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  • FIRST POST
    • zippygeorgeandben
    • By zippygeorgeandben 3rd Dec 16, 10:11 PM
    • 1,014Posts
    • 1,403Thanks
    zippygeorgeandben
    Unsure whether to consolidate - please advise
    • #1
    • 3rd Dec 16, 10:11 PM
    Unsure whether to consolidate - please advise 3rd Dec 16 at 10:11 PM
    Hello everyone,
    First of all, I can't believe I still remembered my username and password. It's quite a while since I've logged into MSE!
    Anyway, here are the facts.
    I currently have three debts I am paying off
    1) £5727.54 loan(started at £11k)with Zopa @ 4.8% - I pay £230pm
    2) £7568.74 loan(started at £12k in 07/2014)with Tesco @ 4% - I pay £222.61pm
    3) £4211.19 credit card with Virgin Money @ 0% until June 2017 - I pay £200pm (which is more than the £50pm they ask for)
    Total debt equals £17,507.47.
    Total monthly payments are £653pm

    I wish to reduce my monthly direct debit outgoings to give me more flexibility for stuff I want to buy.
    After having a brief search, Sainsbury's have a loan for £18k (so this covers all the debts written above) @3.1% which would mean me paying £323.89pm.
    TSB have a loan for £18k @3.5% which is £328pm. I'd be paying £1621 in interest for this deal.
    Both these loan repayments per month are roughly £330 less than I currently pay off per month at the moment (which as I've said above, are £653pm)

    I can't seem to find the wood for the trees here. What would you do?
    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.
    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?
    Or is there another option I should consider?
    Thanks for reading,
    Ben
Page 11
    • Verbatim
    • By Verbatim 11th Apr 19, 6:21 PM
    • 4,694 Posts
    • 14,494 Thanks
    Verbatim
    Wow fabulous holidays and all budgeted for, or no debt involved anyway. Enjoy!
    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
    • zippygeorgeandben
    • By zippygeorgeandben 12th Apr 19, 4:44 PM
    • 1,014 Posts
    • 1,403 Thanks
    zippygeorgeandben
    Wow fabulous holidays and all budgeted for, or no debt involved anyway. Enjoy!
    Originally posted by Verbatim
    Thanks Verbatim (you've always followed and supported me on my journey).
    I just have to make sure that I keep on top of stuff. If I have a month with not many outgoings, it can be a good £750 going into the savings account. This is only possible though because of my tight management and getting my debts down in 2017/2018 which I'm still proud of.
    I would rather pay upfront for all these things though and sticking them on an amazon credit card has so far got me a £40 gift card!
    Savings as of August 2019

    Savings account 1 - £8605.14
    Savings account 2 - £2750.00
    Current account - £3177.92
    Total - £14,533.06
    • zippygeorgeandben
    • By zippygeorgeandben 12th Apr 19, 4:49 PM
    • 1,014 Posts
    • 1,403 Thanks
    zippygeorgeandben
    No words of advice, you are doing brilliantly.

    Lots of trips to look forward to.

    Do you put money away specifically for holidays as part of your budget? That might help take the strain off a bit - a holiday fund/pot.

    A huge well done though - to think how far you have come, it's amazing.
    Originally posted by Dobbibill
    Hi Dobbibill and same as I said to verbatim, you've been there all the way through my journey. I'm extremely grateful. Because of this financial management, my OH and I are going to move into a bigger place in August. I want a bigger flat and nicer kitchen. I'll be paying the extra rent but I can absolutely afford this. Yes we could stay where we are and save myself £250pm but we've outgrown the place really.

    I don't put away the money for these big one offs because I know I have the funds. Yes it is a big amount but my income/outgoing ratio is decent so it isn't really that much of an issue but something i'm aware of.
    Thanks once again.
    Savings as of August 2019

    Savings account 1 - £8605.14
    Savings account 2 - £2750.00
    Current account - £3177.92
    Total - £14,533.06
    • zippygeorgeandben
    • By zippygeorgeandben 4th May 19, 11:08 PM
    • 1,014 Posts
    • 1,403 Thanks
    zippygeorgeandben
    Hi everyone - just checking in with you all. If any mods are reading this, can they remove comments which are totally unrelated to this story? Like the above one?!
    Anyway, I'm totally lost as to how to class my savings as I put things on the CC and pay off in full the month after. This has got me £40 in amazon gift card which is great, but it does knock onto clarity with my finances.
    So I think with my signature I'm going to just make it what is in my savings accounts on credit in my account on payday.
    Hoping this will work but I'll copy and paste my signature at the moment, just in case I change my mind!
    Thanks for reading!
    Savings End March 2019 £2937.61
    September 2018 £986.09 October 2018 £1254.04 November 2018 £27.00
    December 2018 £21.14 January 2019 £1448.92 February 2019 -£1528.04
    March 2019 £728.46
    Savings as of August 2019

    Savings account 1 - £8605.14
    Savings account 2 - £2750.00
    Current account - £3177.92
    Total - £14,533.06
    • Verbatim
    • By Verbatim 5th May 19, 8:15 AM
    • 4,694 Posts
    • 14,494 Thanks
    Verbatim
    All looking good ZG&B. It's a good dilemma to have: how to record savings! Enjoy the bh weekend.
    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
    • DCFC79
    • By DCFC79 5th May 19, 8:52 AM
    • 34,895 Posts
    • 22,091 Thanks
    DCFC79
    Zippy Ive reported said post as spam so hopefully it will get removed.
    • zippygeorgeandben
    • By zippygeorgeandben 5th May 19, 9:50 PM
    • 1,014 Posts
    • 1,403 Thanks
    zippygeorgeandben
    Thanks Verbatim. I hope you are well. I've been baking all day! (Whilst watching the snooker)
    So another major purchase I'm making is a kitchen device which costs £1099. I have borrowed one for a week to see what I think about it, and it's ruddy brilliant.

    I have already paid for this on the aforementioned CC and this comes out of my account in May.

    I'm now looking into selling my rare Yankee candles and I'm going to knock off in my head the monies I recover from these off the £1099 and see what's left.
    Last edited by zippygeorgeandben; 05-05-2019 at 9:52 PM. Reason: More info
    Savings as of August 2019

    Savings account 1 - £8605.14
    Savings account 2 - £2750.00
    Current account - £3177.92
    Total - £14,533.06
    • jeanericblass
    • By jeanericblass 22nd May 19, 10:07 AM
    • 10 Posts
    • 11 Thanks
    jeanericblass
    Your credit score albeit axcellent doesnt mean anything when it comes to lenders since they dont see it, they see the history.

    Your reports with the other 2 agencies will show you a different score anyway.
    • zippygeorgeandben
    • By zippygeorgeandben 30th Jun 19, 7:14 PM
    • 1,014 Posts
    • 1,403 Thanks
    zippygeorgeandben
    Hi everyone,
    Just giving you a monthly update.
    I've a lot of money coming out of my account this month due to me and my OH moving flats. He can't really afford to go halves with the move so I'm taking a lot of the costs. I overspent by £713.71 this month but I do have a buffer in my account. I'm still contributing to savings each month and, well, I have my eye on the ball. Lots of things happening though this year but I've got through a couple of expensive weekends at least.
    It's the house move which will be a big factor though. Moving company costs, need new furniture (sofa/bed etc) so we will see how it lies. I guess though that all that hard work I did with the tutoring and paying off debts means I have this money to spend on things needed. I would rather it be this way round instead of having to borrow off CCs etc. and I'd rather use savings on a nice bed and sofa if I'm honest!
    Thanks for reading, lets hope the next update isn't too bad (but it will be I know!)
    Savings as of August 2019

    Savings account 1 - £8605.14
    Savings account 2 - £2750.00
    Current account - £3177.92
    Total - £14,533.06
    • Alex^
    • By Alex^ 1st Jul 19, 12:43 AM
    • 4 Posts
    • 6 Thanks
    Alex^
    i was in a similar situation a couple years back over 20k, i have a extravagant lifestyle - trired everything, giveing my cards to my mates etc

    it still didnt stop me, the only way to get past is, is to own up, and tackle it head on, ok i did get a big loan to pay it all off and its gonna cost me for 5 years, but since then (other than the load) everything is paid on time

    its all about will power (which is easier said than done)
    Last edited by Alex^; 01-07-2019 at 12:50 AM.
    • Alex^
    • By Alex^ 1st Jul 19, 12:46 AM
    • 4 Posts
    • 6 Thanks
    Alex^
    i notice u have some savings, try to put them into ur debt it works out better in long run
    • Jabbythistle
    • By Jabbythistle 16th Jul 19, 1:54 PM
    • 6 Posts
    • 24 Thanks
    Jabbythistle
    Just read your entire thread and wanted to say well done. You've dug yourself out of a debt hole and can now cope with the ups and downs (financially) of every day life.

    The trick now is to never again pay interest on anything. Feel free to use a credit card (there can be some nice perks if you pick the right card) but always pay it off in full every month.

    Keep going and I'm looking forward to your next update.
    JB
    If at first you don't succeed, keep on trying
    • DCFC79
    • By DCFC79 16th Jul 19, 2:11 PM
    • 34,895 Posts
    • 22,091 Thanks
    DCFC79
    i notice u have some savings, try to put them into ur debt it works out better in long run
    Originally posted by Alex^

    Which post are you referring to Alex ?
    • zippygeorgeandben
    • By zippygeorgeandben 8th Sep 19, 8:39 AM
    • 1,014 Posts
    • 1,403 Thanks
    zippygeorgeandben
    Good morning everyone! I hope we are well.
    This has NOT been a good month for money for various reasons! We have moved into a new flat and all the costs which come with this. As I am the main breadwinner, I have pretty much paid for it all. 5 weeks deposit, advance rent as well as all the furnishings/professional removers etc.
    But I am still meticulously noting down all the costs and paying the CCs off in full. It wouldn't look so bad if I decided to maybe spread the debt on the CCs but I have taught myself that I would rather take some short term pain for long term gain.
    I could touch my savings if I wanted to but I would rather not. It is nice to know they are there though.
    I'm back at work this month though. Have no prior engagements for this month so I am hoping that I can recoup some of the damages (not the right word really) and claw some income back.
    I am going to be paying an extra £250pm in rent in this new place so have slightly less income to play with.
    I will keep you all updated as many of you have been on this journey with me (can you believe it started 3 years ago!) and again, I only have to look at post 1 to see how far I have come and look at the bigger picture.
    I will continue updating my signature with the plain facts of the amount in my savings and the amount in my bank account. This is another reason I like to pay the CCs off in full each month as I know I do not have any debt hanging over each month.
    Thanks for reading and I am always open to your thoughts, comments, opinions etc.
    Savings as of August 2019

    Savings account 1 - £8605.14
    Savings account 2 - £2750.00
    Current account - £3177.92
    Total - £14,533.06
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