Loan to pay off credit cards?

getmore4less

A good way to not get isolated is to do a second job in a social environment.

bar work can be a good one loads of social and a night out without spending your normal money. just stick to friday/sat and posibly sun but not late if it fits in with work.

probaly other places in town looking for casual workers to help out on the busy nights

realitycheck85

In regards to the Halifax debt, have you spoken to their money management team? They will do a financial review with you and see if there is anyway to cut down your costs maybe setting up a payment plan. A friend of mine has just done this n they were quite helpful, you can either book an appointment in branch or phone up.

Hope this helps

AliceBanned

getmore4less wrote: »

IS there somewhere to get the car off the roasd and SORN it.

Even 6 months would make a big difference and save over £50pm even after a few extra bus/taxi etc.


how big is the flat any chance a lodger for a few months or just a mon-fri or an airbnb visitor, St.A seems to have a few places on the site.

A short but very focused sacrifice will get over the hurdle and then a few things can come back in without the risk of further debt.

Hi. Not having my own transport would limit my life a huge amount. I don't think I'd save more either - would spend more in fares. It's not my greatest expense really, it's a cheap car and will last me for years. But you are right about a short but focused sacrifice. I have my own parking space in the car park so I guess I could leave it there if I SORN it?

I am inclined to think that keeping it and driving to work, at least 1 or 2 days a week, instead of train, is far more worthwhile. I can park for free at work, and we are outside the congestion charge by about 200 metres. There is also a bus which is going to be a slow method of transport but I think for a short time I could do it. I agree that I will be able to bring things back in after a while. I would need to trial driving in as it may end up taking two hours and exhausting me - 4 hours' driving a day. But if I leave early enough it may be bearable. So I need to trial all these options but the season ticket has to go - it is a luxury. I work from home one day a week and pay £3100 for a season ticket - not point.

AliceBanned

getmore4less wrote: »

A good way to not get isolated is to do a second job in a social environment.

bar work can be a good one loads of social and a night out without spending your normal money. just stick to friday/sat and posibly sun but not late if it fits in with work.

probaly other places in town looking for casual workers to help out on the busy nights

Thanks, good idea. I haven't done anything like that for years and am not very confident so would probably be a bit rubbish - at least at first.

On your other post you mention a lodger - it is only a one bed flat but quite large - I spoke in another reply to someone about possibly dividing the living room into two, as it is 20ft x 15 ft approx and then renting a room out. But that is probably going a bit far and I will look at other options first. Sorry not making much sense as I am exhausted after gym and need to sign off for now.

AliceBanned

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1864
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1864
Monthly Expense Details
Mortgage................................ 374
Secured/HP loan repayments.............. 0
Rent.................................... 360
Management charge (leasehold property).. 110
Council tax............................. 82
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 26
Mobile phone............................ 36
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 70
Road tax................................ 18
Car Insurance........................... 26
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 160
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12
Haircuts................................ 25
Entertainment........................... 60
Holiday................................. 5
Emergency fund.......................... 0
Total monthly expenses.................. 1598

Assets
Cash.................................... 0
House value (Gross)..................... 66000
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 67200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 53000....(374)......5.89
Total secured & HP debts...... 53000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................2700......80........21
Halifax........................2200......60........21
First Direct...................1950......50........0.01
Credit union...................1400......70........6.9
Total unsecured debts..........8250......260.......-

Monthly Budget Summary
Total monthly income.................... 1,864
Expenses (including HP & secured debts). 1,598
Available for debt repayments........... 266
Monthly UNsecured debt repayments....... 260
Amount left after debt repayments....... 6
Personal Balance Sheet Summary
Total assets (things you own)........... 67,200
Total HP & Secured debt................. -53,000
Total Unsecured debt.................... -8,250
Net Assets.............................. 5,950
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

OK so I have no money for the Easter weekend, and unsure whether I have enough to get to work on Tuesday. I have cancelled my season ticket and am driving in two days a week, saving me £20 a week. I think after this weekend the only way is up.:)

Put some items on Ebay yesterday so hope to gain £40 as it is a bargain. Instead of getting a payday loan or borrowing from a friend to get to work! I have a few other things I could sell if desperate; one is my bike which I would rather not sell as it is a good one that I got through the cycle to work scheme. I no longer use it for my journey as I can't take it on the train.

I re-did my SOA and also did snowball calculator which gave me a debt free date of July 2017.:)

However that hasn't included my overdrafts totalling £1200 as I was not sure how to snowball them.

Basically I am doing frugal living until I feel more on top of things. Hopefully my mortgage costs will reduce in a year's time as I was a FTB so it was not a good rate. I hope to get a better paid job too but that will take time. In the meantime I am not really going to spend until I feel more on top of it all.

Posting this as much for myself as anything. I've had lots of useful advice on here; I have cancelled the gym and realise it isn't an essential. I live by a lovey canal and can go running there. I am managing not to spend as much on food and think I was overeating to be honest - slimmer and fitter with a better bank balance in the future. :rotfl:

I booked a sailing holiday/volunteering last year worth £350 and I believe I can cancel and get a full refund, so I may have to do this. It isn't an essential after all..but includes everything as well as food and accommodation for a week so will think about it.

NHS_worker_bee

Hi Alice,

I understand what you mean about the gym, it is a nice thing to have in the winter, but cancel/postpone it for the summer and you will be £67 a month better off

Also, the £50 a month you are repaying to your parents, although obviously you want to repay them, this would be better spent on the high APR credit cards. So by overpaying £50 + the £67 that you would have spent on gym membership each month = £117 overpayments on your credit cards then as the balances go down, you will be utilising less of your overall credit limit, this will be reflected on your credit file, you may then be eligible for another 0% balance transfer card, you can transfer the money, cancel the old cards, be making more progress repaying the debt and get into a positive spiral of debt repayment... when you are paying less in interest you'll have more money left to either throw at the debts or start repaying your parents again.

Best of luck

NHS_worker_bee

Just read your post for today, you must have posted it at the same time I was typing! Glad you are feeling better and in a more positive place. Friends are great, running for free along the canal sounds great, spending less on groceries will help, personally I find that all of these moneysaving things are even easier to do as the weather gets warmer, there are so many fun/free/outside things you can do by yourself or with friends in the sunshine

(When your phone contract expires, could you keep your existing handset and switch to a sim only deal? For example, Orange/EE do sim only tariffs from as little a £9/month, we are going to do this as soon as our contract expires) every little savings helps

Keep up the good work

Ps - Personally, I'd be tempted to cancel the holiday and bring your debt free date sooner, as long as you can get a full refund!

AliceBanned

Thanks, actually quite enjoying working it all out.

I was so surprised my debt free date was not too long away, but I haven't included the debt to my parents. I spoke to them yesterday and they are in no rush at all. They came to see me and it is obvious I need things like curtains:D and more furniture, though I can manage without, but it helps me that they see i'm not being mean in not paying back - they said i should wait until the summer and then pay £50 pm if I can. That is such a great help.

You are so right about my credit file. And I don't really need the holiday - I got used to not having them and would rather enjoy being frugal. I will email to try to get it cancelled. So including Ebay and Amazon credits (hopefully)I will be £400 better off! That can go on the Halifax card which is so near the limit that I fear it may go overlimit this month.

Thanks for your feedback.

AliceBanned

ps re the phone, I will definitely go for SIM only - contract expires in about 16 months time though.

I think I read somewhere that some companies will reduce the tariff after a certain time into the contract. Not sure whether this is correct.

Oh and I am behind in the gas and electric (about £300) but as I have this new frugality I am not letting it worry me, as I know things will get better, even if slowly at first.

I have even accepted that although I am in shared ownership and only own 40% of the property, that is all I can do for now. I don't have to kill myself to try and buy the rest of the flat asap. Would be nice, but not realistic whilst I have these debts. In fact that goal gives me an incentive to pay down the cards.

NHS_worker_bee

AliceBanned wrote: »

You are so right about my credit file. And I don't really need the holiday - I got used to not having them and would rather enjoy being frugal. I will email to try to get it cancelled. So including Ebay and Amazon credits (hopefully)I will be £400 better off! That can go on the Halifax card which is so near the limit that I fear it may go overlimit this month.

Thanks for your feedback.

You're welcome please try to pay something off the Halifax card before you go over your limit - think of your credit file! If you can keep this in good shape you will be in a better position to get 0% balance transfer if you need them and a better mortgage deal when you are in a position to buy the rest of your flat It's great that your parents are letting you take a repayment break. If you cancel the sailing holiday you might even get a refund in time to clear some of the Halifax CC. (Also as you bank with Halifax too I'd be worried about going over the limit on one of their products)

Being frugal gets addictive, keep up the eBaying and you'll get there.

There's also something called Parkrun which is a free weekly 5k run if you miss having your gym membership, check it out (they are all over the country)