sorting myself out

datlex

Is the 90 after your id an indication of your age? e.g. 24? It is just if you are 25 or over you could be entitled to working tax credit of over £400 according to the tax credit calculator.


With regards to your debts, bottom line is your are covering them with on paper money to spare. Is that correct in practice. £270 excess a month sounds a reasonable amount but in practice it is on average- £62 a week. It would be all too easy to spend that these days.


Have you looked into whether you can combine the hire purchase and loan 1? Some places offer lower interest rates on higher amounts borrowed- What are the APRs on these?

Dave90

got a quote to see if I could get a personal loan for the car rather then keep paying it on hire purchase. as it would be easier to sell on a personal loan as it would be officially mine.

but the bank has offered the same rate as what the hire purchase is



dont know if its best to pay off credit card and loan #1 and then check again for a personal loan in a few months time to get the car off hire purchase.

Dave90

hello,

Thanks all for the replies , they really have helped.

I know Australia was expensive but I really wanted to visit my family. Had a brilliant time.

Little update . Loan #2 and the Credit Card are now paid off . So at least that is some progress.

The whole debt thing has really took an impact on me , I can't believe I am in this much debt at my age. But I will learn from my mistakes.

asparagus1968

Hi,


as suggested previously, why not fill out a Statement Of Affairs and post it here? You have paid off two debts ,and had your trip so it's a better place you are in now to really get cracking! And maybe get some savings for when you are off work with the hip op (hope it's ok at the moment)
here is the link:


http://www.stoozing.com/calculator/soa.php


did you find out if you will get working tax credit when you reach 25?
that would be very handy!
best wishes

sanfrancisco

Me and my husband earn about £150,000 a year. We brought a car last summer for our family of five. We agonised over spending £3000.

Stop buying cars. You are working for cars. Do you want to get ahead in life or be poor? Take charge of your decisions and don't fall for peer pressure and clever marketing.

I would just get rid of the car asap and cut my losses. Get a £500 run about.

Your girlfriend sounds great. Don't let het go. You are so young you have so much opportunity to get this right and you really seem like you get it. Work hard, get ahead. Good luck. Xxx

sanfrancisco

I'm not being smug by the way. When I first starting reading this board it was 2004 and we had £70k of debt and didn't earn very much. I was an idiot. Be in charge of your own destiny. Hard work will pay off.

Dave90

Completely forgot about this thread.

sorry I haven't posted an SOA

anyway little update on the debts, they are slightly better just annoyed I spent a little on the CC again

so update:

Car finance: Balance £8181.04 Settlement: £6631.79 , 42 months left i think as I was overpaying it.

loan: Balance £1538.60 Settlement : £1261.88

CC : Balance £76 , Interest free till Oct.


Trying my hardest to pay into the car to get it to a price webuyanycar etc would roughly give me. then that will be it . Never getting a car on finance again! and then start overpaying onto the loan.

[Deleted User]

Have you checked to see if you qualify for any benefits?

If you live alone, could you house/flat share?

Dave90

hello,

I am really sorry I havn't been posting but ive been really busy trying struggling to get this debt paid off .

Anyway Good news , that's the Car away :D and finance cleared.

I am never going to get a car on finance again, big depreciating money pits. Im going to save up for one if i need one again.

so now I just have

Loan: £1466.62, Settlement : £1209.71 . Still only £35.99 a month but going to increase this

and

Credit Card: £80



thanks for all the help.

main goal now is to look for a new job so I can move out at some point lol

sanfrancisco

Wow!

You have done brilliantly.

Moneysavingninja.