strick206
Member
Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
User status: Offline
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Just wondering if anyone can offer any advice really. I have my own home which is mortgaged, and rather stupidly I spent thousands on stuff for the house to make it look good, planning to pay it back before interest free ran out, that didn't happen, and now I am stuck with quite large interest payments.
The annoying thing is I cannot get a loan because of existing credit when all I want the loan for is to pay off the debts. I'm trying to figure every way I possible can to pay this off.
All was going well and then my lodger moved out and all my bills increased coupled which doing lots of mileage and train fares that I've just dug myself a big hole that I am struggling to get out of.
I really don't want to go to debt management advice as I'd like to sort all this with my credit rating intact. What I'm looking for really is some kind of loan that isn't a ridiculous interest rate, that will give me the cash to pay the debts off then pay them back.
I earn over 28k a year at the minute and my outgoings are more than is coming in
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John
Member
Registered: 30th Jun 03
User status: Offline
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Are they on credit cards or loans?
Interest free credit card not an option for some of it?
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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If your happy to do so (maybe prem) break it downto what you have outgoing and where.
Sell the car 
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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live within your means; sell your car and buy something cheaper to run/insure/buy in the first place. Use that to help clear some of your debt
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strick206
Member
Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
User status: Offline
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I'll stick some stuff up in prem, can't get an interest free credit card because of existing debt, even though I would only be transferring it over.
Integra has gone, but what I've replaced it with is a bit stupid
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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sel your car
work out what the highest interest payment are and clear them first
Ask a family member to help you out at a last resort
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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get another lodger?
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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What car did you get to replace the Integra?
First thing would be to get a new lodger, second thing would be to try and pay off whatever is the highest debt you have (not your mortgage I mean credit card/loan or whatever).
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Is family not an option? Lend you the money and you pay it back quick?
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SXIBLK
Member
Registered: 9th Feb 10
Location: Barnoldswick
User status: Offline
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Dont know how good this is at all just throwing an idea in the mix a lad at work had lots of debts and used a company or a independant guy im not sure which one told him the debts then paid him approx £150 a month to deal with all the letters etc and he then distribute it to the companys he owed dont know how it works or how he got on just wondered if anyone else heard of this ?
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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Your mate at work could have done this for free:
http://www.cccs.co.uk
It's just a debt management plan. The CCCS is free and from the government, companies do the same thing as them but charge a monthly fee (that's obviously how they make their money) whereas the CCCS is funded by certain financial institutions/organisations.
[Edited on 20-07-2011 by Sam]
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Debt management isn't the worst news, it'll affect your credit rating but that's not necessarily a bad thing because it'll stop you borrowing so much in the future.
You can also approach the companies direct and tell them you can't pay, even if some agree to help you that is cheaper than your current situation.
Do you have anything that you can sell? Did you mean that the car you replaced the Integra with is also not particularly sensible?
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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0% credit card, balance transfer and pay off what you can each month?!
Seen one other day 24months 0% for balance transfers.
Not ideal option but gives you chance to clear some debt without any interest!
Get a lodger, sell car, pimp yourself out?!
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Just sell whatever you can live without.
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s4k1b
Member
Registered: 11th Nov 02
Location: West Yorkshire
User status: Offline
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set up an ebay account. and sell everything you dont NEED.
get a lodger asap.
sell your silly replacement car and buy a peugeot 106 1.5 XND (diesel).
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Its a simple problem really. Do whatever you can to reduce the debt. Sell anything you don't NEED for as much as you can get and reduce the outstanding figure.
If you can get another lodger, perfect. I'm sure you won't want to post the debt figure, but could you borrow a couple of grand off family to help you out?
I'd usually say borrowing from family is a bad idea, but you probably need the help tbh.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Look at household bills too, if you can trim back tv packages, phones, net, utilities etc it soon all adds up. Be more resourcefull when shopping too, plan ahead instead of buying 5 takeaways a night and the savings crazy!!
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Colin
Look at household bills too, if you can trim back tv packages, phones, net, utilities etc it soon all adds up. Be more resourcefull when shopping too, plan ahead instead of buying 5 takeaways a night and the savings crazy!!
Yep, did this myself, cut down my sky bill, increased my OD limit so no more charges so I can start to clear it month by month and started budgeting my food buying properly.
Also made a spreadsheet to show exactly what I was spending and where. Tracking it all helps you cut stuff out and has certainly stopped me from wasting money on shit.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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I have a spreadsheet for household outgoings. They flex from month to month depending on how much I use the phone, food bills etc etc, but at least having a budget you roughly stick to it.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Doesn't even need a spreadsheet, I've never bought a single cake since I moved in to this flat 6 years ago.
Generally it only goes in the basket if it's got the yellow discount or 3 for 2 label.
Don't have a TV, therefore no licence or Sky subscription.
And if I eat out, it's due to a lack of organisation or laziness. Both of which I'm working on
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strick206
Member
Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
User status: Offline
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Right, quite a few replies to comment on...
Stuff such as working out the highest interest and paying it first is obvious stuff that i am doing already, my problem is more going out than coming in.
I sold the integra and bought a Leon FR Diesel, i did consider getting something cheap but i need to be reliable for work and needed something that wouldnt break down. I went out with the intention to buy a cheaper car but got my head turned and my parents put some money towards the Leon so that i had something reliable and comfortable (coming from an integra most things are)
My parents aren't able to help me out this month, they have just bought my brother a 57 plate corsa design with styling pack etc and put some money towards mine, as well as paying for two holidays. They have money to help me out, helped me out with 400 last month, just dont have any this month.
I'd sooner get a higher interest rated loan than debt management, because i want to be able to get credit when i ened to move house, etc.
I can't get anymore credit cards, and i cannot get a loan, all because of existing debt levels even when i explain that my debt level won't increase as the card or loan will be used to pay stuff off.
I've done lots of stuff like getting onto cheapest tariffs etc for utilities, making everything as cheap as i can.
I have soem stuff to sell on ebay, but not got them listed yet, and only maybe 200 quids worth, plus the fees and everything mean will hardly get anything for the stuff i have.
I can get another lodger, and i intend to, but i want someone who wont ruin my house and my mate who is interested has just been made redundant, and although he has a bit of savings, i dont want the hassle of maybe not getting paid one month because he has no money, so i am waiting for him to get back to work.
I will open a thread in PL with figures etc in as it is kind of more private.
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Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
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Sell the car. You can pick reliable cars for a couple grand.
Do you have Sky? If so cancel it
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harrisp
Member
Registered: 15th Dec 07
Location: Derbyshire
User status: Offline
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quote:
Originally posted by Rob_Quads
Sell the car. You can pick reliable cars for a couple grand.
Do you have Sky? If so cancel it
Can pick a decent corsa c up for £2k that will be reliable cheap to run and insure and if anything goes wrong the parts are cheap.
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tom_simes
Show Staff
Organiser: South Wales
Premium Member
Registered: 12th Jan 05
Location: Undy, Newport Drives: Skoda Octavia vRS estate
User status: Offline
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quote:
Originally posted by Ian
And if I eat out, it's due to a lack of organisation or laziness. Both of which I'm working on
Both times I've stayed at yours we've eaten out
And the kitchen has no cakes, but plenty of Corona 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Push the boat out if I'm having visitors. This week it's got Peroni, Sol and Brahama, the latter being on special and the former being payment for a computer job
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