Debt issues amongst others.

Sarahwithlove

floorspeed_2 said:

Sarahwithlove said:

floorspeed_2 said:

Sarahwithlove said:

Ahhh OK yes not the best. I haven't done either of those I was wondering whether should see what they are on other places but as at the moment I don't need any more credit and won't for a while hopefully I've held off. How long does a default stay on there for? 

Well it’s good to always check your credit report just in case some one or myself has hijacked your identity and taken credit out in your name using said credit to buy pizza or beer or worse. Just joking but you see my point, always good to check it even if you don’t need it for security reasons. Looking at your thread I am pretty sure your credit rating will be high as a responsible borrower. 

The date on credit defaults I think are now 7 years but it was 6 years so I am some what unsure on it. The reality for myself is that I am not too bothered about it currently but wish to stay on the straight and narrow and have some what of a reasonable level of acceptance for low interest products 

Ahh OK fair enough that makes sense. I did clearscore last night just in case. 
Do you think eventually you will want to buy your own place and have a mortgage or stick to renting? 

Yes at some stage but that won’t be for a while I suspect.

Yes I think you would struggle in near future because of the payday loans as they are viewed very negatively by credit score companies when you do a mortgage application. They never tell you about these things do they, I'm glad they are giving some financial education nowadays as I feel like i learn something new everyday. 

floorspeed_2

Kitten868 said:

I was not criticising your debt repayment strategy or your goals. I wanted to understand better what you're aiming for. Essentially about £9k more to go. You can do this. I was hoping you were going to say debt free and £2k in the bank - I'd like to hear you're coming home to family soon. How long do you think it will take you? 
I've been here for years and years. I'm terrible with money but I'm very good at finding access to finance. Just acquiring pay day loans will affect your credit score. Having them on your credit report/statement means you would be refused a mortgage by the high street banks. It's done now though and you're not going to do it again so lesson learnt. I don't think a 5 year old default would cause too much damage. Defaults and all closed accounts are on there for 6 years. 
Your debts and your debt list seem to be shrinking every time you post! You're clearly not getting it wrong. 

Keep it up xxx

Thanks for the support kitten868 yes I am well aware that payday loans on your credit report can look negative for about a year towards mortgage applications. They do go through a lot of checks when conducting their analysis for applicants.

i am hoping my default comes off in August of this year. I shall have to wait and see. 

floorspeed_2

Sarahwithlove said:

floorspeed_2 said:

Sarahwithlove said:

floorspeed_2 said:

Sarahwithlove said:

Ahhh OK yes not the best. I haven't done either of those I was wondering whether should see what they are on other places but as at the moment I don't need any more credit and won't for a while hopefully I've held off. How long does a default stay on there for? 

Well it’s good to always check your credit report just in case some one or myself has hijacked your identity and taken credit out in your name using said credit to buy pizza or beer or worse. Just joking but you see my point, always good to check it even if you don’t need it for security reasons. Looking at your thread I am pretty sure your credit rating will be high as a responsible borrower. 

The date on credit defaults I think are now 7 years but it was 6 years so I am some what unsure on it. The reality for myself is that I am not too bothered about it currently but wish to stay on the straight and narrow and have some what of a reasonable level of acceptance for low interest products 

Ahh OK fair enough that makes sense. I did clearscore last night just in case. 
Do you think eventually you will want to buy your own place and have a mortgage or stick to renting? 

Yes at some stage but that won’t be for a while I suspect.

Yes I think you would struggle in near future because of the payday loans as they are viewed very negatively by credit score companies when you do a mortgage application. They never tell you about these things do they, I'm glad they are giving some financial education nowadays as I feel like i learn something new everyday. 

Yes money is just a tool and use it wisely. I have to be honest I don’t think I would want a large debt like a mortgage over my head at the moment as a possible recession could be coming in the next 30 months time. In line with that finding a job in my ideal location will be difficult and I will be having a substantial pay cut when I moved back too the uk. 

Hopefully build up a buffer and go from there. 

db2016

on the subject of credit reference agencies, well people make the mistake of:
1. only looking at one, when in fact there are 3, equifax, transunion and experian.
2. they get confused by the names, eg if i said oh you have a general motors corsa, you'd say no i have a vauxhall corsa, when vauxhall IS a trading name OF GM.
point being MSE, uses experian, creditkarma uses one of the others etc, so to build up a FULL picture, you need to check all 3. not just one. also coz there are 3, mistakes can be on one, but not all 3, or any combo of other oddities.

floorspeed_2

db2016 said:

on the subject of credit reference agencies, well people make the mistake of:
1. only looking at one, when in fact there are 3, equifax, transunion and experian.
2. they get confused by the names, eg if i said oh you have a general motors corsa, you'd say no i have a vauxhall corsa, when vauxhall IS a trading name OF GM.
point being MSE, uses experian, creditkarma uses one of the others etc, so to build up a FULL picture, you need to check all 3. not just one. also coz there are 3, mistakes can be on one, but not all 3, or any combo of other oddities.

Yes I was aware of your points and a good reminder for myself in regards to using multi sources for reference on credit reports/agencies.

It will be interesting to see my updated report in the next couple of days and the next month ahead as I know I have many out of date information in regards to some of my accounts. I will raise a dispute at a later date if the changes haven’t come into effect after 90 days 

floorspeed_2

21st February 
I hope everyone has had a good week and has a happy weekend!

up and down moments with this payday because I had already planned and actioned all my objectives this week with my money and had my living allowance in my bank when surprise surprise bamboo loans decided to take a automatic payment of £54.89 during Friday, they said my next payment wasn’t until next week!  Because I had made regular savings into a easy access savings account I moved £50 which I had saved back into my current account to get essentials and mainly for liquid refreshments for tonight.

i guess it was a small emergency fund but came in handy and I hope to repeat that potential access for maybe more important scenarios in the future with potentially 3 different savings accounts for potentially different emergency’s. i would like to have 1 with a large amount the second a medium amount and the third a small one for what happened today.

Whilst the weeks have been passing I have had a small goal of getting my 10th silver sol noctis binary bull coin and a number of them have been coming up on eBay but I have been wise by keeping myself to a set price target and missed out on a number of them whilst they went above my price target. I didn’t want `to pay more than what I did on the last which cost me £102.80. That’s now 10/10 and I don’t intended buying anymore until my debt is cleared.

Fortunately this week fell in-line with my goal of wiping out my vanquis credit card which is now vanquished..... vanquis vanquished... HUZZZARH! 

anyways here is my current total breakdown:

£383.03 Vanquis credit card ✅ 

£54.89 bamboo loans ✅

£15.05 capital one credit card ✅

£13.33 amazon credit card ✅ 

£100.63 sol noctis binary bull coin 10/10 ✅

£250 Girlfriend rent savings ✅

Total debt payments: £466.3

outstanding debt:

£352.13 amazon credit card

£1002.14 PayPal credit

£1,345.44 capital one credit card

£289.9 bamboo loan 

Total outstanding debt: £2,989.61

Total savings: £5 and £1150 rent savings

I allowed my girlfriend to use £50 for her cats housing while away on a trip I should of been with her on and £50 towards drinks with her mum on the trip otherwise the total saved would of been £1250.

It’s rather nice to be under £3000 now and To of made sure that that happened this week. With that in mind I thought I would ask the audience what would be the preferred plan for next weeks debt repayment allocation as I am now aware of what potentially I will be able to use to pay off debts.

i have around £1050 coming in next week and need to get a present for a relative!

Below is a small breakdown of what I need to pay and allocate.

£63.25 phone bill ( mainly credit with my previous post)
£80 living allowance ( need to get nicotine patches )
£50-£75 gift.
£250 rent savings 

£580-£600 allotment. ( rounded up for ease )

highest interest from first to last.

1. Amazon credit card
2. Bamboo loans 
3. Capital one credit card
4, PayPal credit 
5.emergency savings


so please make your suggestions by using the numbers above on how much and what I should pay off... should I spread the payment, wipe off one at a time or save some money for a rainy day.

look forward to all your comments.

take it easy.

Sarahwithlove

I'd pay off the amazon credit card as its highest interest and one less to pay. When are your minimum payments due? How much are you looking to save for rent? Also is your gf sorting out her own money yet and saving up? You can't be the only one saving up for the future rent and looking t9 make changes otherwise you are going to end up continuously bailing her out or paying for things. 

Once you have paid off the amazon credit card I would look to put the remainder in an emergency Fund. I think because you get paid weekly you can have slightly less of an emergency Fund then the rest of us but I would say ideally save up £500 if possible. Could you miss a few weeks rent savings payment to give you that buffer and then go back to saving more up again. 

floorspeed_2

Sarahwithlove said:

I'd pay off the amazon credit card as its highest interest and one less to pay. When are your minimum payments due? How much are you looking to save for rent? Also is your gf sorting out her own money yet and saving up? You can't be the only one saving up for the future rent and looking t9 make changes otherwise you are going to end up continuously bailing her out or paying for things. 

Once you have paid off the amazon credit card I would look to put the remainder in an emergency Fund. I think because you get paid weekly you can have slightly less of an emergency Fund then the rest of us but I would say ideally save up £500 if possible. Could you miss a few weeks rent savings payment to give you that buffer and then go back to saving more up again. 

PayPal credit is 11th March
amazon credit card is 2nd March (paid)
capital one credit card is 28th feb ( paid)
bamboo loans is/was weekly

Looking to have around 3k rent saved and in turn save 3k for myself in my bank.

my girlfriend has been a bit depressed recently so I haven’t nudged her in anyway in regards to finance. So no she hasn’t been saving and not tackling her debt.

I do agree with saving £500 in a emergency fund maybe have 3k saved in my large fund and £500 saved in my medium one and couple hundred in my small one for silly emergencies or unaccounted outgoings.

i think it’s a red line in my eyes in regards to the rent savings as I wish to continue doing it every week as a habit.

i believe my girlfriends credit cards have around 8-9k on them and many times I have asked to help her and she has refused. I know she puts her head in the sand in regards to that and other things,  I have done so in the past myself with financial issues.

i mean I know once my debts are paid off we have more options on what we could do so I am letting the rent money stack up and if she says she’s using any of it for other things outside of what we want to do  I think I am going to have to step in and say some thing. 

Anyways thanks again Sarah for the questions and advice on emergency fund I will hopefully action that this Friday when I get paid again.

floorspeed_2

28th feb.

Too emotionally and physically drained to write anything constructive.

Total weeks pay: £1192.73

£63.25 phone bill ( mainly credit with my previous post) ✅ 

£130.21 living allowance ✅ 

£82 gift for birthday. ✅

£100 rent savings ✅

£106.02 flights ✅

£352.13 amazon credit card ✅ 

£304.23 capital one credit card ✅

£54.89 bamboo loans ✅

Total debt payments: £711.25 

Current Outstanding debt:

£1041.21 capital one credit card

£1002.14 PayPal credit

£235.01 bamboo loans

Total outstanding debt: £2278.36

Have a nice weekend and good week next week to everyone

Kitten868

Amazing work cutting down your creditors! Sorry you're so overwhelmed. I hope this week will be better for you xxx