What a Right Pickle!

nomoredebtplease

Thanks everyone for all your suggestions and advice - whether positive or negative, judgemental or not, I really do appreciate it.

I came onto this board because my wife and I are both absolutely sick of being in debt and wasting so much of our income on debt accumulated as part of a lifestyle we used to have, but can no longer afford.

We both have a lot of hard thinking to do over the next few days whilst we decide what to do...

nomoredebtplease

recurrent-ostrich wrote: »

As regards your mortgage, don't give up all hope of a good deal. Our fixed rate ended this December, and we were expecting to have to go onto SVR as our credit rating isn't great at the moment - we are clearing our debts but as it is quite high it reflects on our credit score. Anyway, we got a letter from our lender in November, offering us a new three year fixed deal, fee free, on a lower rate than we were on previously! We snapped it up and now have an extra hundred quid a month towards our debts. We didn't get credit checked for it as we were keeping the same amount, just swapping onto a new deal. So worth contacting your existing lender.

I agree. It is likely that if we stayed with the same lender, we would be offered a new rate albeit slightly less competitive than one if we went to the open market.

[Deleted User]

nomoredebtplease wrote: »

Although I think £1K for a car might be pushing it a bit

Not really.

I got a 10 year old Focus diesel for £750.

12 months later, it failed the MOT, on 2 bulbs and a badly aimed headlamp.

Cost me £60, including the MOT.

*zippy*

Nomoredebt I thought it might help to post a link to the snowball calculator, I always found it very motivating. Maybe try one with school fees and one one without and see how long it will take you either way to get rid of the debt, it may help your decision making. I wish you all the best x

http://www.whatsthecost.com/snowball.aspx?country=uk

FinKite

Nomoredebt, it was me who suggested £1K for a car - others too I think. Do NOT write off suggestions!
I have a 2003 Ford Focus, current value about £1K.
96K miles so plenty to go. Have had it 3 years and no MOT has cost me more than £100 including test fee. Never had any problems with it.

gardenlady_2

nomoredebtplease wrote: »

I agree. It is likely that if we stayed with the same lender, we would be offered a new rate albeit slightly less competitive than one if we went to the open market.

As I said to you earlier, given that you are with Santander this is highly unlikely. We have spoken to them several times and have spoken to 3 brokers all of whom say Santander are putting everyone on the SVR at the moment. The SVR is not slightly less competitive, it is 1.74% above what we could get on the open market, which translates- for us- to paying an extra £200 per month. We have a very good LTV, but Santander do not take this into account. I am just warning you of this, as it could make quite a bid difference to you.

julie2710

Santander are probably the most inflexible mortgage lenders out of them all. I have had major issues with them in the past which resulted in me taking legal advice and even my solicitor said that they have more issues with them than any other lender. This was about 15 years ago but from what I've heard I don't think they have changed much!

nomoredebtplease

gardenlady wrote: »

As I said to you earlier, given that you are with Santander this is highly unlikely. We have spoken to them several times and have spoken to 3 brokers all of whom say Santander are putting everyone on the SVR at the moment. The SVR is not slightly less competitive, it is 1.74% above what we could get on the open market, which translates- for us- to paying an extra £200 per month. We have a very good LTV, but Santander do not take this into account. I am just warning you of this, as it could make quite a bid difference to you.

Really? I was making an assumption that we didn't go on a DMP, then there would at least be some loyalty offer when we get to the end of our deal. This is an important consideration for us.

Hopelessly_Hopeful

nomoredebtplease wrote: »

Really? I was making an assumption that we didn't go on a DMP, then there would at least be some loyalty offer when we get to the end of our deal. This is an important consideration for us.

Not meaning to sound blunt but as many of us have learnt no such thing as loyalty, just profit.

How about trying this for size.......they cannot withdraw your current offer but you could ask them to review it now and find out what would be on offer? Then you would have all the information ready for when you make your decision rather than relying on assumptions.

How is the soul searching doing?

HHx

CH27

nomoredebtplease wrote: »

Really? I was making an assumption that we didn't go on a DMP, then there would at least be some loyalty offer when we get to the end of our deal. This is an important consideration for us.

They really do not care. They are in the business of making money & loyalty doesn't exist.