Wake up call time

strandedinaber

Well done Broke Kitty! That's fab. Check out some of the challenges that are ongoing, like taking your lunch to work and NSDs (no spend days). They're great motivation, I find, although I'm off the no work to lunch wagon at the moment due to work crazy & no time to go shopping (excuses excuses...)

*Vikki*

Good luck, read all this thread. I had about that much debt at 24 (now 27) I cleared it then got some more and cleared it. So dont make my mistake clear it once and for all and be done. As it causes so much stress.

Broke_Kitty

strandedinaber wrote: »

Well done Broke Kitty! That's fab. Check out some of the challenges that are ongoing, like taking your lunch to work and NSDs (no spend days). They're great motivation, I find, although I'm off the no work to lunch wagon at the moment due to work crazy & no time to go shopping (excuses excuses...)

Thanks! Challenges sound like a good idea, I've already decided that I'm going to try to make Mondays, Wednesdays and Thursdays no spend days, my weekly shop aside (weekly shop includes a trip to Home Bargains for toothpaste etc).

*Vikki* wrote: »

Good luck, read all this thread. I had about that much debt at 24 (now 27) I cleared it then got some more and cleared it. So dont make my mistake clear it once and for all and be done. As it causes so much stress.

Congrats on clearing it twice though! I think the lifestyle change is key. Once I have made the change it should hopefully be easy to stick to. The plan is once I've got this lot cleared, yes I'll be able to loosen the purse strings a LITTLE bit, but also I'd like to throw the majority of the money I'm using to pay things off now into savings because I'd like to own a house one day!

Broke_Kitty

Just shredded the first of my credit cards... that felt good

Broke_Kitty

Any thoughts on applying for an M&S loan to pay off my Lloyds one at a lower rate? I applied for (and was accepted for) two cards at the end of last month. Is it wise to wait a few months before applying?

This is the loan in question. If I borrow £5k I pay 6.9% APR... a big improvement. Obviously it's not economical to only borrow the amount I owe on my loan, but the extra money could be thrown at one of my cards.

http://bank.marksandspencer.com/banking/personal-loans/overview/?WT.ac=MASM_HPLA02

19lottie82

Broke_Kitty wrote: »

Any thoughts on applying for an M&S loan to pay off my Lloyds one at a lower rate? I applied for (and was accepted for) two cards at the end of last month. Is it wise to wait a few months before applying?

This is the loan in question. If I borrow £5k I pay 6.9% APR... a big improvement. Obviously it's not economical to only borrow the amount I owe on my loan, but the extra money could be thrown at one of my cards.

http://bank.marksandspencer.com/banking/personal-loans/overview/?WT.ac=MASM_HPLA02

First thoughts is I doubt they will lend it to you.

11k + 5k = 16k, and most lenders will look for you to be earning 200% of your total borrowing.

From your take home pay, I'm guessing you earn about £16k, so I would be amazed if they accepted you.

Even if they did, they won't offer you the advertised rate of 6.9%. This is for the cream of the applicants.

Also, STOP THINKING ABOUT CONSOLIDATION, that's part of the reason you're in this mess in the first place!

Broke_Kitty

19lottie82 wrote: »

First thoughts is I doubt they will lend it to you.

11k + 5k = 16k, and most lenders will look for you to be earning 200% of your total borrowing.

From your take home pay, I'm guessing you earn about £16k, so I would be amazed if they accepted you.

Even if they did, they won't offer you the advertised rate of 6.9%. This is for the cream of the applicants.

Also, STOP THINKING ABOUT CONSOLIDATION, that's part of the reason you're in this mess in the first place!

Fair enough, thank you for the advice. It wasn't so much consolidating I was looking to do, I just hate to be paying such a high APR.

I guess my priority in this case would be to make slightly above the minimum payments on my two credit cards, and throw the rest of the money I save each month at the Lloyds loan? Or put the money I save each month into a savings account and then throw a big chunk at the loan every couple of months?

EDIT: Also what do people think is a realistic 'car maintainance' fund to aim to set aside? I've never ever saved for emergencies before (just relied on credit, bad bad bad). I guess my biggest car spend lately was £500 so maybe around that figure?

BurnleyBob

I've no advice to offer the OP. I would like to say, though, that I'm very impressed with her intellect, charm and wit.

Had she not revealed her age and income I'd have assumed she's a 40 or 50 something high-flyer. She certainly has more than enough upstairs to become one.

paulineb_2

I get my contact lenses with vision direct, much cheaper than from specsavers. You can get a sight test and a copy of your prescription and then buy cheaper glasses elsewhere. I dont regret cancelling my direct debit with specsavers at all

Also, Im someone who has very little money spare but I still have a social life, but I wouldnt spend £20 a week on alcohol. My friends and I will have a drink before we go out and then have one or two drinks when we are out

As for going dutch, the problem is, your bf can afford that, you cant.

Broke_Kitty

BurnleyBob wrote: »

I've no advice to offer the OP. I would like to say, though, that I'm very impressed with her intellect, charm and wit.

Had she not revealed her age and income I'd have assumed she's a 40 or 50 something high-flyer. She certainly has more than enough upstairs to become one.

Woah, well... thank you! Too bad I don't have any qualifications whatsoever. Maybe once the debt is gone I can take some more on to gain some qualifications and become super successful eh.

Still trying to decide what I want to 'be when I grow up', if I'm honest.

paulineb wrote: »

I get my contact lenses with vision direct, much cheaper than from specsavers. You can get a sight test and a copy of your prescription and then buy cheaper glasses elsewhere. I dont regret cancelling my direct debit with specsavers at all

Also, Im someone who has very little money spare but I still have a social life, but I wouldnt spend £20 a week on alcohol. My friends and I will have a drink before we go out and then have one or two drinks when we are out

As for going dutch, the problem is, your bf can afford that, you cant.

Oooh vision direct you say. I will take a gander. I actually got my last pair of glasses for free because I have a blog and I get sent stuff sometimes.

If anyone wants some free glasses (think you have to pay for postage) my referral link is http://www.firmoo.com/?invite_code=4778590522 (hope this is allowed).

I need to get my bum into gear so I can get round to my boyfriend's earlier and have more than one drink at his before we leave. That would probably help. I take aaaages getting ready on a Friday afternoon after a week of work when I'm going at a snail's pace.

Thing is, with going dutch, if you look at how much I'm trying to save by cutting back... imagine someone else paying that out EXTRA a month on my behalf. I would never expect that of anyone! It all adds up, and while he's happy to buy me a drink here or there or whatever, I think it's better that I just say 'we can only go get food together X times a week' rather than expect him to pick up the difference.