Which choice

in_need_of_direction

Given that things look set to improve in the next year, I'd keep doing what you're doing. Some of those interest rates are ridiculous though. Is there anything you could sell to help tackle simply be! Maybe outgrown children's toys, clothes or equipment. If you could shift that one, I'd give a bit more wriggle room.

glentoran99

James_B. wrote: »

Yes, without question. If I owed money, I'd go cold, hungry, and unentertained to ensure that I meet my obligations.

I've known people who'll still smoke, still have a drink, and still go out while claiming that they can't pay back what they are supposed to, and genuinely can't understand how someone can think that that is acceptable.

for how long? as if your paying only the minimum you will be doing it for a very long time

in_need_of_direction

Also, close vanquis so you aren't tempted to spend on it.

bargainbetty

Just a thought, but could your OH defer his university hopes for a year and work to get you both back on your feet? Choosing to not work, even when you are studying for a better life is an expensive luxury if your family are having to rob Peter to pay Paul. If he deferred for one year and worked full time in a decent job, you may be able to clear a lot of the high interest debts and refinance the remainder onto low interest cards etc.

To answer your question - I wouldn't drop onto a DMP or struggle by when there was a third option - rearrange my priorities for 12 months to get things sorted.

I know that might seem harsh, I'm sorry, but it really is an option that your and your husband should consider at the end of the current course. One year won't make much difference to the career path at this stage, but it could put you both on a much stronger and more stable footing.

Good luck

James_B.

glentoran99 wrote: »

for how long? as if your paying only the minimum you will be doing it for a very long time

For as long as it took. I simply cannot conceive of spending money on myself if it means reneging on an agreement that I've made.

Because of this, of course, I've been chronically averse to debt my whole life, as I just can't imagine signing up to an agreement that would sit so badly with me. This makes it something of a false dilemma to pose in my case, as I would never have ended up having to make the choice.

getmore4less

abby1234519 wrote: »

Do you mean is there any available credit? Not really, the vanquis one which is cleared has £750 but an atrocious rate so looking to close it

Close the vanquis.

Could ask for a deal first no idea if they would be interested.

I think you could put some normal spends on the Tesco card(17.9%) to bring it back up to the max and use the money to tackle the Simply Be(39.99%)

That will save 20% interest and that should be clear fairly quickly.

If you are budgeting for bills in a savings account it might be worth a cash flow analysis to see if you can use the cards as the savings accounts.
This will reduce the interest charges short term till the bill is due.

Even something simple like overpaying the Tesco card with spends money each month and using the card for those spends should save interest.

Going forward without defaulting, focus will need to be on getting debts onto lower rates.

Once a couple of cards are closed it may even be worth trying to get an increase on the limit on one of the lower rates or look for one of the lifetime low rate cards rather than a 0%.

joedenise

I think it would be worth you posting a full SOA - there may be other areas in your budget that could be reduced, eg amount spent on groceries; mobile phones etc.

Here is the link to the SOA: http://www.stoozing.com/calculator/soa.php - once completed format for MSE and then post back.

Others can then maybe suggest where you could save some money.

Denise

glentoran99

James_B. wrote: »

For as long as it took. I simply cannot conceive of spending money on myself if it means reneging on an agreement that I've made.

Because of this, of course, I've been chronically averse to debt my whole life, as I just can't imagine signing up to an agreement that would sit so badly with me. This makes it something of a false dilemma to pose in my case, as I would never have ended up having to make the choice.

but paying if you could only afford the minimum then it would go on forever.

Its not quite as clear cut as you make out sometimes circumstances change, life is like that, what you can comfortably afford one year could be beyond your means the next.

As for going without, perhaps if it was just you, but what about if you have kids? should they starve or go without too?

James_B.

glentoran99 wrote: »

but paying if you could only afford the minimum then it would go on forever.

Its not quite as clear cut as you make out sometimes circumstances change, life is like that, what you can comfortably afford one year could be beyond your means the next.

As for going without, perhaps if it was just you, but what about if you have kids? should they starve or go without too?

The question was what would I do, which is what I answered, so yes, it is exactly as simple as that.

Yes, it can be hard keeping up with your obligations, which is why some people (such as me) do whatever it takes not to take them on. As I said above, this has included going cold and hungry in the past.

To be honest, you are coming across as quite judgemental now. You seem unwilling to accept that it's my choice to live as I do, to have avoided debt like the plague, and seem to want to argue that I am wrong to have done so.

Please, don't do that. I live the way I choose, and make sure that this means that I can now never, ever, fail to pay back my obligations.

glentoran99

James_B. wrote: »

The question was what would I do, which is what I answered, so yes, it is exactly as simple as that.

Yes, it can be hard keeping up with your obligations, which is why some people (such as me) do whatever it takes not to take them on. As I said above, this has included going cold and hungry in the past.

To be honest, you are coming across as quite judgemental now. You seem unwilling to accept that it's my choice to live as I do, to have avoided debt like the plague, and seem to want to argue that I am wrong to have done so.

Please, don't do that. I live the way I choose, and make sure that this means that I can now never, ever, fail to pay back my obligations.

im not arguing anything of the sort, Im simply saying its not as easy as you make out to keep to what you agreed and in fact its you are coming across as judgemental "you should meet your obligations or you should never have taken it on". Im saying its not as clear cut as that , I wish id never taken any debt on but i have and im dealing with it, and im almost debt free

You told the opening poster they should carry on making minimum payments while struggling to live, that is not good advice imo, and struggling like that can lead to bigger problems, its never ever a good idea to go cold and hungry to service debt