I want to stop drowning

debtaghh

Yes the deal expires at the end of May and goes to 29.9%.

Last time the estate agents asked for payslips.

We don't have a set amount we save as it depends on sales , over time and expenses.

My dh has been allocated the overtime he requested meaning he will get £200 extra in April.

Aswe are having to move we also will pay Council tax over 12 months which will save approx £30 per month.

enthusiasticsaver

That will be some savings then. If you pay £100 per month towards the NUBA from now until June it will be down to £500. 29.9% would mean £12.45 interest each month but you would have your existing £2500 plus whatever you have saved over the next five months to go towards deposit and moving costs. You then repay the Nuba with your deposit from your current property when you get it back after moving out in July. How much was that?

I just don't think £1500 is going to be enough to cover a deposit on your new property and moving costs so I don't think depleting your savings at this particular time is sensible. It is up to you though as you are more informed on the costs of renting than me.

The Nuba is going down, you can clear it after the move and hopefully this will all be done without your debt rising. I think if you clear the Nuba now and are significantly short for the move in June the temptation to go for a balance transfer with a bit extra added in for the move will be too high for you.

enthusiasticsaver

Alternatively why not keep paying as now and see how the land lies at the end of May when you know the costs of moving more. If you feel you can then afford to clear it do it then or leave until after the move and clear with your deposit from the property you are living in now.

WannabeFree

When estate agents do a 'credit search' they won't see what you owe or what you have available to you etc. They don't see defaults either.

They only see what is public records. CCJ's/insolvency etc.

They might want to see bank statements to prove you do earn as you say etc and to check for money laundering/suspicious things on there.

I wouldn't use the savings to pay the card. Continue as you are and it will show them you are managing what you pay and you do have the ability to keep those savings.

WannabeFree

Also if you use google plenty of trustworthy sites will confirm the above.

They also use the credit check to confirm things like you're on the electoral roll etc.

debtaghh

Thanks. I won't pay it now then and will carry on as I'm doing.

Our deposit was £1800.

enthusiasticsaver

I think that is wise and wannabe free has given good information above which hopefully reassures you somewhat. Continue paying the debt down, slightly above minimums if possible and save as much as possible for the move. Sort the debt out afterwards as providing you are not using cards and I think most is on 0% it will have gone down by June anyway. Once you have moved put a big chunk off the debt by using the deposit returned. If you had to pay £1800 for your existing house I doubt the new one will be any cheaper so dropping your savings to £1500 sounds very risky to me.

WannabeFree

I realise my reply might have sounds like I was telling you what to do sorry

I just think if you use the savings to pay the card then you will be worrying about not having enough to move etc. If I was you I'd stick with what you're already doing (and you're doing a brilliant job at it) rather than using the savings then worrying about savings along with the debt and moving etc.

debtaghh

WannabeFree wrote: »

I realise my reply might have sounds like I was telling you what to do sorry

I just think if you use the savings to pay the card then you will be worrying about not having enough to move etc. If I was you I'd stick with what you're already doing (and you're doing a brilliant job at it) rather than using the savings then worrying about savings along with the debt and moving etc.

Not at all, I really appreciate your replies and listen to the advice.

debtaghh

Morning,

Today will be a spend day as dd needs new shoes. There is always something at the minute. I was doing so well in January but feel like it's gone down hill since then.

After listening to everyone's advice I've decided to focus on saving as much as possible and just pay the minimums. Worst case with the Nuba if a 0% deal comes up on one of my current credit cards I could always transfer the remaining balance onto that or if I manage to save a significant amount then I could always pay it off.

We are contemplating moving far away and my dh working condense hours. It will mean a lot of travelling for him and fuel but if we can find a house for £500-£600 even with the fuel costs then it will be worth it. The dc aren't happy about it and I will be gutted too but we need to do something. This will only work if we can find rent that low.

Have a good frugal day.