Debts

[southdown]

Currently up to my neck in direct debits going out of my accounts, and I always seem to be getting ripped off for money in unexpected ways.  When the wages go in at the end of the month they just seem to be instantly eaten up by direct debits etc.

And all this talk of a failing economy and the credit crunch makes the situation even more depressing.  Anyone in a similar situation, or has anyone any tips on how to save a few quid?

[An Fear Rua]

consoldate your credit cards onto one card.
better still, get a loan to cover all the diff debts, the repayments will be less than the total going to all the cards, and you wont have the option to pay a bit less everymonth

[imtommygunn]

Check out moneysupermarket.com. It has plenty of good tips.

Draw up your monthly expenses. I bet you can do without a load of those expenses. Write them out and you'll be surprised what you can get rid of...

That and if you've credit card problems try to consolidate and then put on interest free and look at making minimum payments but make more if you can.

[ONeill]

Sell the wife. I got three camels for her in Saudi Arabia. Sold the three camels and got £40'000 for them. I knew he wouldn't put up with the wife for too long and she was back within a fortnight. Told her I'd only made £20'000 for the camels. That's the key - never tell her how much you have.

[stew]

Lose the credit cards altogether and use only a debit card. Check the internet for offers and get yourself on a budget. I wrote a check there for our credit card debt because it was killing us and I just said feckit and got rid of all but one of them, the one I kept has a $3,000 maximum on it and that is enough to get us home in an emergency situation should something happen to a member of the family and we werent able to make the bank in an emergency.

The wife wanted us to budget which I didnt want to do but we gave it a go and we are saving an extra 4-5 hundred dollars a month on top of what we normally do, not big money by any means but it helps.

[pintsofguinness]

I've been looking rid of my credit cards too, not that much on them but annoying my f**king head. 
I want to get all the balances on to one with the 0% interest for x months - I don't suppose anyone can suggest a good one to use?

I've been looking on that moneysupermarket and all the cards sound the same 

Has anyone done anything similar lately, what card did you get, how was it, was there any complications that would drive pints mad?

I basically want someone to make a decision for me.

[lfdown2]

best bet is til ring them crowd ye would see on the television, cheap as chips!

[passedit]

Draw up your monthly expenses. I bet you can do without a load of those expenses. Write them out and you'll be surprised what you can get rid of...

There's nothing like seeing in bold figures the amount of money you're wasting for the reality cheque (sic). A bit like alcoholism, recognising the scale of the problem is half of the solution.

Lose the credit cards altogether and use only a debit card

Rule 1.  Never spend what you haven't got

Never tell her how much you have.

She can't spend what she doesnt know she has. 

[Hurler on the Bitch]

Thankfully the fecking banks are a bit slower with the 27 pounds 'charge' for going over the limit (for an hour in one case) .. Got a cheque for 800 quid from them after I sent in the standard letter. If it's any consolation.. I think we're all in the same boat..We bought our house 10 years ago.. (semi in North Belfast - nice part - for 57,000) have been getting 'improvement loans' ever since ...travelled the world .. now owe a fuckin fortune...
Get a loan so as you are not robbing peter to pay paul... you can save a couple of hundred if you consolidate the debts .. Otherwise, it's a case of 'favours for sailors' at the docks me lad.. how do you think I got the deposit forthe house...

[The Gs Man]

I've been looking rid of my credit cards too, not that much on them but annoying my f**king head. 
I want to get all the balances on to one with the 0% interest for x months - I don't suppose anyone can suggest a good one to use?

I've been looking on that moneysupermarket and all the cards sound the same 

Has anyone done anything similar lately, what card did you get, how was it, was there any complications that would drive pints mad?

I basically want someone to make a decision for me.

Barclaycard are doing a 0% interest deal on balance transfers for a year or something.  I whacked mine on there recently and cut them up te f**k.

[pintsofguinness]

I was leaning towards that one alright Gs, thanks.

[Lecale2]

I ran into debt 7 years ago and used the 0% credit route to clear it. The trick is to pay more than the minimum every month. I moved the debt around 6 or 7 different companies and cleared it with no interest in 4 years.

It's not as easy to do now. Most companies now charge a one off % payment on transfers. It can vary from 2-5% so again shop around for the best deal.
I only have one credit card now and clear it every month.

[mannix]

We learn to read,write and swim but very few are taught how to handle money.
My sister was left a fortune and ran through it, a neighbour got 85,000 pound in 1987 and spent everything on a hayshed, new windows and drank the rest with help from the local leaches.
Both are back to week to week living of the meagre incomes they recieve and the old saying is very true"a fool and his money are easily parted"

[Bensars]

Lads be aware of some of the pitfalls.

1. Most , if not all balance transfers will charge you fee. Usually around 2-3%. It is not free.

2. Some of the cards that offer 0% on the card have restrictions. eg. if you transfer £1000 at 0% however use your card for any other purchases ( bag of crisps ) the total amount is now eligable for interest  £1000. 50 @ 17% ( or whatever it is).

Best solution overall is a consolidated loan.

Martin Lewis has great up to date advice on whats available in the market. 

www.moneysavingexpert.com

[Armaghtothebone]

Lads be aware of some of the pitfalls.

1. Most , if not all balance transfers will charge you fee. Usually around 2-3%. It is not free.

2. Some of the cards that offer 0% on the card have restrictions. eg. if you transfer £1000 at 0% however use your card for any other purchases ( bag of crisps ) the total amount is now eligable for interest  £1000. 50 @ 17% ( or whatever it is).

Best solution overall is a consolidated loan.

Martin Lewis has great up to date advice on whats available in the market. 

www.moneysavingexpert.com

Saw a thing on T.v about consolidated loans.This chap (might have been Martin Lewis) was saying only ever consolidate credit cards, loans, store cards onto a homeowner loan as a last resort.
The gist of it was that cards etc are unsecured so if it all goes pear shaped the worst that can happen is that you and the lender go to court , you get a judgement against you and you have to come to some arrangement with your creditor.Secure the loan and the bast***s can have your house.
his rule was never ever secure an unsecured debt.Seemed to make a lot of sense.