In debt but there is hope

terriermama

We're in debt, I'm not able to work at the mo, and no savings. I was so down in the dumps. My partner is even worse off as he just doesn't understand the concept of money, works so hard and has nothing but DEBT.

We were really spiralling and then I took things into hand, booked us on a nice(late deal but still unaffordable) holiday recently to recharge and think things through in a different environment. Since back, all of a sudden cards I had applied for and a loan miraculously appeared in the post. So, I prioritised the most expensive debts and have been using the lower interest rates on the new cards for BTs and then renegotiating with existing my existing credit card companies to transfer from other cards etc. I used the loan to pay towards a huge personal debt that has been accruing interest for over 3 years, and my partner has literally given away his investment flat he spent 2 years redoing just to repay borrowings.

Since on this forum, I had read with interest all the incredible deals some Moneysavers always seem to get. If I bag a 0% deal, it's cause for celebration, and I actually got one for 6 months (though fee attached), and transferred a chunk of my 18.9% Capital One debt onto a 2.9% deal (+£50 fee) with my MBNA card. Though mine are nowhere near as good, and this is just the tip of the iceberg, at least there's some light at the end of the tunnel.

Reaper

Congratulations, terriermama. Good to hear you are starting to get your finances organised. I also suggest you do a thorough budget to see where your money goes and after that work out if anything can be done to reduce your outgoings.

For example outgoing on gas, electricity, phone, insurance, internet and more can normally be reduced by switching companies. Have a read of the articles on the main site and in the forums dealing with these topics.

Here are a few links to get started:

Wannabe Debt Free Forum where you can see how others are tackling their debt.
Where to start with problem debts which has links to all the other relevent articles including budgeting.

terriermama

Thanks, slow but persisting....I recently switched my gas/elec to Equigas/Equipower, and Internet/tel to Bulldog. Today I'm going to cancel my gym membership as I should stop deluding myself I will go more than 3 times a month, and go running instead. What better way to fight off the blues than a free run through good ole Bristish rain right?