Any advice appreciated

liverpoollad98

Hi guys. 

Abit of a back story, a rough break up saw me take loans out to make myself feel better spending wise and drinking wise. But in the long run screwed me over as it eventually saw me taking loans out to do the basics in the life ie pay rent. I will be mostly debt free at the end of September with one loan left running until January does anyone have any tips to maybe pay them off at once quicker or anything really. Any advice to have more disposable money ways to lessen your spending etc. I am aware of my credit rating being dire and I am also not eligible for any credit cards etc or consolidation loans for obvious reasons but I am now in a new relationship and wanting to start saving for a house and starting a family etc but cannot in this current state. 

Thanks guys

[Deleted User]

liverpoollad98 said:

Hi guys. 

Abit of a back story, a rough break up saw me take loans out to make myself feel better spending wise and drinking wise. But in the long run screwed me over as it eventually saw me taking loans out to do the basics in the life ie pay rent. I will be mostly debt free at the end of September with one loan left running until January does anyone have any tips to maybe pay them off at once quicker or anything really. Any advice to have more disposable money ways to lessen your spending etc. I am aware of my credit rating being dire and I am also not eligible for any credit cards etc or consolidation loans for obvious reasons but I am now in a new relationship and wanting to start saving for a house and starting a family etc but cannot in this current state. 

Thanks guys

This might be better over on the Debt Free Wannabe board, hopefully a board guide will move it.

Have you defaulted on this loan and if so has it been sold on to a debt collection agency?

Mahsroh

Definitely one for the Debt Free Wannabe board. Go on there and post something similar (if this doesn't get moved by a board guide) but also complete a Statement of Affairs (SOA) using this link and include in your post:
https://www.lemonfool.co.uk/financecalculators/soa.php
People will then hopefully be able to identify areas where you can make savings and get your debt paid off quicker. 

MallyGirl

I will move it

ryanm8655

Firstly, welcome.

First step is to complete an SOA as above. Then there will be lots of helpful people who can advise. There might be room in your budget to make some cutbacks to clear the debt more quickly.

Have you owned a property before? Might be worth setting up a LIfetime ISA if not and paying a token amount into that each week/month if there is room in your budget. It gives you a 25%/year bonus on up-to £4000 towards a deposit on a house for first time buyers.

Fireflyaway

Definitely don't borrow to pay off debt. Whether that be a 0% credit card or consolidation loan. It's just moving money about and can make you feel less inclined to tackle it with so much enthusiasm. 
Do a written budget to see what's coming in and out and people here will give you tips on how to save. Groceries is usually a good area to cut back on as is entertainment. 

ozziex99

How often was you going out to eat/drink pre-corona?

JayRitchie

I'm not sure what stops you saving for a house? Your debts will be gone soon and it takes time to save. 

Naomim

JayRitchie said:

I'm not sure what stops you saving for a house? Your debts will be gone soon and it takes time to save. 

I'm guessing if the OP is struggling to pay his debts then he can't afford to put money into savings for a house either.😕

As mentioned @liverpoollad98 complete an SOA and lots of people on the boards can provide constructive help and advice.

naomim