a month

sammiboo

Gosh i didnt realise i hadnt been on here for a month :eek:

Bad me

Well i have had an immensley busy month, after being fed up with decorating we have decided to move

I currently do not pay a mortgage but i will be doing when we move.

My main concern is money wise is i wanted to pay off all my debts before taking on other debts but this isnt the way things have worked out.

I will be using £5k from the sale of this house to pay off my loan and I will have £1k of the loan left plus two credit cards the sum atm will add upto 5k to pay but will be reducing all the time till completion.

Just want to know if anyone thinks I am doing the wrong thing - I will post a current SOA in a sec

thanks
sammi

sammiboo

OK my first SOA made in the new year - the red is current

sammiboo wrote: »

Good Evening

My boyfriend visits this site and suggested I post....

Bascially I am in debt, but not a lot compared to some I was slowly getting into more debt until last year when i decided to sort out my fianances and moved things around a bit to get best interest rates etc..

What I owe:
Clydesdale loan £300 - paid up this April (approx 16% apr) I am not worried about that one!Paid
Egg loan - £6,909.34 at 6.7% and i pay £223 a month
Egg card - £3,483.44 £3,250 at 5.9% for the life of the balance i pay £80 (£100)A month and dont use the card at all.
barclay card £300 at 15% - i pay off £50 a month i dont use this cardpaid
over draft £1200 limit - I am constantly in my overdraft so paying approx 16% for that pleasure :rolleyes:paid
Virgin card £1300 - £100 a month 0%
My income: £950 basic a month + overtime £1050

my expenses

Debt repayment: (listed above) £353 £423
petrol £200 £80
£70 a month in ISA - but i usually end up taking this out so i dont go over my overdraft 0 - decided to pay off debts with it
Mobile : £35
Charities:£20 £10
Bank fees: £14 £0
shopping, meals out etc £100 Same


I think thats about everything.

Basically i spend around the same amount everymonth, unless birthdays or need to get car fixed etc.

Now i am constantly in my overdraft so i sometimes go over my limit and inccur charges

So i want to get out of my overdraft so i maintain being in credit. I was thinking of getting a 0% credit card for this but my boyfriend pointed out they wont deposit the money in my current accout. I then want to get out of barclays all together, get rid of the barclaycard, which wont take long to pay off.

I think i have more or less got this into to control. i just want to get rid of the OD and things will be on track

Any advice would be greatly appreciated. once i have got rid of the clydesdale loan (£69 a month) the money i paid on that was going to go on the loan.

Well i never go over my overdraft - its been paid, and I am always in credit which i havent been for years!!!! :beer:

I will be paying £300 a month towards my share of the mortgage so its only £80 more than my loan which should be paid off with the money from the house and my own funds.

I will also be paying towards house hold bills too so my only debt will be my credit cards which my a chunk will be paid off with money owed to me £1200

thoughts?

rayday2

I think you have to do what feels right to you.

You have done fab in a year, remember those lessons and with that knowledge you will make the right decisions and will love a life in credit!

Mortgages are not a bad debt, so long as you spend as little as you can get away with. I used to work in an Estate Agents and the property snobs that used to come in determined they had to spend there maximum they were allowed to borrow - instead of looking at what you needed and where and spending as least as possible!

Anyway I am waffling my debt is huge compared to you, you should be advising me lol!

Good luck!

sammiboo

Thank you - our mortgage wont be maxed out, just enough to buy this house we like. No point in over stretching!!

I just wanted to buy a new house when my debts were paid but we arent happy where we are now and money is much better than it was and my spending has totally curbed anyway. I jus figured that if the loan was paid off then that leave two cards hardly any debt and can be dealt with relatively quickly as long as i keep going as i am

I just wanted opinions that it wasnt a bad idea

the_cat

Just wanted to say well done for clearing so much so quickly

I notice that you were previously paying bank charges - just making sure that you are claiming these back now?

sammiboo

THank you

yep i am owed £700 - been offered £500 but reported them to the financial ombusmen

oscar52

Hey up sammi long time no see on here!

To me, doesnt sound like a bad idea. I know a nice 3 bed semi my mates trying to sell about two miles from you are now :rotfl:

sammiboo

oh yes do tell

We have made an offer on a house in llanymynech which is 6 miles out of oswestry towards weshpool - so i'll be a plastic welshie

Will send you the link if youre interested - aslong as you dont try and beat me to it

oscar52

Only way I could afford a hous is a lottery win (or a rich woman) house is in the next village up from you - go to the old vic, turn right, through the lights, and about mile (maybe) and half up road

sammiboo

morda? or trefonen? I am not all that good for places around here.

Hasnt the old vic closed now?

oscar52

Aye, Vic has closed, couple years ago, if not more.

Second village was correct.