£29,303...Enough is enough!

PositiveBalance · 23 July 2018 at 11:49PM

WelshKitty85 wrote: »

Its the beginning of a new week. Lets start as we mean to go on.

Minimum payment made to barclaycard and Ive been able to transfer some of the M&S balance to this card on 0%, so they currently look like:

Description....................Debt......Monthly.. .APR
Barclaycard....................8380......160...... .0
RateSetter ....................4000......87.64.....7.4
Hitachi..........................11780.....226.5.... 3.4
M&S Card......................1161......35..........22. 9
MBNA...........................3831......70......... .0

Total debt now £29,152

Good to see you have dug up the interest rates as this helps you figure out which debt to take out first. I take it you are going to aim everything you have got on the M&S card first as it's the highest interest and lowest balance?

WelshKitty85 · 24 July 2018 at 10:17AM

PositiveBalance wrote: »

Good to see you have dug up the interest rates as this helps you figure out which debt to take out first. I take it you are going to aim everything you have got on the M&S card first as it's the highest interest and lowest balance?

Absolutely. Priority is to ensure we have enough coming in to cover all bills and minimum payments, then anything left over will be thrown at the M&S card.

ETA: if and when the car refund comes through we will pay off the M&S card completely and pay off a big chunk of the RateSetter loan.

Mummy_bear · 24 July 2018 at 11:06AM

Hi, good luck on your debt busting journey x

I've just subscribed so will follow your progress x

Homegrown0 · 24 July 2018 at 1:16PM

Hi, just stopping by to wish you luck! Fingers crossed for some work coming your partner's way because that seems like a good way to ramp up the debt repayment.

You say that he relies on agency work is there a way he could register for more agency work elsewhere to open up more work opportunities? Without knowing what he does, I'm not sure if this is viable. Alternatively, he could seek some casual work elsewhere so that he can pick up some work when he's quiet?

Just some thoughts!

All the best

WelshKitty85 · 24 July 2018 at 1:32PM

Mummy_bear wrote: »

Hi, good luck on your debt busting journey x

I've just subscribed so will follow your progress x

Thank you & welcome

WelshKitty85 · 24 July 2018 at 1:36PM

Homegrown0 wrote: »

Hi, just stopping by to wish you luck! Fingers crossed for some work coming your partner's way because that seems like a good way to ramp up the debt repayment.

You say that he relies on agency work is there a way he could register for more agency work elsewhere to open up more work opportunities? Without knowing what he does, I'm not sure if this is viable. Alternatively, he could seek some casual work elsewhere so that he can pick up some work when he's quiet?

Just some thoughts!

All the best

Hello & thank you for the suggestions. He’s actually been to register with another agency today and has found 2 more permanent jobs to apply for, which is the ultimate goal.

JonW1984 · 24 July 2018 at 1:39PM

Hi, good luck getting this sorted, you can do it!

Can I ask what the position is with the cars? You have listed £25,000 assets, can you look at selling and downgrading? £500 - £1000 can buy a reliable and usable car to see you through until the debt is cleared?

The obvious answer to me seems to be for your husband to get steady work. I would have thought even a steady but low paying job is better than sporadic and unpredictable work?

Can you reach out to your friends and family and get them all to ask around for any full time jobs going? Often a personal recommendation can go a long way to him getting a foot in the door somewhere.

Good luck!

Homegrown0 · 24 July 2018 at 1:45PM

WelshKitty85 wrote: »

Hello & thank you for the suggestions. He’s actually been to register with another agency today and has found 2 more permanent jobs to apply for, which is the ultimate goal.

Great! Hope things get moving soon for him to get you all in a better position.

Another question is re: the cars, but I see that someone has already commented on that. How soon until you know whether you can reclaim the cost from the CC company? If not, will you be selling one of the other cars?

WelshKitty85 · 24 July 2018 at 2:17PM

Ive made a phone call today to chase up the S75 claim. They say I should have a letter by 2nd Aug and they aim to resolve it with 60 days, so end Aug/beginning Sept it should be resolved. My car makes up the bulk of the remaining £20,000. I have thought about downgrading but dont know where I stand ending the finance agreement and don’t think I have equity in it to sell it and pay off the finance.

DH actually got a previous job from a family friend but it ended when they stopped paying him. To date they still owe him around £2,000. We took them to court, sent enforcement to the house etc and they took out an IVA so we’re now getting payments of around £6 a month.

He’s just taken a call and has work tomorrow :j

WelshKitty85 · 24 July 2018 at 2:20PM

And yes, worst case scenario if CC wont pay out for the car is that we sell it on. But as its significantly not as described, we cant expect to get back what we paid so would make a loss.

£29,303...Enough is enough!

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