What small dfw things will you do this week beginning 07/09/20?

ditty1234

alt80 said:

Just found this. Not sure this is small but I'm going to tell all to my wife about the mess I'm in. Also see if I have any hope of getting a remortgage to consolidate it.

ALERT ALERT ALERT Very very carefully study the difference between secure and non secure debt, before re-mortgaging. A little default never killed anybody. You do not have to go into a full on DMP. One a credit card defaults - you can pay it off at your own pace, and you will not be paying interest. Obviously that will also stop the problem of getting other credit cards, as you can't for a year or two after a default. Not expert advice.
... And hello @Alt80 best of luck sharing and tackling your balances. 

ditty1234

@carrielovesfanta how far is your job? Can you use an electric bike? My ds is looking at cars, some of them are £1500 and under, and he claims it will run for a while! You just need something small to shuttle you back and forth! DO you have to go on the motorway? Return journeys does add up? Can you take a bus one way?
I bicycled to a meeting at my hourly job today, and I just love it.  I think I will only be commuting 2 days a week and I am just so excited. 
Now I have to get the car out though to go shopping, annoying. 

carrielovesfanta

ditty1234 said:

@carrielovesfanta how far is your job? Can you use an electric bike? My ds is looking at cars, some of them are £1500 and under, and he claims it will run for a while! You just need something small to shuttle you back and forth! DO you have to go on the motorway? Return journeys does add up? Can you take a bus one way?
I bicycled to a meeting at my hourly job today, and I just love it.  I think I will only be commuting 2 days a week and I am just so excited. 
Now I have to get the car out though to go shopping, annoying. 

I don't have to go on the motorway - I can use the A roads (I would need to on the scooter anyway). I had considered cycling but hadn't thought of an electric bike. It is about a 25-30 min drive but G maps says it would be about an hour and a half to cycle. I'm not sure how much faster an electric bike would make this. I think they have a top speed of approx 15mph? It's 18.6 miles so still possibly over an hour. Public transport would consist of train+bus which is 90-120 mins again!! Although with covid I don't fancy public transport much.There is the potential of getting a lift with a colleague when he's in the office. We are a bit cautious of this dt covid again though. (aren't we saintly in our office?!)

alt80

@Baileys_Babe I realise the implications. I’ve got quite a few properties so am familiar with implications of mortgage debt. I know there’s only a fair chance I’ll get the remortgage so we shall see.

I 100% plan to make lifestyle changes for this not to happen again. Once paid, the cards will go - Close the accounts and only ever use a debit card. I appreciate when ordering online etc. There can be advantages to credit cards but think I’m better taking the risk than leaving the accounts open.

@RelievedSheff yes I’ve done it before and I shouldn’t be doing it again but this time is the last time - I’m not willing to be higher than 75% LTV on my family home and the BTLs are maxed out so no more equity to take so far as I see it. Game over this time. No more cards, no more credit. No more car loans for many years. 

alt80

ditty1234 said:

alt80 said:

Just found this. Not sure this is small but I'm going to tell all to my wife about the mess I'm in. Also see if I have any hope of getting a remortgage to consolidate it.

ALERT ALERT ALERT Very very carefully study the difference between secure and non secure debt, before re-mortgaging. A little default never killed anybody. You do not have to go into a full on DMP. One a credit card defaults - you can pay it off at your own pace, and you will not be paying interest. Obviously that will also stop the problem of getting other credit cards, as you can't for a year or two after a default. Not expert advice.
... And hello @Alt80 best of luck sharing and tackling your balances. 

As above I’m familiar with the implications of mortgage debt - own quite a few properties. Not pleased about it but it will help my situation if it goes through. I can always get things in order and overpay on the mortgage further down the line. 

I’m not willing to default on accounts but thank you I could see how that may be a step forward for someone in a similar situation.

carrielovesfanta

@alt80 - Well keep on board with us because we are the thread to help you stop spending, whether you choose to consolidate or just pay off the cards
I can see why the remortgage looks so tempting as it probably feels like a clean slate, but you might find that your wife is really keen and on-board and you can whip through paying off the cards. In fact, if you have a competitive streak, you might quite enjoy playing with the snowball calculator and see how quickly you can pay off the debt and how much interest you can save! 
My OH was (and still is in some ways) a real tinker for spending money but even he has (mostly) come round. He actually said it felt easier to spend on the credit cards than it does when it's real money. 

Either way, I hope it all goes well

alt80

@carrielovesfanta yes a clean slate is what I’m looking for really. The finances as they stand are an absolute nightmare - its not really going to be possible to cover more than the minimum on the cards. I’m a bit stuck really. No idea how wife is going to react, I don’t think she’s going to be best pleased about it Tbh.

RelievedSheff

I'm guessing your wife has been spending money as well. It is a situation you have both gotten into so will need to work together to get out of.

Pixie_Fairydust

Thanks for the welcome 😁👍 

Pix
Xx

ditty1234

Being a mug I just sold an item on ebay I can't find! I think I set the listings up in February! Then I did the refund in Paypal so I can't cancel the order. At least the lady has her money back, but no item. Not great. 
I did cook dinner for tomorrow night today after dinner, so on down and one up.