Feeling a bit down...

Hell1

Hi everyone,:j

Feeling a bit down, am hitting a brick wall as far as paying off my debts go. Should be happy with what I've done so far, but not! - Paid off o/d £2200 at highest, and a number of small and large debts, totalling £10,000 but am left with two loans,
1) 3,800
2) 6,000

I cant overpay on loans, so am saving to pay off loan 1. Have saved £1,500, but still seem a long way off! -Also not sure I can keep that money as other things have a habit of happening. Am beginning to feel it will never end!

Sorry for rant,

Any ideas for paying off earlier?

pania

Hi Hell1 just shooting out the door so forgive brevity of post, have a look at www.whatsthecost.com which will show you how to pay your debts off and in which order. if you ae worried about spending the money saved call the loan payment and pay a chunk of it off and keep some back for emergencies if that is what you need to do.
Big hugs and please don't feel down, these things come to try us.
P
xx

GirlRacer_2

Did you sign up for PPI on the loans, if so you could cancel the PPI and that would bring the total down.

Jelly_Babies

Hi there

Just look at how much you have paid off, you are bound to feel a little down as you have obviously worked so hard over a period of time and seen the figures going down and it is more difficult when they are loans.

Might be completely daft but a random thought, could you get a 0% card to pay one of the loans so you could repay the smallest loan, or would you have to pay early redemption charges? I know that sometimes MBNA give you cheques that you can pay into your account so in turn you could repay the loan. You would need to check though that it wouldn't work out more expensive, i.e. would you have to pay a charge, you would have a BT fee etc.

Other than that could you ask the loan company if you could increase your payments on the smallest loan?

Only some thoughts and might be completely off the mark, I'm still half asleep :rolleyes:

full-time-mum

You have paid off

£10,000

:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T

That is some achievement.
How long has it taken you?
You've made huge progress already so you know that you can do it.

Hell1

Hello and thank you for your quick replies!:j

Pania, - i did look at this, and technically I should pay off the biggest loan first as it is a slightly higher APR. However, although it makes no sense logically, I still feel the need to tackle the smaller loan first!

I did ask if I could pay a chunk off the loan, but they said I had to pay it all or just carry on!

GirlRacer, Thanks, I did pay for ppis, so I'll look into cancelling them! Didn't know you could cancel them!

Jellybabies, Believe it or not, I've never had a CC! I wouldnt know how to go about getting one - I'm so rubbish at managing money. Thanks for your ideas, though!

Feel much cheered by your replies!
Hell

GirlRacer_2

Have just read my reply to you and din't really how unfriendly it sounded. Was rushing to get kids to school so I apologise if I sounded short.

You may not be able to get your PPI back but it can certainly be deducted from any future payments you make and thus bring your monthly payment down, your balance down and allow you to save a bit more to put into savings to pay it off.

When I was in debt I paid off my smaller debts first, simply because they were easier to get rid of and it did make me feel better.

Let us know how you get on.

full-time-mum

Hell1 wrote: »

I did ask if I could pay a chunk off the loan, but they said I had to pay it all or just carry on!

Not sure how these things work but is it possible to get a cheaper loan and pay of the more expensive loan outright?