light bulb moment

poolclan

February 2007
Hello there,

It has taken alot of courage but i have done my first budget in ages, I was so terrified of totalling up my loans.

I'm hoping i can whittle all of these debts fast i can. I wish i could move my debt around to better deals on interest but i think my credit rating has suffered through late payments etc, but this isnt possible.


egg loan : £3771
barclaycard : £1317
capital one : £178.61
vanquis : £231.48
car loan : £1600
aliance and lecester o/d :£295
lloyds tsb loan :£2600

Does anybody have any sensible suggestions on the best methods on how to break old habits?Debt is a horrible thing, my first child to my lovely wife is to arrive soon and i dont want to let my finances slip, i'm having sleepless nites already.This should be happy time of my life but everyday i dread the phone or mail popping through the post!

Anybody have similar experiences?

Merlot

Poolclan, welcome to the dfw community.

If at all possible could you post a full SOA (incomings and outgoings) and list your apr's as well, the Vanguis card/loan will be a really high rate I am sure of that and its needs to go first. £9993.00 isn't a huge amount of debt compared to many others, try and not lose sleep over money, your newborn will see to that one!

Look forward to seeing your SOA, and well done for posting here, you will get tons of help.

Merlot.x.

Keeping_Positive

Welcome and well done for posting I think that can be the hardest bit. A full SOA (statement of affairs - there should be a guide on the resource bar) will help us see if there is any room there to increase the amount you can throw at the debt.

In the meantime have you heard of the snowball calculator? Basically put in your loans/cc including APR rates and how much you can pay a month then it tells you what to pay to get the debt doen the quickest. Some people have found this addictive.

Have a look http://www.whatsthecost.com/snowball.aspx

PENNYWISE_3

just to echo what Merlot has wisely said really !;)

Welcome to the board & if you can find out how much apr is on each debt people will be better able to help.

lauradora

Welol done and welcome, your in the right place for help :j

poolclan

Thanks so much for your words of support, It can be so lonely in this situation, its great that so many people are hear to listen and help.

Merlot

Poolclan, you will never be alone again being apart of the DFW community, most of us have debt and we can help each other out, post your SOA and honestly with the help you will get, I promise you will be able to sleep tonight, and by golly you need your sleep just now before baby Poolclan arrives and disturbs your sleep for the next couple of years, or in my case ten years, my wee boy (9) still wakes up in the night, he just goes for a walk and then back into bed, but I don't go to bed until 2.30am until he has had his walkaround! Kids eh?