't be impressed if they learn she has accumulated further debts.

virgin_moneysaver

doitmyself wrote: »

Hi finding
I'm not arguing with you, logically, certainly not but it's way more complex than that. If I buy a packet of fags today for £5 but skip lunch have I wasted a fiver or saved £3? If I pay the 50p and save £180 but my 0% ends and my CC charges me £200 interest am I £180 better off or £20 worse off?
And what about the things I want, and believe, because I work hard (sometimes) and do a good job that I deserve?

I don't like evangelism of any sort. I don't wanna hear about jesus, for example, and when I go to Tesco (my supermarket of choice) I like to think I can have anything that's available to me. That £8 bottle of barolo (reduced fm £12) I bought last nite is better for me, psychologically (and physiologically if you believe the anti-oxidant thing) than that pair of knitted socks you made for yourself. You're (DFW) more at risk of disappointment than me because your expectations are, to some extent unrealistic.
Give yourself a break

sorry i was glazing over on this thread until the Barolo cropped up - is it really down to 8 - until when?

doitmyself

virgin_moneysaver wrote: »

sorry i was glazing over on this thread until the Barolo cropped up - is it really down to 8 - until when?

Hey virgin
First up LOFL re. glazed over, god I'm boring sometimes. But yeah, incredible isn't it? I haven't had barolo since 1992!
Tesco are doing some wine festival nonsense at the min and this is a goody (Finest 2002), get yer !!! down there now girl! (geezer)...