| Financial Meltdown 10:38 - Feb 4 with 3111 views | Sadoldgit |
For some time we have been trying to consolidate our finances as we are paying too much in interest on loans. Our bank has turned us down several times. Attempts to remortgage have been turned down. My wife just had another loan request turned down but was suggested another with an interest rate of 67.9%! This given the bank rates are still very low. My wife works. I have a pension and work 2 days a week at the moment. We have no savings and are getting nowhere with our outgoings as we are paying mostly interest each month. This is before the new economic hikes hit our bills. We are just normal people living normal, un extravagant lives and we are struggling. God knows how others are coping? This is supposed to be one of the richest nations on the planet yet we appear to be going down the shi iter. It looks like I will have to go back to work full time and forgot about full retirement all together. Happy days. Things aren’t great now but goodness only knows what state this country will be in this time next year. |  | | |  |
| Financial Meltdown on 10:58 - Feb 4 with 3073 views | PaleRider |
Not a fan of equity release but have you looked into it? |  | | |
| Financial Meltdown on 10:58 - Feb 4 with 3070 views | PaleRider |
| Financial Meltdown on 10:58 - Feb 4 by PaleRider |
Not a fan of equity release but have you looked into it? |
Also try CAB (join the queue!) | | | |
| Financial Meltdown on 11:00 - Feb 4 with 3068 views | Heisenberg |
If you are paying out on loans why would you try and get another one ? That will make things worse. Get some debt advice. There are lots of places that offer free advice but from what you have said I don’t think further loans are advisable. |  |
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| Financial Meltdown on 11:26 - Feb 4 with 3041 views | saints__fan__73 |
For a football forum there are plenty of threads on offer for a bit of govt bashing!
Is there a Westminster forum where we they are discussing if it should be Forster or cabellero for Sat? |  |
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| Financial Meltdown on 12:44 - Feb 4 with 2969 views | Sadoldgit |
| Financial Meltdown on 10:58 - Feb 4 by PaleRider |
Not a fan of equity release but have you looked into it? |
Mrs SOG’s Dad did that and it really doesn’t appeal to us. It just seems a major rip off. We aren’t on the bread line thankfully but have had to cut back on a lot of things that we used to spend money on, which means the local will take a big financial hit! Mind you, their prices have gone up massively. Their house red was £15 a bottle and is now £22. Different brand but tastes the same. | | | |
| Financial Meltdown on 12:51 - Feb 4 with 2956 views | Sadoldgit |
| Financial Meltdown on 11:00 - Feb 4 by Heisenberg |
If you are paying out on loans why would you try and get another one ? That will make things worse. Get some debt advice. There are lots of places that offer free advice but from what you have said I don’t think further loans are advisable. |
We have got some credit card debts and have been paying the minimum off each month. We want to consolidate them and we’re trying to get a loan at a cheaper rate. What we didn’t realise is that if you only pay off the minimum in your cards it goes against your credit rating. A few years ago I made the mistake of paying off a large part of our mortgage. We approached the bank about borrowing some of it back again but because I am no longer in full time employment and my wife is in another job earning less, they weren’t interested. It wasn’t that long ago that banks were throwing money at people. | | | |
| Financial Meltdown on 13:43 - Feb 4 with 2914 views | Number_58 |
| Financial Meltdown on 11:26 - Feb 4 by saints__fan__73 |
For a football forum there are plenty of threads on offer for a bit of govt bashing!
Is there a Westminster forum where we they are discussing if it should be Forster or cabellero for Sat? |
Dunno, but Boris will be struggling to field a team before long. |  | | |
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| Financial Meltdown on 13:46 - Feb 4 with 2912 views | PaleRider |
| Financial Meltdown on 12:51 - Feb 4 by Sadoldgit |
We have got some credit card debts and have been paying the minimum off each month. We want to consolidate them and we’re trying to get a loan at a cheaper rate. What we didn’t realise is that if you only pay off the minimum in your cards it goes against your credit rating. A few years ago I made the mistake of paying off a large part of our mortgage. We approached the bank about borrowing some of it back again but because I am no longer in full time employment and my wife is in another job earning less, they weren’t interested. It wasn’t that long ago that banks were throwing money at people. |
I know tis is contentious but are you eligible for any benefits or to withdraw a lump sum from your pensions.
You could try speaking to Nick about this as he is a financial advisor and knows far more than I do. | | | |
| Financial Meltdown on 15:17 - Feb 4 with 2861 views | Bazza |
I would certainly phone the Citizens Advice bureau (as Ulster suggested) and try to consolidate all your debts, especially the high interest cards, hopefully at a reasonable interest rate.
Equity release interest rates have reduced significantly in the last several years but there are negatives but might appeal.
Hope you get some better luck soon Sogs | | | |
| Financial Meltdown on 15:51 - Feb 4 with 2837 views | kentsouthampton |
| Financial Meltdown on 12:44 - Feb 4 by Sadoldgit |
Mrs SOG’s Dad did that and it really doesn’t appeal to us. It just seems a major rip off. We aren’t on the bread line thankfully but have had to cut back on a lot of things that we used to spend money on, which means the local will take a big financial hit! Mind you, their prices have gone up massively. Their house red was £15 a bottle and is now £22. Different brand but tastes the same. |
https://www.stepchange.org/how-we-help/debt-advice.aspx
The best place to go, know a couple of people who have had excellent help from here. |  | | |
| Financial Meltdown on 19:29 - Feb 4 with 2711 views | saint68 |
Sorry to hear of your predicament Sogs, I understand that you do work on a part time basis and that obviously isn't covering your outgoings adequately..but if you are of a trades/manufacturing or artistic background there are group funding outlets available to help you raise capital at very agreeable rates...hope things change for the better soon mate. | |
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| Financial Meltdown on 20:18 - Feb 4 with 2672 views | City_boy |
I suggest you write to all of your creditors explaining your predicament to try and get an interest 'holiday' period or interest stopped to help stop the debts growing and agree repayment plan.
You will need to provide a clear summary of all income and expenditure, and try and agree a repayment plan with the creditors. In the letter, outline all the creditors, the outstanding amounts and the pro-rata payment that is being offered (e.g. biggest creditors being paid highest pro-rata amount). from available income. Advise that any repayment plan agreed with creditors would be conditional on interest being frozen. They may or may not agree (but worth asking).
Hopefully they will agree to this, and see that it is better and cheaper than pursuing the debts through debt collectors or courts.
If you do manage to get a meeting with the CAB - be prepared. Document all of your income and outgoings, together with outstanding balance, monthly payment, interest charged etc.
Hope this helps and all the best. | | | |
| Financial Meltdown on 10:16 - Feb 5 with 2474 views | Sadoldgit |
Thanks for all the helpful advice guys, I really appreciate the input. There are many worse off than us and we are by no means destitute, just frustrated that the usual straightforward methods of sorting these things out seem to have closed down now. We have both worked all our lives and had good jobs and are at an age now when we shouldn’t really have any major financial problems so to be tightening our belts now is a bit of a bugger. We didn’t spend much in lockdown so plodded along without too many problems but now we are coming out the other side and prices seem to be going up rapidly with everything, it has thrown us a bit of a curveball. I think it is going to be a tough year for many people who have not had financial issues before. Thanks again. | | | |
| Financial Meltdown on 10:38 - Feb 5 with 2464 views | City_boy |
| Financial Meltdown on 10:16 - Feb 5 by Sadoldgit |
Thanks for all the helpful advice guys, I really appreciate the input. There are many worse off than us and we are by no means destitute, just frustrated that the usual straightforward methods of sorting these things out seem to have closed down now. We have both worked all our lives and had good jobs and are at an age now when we shouldn’t really have any major financial problems so to be tightening our belts now is a bit of a bugger. We didn’t spend much in lockdown so plodded along without too many problems but now we are coming out the other side and prices seem to be going up rapidly with everything, it has thrown us a bit of a curveball. I think it is going to be a tough year for many people who have not had financial issues before. Thanks again. |
I think you right. Many will struggle this year, when all the rises and inflation starts to bite.
These have only just started to take hold, especially fuel bills, petrol, NI, interest rate rises and council tax.
This is on the back of lock down where many found they had a lot of disposable income, after working from home and not being able to go on holiday etc. On top of this, anyone who does have savings is hardly getting any return.
Best wishes SOG. I am sure you will find a solution that works. [Post edited 5 Feb 2022 10:39]
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| Financial Meltdown on 12:28 - Feb 5 with 2411 views | JaySaint |
The work from home jamboree (and net zero) needs paying for.
All worth it, I am sure [Post edited 5 Feb 2022 12:29]
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| Financial Meltdown on 19:51 - Feb 5 with 2303 views | Berber |
Sorry that things are a bit awry, and enough to cause some worry. We have always taken a lot of solace from the fact, that no matter what else happens, nobody can take our home away. Luckily, we are not faced with that. I'd be very wary of equity release and would consider selling everything that has any value, except the house.
PS if you are not doing so already, shop at Aldi and Lidl, excellent quality at decent prices, the meat and dairy especially. [Post edited 5 Feb 2022 19:53]
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| Financial Meltdown on 20:21 - Feb 5 with 2278 views | Bison |
Thank God for Brexit , the jobs SoG's would be going for would be filled by foreigners at 1/2 the rate. At least he can get a decent rate now. |  |
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| Financial Meltdown on 10:58 - Feb 6 with 2163 views | Sadoldgit |
| Financial Meltdown on 19:51 - Feb 5 by Berber |
Sorry that things are a bit awry, and enough to cause some worry. We have always taken a lot of solace from the fact, that no matter what else happens, nobody can take our home away. Luckily, we are not faced with that. I'd be very wary of equity release and would consider selling everything that has any value, except the house.
PS if you are not doing so already, shop at Aldi and Lidl, excellent quality at decent prices, the meat and dairy especially. [Post edited 5 Feb 2022 19:53]
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I went to Aldi last week and was amazed at the difference in prices! Not great for some items but as you say meat and dairy were good buys. | | | |
| Financial Meltdown on 12:03 - Feb 6 with 2123 views | SaintNick |
| Financial Meltdown on 10:16 - Feb 5 by Sadoldgit |
Thanks for all the helpful advice guys, I really appreciate the input. There are many worse off than us and we are by no means destitute, just frustrated that the usual straightforward methods of sorting these things out seem to have closed down now. We have both worked all our lives and had good jobs and are at an age now when we shouldn’t really have any major financial problems so to be tightening our belts now is a bit of a bugger. We didn’t spend much in lockdown so plodded along without too many problems but now we are coming out the other side and prices seem to be going up rapidly with everything, it has thrown us a bit of a curveball. I think it is going to be a tough year for many people who have not had financial issues before. Thanks again. |
Equity release could potentially sort out your problems, it has fairly low interest rates and you can pay off money from the mortgage if you want.
If you want more info I can put you in touch with an adviser who will give you some good free advice |  |
| Satisfying The Bloodlust Of The Masses In Peacetime |
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| Financial Meltdown on 13:14 - Feb 7 with 2024 views | Berber |
| Financial Meltdown on 10:58 - Feb 6 by Sadoldgit |
I went to Aldi last week and was amazed at the difference in prices! Not great for some items but as you say meat and dairy were good buys. |
We know of two single widows in different parts of the country who have recently started going, instead of Sainsbury and reckon they are saving £20-£30 pw. Tesco reckons to match Aldi prices now, but the quality of their meat isn't so good or consistent. Also, check out the wines in Aldi. They often have respectable labels for excellent prices. Last year they were selling Alberone at £8.99 per bottle compared to £12 in Sainsbury. I can't remember if they ever sell Apothick in there, but that too can be had at decent prices if you keep your eyes out for it. I prefer dryer wines, but these two suit my wife's palate. | | | |
| Financial Meltdown on 14:55 - Feb 7 with 1975 views | Sadoldgit |
| Financial Meltdown on 13:14 - Feb 7 by Berber |
We know of two single widows in different parts of the country who have recently started going, instead of Sainsbury and reckon they are saving £20-£30 pw. Tesco reckons to match Aldi prices now, but the quality of their meat isn't so good or consistent. Also, check out the wines in Aldi. They often have respectable labels for excellent prices. Last year they were selling Alberone at £8.99 per bottle compared to £12 in Sainsbury. I can't remember if they ever sell Apothick in there, but that too can be had at decent prices if you keep your eyes out for it. I prefer dryer wines, but these two suit my wife's palate. |
I have been using Tesco and Sainsburys as they are both nearer but Aldi looks worth doing some extra miles for certain products. I had a quick look at the wine racks when I popped in last week and whilst there was less of a selection the prices were certainly a lot lower. I didn’t recognise many of the brands though. A friend of mine has similar tastes to us and buys a lot of wine there so I will check out his shopping list. | | | |
| Financial Meltdown on 15:00 - Feb 7 with 1971 views | Sadoldgit |
| Financial Meltdown on 12:03 - Feb 6 by SaintNick |
Equity release could potentially sort out your problems, it has fairly low interest rates and you can pay off money from the mortgage if you want.
If you want more info I can put you in touch with an adviser who will give you some good free advice |
Thanks Nick but we have decided against equity release. Both my father in law and mother in law (they are divorced) took out equity a fees years back and they have both been left with large sums to be repaid on their properties which means they now have very little to leave to their dependants. | | | |
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