RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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Trying to sort my money out now from too many stupid mistakes these last 5 years 
Anyone been in the same situation and care to share how they got out of the vicious circle?
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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Stop spending money on stuff you can't afford.
Cut down your lifestyle.
Save any money you can.
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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I got banned.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Its simple - cut down on what you currently spend, try to increase your income and then pay any 'free cash' at the end of the month off your debts.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Property
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Oh and cutting up the credit card
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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stop living out of your means
stop caring what other people think of you and your posessions
cut out non essentials
take a pack lunch to work
dont have any fun money
cut up credit cards
stop any form of credit you may have
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stubbsy05
Member
Registered: 23rd Oct 02
User status: Offline
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I have just saved £1900 and am not sure whether to pay off one of my credit cards, or buy a better car.
I don't give a crap about my £300 car atm, But now I'm single I've got my image to think about 
[Edited on 26-03-2009 by stubbsy05]
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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tbh Id keep at least one credit card (a new one with no opening balance and interest free), spend a little on it then have the DD set up to pay the full balance off each month.
Im not sure if your debt has given you bad credit rating, but doing the above will be a much better idea than just cutting all your CC up.
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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quote:
Originally posted by stubbsy05
I have just saved £1900 and am not sure whether to pay off one of my credit cards, or buy a better car.
I don't give a crap about my £300 car atm, But now I'm single I've got my image to think about
[Edited on 26-03-2009 by stubbsy05]
Unless you NEED a new car (due to it breaking down) spend that money clearing debts, especially credit card debts where you are paying huge amounts of interest!
If your car is more expensive to repair than it is worth then yea fair enough go for a better car, but clear your expensive debt first
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Iain M
Member
Registered: 18th Aug 05
Location: Wigan - Drives 272bhp corsa ZLET
User status: Offline
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6 years to finally get out of debt. Takes time and effort. Stop spending money on shit that you don't need save as much as you can each month and then pay off as much as you can. Don't buy ya dinners everyday make them up at home for the week Go out maybe twice a month of a weekend.
Getting one loan to cover to cover another doesn't work. I had 2 loans and a credit card and wondered where my money was going. I set up 2 accounts one where my money gets paid into and the other is where my direct debits come out of. Each month i transfer enough money to cover all outgoings and an extra bit to save. After this money has been transferred from one account to the other then thats what i have left to spend on me. Takes time and a lot of "can't afford it this month" but trust me its worth it.
I now have one loan which is basically the car, no credit card as that was paid off and car insurance nothing more. I am now in a position to start looking for a house with my missis i have nothing hanging over my head and its all very worth while.
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stubbsy05
Member
Registered: 23rd Oct 02
User status: Offline
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quote:
Originally posted by dannymccann
quote:
Originally posted by stubbsy05
I have just saved £1900 and am not sure whether to pay off one of my credit cards, or buy a better car.
I don't give a crap about my £300 car atm, But now I'm single I've got my image to think about
[Edited on 26-03-2009 by stubbsy05]
Unless you NEED a new car (due to it breaking down) spend that money clearing debts, especially credit card debts where you are paying huge amounts of interest!
If your car is more expensive to repair than it is worth then yea fair enough go for a better car, but clear your expensive debt first
Yeah its debatable as to whether it will pass the MOT in september as there is a hole in the sill. Might get some expanding foam on it and spray over
My 2 cred cards are 0% interest.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I'm not in debt (excluding mortgage/student loan) but when I have to save for something I see my eating/spending habits change.
Currently between the missus and I we're saving around £1250 a month towards the renovation costs on our house. Thats after mortgage, bills, life etc. But soon we're going to up it to closer to £2k a month. We'll do that by going out to eat one night a week instead of 3/4; we'll cut down on non-essentials and not use the cars as much at weekends or should I say not use the range rover and its dirty big V8 petrol drinking engine which last night got 16mpg!!!
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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Agreed Lee^^
Im currently saving up for a Dive Torch which is around £800, and I want to pay cash for it.
As a consequence, im also dieting (cereal for breakfast/lunch) and a simple tea. I will usually buy naff all when I want to save and never treat myself to anything. I dont go out on the piss etc.
Its the only way really.
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JJ
Member
Registered: 20th Apr 00
Location: Northern Ireland
User status: Offline
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quote:
Originally posted by Robbo
Property
Yes, The 125% mortgage solution was great for resolving debts
Find a nice turn key apartment in a nice area with great rental potential, Obtain a 100% mortgage on the property and advance another 25% on top, Pay off all debts, Sit back and let the tennant pay off the mortgage.
Multiply the above by 6
Those where the days
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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i always found a simple philosophy which i stick to all the time, which helps you cut the crap out.
I used to drive to work park in a car park £6, buy 20fags £5, buy a snack £1, buy lunch £5, sometimes a magazine etc. That was about £20 a day i didnt need to spend, thats £400 a month on shit
I make my own lunch, costs me about £6 a week. I park further away and walk for free, gave up smoking and dont snack.
I just try not to spend anything, i know that sounds simple, but even if your buying a 30p newspaper just ask yourself.. Do i really need it?
I found getting into debt wasnt about blowing loads of money on big ticket purchases. It was buying a magazine a drink and chocolate when i got petrol. Pissing small amounts of money away on shit it all adds up fast!
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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Regular installments on credit card.
Stop buying things you don't need.
Not hard really.
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Steve X16XE
Member
Registered: 31st Dec 06
Location: Barnsley, South Yorkshire
User status: Offline
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I took a loan out 
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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You should stop those regular trips to Old Trafford to watch United Ryan, that should save you a fair amount.
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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quote:
Originally posted by Steve X16XE
I took a loan out
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RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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quote:
Originally posted by Cosmo
You should stop those regular trips to Old Trafford to watch United Ryan, that should save you a fair amount.
Suprised we got so far down the page without an unserious reply 
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JM_16v
Member
Registered: 17th Oct 05
Location: Essex Drives: GLC63S
User status: Offline
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furthest i was in debt was £600 to my old man i paid him off at start of month £200 and that got him sorted
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psycho sport
Member
Registered: 27th Mar 03
Location: Guildford Surrey Drives: Vauxhall Monaro
User status: Offline
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I m curently working 3 jobs in order to pay off my debts, there not overly bad approx. £4,000. i m doing it because im moving in with the mrs in September and wouldnt be able to afford it unless i pay off my car finance and credit card. This is the biggest motivation.
Working soo many hours (75+ a week) means i dont have time to spend, which i key. I find this motivates me to see how little i can get by on, planning my meals and buying cheaply.
I dont carry cash and only have money in my current account for fuel.
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ssj_kakarot
Member
Registered: 29th Apr 03
Location: hartlepool
User status: Offline
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dont spend money on things you dont need, quite easy really.
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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When I wanted to clear my credit cards and a few small loans I stopped buying lunch everyday and took something in to work, stopped buying fast food when out etc. The best thing to do it to monitor each purchase and have a think if you can do without it.
Best to try and limit the nights out as well, that was quite easy for me as I grew out of going out every weekend, I now normally have a weekend in and then a night out the next weekend.
I found not carrying cash to be a help, I used to just use my debit card for most things and this saved me money, once I used to break into a £20 I would sqander it, not as easy when you just use a card.
[Edited on 26-03-2009 by Ian W]
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