Unsure whether to consolidate - please advise

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  • Reb2016
    Reb2016 Posts: 176 Forumite
    You have done so well Zippy, you are so close now:T
    Reb
  • Aw Reb2016 - where's your diary?!
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • Reb2016
    Reb2016 Posts: 176 Forumite
    It’s here http://forums.moneysavingexpert.com/showthread.php?t=5660404&page=5 I haven’t done as well, but am now getting back on track

    Reb
  • dobbibill wrote: »

    keep up the good work, you're nearly there :d

    i know i know!
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,445
    First Anniversary First Post Name Dropper I've been Money Tipped!
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    Almost there then Zippy and 2018 is the year you will be debt free. Hopefully having got used to not seeing that £650 per month in your daily spends you can save towards house, holidays, long term future or whatever.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • Thanks so much enthusiasticsaver I've always appreciated your support on MSE. I haven't yet sorted out any kind of savings account and know that I need to.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • A concern I would have with what you are suggesting is that by reducing your monthly payment by £330.00 per month then what are you going to do with that money? You said you want to have some money to buy nicer stuff. Trouble is nicer stuff is usually expensive so is it possible you might take another loan out to buy that something special or even another credit card. In which case you will find yourself back at square one within 6 - 12 months.

    to Answer you questions
    Would you just continue to pay the three original debts off? I can afford these repayments (just) but it doesn't give me lots of flexibility.
    I would pay as much as I could for as long as I could. I'm not saying I could hold out for the whole term, but the longer you do then if you do consolidate it will be for a lower amount possibly over a shorter term.
    Or would you consolidate all three debts, pay them off, and take out a new 5 year loan where the monthly payments would be reduced by over £300? -

    I wouldn't, it would be too easy for me to find something else to spend the money on.

    Or is there another option I should consider?
    Do you have anything you can sell that you can replace with cheaper items. Any money saved could be added to the repayments to shorten the term. Have you checked all your spending habits to see if you can squeeze some more money for yourself each month. The usual stuff like switching supplier accounts, renegotiating phone / cable supplier deals etc.
  • Hello everyone! It's time for my monthly update! I'm thinking of numbering my updates! Well all I know is is that I think that this is number 14!
    So how have I managed financially this month? - Well, quite well actually. First off, I've booked and PAID IN FULL my Summer holiday on my debit card. I also paid for my flights to Dallas in February in full this month. I also totalled extra Direct Debits of £340 this month because of the cross over between December/January i.e. some came out the 2nd and some the 31st January. Annoys me when this happens.
    So I've paid £280 to my credit card this week and £266.66 to my sister.

    This might make my debt under £3,000 but we shall see!
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • Verbatim
    Verbatim Posts: 4,830
    First Post First Anniversary
    Forumite
    Remember the protection credit cards afford for big purchases, although I think debit cards can sometimes offer something similar. The trick is of course repaying credit cards in full each month!
    Big well done from me. You!!!8217;re almost there.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • Hey Verbatim thanks very much! Yes regarding the protection I forget. I'm now worrying Tui will go under..
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
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