Consolidated -Almost-Cancel All Cards or keep one.

Dandytf

@zzyzx1221
A personal loan does come with a High Balance, as does Mortgage etc.
Re-gaining control of Credit Card Spending was and continues to be important.
It is possible to continue within some lending products and be in control.
thanks comments appreciated.

zzyzx1221

Dandytf said:

@zzyzx1221
A personal loan does come with a High Balance, as does Mortgage etc.
Re-gaining control of Credit Card Spending was and continues to be important.
It is possible to continue within some lending products and be in control.
thanks comments appreciated.

It is, but you seem to be going down the road many people who consolidate do.  Fooling themselves into thinking that they don't still have the debt.  All you've done is move the debt elsewhere, but you are starting to act like it's vanished.

eskbanker

zzyzx1221 said:

Dandytf said:

@zzyzx1221
A personal loan does come with a High Balance, as does Mortgage etc.
Re-gaining control of Credit Card Spending was and continues to be important.
It is possible to continue within some lending products and be in control.
thanks comments appreciated.

It is, but you seem to be going down the road many people who consolidate do.  Fooling themselves into thinking that they don't still have the debt.  All you've done is move the debt elsewhere, but you are starting to act like it's vanished.

And hence the denial on a thread about what to do with some surplus cash on the savings board:

Dandytf said:

eskbanker said:

Don't you have debts to repay?

Thanks, I could part re pay rbs and a couple of hundred to paypal credit laptop.
Both are Interest Free.

enthusiasticsaver

You seem to be following the pattern of many who consolidate debt then fool themselves they have dealt with it. It almost always leads to higher debt and given you have or recently had a DMP you have a history of debt so should not be taking on new credit cards or keeping old ones. Pointless saving or investing when you have a loan charging almost 15%.

One of the conditions of a DMP is you don't take out new debt so you should not have taken out the sub prime cards and you would have been in a much better position as now you have a high interest loan. You should be focusing on repaying that ASAP and learning to live without debt. 

Dandytf

@enthusiasticsaver
Thanks whilst there have been lots of Valid points made from mser's, I haven't always followed every piece of advice.
Though I am dealing with each challenge as they occur.
I'm certain I'll not be increasing latest Cards debt to unattainable levels.
15% personal loan serves a purpose of clearing existing Cards debt over 42 months, though I can either clear in full or maybe half Loan balance, haven't yet decided.
Any 'Investments' which is only One Isa with 2-3 funds, are my Medium, possibly Longer term savings which I'm enjoying, approaching year 1.
Thanks appreciated.

floppydisk1

Dandytf - you have a loan that charges 15 % interest, unless you can get investment that earns more than that ( very unlikely these days ) pay it off. All and any interest on any investment you earn and more will be swallowed up by that 15 % elephant in the room. What is that " haven't decided , i might pay its off or half it "  ???  Get rid of it ALL before you even start thinking about investing or more borrowing.  You can easily top up investment and catch up with any missed time while paying off the loan first in the knowledge that money earned on investment won't be wasted on servicing a loan ( although with all your posts  I somewhat  doubt that ).

Dandytf

@floppydisk1
Maybe I'll attempt more than one decision as I'm enjoying Isa to Not continue, I'm 99% decided on a few k into Isa.
Though I'm very sceptical of using 50-60% of redundancy to clear personal Loan.
thanks 

enthusiasticsaver

What redundancy? Are you still employed? 

Unless your investments are earning 15% or more there is little point in investing when you have that loan. 

Dandytf

I don't envisage any +15% returns from my chosen Isa though that's for another thread as is Redundancy.
I only mentioned that I have other medium to  longer term considerations other than 15% Lendable loan.
Maybe I find motivation from not always choosing most cost effective path.
I am due to be working from tomorrow, what I refer to as my next challenge post very recent redundancy.
This thread was originally posted as Title states Almost Consolidated all Cards, which I have done with 15% Lendable Loan.
Only Tesco survives from that previous range of Cards as in I use for groceries, whilst I use pay in full each month.
New cards have their own purposes, including some intro and longer 0% transfers. 

zzyzx1221

Dandytf said:

I don't envisage any +15% returns from my chosen Isa though that's for another thread as is Redundancy.
I only mentioned that I have other medium to  longer term considerations other than 15% Lendable loan.
Maybe I find motivation from not always choosing most cost effective path.
I am due to be working from tomorrow, what I refer to as my next challenge post very recent redundancy.
This thread was originally posted as Title states Almost Consolidated all Cards, which I have done with 15% Lendable Loan.
Only Tesco survives from that previous range of Cards as in I use for groceries, whilst I use pay in full each month.
New cards have their own purposes, including some intro and longer 0% transfers. 

You don't have anything to transfer, you already consolidated.

You see, this is the problem.  Every time you post, you're eyeing up getting yourself into more debt.  You need to stop it, being in debt isn't a good thing, really for anyone, let alone someone who has obviously had problems with it in the past.  I think you've said that "life" caused your DMP, well if you start tracking up debt what's to stop "life" coming along again and putting you straight back in the hole?

Pay the debt off, and then buy things, or invest it, with your own money.