Debt free by 40 -- 19 Months and counting

StressedSteph

Puzzcat wrote: »

I've consolidated 3 times.. the last time I was 44 so age isn't a factor.. I'm now 60k in debt and on a dmp..I don't think there are many people on here that would recommend this route unless you are 100% SURE that you would cancel all other lines of credit, and change the way you spend/save and manage your pennies..


Good luck with your journey..
xx

Hi Puzzcat,


Thanks for taking the time to post. I think you are probably right. Trouble is all the way through my life I have always taken the easiest path, and there are prices to pay for this. Although in some circumstances, probably this one, the price is too high to pay.
Will keep an open mind until they contact me, but doubt it will be a nice surprise.

Finally got through to someone at B#rclays and they are sending out a Summary of charges for the last 6 years for my current account. THAT will be scary reading. I will then be able to post my claim off to them and see what happens.
Not holding out much hope, but he who dares wins.

Have been over to see your Diary and have left a post over there. Have subscribed and will follow you for inspiration and hopefully help you along the way also.
xxx

Chrysalis1976

I would be another one who has gone down the consolidation route in the past and not learnt from it, if you can get something for a decent rate and maybe could make overpayments, and would definitely cancel all other cards etc? !? It may still be a something to really think about thoroughly which I'm sure you'll do.

You might be surprised with bank charges, we recently had a PPI offer on a very old loan and only submitted the barest of details because we couldn't remember and got nearly £800!

C x

StressedSteph

Chrysalis1976 wrote: »

I would be another one who has gone down the consolidation route in the past and not learnt from it, if you can get something for a decent rate and maybe could make overpayments, and would definitely cancel all other cards etc? !? It may still be a something to really think about thoroughly which I'm sure you'll do.

You might be surprised with bank charges, we recently had a PPI offer on a very old loan and only submitted the barest of details because we couldn't remember and got nearly £800!

C x

Thanks Chrysalis, the info on the bank charges has given me abit of hope. Of course if they paid out then that would be a brilliant lump sum to pay off some debt. Just don't want to get my hopes up :-)

StressedSteph

Morning all,


Well as suspected Fr##dom F1nance came back with a terrible loan offer.


19k over 120 months !!! £233 pm


14.59% Variable & Secured


Total loan of £21,411 Which includes a Brokers Fee of £2379.


Yikes. Well it was everything I didn't want it to be. I think it definitely proves that beggars can't be choosers.


Feels really horrible, almost like they know you are in the poop so they can take advantage with crazy rates. I know we are a terrible bet so that's why they charge these things. But that Brokers fee!! Good lord.


So here I am again......I WILL GET RID OF THIS DEBT. If that loan wasn't variable it might have tempted me, but its so scary to think they can up the cost of it any time and I would be stuck with it.


Onwards and upwards xx

Chrysalis1976

Cripes that's a horrible offer.

Keep going Steph you'll soon knock that Barclaycard into touch then onwards and upwards, £850 will soon disappear with your determination and that will spur you on to the next.

Did you find out when and how your bank charges notifications are sent to you it might help with your budgeting if you can't avoid them at the mo then at least you can be forewarned about when they come out of your account.

C x

StressedSteph

Chrysalis1976 wrote: »

Cripes that's a horrible offer.

Keep going Steph you'll soon knock that Barclaycard into touch then onwards and upwards, £850 will soon disappear with your determination and that will spur you on to the next.

Did you find out when and how your bank charges notifications are sent to you it might help with your budgeting if you can't avoid them at the mo then at least you can be forewarned about when they come out of your account.

C x

Hi Chrysalis


Thanks for posting. Yes I feel that I have explored the loan thing now, and it just isn't a viable option. Can't wait to start throwing money at that £850. I think I will feel spurred on once that has gone and I also remember when I tried last time, that once I was in control of the bank account and was consistently having enough money to pay the bills, felt really good.


I have also made myself promise to answer the phone from now on. I have gotten so scared of our home phone that I just ALWAYS let it go to answer machine. I physically jump when it starts ringing. Not good at all.



Off to balance my spreadsheet xx

debtfreeoneday

I did consolidate the last few of our debts, but we got a decent loan rate from our bank, who obviously had some idea what our monthly incomings / outgoings were, but I cut up everything when we did it, save one card which is for absolutely emergencies only. I had a number of credit cards and I found tackling the smallest debt first meant I could pay off one debt fairly soon, then move that payment to the next biggest whilst maintaining the minimum payments on the others. I know it's hard, but try to take it one debt at a time?

debtfreewannabe321

Ah no that's not a good offer is it. Probably for the best though considering how many of us just on your diary went down that route only to end up with more debt It's definitely only a route for those strong enough to cut everything up and cancel everything. I hope you can manage to chip away at the debts still. Definitely get that bank charges claim sent back asap and see what they say, I reckon you'd probably have enough there to pay off a few smaller debts! xx

StressedSteph

Hi Debtfree's :-)


Apparently B#rclays say that I should get my Summary of Charge from the last six year through within 5 days. I will get my letter written ready for when that arrives. I really wouldn't be surprised if it adds up to a couple of thousand pounds, but like I said, I am not relying on anything, but its certainly worth a go.


Busy making four Doggie Draught Excluders today, this is my main area where I can make a little extra to push against the debts. If I can speed up, then I hope to have a couple of hundred extra a month which will certainly help.


Its just such a long process killing off debt. Think like you have all said, that I just need to focus on my 1 debt at a time, otherwise it just seem completely insurmountable.


xx

debtfreeoneday

It felt like that for me. Never would I have thought I could clear what we have done.

Another thing that worked was me was calculating loads of stats and every month, we hit one of them, like 5, 10, 15 % paid off and so on, £1000 paid off, £1500 paid off and so on, going under a 5k, so under £15,000, under £10,000 and so on. Might be of help for motivation. Little amounts hit targets and it can help you to feel you are really making progress.

Interesting re your bank charges, I've never looked into this, but just contacted my bank to ask for all charges since I've been with them.

Thank you and keep going!