I need to get my life in order!

loey93

Thank you most people I have spoke to have told me that the best option is to use my savings to pay the loan and CC off.. but to me the £1000.00 is like a comfort blanket (I know it sounds ridiculous but I worry in case I need it for an emergency )

enthusiasticsaver

As you are unlikely to have to pay out for a new boiler/ fridge etc because you live at home and at that size Hp I would imagine your car must be quite new there is very little else which could be classed as an emergency. Clear the Lloyds loan and cc with your isa money and then start overpaying the ikano loan then the car pcp. I am a bit !!! at the size of the car HP. That is really expensive.

I also think you need a spending diary. Your bills will never be as low as they are now and you should be in a position to save lots once the debt is cleared.

loey93

Thank you I think I'm swaying towards paying my loan and cc off with my savings ... yes my car is fairly new just over 1 years old and servicing etc is included in the pcp deal. I probably would of never got a car this expensive but my circumstances were a lot different a year ago and I was able to easily afford it (i suppose i didn't take into account that things can change) but hey ho that's life ..

Jo_Blogs

loey93 wrote: »

Thank you most people I have spoke to have told me that the best option is to use my savings to pay the loan and CC off.. but to me the £1000.00 is like a comfort blanket (I know it sounds ridiculous but I worry in case I need it for an emergency )

Hi

Have you thought about using £800 to pay off the CC and loan and leave £200 back as a backfall per month? This might help you prioritise better because you will feel that you are saving something each month - Just a thought You may find that once you have a few hundred saved, that you use all £1000 per month to pay off your debts until they are cleared

Well done with deciding to clear your debts and I wish you all the best :T

enthusiasticsaver

loey93 wrote: »

Thank you I think I'm swaying towards paying my loan and cc off with my savings ... yes my car is fairly new just over 1 years old and servicing etc is included in the pcp deal. I probably would of never got a car this expensive but my circumstances were a lot different a year ago and I was able to easily afford it (i suppose i didn't take into account that things can change) but hey ho that's life ..

I think that is a sensible option to repay the Lloyds credit card and loan. You have also had a really good life lesson in that life can turn suddenly without warning and high debt usually impacts on this. Don't be sucked into the buy now pay later culture and you will be well placed to counter anything life throws at you. You are young, you have a steady income, your outgoings are low apart from debt repayments and the debt at the moment is manageable. Get rid of the loans asap then throw everything into savings and you will be in a much better position in a year or so.

Also don't ever take loans out in the future based on partners position. Again this forum is littered with stories of people lumbered with debt after a break up. Why did you take the loan out for a sofa you were not taking with you rather than your ex? Can you not get it back and sell it?

loey93

I've made a few positive changes today already.. I have taken everyone's advise and settled my Lloyds loan with my savings. This will free up an extra £96.00 a month :-) my step mum has kindly offered to settle my £200.00 credit card bill and I can pay her back interest free over 4 months! I haven't said yes to her yet as I do feel a bit cheeky

I have also set up a help to buy ISA today with a £200.00 standing order at the start of each month.. I have also sold 2 items on ebay and made £20.00 :-)

Also with regards to the sofa loan, I took this loan out when we were living together as the ex put a deposit down on my car and also paid for my insurance for the year so this was part of the deal. He has refused to give me the money for the sofa because of this... We were together since we were kids so I wasn't expecting the break up and it come at as a huge shock

Shashy

loey93 wrote: »

I have also set up a help to buy ISA today with a £200.00 standing order at the start of each month.. I have also sold 2 items on ebay and made £20.00 :-)

Assume you've already cleared the Lloyds CC with your savings? If not maybe delay the ISA for a month and clear that off.

loey93

I haven't cleared the CC yet. I am tempted to accept my step-mums offer but if not I will use the remaining of my savings to pay it off within the next few days

loey93

Thank you it's good to hear that people understand the situation I'm in

I suppose the sofa is classed as mine but the deal was that he put a deposit down on my car pcp and paid my car insurance for the year so I know if I ask for the money back he will refuse point-blank .. I think I have just got to accept that I am lumbered with this debt.

He is also keeping hold of an expensive watch of mine that I keep trying to get back from him I don't know how I can get this back.. (Also he took my engagement ring off me but I think this will be classed as his as he brought it)

glasgowm148

Take him to small claims. The watch and couch are yours.