show me the money

M

minimadam

Guest
(don't know if this is in the right forum)
I'm fed up with my financial situation...just loads of little loans/credit card have crept up on me, all my fault of course.
Show me the money- the rte programme that helps people with their financial problems, are looking for volunteers to go on the show...

I'd love to apply, but I'd be mortified in a way and in another I couldn't care less.
What do other people think?
would u bother doing it?
 
SMtM

I love the program, but don't like the idea of everyone else knowing exactly what we live on! I'd be inclined ot say give it a go, would love to hear how you get on!
 
Re: SMtM

Do you really need Eddie Hobbs to tell you what the problems are? I'd bet you a fiver that you have a pretty good idea yourself where the problem spending arises, and if you really put your mind to it, you can solve the problem yourself too.
 
Re: reveal all to AAM

Hi minimadam

Why don't you disclose all here on AAM?

It seems like you would really like to sort out your financial situation. You have reached the stage when reality kicks in. You know that things cannot continue as they have done in the past.

We won't know who you are.

Instead of one person, there will possibly be advice from many. Many sensible people like yourself value anonymity.

To answer the question - "Would u bother going on show me the money" - no! But, that's me!

Marion :hat
 
revealing all

I have borrowed money for various reasons and now feel I am paying out too much per month.

I borrowed 14k for educational/training purposes, which was fine at the time.
Two years down the line, I then bought a house with my other half and borrowed 6k from the local credit union to go towards the deposit.
Then my partner had to take a year off work due to illness and I had to support him, this landed me with another 6k debt and a credit card bill, which is at 2500.

I earn 2000 per month after tax-

250 on credit union #1
130 on credit union #2
469 on the bank loan

330 on the mortgage
24 on insurance
70 on credit card
50 on car insurance
----
1323 total outgoings

My partner realises that he landed me in it and know that he owes me cashola.
He has agreed to pay me back 200 euro per month. The mortgage comes out of his account, so I said to him that I want to pay only 130 towards the mortgage for a set number of months and he’ll over my remaining 200, if ye get me.

This will bring my outgoings down to 1123…. but my main concern is that I feel I am simply paying too much out per month on loan repayments. I wasn’t foolish with the borrowings; they were for legitimate reasons, not for splashing out on holidays or anything like that. I have a number of things coming up in the next few months (not too mention the dreaded C-word, Christmas!) that I will have to dish out money for up front and the amount of money going out is really getting to me as it is really restricting the things I can do. L

I don’t want this type of debt over me. I want to look to the future and get started on a pension and I can’t while I have this hanging over me.

Is it sensible to consolidate the loans and pay one repayment/interest rate?
What would you advise?

I took the first step by applying for a credit card with 0% interest rate for balance transfers…so hopefully that will happen in the next few weeks.
Or can I approach my current CC company, tell them I want to switch, and will they be prepared to give me the 0% rate for me to stay with them? Can I bargain with them, so to speak?

What should I do?
 
Re: revealing all

Ok, I'll get the ball rolling (& I'm probably wrong!)

Your partner's 1yr illness cost you €8.5k & he's repaying €200pm. That'll take 3.5 yrs - could he repay a bit quicker?

Don't know how old you are or how long you own your house. Could you sell the house, take the profit, & live with the parents for a year & really, really save. Then, maybe, you'd be in a better position. How did you get a mortgage with all these debts?

You earn €2k after tax (plus what your partner earns). €2,000 minus €1323 = €677 = €169 per week. How about 1 big shop for €100 and €69 for a Saturday night out? Is there a Lidl/Aldi in your area? How about €69 shopping in Lidl, €50 entertainment & an extra €50 off your debt.

Type 'frugal living' into google

Sluice
 
Re: revealing all

Moving your credit card provider is a good move but don't use the card again. It will cost you just the €40 gov tax which is cheaper than what your paying now. I would try to pay less into the CU for the six months and concentrate on clearing the CC. That should be your first aim and its quite realistic. It means paying 400 a month onto CC. Try reducing the amount to the CU#1 by 200 and CU#2 by 100. This allows 370 into CC which over 6 months would be 2220 so you just need to up it slightly to sort that guy out. AFAIK the CU will allow any payment and will also allow varying payments so I dont see them getting too upset.
Get one monkey at a time off your back.
BTW Read post about balance transfers getting used wrongly which should copperfasten my argument above about not using the CC at all at all at all.
 
I would agree with Elcato – deal with one debt at a time.

Also it is worth pointing out that when you take on a new card with 0% balance, and when you take the excellent advice that you should not use this card until the €2,500 bill is paid off – you will not have a credit card to use. Why? Because you will also make a decision not to use the original credit card. This hurts perhaps, but you want to clear your debts, so no pain no gain!

It would be best to close this original cc to avoid temptation. After you have paid back the cc debt, you can then decide whether you really need a cc or not. It might be best to take the hard decision. Cancel it. It will cost you another €40 to close this one. Close it before 01 April 2005. So you have exactly 6 months (October - end March) to sort this out and elcato has shown you how to clear the cc debt in this time.

When this debt is paid back, you can then put the available monthly payment into your credit union a/c – pick one to clear. Then, move on to the other.

You should also reassess how much you actually need to spend in the coming months. You mention Christmas – could you make a decision to cut back on amounts spent? Could you and your family/friends organise a Kris Kindle. This would save you a lot of money.

It is unlikely that your existing cc company will offer you a 0% balance, but there is no harm in asking.

Marion :hat
 
thank you all for ur feedback

I had thought about tackling one at a time as u all have suggested, but didn't know whether it was worthwhile combining all debts....
I'm going to sit down this evening and do a bit of number bashing-so to speak.

Sluice-
Selling the house is not an option at the mo, but we had considered doing something like that next year.
I'm not really a big spender when it comes to nights out or anything and I'm a Lidl gal by heart ;) ...so i try me best in that respect....

i have applied to tesco last week for the 0% interest rate...is this the best price around and anyone know if this will take a while to process?
 
You won't do better than 0%, sadly.

Good luck with the number bashing and post back. And don't forget to lean on your partner a little now that he's feeling a little better. Don't get me wrong -- was he destitue during this time or was there (or might there be in the future) any potential income related to his illness that might be used to help sort out the finances?

Just a thought.
 
lol...what i meant about the tesco question was not about the 0%, but the interest rate after the 6 months...lol...i worded that completely wrong

my partner was out of work because of stress/slight heart problem....he was on sick benefit and had thought of claiming from the insurance, but didn't think it was an option at the time....and i kinda thought that if we claim for his time off work and even remotely mentioned heart problems, the premium would go through the roof and personally would rather claim when we are truly up the creek, god forbid, if anything really nasty happened in the future....
 
.

hmmm....

lol...what i meant about the tesco question was not about the 0%, but the interest rate after the 6 months...lol...
Click to expand...

Guess we can't live without the credit card?

Marion :hat
 
Hi minimadam

Even if you were to decide to hang onto the Tesco credit card for the conveniece of paying essential bills, the interest rate shouldn't be an issue (apart from curiousity of course :) )

You will be such an excellent consumer in 6 months' time that you would always pay your credit card bill in full every single month to avoid paying any interest.

Best of luck

Marion :hat
 
Back in the day...I used to pay my balance in full and i was a happy bunny....and hopefully with everything going well, i can get back to the way things used to be...i was just curious, wanted to compare the rate to my current card....

will keep u all posted on my progress...here goes nothing!!!
 
Hey, good luck with it minimadam. The fact that you posted here for help means you're determined to do something about it, so that's the best way to start!

Keep your spirits up and be disciplined. Keep your eye on the goal of no longer being a slave to the creditors/banks. And make sure your family members play ball. Very easy to get tempted into that unncessary night out or expensive restaurant meal. But at the same time don't forget to treat yourself every now and again -- just be modest about it!
 
You must log in or register to reply here.
Back
Top