| Ouch. I guess the silver lining is, that you can actually pay it off. When will you have paid it all off, if I can be so nosey. |
Debt • Page 2
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Vice.Destroyer 7,437 posts
Seen 1 day ago
Registered 15 years ago -
Bichii 4,672 posts
Seen 1 day ago
Registered 4 years agoXmas I'm thinking. Although I need longer as I'll need deposit and month's rent upfront again and I need to by stuff again as I binned a lot moving in with my ex. -
elstoof 28,125 posts
Seen 10 hours ago
Registered 16 years agoGraxlar_v3 wrote:
Just a general statement. Credit and debt isn’t a bad thing
@elstoof was that to me?
I have a mortgage and am in the process of getting a much newer bigger mortgage.
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elstoof 28,125 posts
Seen 10 hours ago
Registered 16 years agoDougs wrote:
Vegas baby?
It is terrifying how little has been learned from the last financial crisis in terms of whether people can afford debt. On 3 credit cards (one I use for everything and is paid off every month), I probably have access to £40-45k of unsecured credit. -
I took a consolidation loan out for 10k a couple of years ago. I think I was paying around £250 a month on seperate credit repayments but now its reduced to £150 with this loan. Never used my credit cards properly since. Whenever I did it was only for small amounts and it was instantly paid off the next payday. -
Dougs 100,414 posts
Seen 13 hours ago
Registered 18 years agoelstoof wrote:
Don't. I really would not trust myself in Vegas.
Dougs wrote:
Vegas baby?
It is terrifying how little has been learned from the last financial crisis in terms of whether people can afford debt. On 3 credit cards (one I use for everything and is paid off every month), I probably have access to £40-45k of unsecured credit. -
Zomoniac 10,628 posts
Seen 7 hours ago
Registered 17 years agoI’ve had two of them. The first when I was 19 and had racked up lots of credit as soon as I became of age, then second a couple of years later because I hadn’t learned my lesson. I learned after that though, paid the second loan off a couple of years early and now I meticulously budget everything, probably swung too far the other way tbh.
Now I just have an Amex charge card that I use for all general spending for the rewards but the balance has to be cleared in full every month, and a long term 0% credit card that I just use for spreading big payments easily. I don’t have any interest-bearing debt outside the mortgage anymore. As long as you use it to fix the problems rather than defer them then I personally think consolidation loans are a good idea, just make sure you start to budget properly.
Disclaimer: not a qualified financial person in any way, just relaying my own experiences. -
elstoof 28,125 posts
Seen 10 hours ago
Registered 16 years agoDougs wrote:
elstoof wrote:
Don't. I really would not trust myself in Vegas.
Dougs wrote:
Vegas baby?
It is terrifying how little has been learned from the last financial crisis in terms of whether people can afford debt. On 3 credit cards (one I use for everything and is paid off every month), I probably have access to £40-45k of unsecured credit.
We could turn that 45k into a pile of wedge that would rival Dale’s comic book collection -
elstoof wrote:
His £1m collection...
Dougs wrote:
elstoof wrote:
Don't. I really would not trust myself in Vegas.
Dougs wrote:
Vegas baby?
It is terrifying how little has been learned from the last financial crisis in terms of whether people can afford debt. On 3 credit cards (one I use for everything and is paid off every month), I probably have access to £40-45k of unsecured credit.
We could turn that 45k into a pile of wedge that would rival Dale’s comic book collection -
SolidSCB 16,771 posts
Seen 22 hours ago
Registered 12 years agoThat sort of wedge could buy you the best heart doctor around. -
richarddavies 8,312 posts
Seen 5 minutes ago
Registered 13 years agoIf your struggling ring your bank as well. Me and the missus was struggling with debt a little while back and I called them, was honest about the situation and they were surprisingly helpful. Froze all the interest on a loan and credit card. Helped set up a manageable payment plan. Even refund some money back from charges. -
elstoof 28,125 posts
Seen 10 hours ago
Registered 16 years agoYeah they’ll much rather set up something you can manage than risk you drowning and not being able to pay up -
JamboWayOh 25,236 posts
Seen 9 hours ago
Registered 8 years agoGraxlar_v3 wrote:
I'm pretty sure it was £100m.
elstoof wrote:
His £1m collection...
Dougs wrote:
elstoof wrote:
Don't. I really would not trust myself in Vegas.
Dougs wrote:
Vegas baby?
It is terrifying how little has been learned from the last financial crisis in terms of whether people can afford debt. On 3 credit cards (one I use for everything and is paid off every month), I probably have access to £40-45k of unsecured credit.
We could turn that 45k into a pile of wedge that would rival Dale’s comic book collection -
Rogueywon 12,387 posts
Seen 5 minutes ago
Registered 16 years ago@Vice.Destroyer Only just spotted this thread. Your original post is basically spot-on as to what you need to do, based on what you've told us. Take the consolidation loan, pay the essentials and a few small luxuries (Netflix etc). Accept that you're not having any of the nice "big" things for a few years.
Your credit rating may take a short-term dip, but stick to the plan and you should come out of it in a reasonable place. -
Vice.Destroyer 7,437 posts
Seen 1 day ago
Registered 15 years agoRogueywon wrote:
Thanks for that. It's been a bit crap for a while and I just discovered this concept of loan consolidation this past week. I'll take time out to speak to a professional in two weeks and do some research in the meantime. But if it works out the way people are saying in this thread, I'll be breathing a lot easier soon.
@Vice.Destroyer Only just spotted this thread. Your original post is basically spot-on as to what you need to do, based on what you've told us. Take the consolidation loan, pay the essentials and a few small luxuries (Netflix etc). Accept that you're not having any of the nice "big" things for a few years.
Your credit rating may take a short-term dip, but stick to the plan and you should come out of it in a reasonable place. -
Nanocrystal 2,575 posts
Seen 6 hours ago
Registered 12 years agoJamboWayOh wrote:
More likely all credit records will be destroyed during the great food riots of 2020 and the British pound will be replaced by a barter system.
It's going to get a lot worse for some people come Brexit time I reckon. -
Not-a-reviewer 7,686 posts
Seen 3 days ago
Registered 7 years agoBliizeh was this site’s financial guru. -
mrcrumley 630 posts
Seen 8 hours ago
Registered 13 years ago@Vice.Destroyer How's your credit profile? It's probably worthwhile looking at how much you spend on your revolving credit per month (credit cards) if you're shelling out more than a loan repayment would cost, and you're only paying the minimum payments on the card it's well wroth considering. Loans start from around 2.8% (for unsecured loans) dependant on loan size, if your credit cards are significant it may even be worth considering a remortgage or second charge mortgage if you're tied in (and your current lender doesn't allow debt con further advances). I work in mortgages.
Edited by mrcrumley at 19:49:30 19-07-2019 -
Vice.Destroyer 7,437 posts
Seen 1 day ago
Registered 15 years ago@mrcrumley Thanks for that breakdown. I'll have to sit down with a financial adviser and really hammer out the best way forward. I'm certainly passing more than 2.8% on my credit cards. And making only a smidge more than the minimum repayments each month. I'm getting a significant pay increase this month that probably make my debt disappear about ten months earlier, but it would still mean is be insanely frugal for about three years. Which I just don't want to do anymore. -
Vice.Destroyer 7,437 posts
Seen 1 day ago
Registered 15 years agoMy credit profile? Erm, I don't know. -
mrcrumley 630 posts
Seen 8 hours ago
Registered 13 years ago@Vice.Destroyer sorry, all I meant was have you missed any payments on any of your existing credit as that may impact your credit rating, which may mean you might not qualify for the lowest rates or interest. -
elstoof 28,125 posts
Seen 10 hours ago
Registered 16 years agoCheck your credit score on the Experian website, it’s free to sign up. It’s a good idea to check regularly and see what changes to your spending etc affect your score -
Vice.Destroyer 7,437 posts
Seen 1 day ago
Registered 15 years agoOh, is that what it's called? Well, I guess I better check it. I'm anticipating that my credit profile looks ridiculous. I haven't missed payments, but I seem to be paying a little too much in penalty charges for my liking. -
mrcrumley 630 posts
Seen 8 hours ago
Registered 13 years agoWhat do you mean by penalty charges? -
Credit Karma and Clearscore both have apps that let you see your credit report whenever you like for free. -
Vice.Destroyer 7,437 posts
Seen 1 day ago
Registered 15 years ago@mrcrumley penalty charges, as in if you go over your credit limit, you get hit by a penalty charge? Or do we call that something different? -
SteveBUK 163 posts
Seen 10 hours ago
Registered 14 years agoVice.Destroyer wrote:
Surprise mechanics?
@mrcrumley penalty charges, as in if you go over your credit limit, you get hit by a penalty charge? Or do we call that something different? -
mrpon 37,366 posts
Seen 1 hour ago
Registered 15 years ago@Vice.Destroyer so, this username? .gif)
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mrpon wrote:
I've not been living up to my name in a long time, have I?
@Vice.Destroyer so, this username?
.gif)
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