Trying to make sense and find a way out of debt..

Leeoss

Iwantanewlife wrote: »

Welcome to the board!

I also live in London, so understand how much the living costs are, and its hard. Lets look at the positives, you have a fantastic salary, and im sure great earning potential for the future, you also have a supportive wife which will help no end.

I cannot recommend this site enough. My debt free diary has been my savior, and reading others gives me motivation every day, what people do on here is nothing short of amazing.

There is also some fantastic advice from people, that know far more about this sort of thing than i ever have - the advice they gave has already enabled me to pay of £1450 worth of debt in 8 weeks, purely down to budgeting, and i believed i only had £280 disposable income per month!!!

Dave Ramsey is also another that i listen to every day. Debt is simple, baby steps, and stay dedicated.

As others have said, be brave, write down your SOA and post here. Others will be able to help you come up with a plan to blitz this once and for all. Today is the day to start. Every day that you do not attack you are letting it escalate.

I wish you the best of luck, and i hope to be reading your success story soon!

That so very supportive and helpful - Thanks for that.

I've got the SOA documents so will start the journey and will keep a diary of payments.

Thanks again

Leeoss

Avincent

Hi new u o this so bear with me. I have an old debt from 2007 (30k) where a ccj was applied and I've been making minimal payments since. I have now increased my payments considerably and asked the Dca to freeze interest to which they said no. I then wrote to the ombudsman who contacted them and the Dca (TBI) have now said they are willing to drop the interest from 8 to 3%. My question is is it worth going back to the ombudsman to challenge or to accept this reduction?

Many thanks

EssexHebridean

Leeoss wrote: »

Hi Sourcrates

Thanks for the message - Yep agree with that!

I'll get rid of the car, my intention was to just roll it into another pcp so i don't pay the Balloon..
What is Snowballing credit cards..?? and do you think a self managed DMP would work..?
Thanks

That would be taking on more debt - and you don't *need* a car of that value. If you do decide to keep it though how much is the balloon payment going to be? If there any feasible way of getting together the relevant amount in the timescale you have available - three years is a decent length of time...if there's not then you know where that leaves you.

Excellent advice from others on the car as well - particularly the right to terminate at 50%. If a car is a "need" rather than a "want" then it's perfectly possible to pick up something cheap and cheerful for far less than the amount you've spent this time round.

Remember (and this applies to anyone thinking about going the PCP route) - PCP providers don't want you to be able to afford the balloon payment - their entire plan revolves around ensuring that once someone has gone the PCP route once, they are tied into it for ever more as the monthly payments usually mean it's impossible to save ready to meet the balloon as well. It's a horrible way of ensuring that someone is entrenched into debt, to my mind.