trotamundos

Well I know there are some clever bods in here, even a few of you that work for financial institutions (not just fixing computers of course). So I'm kinda having an early mid-life crisis at the moment, and the plan was to go away to some far flung place for a while and come back bigger and badder than ever. Such is life, however, than money is stopping me.

So here is the deal. I tell you how much I owe, and in what ways I am paying it back, and you clever chaps come up with a way of allowing me to b*gger off to foreign shores.

Ready? Let's go kids

£7500 on one loan, monthly repayments of £270 odd due to finish in Feb 08

£3500 on another loan, monthly repayments of £180 due to finish in March 07

£4800 on a Halifax Credit Card, montly repayment of £100 at the moment. Interest free until August 06.


I currently have £3200 in the bank, have access to a £1800 overdraft, and have about £300 in a building society account.

I am doing this TEFL course from a month on Monday, then have to sort out what comes next. I am currently living at home, so overheads are zero, but that will not last much further past the completion of the course.

So I guess my options are thus:

1. Keep going the way I am going. Apply for sales jobs in the area or elsewhere and hope I can keep earning what I have been earning for the next year and a half when things start to ease.

2. Get a huge loan (difficult with no job of course) and carry on paying stuff off until the day I die (I did promise myself I would be debt free by 30, I might just make that by doing option 1, but um, dunno).

3. Use the £3500 grand I have access to to knock off a loan and pray to God that I get a job very quickly to allow me to carry on paying off the bigger loan and the credit card.

4. Ignore it all, stick my head in the sand, I have two credit cards with nothing on them, go abroad for a year surviving on them, come back and get arrested, or declare myself bankrupt or something.

Or do I have other options? I'm lost quite frankly, and a bit gutted as I have done really well this year in terms of spending nowt, yet I'm still stuck.

So, serious replies please chaps, on the basis that this is probably my longest post ever, that it is my future we are talking about here, and I know how much you care for me.

retired_bmaddy

Get a ****ing job.

YZFRydn

First get a job.

Then i would pay off the £3500 loan and get a big loan to pay off the remaining loan and credit card. Then cut up the card.

That way you only have one loan to pay and will have less debt and less going out to pay the debts each month.

retired_rallen

4:30 at Kempton

it never fails....

retired_jabda

Go for option one, forget about your travels for two years.

I'm boring, I know.

trotamundos

Well yes, the job will obviously need to be done, just wondering if I had any options regarding the debts themselves. I am over halfway on both the loans, and getting a larger one to cover the debts seems to be a bit of a backward step, but don't really see what else I can do.

Ho hum.

retired_justin05

I'd get a job and travel after Feb 08. Two years to wait, big deal. You're still young and even if you were 50 I'd say the same. Buy a bike as well and start cycling.

retired_Ms. Fit

shut it dark knight.

I'd go for option 3. Try and get my monthly expenses down.

retired_flamindragon1986

depends what rate you are payuing on all the loans you maybe able to save by consolidating them all into one as finney said as well go for option 1 get yourself sorted & then go on your travels. Meanwhile use your 3500 to pay the bulk of that credit card of because come august you will be paying interest unless you keep switching it.

Also chop up all your credit cards on live on what you can afford.

retired_ss2miraitrunks

Jesus Herman, you're so rubbish at money