Debt is making me ill...........

Kitten868

I think this is a !!!!!! but you can do it. I wish we could go back in time and you not move out til you had sorted yourself out but never mind. I've done that too. Stay here - it's positive and encouraging. I have a diary and I find that keeps me motivated past the initial buzz of my lbm.
I totally agree about getting rid of the natwest and home base. It frees you up on minimum payments so a bad month for spends isn't going to make things worse.
So boom they're gone. Next we'll tackle Barclays. Start looking it extra income to bolster you. Selling stuff on eBay or surveys. Each little payment off there saves you interest. It makes me feel good even the tiny payments.
I think it's great that you take so much responsibility for your parents. It seems hard on you though that it has to take such a toll financially. Is there anyway to reduce this? Order their shopping online for them?
You can do this. I don't think a dmp or otherwise is appropriate as you can afford this. Hopefully coming on this journey with the people here will bolster you and help you with a more positive mindset. I don't say this lightheartedly or to dismiss how you feel about your debts but to try and make you feel like you can do this. You've got yourself into a mess but you're not beyond your means. Keep going xxx

Beautiful-Moose

Well I tried to do a Balance Transfer over the weekend for the Barclaycard debt but got turned down by Virgin Money. I checked my credit score on Clear Score and it is still at a good number so the only reason I can think they turned me down is because it is such a huge sum to transfer over. I actually had a little cry over it. it is so unfair that here I am trying to sort myself out money wise and card companies don't want to seem to help by allowing a balance transfer.

On a positive note my partner also applied for a Balance Transfer and got accepted so he will now be paying out less a month on card debt which as a household is a great step to becoming debt free. I also spoke to him about how I think we need to split payments more fairly as I pay a lot to have the car available to us. He agreed so now we have come to an arrangement over things which has lifted a lot of weight off my shoulders.

I think I am going to take your advice Kitten868 and start a diary on here as I find the process of typing stuff out very therapeutic and will hopefully keep me on track.

Willowpop

Beautiful-Moose wrote: »

Well I tried to do a Balance Transfer over the weekend for the Barclaycard debt but got turned down by Virgin Money. I checked my credit score on Clear Score and it is still at a good number so the only reason I can think they turned me down is because it is such a huge sum to transfer over. I actually had a little cry over it. it is so unfair that here I am trying to sort myself out money wise and card companies don't want to seem to help by allowing a balance transfer.

Is it worth calling them and saying 'hello, your computers turned me down for a BT of £xxxx is there any amount that you can offer me?'
They can only say no at worst, or they might just offer you a card with a smaller amount on it...not perfect, but it would mean you could move some of your money over and have it on 0%. Might be worth a quick phone call?

Beautiful-Moose

Is that even possible? I thought once a card turned you down that was it?

The thing that frustrates me is that the reason I want to Balance Transfer is so I can then close down my Barclaycard as I really don't like them as a company. I have had so many issues with them over the years that I just want rid of them now.

Even if they could offer me enough to transfer my Natwest card over that would be a great start and then I could use the savings money to pay off more on the Barclaycard.

Kitten868

Well I'll keep an eye out for when you pop over to diaries
How are you feeling now? Better now you've said it out loud as it were? You're going to feel rubbish when you see it and when I had my lbm I couldn't see how I could have done any more than I was doing already to get out of the hole. But there is stuff you can do you're taking control xxx

AliceBanned

Hello Beautiful Moose, I understand where you are coming from. Repaying debts is emotionally draining, and true you miss out on things that friends are doing etc. You are young and at least you have realised at this stage and you should be able to sort it out.





If I were you I would sell the car and buy a much older one. If I understand rightly it was £12000?!! You could save a lot by having a cheap runabout instead - obviously it seems risky in terms of how much it could end up costing in repairs etc but I've always done this and never had a car loan - the motoring board offers good advice. I also need a car so it is a struggle juggling the costs with the train fares and repaying debts, but it is doable over time.



Also speak to Step Change if you haven't already.

Willowpop

Beautiful-Moose wrote: »

Is that even possible? I thought once a card turned you down that was it?

The thing that frustrates me is that the reason I want to Balance Transfer is so I can then close down my Barclaycard as I really don't like them as a company. I have had so many issues with them over the years that I just want rid of them now.

Even if they could offer me enough to transfer my Natwest card over that would be a great start and then I could use the savings money to pay off more on the Barclaycard.

Phone them. Tell them this. They might say no....but they may just say yes. You won't know till you call.

Beautiful-Moose

If I were you I would sell the car and buy a much older one. If I understand rightly it was £12000?!! You could save a lot by having a cheap runabout instead

My last car was exactly that! My car was 15 years old and one by one things started to go wrong so I had to buy a new one as the repairs were costing more than the car was worth. My new car didn't cost £12000, it is only 5 years old and only done 13000 miles so I will be able to keep this car for a long time to come (fingers crossed). Also it is great in terms of fuel consumption unlike my old car which guzzled up fuel.

hohum

Beautiful-Moose wrote: »

Is that even possible? I thought once a card turned you down that was it?

The thing that frustrates me is that the reason I want to Balance Transfer is so I can then close down my Barclaycard as I really don't like them as a company. I have had so many issues with them over the years that I just want rid of them now.

Even if they could offer me enough to transfer my Natwest card over that would be a great start and then I could use the savings money to pay off more on the Barclaycard.

My debt was a £2k overdraft with Natwest and I loathed them! I promised myself that they would stop making money off me, and as soon as debt was paid off I would close the account. Apparently feeling like I am in some way redressing what I perceive as wrongs in the way they treated me was more motivating than just paying off the debt. I wanted to be free of my association with them more than to be free of the debt

So if you're a grudge holder like me, then use it as motivation It took less than 6 months to step out of my overdraft, but another 8 to have fully paid off the debt so I wasn't dipping in to it every month. I closed my account with them last year and now make interest off my credit account balance with TSB. They were the worst when I was at my lowest, and they don't get my custom now I'm at my best!

misswoosie

I agree with others regarding shopping around for better car insurance as that seems extortionate. Also your rent. Can you not move to a cheaper rental as rent seems high and you mention that there's underground car parking so it can't be the cheapest. Doesn't have to be forever but if you can save £200 per month on rent then your debt will be paid off far more quickly. i think also that you need to check how much you spend on food as it seems ridiculously low. I don't understand how food can be less than half entertainment and about the same as mobile phone. If a lot of that "entertainment" is takeaway food and eating out then by adding £20 to the food expense ( equivalent to about 8 meals for 1 cooked at home) you could easily reduce the entertainment to £50 thus reducing outgoings by £55. Mobile phone- get your phone unlocked and go SIM only. We have GG and now pay total for the 2 of us £12.50 per month for unlimited texts, I have 200 mins, he has 100 @(but free calls to each other) I have 200mb data and he has 100mb (but we rarely use it). DH is on the £5 goody bag and he gets minutes added whenever someone calls him. We had contract phones before. Cheapest phone they had but we got a good intro deal with unlimited everything for £40 for both of us, but phones broke before 2 years was up so we chose to buy 2 unlocked Windows phones for £40 and £60 (rather than paying for early upgrades at £60 and £80 respectively and being locked in for another 2 years) , put the contract SIMS in then when our contract ran out went to GG SIM only.