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Where to start...HELP!
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Drawingaline wrote: »Ok, having seen your soa and read your further comments I would be inclined to hold fire on a consolidation loan too. It worked for me this time because it took a 29% credit card down to a 3% loan, alongside a LBM, signing up to YNAB and really focusing on where the money was going.
You can do this, certainly look at the snowball calculator, and going through the last few months bank statements is a good place to start. Working out a realistic budget is important, otherwise you end up having to fall back on the credit card for things like car insurance etc. For the first time I am putting £50 a month aside for car maintenance (my car is 16 years old mind!!!) Which means I am prepared for buying new tyres etc, previously they would be stuck on the credit card.
Well done - it sounds like you've really got to grips with dealing with budgeting etc!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
I had set up direct debts and spend until there's nothing left, then was using my credit card.
This is when you get into dangerous territory. You need to budget for everything and cut up the cards so you are not tempted to spend when you run out of money otherwise you are on an uphill struggle which is very difficult to get out of without receiving a lump sum from something or getting a much better paid job.
Spending on the card means the payments go up and up each month until eventually you get to a point where so much of your disposable income goes on debt repayments (even minimum payments) that there is nothing left to live on. You seem very close to that point now.
I would suggest you start dealing in cash rather than cards. Pay your essential bills and minimum debt repayments. Put a percentage of what is left in your emergency fund to cover car repairs etc and then divide the rest into weekly cash payments so you are not tempted to overspend. Cut the credit card up.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
Save £12k in 2025 #1 £12000/£120000 -
Some great advise from experienced posters here. What would we do without them eh? Good for you for dealing with the situation and as someone else has said before, don't worry about what happened in the past. You can't change it, just look forward. My partner and I became ill a couple of years ago and yup! Holidays, luxurious weekends away etc. totally our own fault, not requiring sympathy but we need to pay it off. Getting a serious illness does not, and should not constitute as a valid excuse we keep telling ourselves!
Keep us updated!Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
zippygeorgeandben wrote: »Some great advise from experienced posters here. What would we do without them eh? Good for you for dealing with the situation and as someone else has said before, don't worry about what happened in the past. You can't change it, just look forward. My partner and I became ill a couple of years ago and yup! Holidays, luxurious weekends away etc. totally our own fault, not requiring sympathy but we need to pay it off. Getting a serious illness does not, and should not constitute as a valid excuse we keep telling ourselves!
Keep us updated!
Good luck with your situation too Zippy.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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