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  • FIRST POST
    • Atticus2017
    • By Atticus2017 18th May 19, 3:04 PM
    • 7Posts
    • 2Thanks
    Atticus2017
    Now that I can see clearly
    • #1
    • 18th May 19, 3:04 PM
    Now that I can see clearly 18th May 19 at 3:04 PM
    I had a moment of madness last year and i thought it would be a great idea to get a loan and just put all my debt in one place, as I had just finished my nursing training and everything appeared on the up
    It was at the time when i was getting into a muddle trying to work out who i had to pay and how much etc
    Cut a long story short, I have had my LBM and am now kicking myself wondering how to sort my mess out.
    I got a loan out for 11,000 and pay interest rate 9.48% and APR 9.9 % fixed, and i've got it for 60 months starting March 2018 the monthly payment is 232. which is just about affordable.
    Should I get a credit card to pay it off or am better off getting another cheaper loan to pay it off?
    They may be a impact for paying it early but the paper work is not clear
    In aright muddle so would really appreciate any help
Page 1
    • kazwookie
    • By kazwookie 18th May 19, 3:08 PM
    • 10,629 Posts
    • 128,645 Thanks
    kazwookie
    • #2
    • 18th May 19, 3:08 PM
    • #2
    • 18th May 19, 3:08 PM
    Can you get a couple of credit cards at 0% and move the balance on to them?

    You need to do a SOA, to see if there is anywhere else you can save money, or the problem won't go away.

    Good luck
    Sun, Sea
    Slinky is back on! - 23 and counting
    I can do this, I will do this...
    • Atticus2017
    • By Atticus2017 18th May 19, 3:11 PM
    • 7 Posts
    • 2 Thanks
    Atticus2017
    • #3
    • 18th May 19, 3:11 PM
    • #3
    • 18th May 19, 3:11 PM
    Im just looking for the template for the SOA
    • Willing2Learn
    • By Willing2Learn 18th May 19, 3:14 PM
    • 3,261 Posts
    • 2,829 Thanks
    Willing2Learn
    • #4
    • 18th May 19, 3:14 PM
    • #4
    • 18th May 19, 3:14 PM
    Im just looking for the template for the SOA
    Originally posted by Atticus2017
    http://www.stoozing.com/calculator/soa.php


    Can you get a couple of credit cards at 0% and move the balance on to them?
    Originally posted by kazwookie
    They would need to be Money Transfer cards to clear the loan...

    MT card >> Current account >> Loan

    https://www.moneysavingexpert.com/credit-cards/money-transfers/
    Last edited by Willing2Learn; 18-05-2019 at 3:18 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Atticus2017
    • By Atticus2017 18th May 19, 4:08 PM
    • 7 Posts
    • 2 Thanks
    Atticus2017
    • #5
    • 18th May 19, 4:08 PM
    • #5
    • 18th May 19, 4:08 PM
    Amount ()
    Monthly Income (after tax) 2,043

    Partner's Monthly Income 1,280

    Benefits 192.40


    Amount ()
    Mortgage payment (from secured debt table below) 96,490 555pm
    Other half of mortgage 46,857.78 223.55

    Secured/HP loans (from secured debt table below)

    Rent



    Council Tax 176

    Electricity 82 duel fuel Toto

    Gas n/a

    Oil n/a

    Water Rates 50

    Telephone (land line) n/a

    Mobile Phone 61.29 (3 mobile phones , Daughters 9, hubbys 22 and mine 30

    TV Licence 12.85

    Satellite/Cable TV

    Internet Services 59

    Groceries etc. 400

    Clothing 100

    Petrol/Diesel 60

    Road Tax (car)

    Car Insurance (including breakdown cover)

    Car Maintenance (including MOT)

    Car Parking

    Other Travel

    Childcare/Nursery 400

    Other child related expenses 150
    Per insurance 12.99
    life insurance 19.99
    birthdays 50
    entertainment 100
    Assets
    Car 1500
    house value 310,000

    2 adults and 3 children
    The mortgage is in 2 parts as we took out to build a extension which was much needed.
    Last edited by Atticus2017; 18-05-2019 at 4:47 PM.
    • Willing2Learn
    • By Willing2Learn 18th May 19, 4:14 PM
    • 3,261 Posts
    • 2,829 Thanks
    Willing2Learn
    • #6
    • 18th May 19, 4:14 PM
    • #6
    • 18th May 19, 4:14 PM
    Please, could you use the format for MSE button at the bottom of the SOA form, and then copy/paste the whole lot over. Then we will have it in the right format, and will be easier to understand what is happening with your finances.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Atticus2017
    • By Atticus2017 18th May 19, 6:06 PM
    • 7 Posts
    • 2 Thanks
    Atticus2017
    • #7
    • 18th May 19, 6:06 PM
    • #7
    • 18th May 19, 6:06 PM
    not tech minded so will have a go!, not sure about car insurance and building insurance i pay annually
    • enthusiasticsaver
    • By enthusiasticsaver 18th May 19, 10:33 PM
    • 8,573 Posts
    • 19,900 Thanks
    enthusiasticsaver
    • #8
    • 18th May 19, 10:33 PM
    • #8
    • 18th May 19, 10:33 PM
    I am not sure you will get a better rate to be honest and as you now know you cannot borrow your way out of debt. 0% money transfer cards would be the best option if you can get them depending on the fees. Is it just the loan or do you owe on credit cards/overdrafts too?

    On that soa, albeit there are gaps I calculate you should have a 770 surplus but given you say the loan is only just affordable I am guessing you don't so either you spend more than you say on that soa or you have other debt as well as the loan. You should be saving monthly for car insurance and maintenance.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Kentish Dave
    • By Kentish Dave 19th May 19, 10:08 AM
    • 260 Posts
    • 421 Thanks
    Kentish Dave
    • #9
    • 19th May 19, 10:08 AM
    • #9
    • 19th May 19, 10:08 AM
    From the partial SOA it’s a little hard to see why you would be struggling or needing to juggle debt.

    Your family is on the equivalent take home money as someone earning sixty thousand pounds a year, making you a high earning household.

    While it’s probably sensible to see if you can get a 0% money transfer card it also looks as though just tightening your belt for a few months would see you taking big steps towards paying it off.

    You can cut a fair amount off the grocery bills with some meal planning, but you’ve enough money spare each month that even this is not necessary.
    • Mrsn
    • By Mrsn 19th May 19, 4:16 PM
    • 76 Posts
    • 49 Thanks
    Mrsn
    I would say the grocery shopping (unless there are allergies to consider) could be cut down. We are a family of 2 adults and 2 children and we budget around 220 a month. We batch cook (I have a few health issues so this really helps when I’m having a bad day), meal plan and use left overs. Even to allow for the 3rd child you could save 100ish a month. It’s hard to see where else you could cut down with gaps in your SOA but I’m sure other savings could be made
    • Atticus2017
    • By Atticus2017 20th May 19, 11:08 AM
    • 7 Posts
    • 2 Thanks
    Atticus2017
    not sure where I went wrong with SOA , but great tips already due to my shifts I spend waaay too on food.
    I think I may do a diary and establish where the money is going, will keep you posted
    • katsu
    • By katsu 20th May 19, 9:57 PM
    • 4,482 Posts
    • 13,960 Thanks
    katsu
    1 - where does your surplus go? Look through your bank statements and update your SOA with the details on the other spending.

    2 - the bills you pay annually still need to come from your monthly income. Open a different bank account and save 1/12 of eg your car insurance and then by next year you can afford to pay in full and get a better rate.

    3 - is your council tax paid over say 10 or 11 months? If so, what did you do with that extra money?

    4 - what are you doing that is "entertainment" on your budget above? Could you do it cheaper? Although it is better to find out where all your money goes first, then you know what you are really dealing with.

    5 - mobile phones. Go SIM only at the end of contracts, look at the main site articles for advice on good deals.

    Well done for trying to make sense of this all. You can learn better habits and get debt free
    Debt at highest: 8k Debt Free 31/12/2009 (nine years and counting ) Original MFD: May 2036. MF Dec 2018
    • Atticus2017
    • By Atticus2017 21st May 19, 4:51 PM
    • 7 Posts
    • 2 Thanks
    Atticus2017
    Totally agree we should have loads left every month but we never do, always living in the overdraft and some months going over the overdraft!
    Now that I have decided to write down my spending, its making me think twice!
    Today middle child asked me for five pounds to go out with friends and usually I would say yes, today i questioned what it was for and basically crap, so i told her to take snacks out of the cupboard, a packet of crisps and some sweets left over from halloween ( they were still in date!)
    I took left over veggie thai curry in for my lunch and some overnight oats
    I will have another go on the SOA once I have collated all my bank statements together.
    I forgot to add the 125 pounds I paid for the eldest school trip too!
    • Willing2Learn
    • By Willing2Learn 21st May 19, 5:24 PM
    • 3,261 Posts
    • 2,829 Thanks
    Willing2Learn
    I will have another go on the SOA once I have collated all my bank statements together.
    Originally posted by Atticus2017
    Good idea to try and track your spending via a diary and through your statements.

    It would be good to see a full SOA. Just make sure you fill in all the boxes throughout the online form.
    Then near the bottom of the form you will see the 'Calculate' button which basically adds everything up for you.
    Then underneath the 'Calculate' button there is a 'Format for MSE' button. Give it a click and then the text will be automatically formatted to work properly in the MSE forum
    Then copy and paste the whole lot from their screen into your thread.

    (Hope I am not sounding patronising. I'm just trying to be helpful).
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • theoretica
    • By theoretica 21st May 19, 7:10 PM
    • 5,849 Posts
    • 7,249 Thanks
    theoretica
    Today middle child asked me for five pounds to go out with friends and usually I would say yes, today i questioned what it was for and basically crap, so i told her to take snacks out of the cupboard, a packet of crisps and some sweets left over from halloween ( they were still in date!)
    Originally posted by Atticus2017

    Teaching your kids to budget is very important, and seeing you budgeting should help them learn.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • Atticus2017
    • By Atticus2017 22nd May 19, 3:56 PM
    • 7 Posts
    • 2 Thanks
    Atticus2017
    not at all Willing2learn, I am totally useless at anything tech related, I am better with needles than Computer! x
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