Clearing debt

One of the problems I’ve experienced in the last year is I’ve accumulated a large amount of debt. I had my own debt anyway, but after taking out some car finance my credit rating with my existing debt went from Good to Poor. I’m now left with the long struggle of clearing down my debts and restoring my credit rating

Surprisingly the bank I’m with has now never been more than happier to contact me continuously because I have more funds going out than coming in.

Typically, all companies now use your credit score. The banks even use it when applying for loans. I’ve only been with them 20+ years so it’s not like they know how much I can afford or anything. It’s just “bam” and you’re done. No face to face with my bank now, just that’s it and get lost

I’m very religious when it comes to my finances, I know exactly what I owe, it’s all written down and where it goes how much comes out. So I know the exact figures I need

Part of the problem I experienced is I made the mistake on my birthday of taking some extra money out to celebrate (as I wasn’t paying a loan) but I forgot about the car finance. So the past few months I’ve been overdrawn with my bank by around £400 each month. Resulting in charges.

When my annual review comes for my overdraft, I think I’ll be increasing it.

I tried getting a Wonga payday loan to fix my short term issues. Paying the extra £100 each month is better than paying £300 + fees. Which would give me time to correct my finances. Alas, no! Wonga now uses credit scoring as they’re a “responsible lender” (with fucking high APR’s still) and because my credit rating is … shit they wouldn’t lend me it.

So high and dry with no source of help. I refuse to go bankrupt or anything of the sort. I just need to put my head down, get my thinking cap on and sort bills.

Currently I’m also overpaying 3/4 of my credit cards by £25 extra per month. It’s not much, but when your bank goes in negative the interest you pay off on the cards works out cheaper than with the bank. Plus I know I’m guaranteed to pay off at least £300 more each year from my cards.

I do actually win money gambling, I just don’t do it often. Even just £1 per day is £30 per month extra off my balances, which helps in the long term. Just slowly building it up and hoping for some luck. I’ve had a really bad string lately so looking for a change. I’m always for the positive attitude.

Along with my debt problems, I’ve recently changed energy suppliers as they were extortionate, I just checked my Gas and found I was over £250 in credit when they closed the account. I asked for a refund which should help with my bank charges and interest. I’m also going to close down all the accounts I don’t use to help recover lost expenditure alongside my credit cards. As currently it’s showing I have 5 open credit cards. I use 4 of them but it’s more source of borrowing. So I’m going to close it down and hopefully rebuild my credit a bit more. As I actually forgot I owned one card which would damage my rating.

I’m going to update the post more as I go, hopefully things will be more positive in the summer time. Need some stress free days for a change

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Gambling to make money

As part of my way of paying off debts this year I decided that gambling to make money would be my way forward. Now, I’m not stupid, I know gambling costs you money. However, I’ve always believed in you need to speculate to accumulate.

I always put on £24 per month on the Irish Lottery (£1 stake on betfred taking the half odds) because if I win for a £1 stake I still get £301 back

Out of that £301 my winnings would be divided as follows…..
– £200 for my credit card to pay off
– £50 for “ME” as my own personal savings or spending money (you have to look after yourself)
– £24 for another set of months lines for the irish lotto (again half odds) 2 x lines, 2 x chance
– £27 to “gamble” away and lose if need be, to possibly increase my odds

The whole rule about gambling, is always know when to quit and call it a day. There’s always another day. I took a big chance tonight (transferred £20 earlier today in my betfred account btw) been on and off winning during day (I tend to lose money when I don’t play smart nothing more).

I had £11 remaining in my account that is part of my normal gambling money on betfred, put an each way bet on two random greyhounds (£5 each to win) – one of em won. Hello £85 in my bank

I transferred £50 into my bank (always helps top it up). Put a months worth of irish lotto on, and then gambled away the rest for fun. So I never actually “lost” any money, yet still managed to win some and spend some for fun. In the end I’m actually £30 in profit over my initial transfer

Remember, think smart, play smart and you can win. Pay off your debts and live a comfier life.

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