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Unsure whether to consolidate - please advise

edited 30 November -1 at 12:00AM in Loans
251 replies 104.3K views
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  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
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    WORK IN PROGRESS
    Savings as of November 2019
    Savings account 1 - 8636.54
    Savings account 2 - 1000.00
    Current account 3 - 7074.82
    Total - £16711.36
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
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    Advice people
    The powers that be at work have decided to pay us all on the 19th December (instead of the usual last working day of the month). I'm not happy about this. A decision made without consultation with the rest of the staff. Anyway, I cannot do anything about it but it's worrying me how I will be able to manage my meticulous daily budget on excel. It won't be a true representation of December/January spend. I get the idea of helping families out so they get paid before Christmas however it's a very long time until January 31st.
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • zx81zx81 Forumite
    30K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
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    If you don't think you can resist the temptation to spend it, move it to another account and then pay yourself as normal at the end of the month.
  • NaomimNaomim Forumite
    1.7K posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
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    If you don't think you can resist the temptation to spend it, move it to another account and then pay yourself as normal at the end of the month.

    MrM & I both getting paid early and also plan to do this so it's more accurate and January isn't 6 weeks long.

    Naomim
    Credit Cards
    NOV 2019 £33,220.42
    OCT 2020 £28,944.1812.85% cleared
    Overdraft
    NOV 2019 £4581.92
    JULY 2020 £941.71 79.44% cleared
    Grocery Challenge Gone to pot!!
    Here's my diary: A Ditherer's Diary Again
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    ✭✭✭
    Hello everyone and happy new year. I wonder what 2020 will bring for me and you?
    Anyway, where to start.
    I normally give you a run down (short or long) on each month, however, this month has been different.
    Basically, my Dad had a heart attack in Spain and is currently in ICU. This has meant my sisters and I flying out there, finding accommodation and looking at day to day on how my dad is. Currently he is improving, having had to have a quadruple heart bypass.
    But I am on here to talk financially. Fortunately, my sisters and I have a fund we pay into each month which has covered flights and accommodation so far. We also have been extremely fortunate enough to have the loan of a villa from someone my sister knows (about 20 mins from the hospital). We are so grateful for this.
    However financially and budgeting it caused no ends of trouble.
    a) Took £1600 out of the sibling fund (NSandI) into current bank account
    b) Dad gave us each some money to cover all costs so far
    c) I have been paying for everything on my Halifax clarity credit card daily, and then instantly paying off using linked debit card.
    d) Sisters transferred the money to me Dad gave us and then I tried to transfer this back to NSandI. This is where to problems started.
    e) NS&I declined the transfer, even though I went through verified by VISA. HSBC say its live pending payment so they can't do anything about this. I realised then that NS&I had old address and takes them a couple of days to do anything.
    So basically, I have this extra money in my account to transfer back to the Sibling fund, however I have paid for everything so far via my Halifax CC/HSBC debit card. It's all very confusing!
    I also received a £377 Scottish Power bill which I have reluctantly accepted to pay.
    I'll update my savings account information in my signature but I am not quite sure where I stand for whether I am over or under this month!
    Thanks
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • GolfRGolfR Forumite
    22 posts
    10 Posts First Anniversary
    Just wanted to say a quick hello. I’ve been reading through all this yesterday and today and I have to say I’m in awe of what you’ve achieved over the last few years. I was turned down for a consolidation loan a few months ago and looking back I am so glad I was, I have now sat up, taken stock of my situation and sold my performance car (wasn’t easy :() which is paying half my debts off and the other half I’m going to bulldoze over the next two years to then start saving for a house deposit. You are a massive inspiration!!
  • DCFC79DCFC79 Forumite
    39.4K posts
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    GolfR wrote: »
    Just wanted to say a quick hello. I’ve been reading through all this yesterday and today and I have to say I’m in awe of what you’ve achieved over the last few years. I was turned down for a consolidation loan a few months ago and looking back I am so glad I was, I have now sat up, taken stock of my situation and sold my performance car (wasn’t easy :() which is paying half my debts off and the other half I’m going to bulldoze over the next two years to then start saving for a house deposit. You are a massive inspiration!!


    That's a good plan, if you can stick to it then its a very good plan.


    What contributed to the debt ?
    The car ?
  • zippygeorgeandbenzippygeorgeandben Forumite
    1.2K posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    ✭✭✭
    GolfR wrote: »
    Just wanted to say a quick hello. I’ve been reading through all this yesterday and today and I have to say I’m in awe of what you’ve achieved over the last few years. I was turned down for a consolidation loan a few months ago and looking back I am so glad I was, I have now sat up, taken stock of my situation and sold my performance car (wasn’t easy :() which is paying half my debts off and the other half I’m going to bulldoze over the next two years to then start saving for a house deposit. You are a massive inspiration!!

    Thank you!
    Savings as of September 2020
    Savings account 1 - £15628.82(15614.12)Savings account 2 - £6000(5500.00)
    Current account - £2550.39(3524.52)
    Total - £24179.21 (24638.64)
    Plus £728.45 (£50 per month between CS/BS) HTB £1200
  • Momo89Momo89 Forumite
    2 posts
    MoneySaving Newbie
    Hi there,

    I currently have £12.5k in debts with consist of 3 credits cards all at 0% and a Zopa loan.

    Tesco card- £3200 credit limit and I owe £2974- 0% for 28 months
    Virgin Credit card £2200 credit limit and I owe £1855-0% for 20 months
    Halifax credit £1800 credit limit and I owe £1600- 0% for 18 months

    Zopa loan £5500 currently paying £140 per month for 5 years. I have been using quite a lot of my credit for personal circumstances such as repairing my car, shopping, travel and gambling sometimes online casino- such as money transfers. I have never miss one single payment, no defaults ever recorded and CCJs. I currently owned a 2 bed flat with HTB with my partner and we are looking to sell it by next year or so to move into a 3 bed house. During December, I have made few credit applications for debt consolation loans but were all rejected due I been doing quite few applications. I have checked my credit report and it is now quite poor due the fact of my credit utilisation and credit applications. At the moment, I am currently paying minimum repayments on all credit cards. I know after 3-4months, my credit score might be a bit fair where I see what options might be available to me.

    Because I have the intention to move into a new property by next year or so, a new mortgage application will need to be made which might be hard for me. I want to know if a debt consolidation loan might be useful for me or a secured loan on my property, but I am sure if secured loan works with help to buy.

    I have no idea about secured loan and want to ask, what if I opt for a secured loan for 12.5K for 7-8years, interest might be lower and my repayment will be less I will use it as debt consolidation loan to pay all those credit cards and Zopa loan. My question is that, if ever I need to sell my currently property, do I need to pay the rest of the secured loan or the full amount I have borrowed before or after making the sell. Secondly, if I go for a new mortgage application, would I be able to add this secured loan onto the new mortgage. Please I would really be grateful if someone could be able to give me the correct advice, I really want to be debt free. Thank you.
  • GolfRGolfR Forumite
    22 posts
    10 Posts First Anniversary
    DCFC79 wrote: »
    That's a good plan, if you can stick to it then its a very good plan.


    What contributed to the debt ?
    The car ?

    The car was half and the rest is mostly overspending on my part. All good debts as in good interest rates, long 0% balance transfers etc. I was living with my ex and we were both on decent money so I let myself buy whatever I wanted even if I couldn’t afford it that month - never saved for car insurance or necessary wear and tear bills etc, just put them on credit card. But I left him just over a year ago and now live alone with our two kids, still earning decent money but have a lot more bills to pay myself and because of the monthly payments I’m paying out on debts and bills, I can’t do much with the kids as I’m lacking spare money so I’ve decided enough is enough and I needed to grow up. Been very good with spending the last three weeks too apart from food, car insurance etc so I’m confident for the future of my debts and finances :j
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