Its time to sort out this mess!

Chappers27 · 7 December 2017 at 11:14AM

The unsecured debt is killing you. I know some people dont recommend it but if I were you, I'd consolidate it all to a 0% credit card or a cheap loan - AND FIXED PAYMENTS TO PAY IT OFF.

Also, do you need to pay £32 for satellite/cable? Stop that immediately and get a cheap freeview box for the period you're in repayment. You could prob knock £15 off your gas and electric by switching.

You don't get 50% of child benefit. I tried. It goes to the mum.

Car insurance. When it comes to renewal get it four weeks in advance. Check the date.

Whatever you save throw at the loan or 0% credit card.

Think SAVE every day.

DebtFreeDuo · 7 December 2017 at 11:37AM

I believe that if there is only one child then the child benefit can only go to one parent and then its up to the parents to discuss. If there are more then I believe they can split it although its been a while since I looked in to that.

I recently opted for hiding my cards away, this has seriously backfired on me as I have been using one of them again, today I am cutting this card up, I don't need it, I am just using it 'for emergencies' that aren't true emergencies. Try and set aside a very small emergency pot for now so that instead of using a card at the end of the month you could use this instead. This might help encourage you to keep adding to it and then it can become your emergency fund.

Scott_Weiland_2 · 7 December 2017 at 11:39AM

Chappers27 wrote: »

The unsecured debt is killing you. I know some people dont recommend it but if I were you, I'd consolidate it all to a 0% credit card or a cheap loan - AND FIXED PAYMENTS TO PAY IT OFF.

Also, do you need to pay £32 for satellite/cable? Stop that immediately and get a cheap freeview box for the period you're in repayment. You could prob knock £15 off your gas and electric by switching.

You don't get 50% of child benefit. I tried. It goes to the mum.

Car insurance. When it comes to renewal get it four weeks in advance. Check the date.

Whatever you save throw at the loan or 0% credit card.

Think SAVE every day.

I agree re the cable you could get a now tv box for 20quid then pay just 7quid, say another 9 quid if you want the movies.

mick1234_2 · 7 December 2017 at 12:16PM

Hi,

the £30 is for internet,TV and Phone, I cancelled it all apart from the internet and they gave it me all for the same price. I need the internet for work I did look at other providers but the price is good for what I am getting,

I did look at loans etc to consolidate as for cards I am using most of my available credit so this is stopping me moving it.

Chappers27 wrote: »

The unsecured debt is killing you. I know some people dont recommend it but if I were you, I'd consolidate it all to a 0% credit card or a cheap loan - AND FIXED PAYMENTS TO PAY IT OFF.

Also, do you need to pay £32 for satellite/cable? Stop that immediately and get a cheap freeview box for the period you're in repayment. You could prob knock £15 off your gas and electric by switching.

You don't get 50% of child benefit. I tried. It goes to the mum.

Car insurance. When it comes to renewal get it four weeks in advance. Check the date.

Whatever you save throw at the loan or 0% credit card.

Think SAVE every day.

mick1234_2 · 8 December 2017 at 10:03PM

I have managed to get breakdown cover for £43 and cancelled my bank package which was costing me £204 a year that's a saving of £163 its not a huge saving but it will all add up when I have done this with everything thanks for the tip!

enthusiasticsaver wrote: »

I think you could probably get car breakdown a lot cheaper than £17 a month and you need to tackle the overdraft as most banks are starting to up their charges on this. Packaged bank accounts are usually a waste of money.

EssexHebridean · 12 December 2017 at 2:16PM

Oh well done! That's great!!

How have you been going this week so far?

mick1234_2 · 12 December 2017 at 4:16PM

This week has been a bit crazy I have been looking at everything, I now have my new road cover and the bank account fees have now been removed, I have just been on to my electricity / gas provider as they where trying to charge me £150 per month they are looking into it as I am in credit, I used the Cheap energy club to check my latest costs.

Last night I made about 6 meals and froze and refrigerated the rest I will get better at this its just getting everything sorted out.

All my shopping has been done with Aldi no more sainsburys trips, I used to do this most nights.

I have also been looking at loan options for my cards there are fees but It will get it paid off, as I think if I have to pay it I will its a lot harder with minimum payments etc my issue is I have so little left if it is a DD then I have no choice. I wouldbe getting the exact loan for the cards thats is the payment is lower than what I am paying now and I think they will allow over payments, I have only looked at this option.

DebtFreeDuo · 12 December 2017 at 10:11PM

If you are looking at consolidation then I would seriously recommend you completely cancel your cards once they are cleared and don't keep one for emergency. The problem with consolidation is that because we see it as more manageable we generally take out more credit on cards etc. If you don't look at the cause of your initial debts and work on those completely then the likelihood is that consolidation won't work. I talk from experience and from advice I have seen given around here. Debt is a symptom not the cause as they say.

enthusiasticsaver · 12 December 2017 at 11:19PM

The problem with consolidation is that usually it works out a lot more expensive as you will be paying it back over a longer time period. It also does not address the problem of why you overspent in the first place so invariably people end up with the loan and credit cards as they spend on them after getting the loan. If you do that I strongly recommend you get rid of the cards.

Are most of the cards 0%?

mick1234_2 · 13 December 2017 at 9:38AM

All my cards apart from one ( Barclay card ) are interest only

18.6 % interest next month is £60.69 payment is £186.28 this is the largest the others are between £20 and £35.

I know a loan would take a lot longer but it would give me 1 payment that would be lower than what I am paying now im not sure if it would help I just know that I need to start chipping away at these cards or they will be with me forever!

All cards accounts would be cancelled and the loan would only be for the amount needed to clear the accounts, its so annoying that this has only taken like 3 years to get in this mess I never had credit ever! now 1 card turned in 5 and a mountain of debt!

enthusiasticsaver wrote: »

The problem with consolidation is that usually it works out a lot more expensive as you will be paying it back over a longer time period. It also does not address the problem of why you overspent in the first place so invariably people end up with the loan and credit cards as they spend on them after getting the loan. If you do that I strongly recommend you get rid of the cards.

Are most of the cards 0%?

Its time to sort out this mess!

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