I want to stop drowning

Spendy_Spenderson

Well done Debtaghh on both repaying some debt and topping up the savings pots. Great start to the year. Remember to also put some aside separately to cover the committed and necessary outgoings in those months when there's no overtime (or sparse overtime) and you have to survive on the basic income.


Spendy

debtaghh

Hi, sorry I've not been on much but I've had a bit of a rubbish time in the real world that's caused me a lot of upset and stress.

The Nuba will go to 30% interest from 1st June and we have no offers so I'm not sure what to do. I'm tempted to use the savings towards it but that was allocated for holidays booked that will need paying and car etc. Not sure what's the best thing to do.

Puzzcat

debtaghh wrote: »

Hi, sorry I've not been on much but I've had a bit of a rubbish time in the real world that's caused me a lot of upset and stress.

The Nuba will go to 30% interest from 1st June and we have no offers so I'm not sure what to do. I'm tempted to use the savings towards it but that was allocated for holidays booked that will need paying and car etc. Not sure what's the best thing to do.

Afternoon,

If you use your savings will you have time to build them up again before the holiday/car? If not would you have to use a cc for this?

I still vote dmp but know your trying to balance your books if you can.

Puzz. x

debtaghh

Puzzcat wrote: »

Afternoon,

If you use your savings will you have time to build them up again before the holiday/car? If not would you have to use a cc for this?

I still vote dmp but know your trying to balance your books if you can.

Puzz. x

To be honest I doubt we would be able to save enough but if we did put it on a cc , it could be one that's lower interest

Igamogam

debtaghh wrote: »

The Nuba will go to 30% interest from 1st June and we have no offers so I'm not sure what to do. I'm tempted to use the savings towards it but that was allocated for holidays booked that will need paying and car etc. Not sure what's the best thing to do.

If you are not accepted for a 0% BT card then how about a low life of balance card or a low time limited card? Would take the pressure of a bit? Sorry I havent read your entire thread so maybe this is something you have explored already.

debtaghh

We don't get offered any new cards as we have too much credit but some of our cards tend to do low life of the balance offers.

MrsSave

I'm sorry that your interest is going up. if you do use up all your savings to cover this, what happens the next time a card increases its interest? I'm worried that you are not going to be able to carry on like this for much longer (and I genuinely mean that in a good way). What you are currently doing is not working. You have had this diary for almost 3 years and things seem to be getting worse and not better. You need to either up your income quite a bit so that you are covering all your expenses (including Christmas/birthdays, etc) or enter into a DMP.

How about posting another SOA to see if there is a way to make things balance now?

I'm usually all for holidays, etc. whilst paying off debt, but I really don't think that's advisable in your current situation.

You live in an expensive area. Your income doesn't cover your expenses and your interest rates are increasing. Something really needs to change quickly before you reach the point where you can no longer cope with this at all.

I do genuinely mean this in a positive way. I have followed your diary on here from the start (I think) and am worried about what happens next. xxx

enthusiasticsaver

I think Mrs Save makes some good points and some I have also made over your 3 year diary. I am sure what we are saying though is nothing you have not thought of and worry about yourself and is probably a source of your anxiety.

You have 6 months to get the NUBA down as far as you can. Wasn't that the target debt anyway? I have lost track of how much you have in savings. You need a £1k emergency fund and if you have committed to holidays and don't have any leeway in your budget to save between now and paying for it you need that to hand. I understand why you book these holidays but they make your situation worse. However so long as you don't add to the debt it is not the end of the world. Just make sure you have enough in savings to pay for it. Keep some back for car maintenance especially if the car(s)? are getting on and needing more work. Anything above those amounts pay off the NUBA and keep throwing as much to it before June as you can. If come May it is not down considerably maybe move to a lower life of balance card.

Start a savings account for Christmas. You don't need the money in your savings now. It is only January. Keeping a lot of money back in savings eases your anxiety I know but does not help you get the debt down.

debtaghh

Thanks for your messages.

I know that you're both right and I just don't know what to do.

findingthisdifficult

I've read the last few pages of your diary as I'm late joining the diary family, could you maybe post an updated SOA, fresh eyes might see where you could make some cuts to help you further.

I'll pop by again later x