Repayment to Interest Only

Noobie2011

WellKnownSid wrote: »

The trouble is - you can only rob Peter once. If you're only paying minimum repayment, there may not be any spare balance the following month as interest covers most of the repayment - so you'll still be maxed out the following month and have even less leeway overall.

Any other ways of raising cash? Car sharing options getting to work (either you getting petrol money or getting a lift?).

Well for the last couple of months i have used some of the available but it has been consistent on all of them now that the amount left on each card after interest is giving me between £120-£150

Jhoney_2

Noobie2011 wrote: »

Well for the last couple of months i have used some of the available but it has been consistent on all of them now that the amount left on each card after interest is giving me between £120-£150

Honestly Noobie, you are talking yourself straight into a DMP. There is no need for the car/petrol/ipad6. If you took a very hard look at your lifestyle choices and your posts here, you know these things are more want than need.

It feels as if you are comfortable with your financial decisions, but want to minimise the expected outcomes.

What is being said, out of concern is you are prolonging the discomfort and feeling of helplessness.

This cannot work in the way in which you are going to great lengths to convince yourself that it could.

You are asking/looking for solutions that just will not work or have no discomfort/inconvenience but they are not there - I assure you, someone on this site would have told/pm'd you by now.

Please listen to the advice and your own good sense - perhaps ignored in the past- and push harder. You have everything to lose and nothing to gain.

Lungboy

As others have said, sell the handsets and pay off the mobile contracts.

Noobie2011

Jhoney wrote: »

Honestly Noobie, you are talking yourself straight into a DMP. There is no need for the car/petrol/ipad6. If you took a very hard look at your lifestyle choices and your posts here, you know these things are more want than need.

It feels as if you are comfortable with your financial decisions, but want to minimise the expected outcomes.

What is being said, out of concern is you are prolonging the discomfort and feeling of helplessness.

This cannot work in the way in which you are going to great lengths to convince yourself that it could.

You are asking/looking for solutions that just will not work or have no discomfort/inconvenience but they are not there - I assure you, someone on this site would have told/pm'd you by now.

Please listen to the advice and your own good sense - perhaps ignored in the past- and push harder. You have everything to lose and nothing to gain.

I value everyone opinion on here but I think I am doing the opposite to talking myself into a DMP which is actually one of the 1st thing suggested to me which I did not want. My initial idea of going to IO is out the window after listening to some good advice on here as realised that would be a mistake.

I have taken onboard all suggestions and responded with why they are not possible and none of these responses have been because I want a nice car or phone etc but to clarify:

Car/Petrol - Cannot give back until 50% paid off which as soon as I get there will be on my list to do if still in a difficult financial situation. Traveling to work by Public Transport is not an option and one I have looked into but with where I live the best I could do is drive to a park and ride which the nearest ones are almost at work so would not save on fuel. I am already part of a car share scheme but because of where I live have had no offers of car share.

Phones - After some good advice I will be looking at selling the phones to increase the money I can put to CC's. The contracts however run until the end of 2016 so cannot get out of these.

I value the advice on here greatly but it seems I also have to take responsibility and decisions for myself and know the risks of the so called robbing peter to pay paul but if don't right then it will work but yes there is a big risk if it is done wrong it will not work.

Again I don't mean to be blunt but until it fails or there is an actaul factual reason why using say CC available collated to pay one card off and go from there will not work then it is an option. For me the worst that can happen is I remove the money from the CC's and spend it rather than use it on debts but that is not the plan

ViolaLass

There will be fees for cash withdrawals and usually a higher interest rate for that debt too. At the very least, this plan needs careful research.

libf

Noobie2011 wrote: »

Not on a meter no and pretty much the standard price I have always paid roughly wherever we lived

Meter is likely to save you money. I pay £10/month on a water meter by being careful what I use.

Lungboy

I personally wouldn't sell the phones to pay the cc, I'd sell the phones to buy myself out of the phone contracts.

Jhoney_2

How far away is work, could you cycle? Of course the decisions/risks are yours - the cc thing may be workable, but not in isolation. Doing more (harder but maybe short term) will get you faster and better results. That's my thinking anyway.

andys15

To get of a phone contract they will just times how many months left by how much you pay a month. She won't be able to afford to buy out her contract. Therefore she may as well sell the phones to get the money. Yes it's rubbish to pay £50 a month for what will be lesser phones, but at least she can get some much needed cash.

Noobie2011

Jhoney wrote: »

How far away is work, could you cycle? Of course the decisions/risks are yours - the cc thing may be workable, but not in isolation. Doing more (harder but maybe short term) will get you faster and better results. That's my thinking anyway.

Work is over 25 miles away so like your thinking but not an option.

Yes I also agree the cc thing would not work in isolation but together with the 118 money etc I believe it is a start and an build from there.

Along with that the car may go after paying 50%, the phone sales will pay off a lot etc.

So as long as I keep track and pay what I need to then it will start the progress towards initially getting some breathing space