how much do u owe?.................

M

Mr Jenx

New Member
hi peeps,

need a nit of advice to be honest.

ok. i really really wanna go to ibiza this year. the only year i havnt missed since 1999 (when i was 17) was in 2001. i met my now girlfriend in ibiza in 2004, she moved from london to wales and we bought a house, so this will be aour 4th year together.

anyway, finances arnt the best this year, had to folk out on a new boiler and washing machine amongst other things. i currently owe just over £1000 on my credit card and am about £400 in my overdraft.

ive seen a deal flying out on 15th sep from bristol staying at don pepe apartments in san antonio for £250 for the week. my girlfriend is being the cautious one saying that i cant afford it blah blah blah blah.

what do u think i shud do? :?:

a) book the hol for me and her on my credit card totalling upto £500 for the two of us for the week, and then use my overdraft for spending money.

or

b) not go for fear of getting further into debt?

ive never been like this before and thats why ive been able to afford to go but having to folk out on new boiler and w.machine has put me on my arse a bit.

have you gone to ibiza before and been in a worse off situation or not?

all kinds of advice welcome. thanks guys!......:cry: :eek: :rolleyes:
 
£5k? pppffffff.....:lol:


without sounding like that Alvin Hall bloke...

Ask yourselves...

Do you need to go?

how long will it take for you to repay the money?

will you be able to handle the stress of adding to the debt?

Are you in secure jobs?

sorry to sound a killjoy, but from personal experience, having a holiday paid for on credit will give you so much grief in the long term. yes you will have a good time, and chances are you will end up spending a lot more than you planned, get home, look at the bills and all that holiday glow will evaporate whithin 2 secs of the 1st card bill landing on your doormat.

It aint LOST and the island will still be there in 12 months time.
 
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when i was in my 20's early 30's i would have said without a doubt, sod the money, lets have a laugh!!!!!

however, its a lot more expensive in ibiza these days, you will spend more than you plan (you know you will :lol:) so as chewie says are you prepared to spend the next 6 months skint, depressed cos you can afford to f*** all else in the run up to christmas and new year? I wouldnt, ibiza blues, and that on top no cash???

life is expensive these days :lol:
 
Work out what the whole thing would cost you and add half as much again. Is that a lot of money to you? Are there other things you could go without to save money before and after the trip? Would you honestly have the willpower to do so?

Are you earning (genuinely) likely to go up significantly in the near future? Could you finance on a credit card then buy yourself a no-interest period with a card transfer?

If none of the answers to the above solve the problem then stay at home and save for next year.
 
I wouldn't go into debt over a holiday... its not worth it...ever!

I would stress about about it way too much and not be able to enjoy my trip.


I can't beleive how much people go into debt over frivolous things.

Education, house thats about it... i don't understand people who get overdrafts for fun, travel or shopping. if you can't pay it.. don't go!!
 
thanks so far for the advice. i would take £500 tops for spending money, and we are planning on doing 3 nights clubbing, maybe 4,

i am in a steady job and would be able to afford to pay off £100 a month from my credit card bill which wud be 1500 if i did go, so it doesnt look as grim as i made out to be. but, part of me really wanrts to go and have a great time, maybe my last ibiza holiday as other responsibilities will be calling next year.

im 26 now and just wanna enjoy ibiza while im young, but on the other hand 1500 on my credit card doesnt read very well.

im just gona have to wait and see what happens, still about 2 months away i suppose :cry:
 
£1500 on a card equates to approx £40-60 p/m MIN payment depending what card company you are with.

If you pay off £100 a month in real terms you will be paying off about £70 with the rest in interest.

You could try a 0% Card transfers but the barstards are now charging about 2-3% as a transfer fee... and thats if you get accepted for one, which will affect your credit rating.

I checked my rating a couple of years ago when i was in twice as much debt as i am now, and even tho i scored about 500-600 and was rated good for credit, i wasnt offered any of the low rate deals at the time (6-7% loans) and generally was offered about 11-19% for a huge consolidation loan.

i bit the bullet and got assistance from a relative.

shifting money about is great in theory - but you really have to be financially disciplined to do so. a mate of mine who will remain anon, got bailed out by his missus to the tune of 10k... and the numpty only went and racked up another 12k.

relationship over, and now seeking an IVA paying back £192 for the next 5 years before the remainder is written off. only other option is bankruptcy.

as Alvin Hall says... seperate the your needs from your wants. ;)
 
chewie_oo7 said:
£1500 on a card equates to approx £40-60 p/m MIN payment depending what card company you are with.

If you pay off £100 a month in real terms you will be paying off about £70 with the rest in interest.

You could try a 0% Card transfers but the barstards are now charging about 2-3% as a transfer fee... and thats if you get accepted for one, which will affect your credit rating.

I checked my rating a couple of years ago when i was in twice as much debt as i am now, and even tho i scored about 500-600 and was rated good for credit, i wasnt offered any of the low rate deals at the time (6-7% loans) and generally was offered about 11-19% for a huge consolidation loan.

i bit the bullet and got assistance from a relative.

shifting money about is great in theory - but you really have to be financially disciplined to do so. a mate of mine who will remain anon, got bailed out by his missus to the tune of 10k... and the numpty only went and racked up another 12k.

relationship over, and now seeking an IVA paying back £192 for the next 5 years before the remainder is written off. only other option is bankruptcy.

as Alvin Hall says... seperate the your needs from your wants. ;)
Click to expand...

some great advice there mate, thank you, will have to sit down and see if it can be done or not

thanks
 
utagaura said:
i don't understand people who get overdrafts for fun, travel or shopping. if you can't pay it.. don't go!!
Click to expand...


a few years ago, with rates so low, credit was being thrown about left right and centre. i used to get on average 10-20 mailers through the door every week.... sometimes temptation gets the better of you.

12 years later i pretty much would say ive got not much to show for it except for some good memories for 2 weeks, followed by 50 weeks of stress.
 
Mr Jenx said:
some great advice there mate, thank you, will have to sit down and see if it can be done or not

thanks
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just be realistic. like i said, the island aint going now where!

at the min, im costing up a trip to devon for a couple of days photography and that aint proving to be cheap!
 
My mate got a credit card with a 4grand limit (and maxed it):eek: for the sole purpose of going to Ibiza in 2006- he didn't even have a job!

I believe the fraud squad are still after him! :)
 
chewie says lots of good things there, & I think been there and done it would be a fair statement - so i wont repeat.

but the missing info is how much you earn - i dont expect you to give that out - but if, lets say your on 16k & you have your 1.5k of debt - thats fine i reckon, manageable payments and enough left to live a reasonable life. increase it to 4k by spunking a load on a hol...very possibly less fine.

if your on say 25k - or more - im thinking national average time here for the sakes of argument- and your responsible enough (and your email suggests you are - at least your considering the implications - something i still dont do at times!) then f uck it - have a go. spend some cash.

many of my mates have about 10k on drip - say a car loan & a few k on a credit card & earn about 35k. its not ideal but they manage it & it gradually comes down. so much depends on the individual (and hopefully your not like chewies mate)- and to be fair, you sound pretty wise.
 
I look at it this way:

I don't like to dip into my savings for holidays. Holidays must be funded from current income.

If current income isn't enough to cover it, then I might cover the additional expenses either from savings or on credit card.

If your next paycheck or two (i.e. within a month's time) isn't enough to get you back to "zero" - whether that be paying off cards or returning savings to their pre-vacation level - then it's a no go.

Existing debt is a separate issue. As long as you're not falling behind on payments and still get back to that "zero" level within a month, that's cool.
 
Morbyd said:
I look at it this way:

I don't like to dip into my savings for holidays. Holidays must be funded from current income.

If current income isn't enough to cover it, then I might cover the additional expenses either from savings or on credit card.

If your next paycheck or two (i.e. within a month's time) isn't enough to get you back to "zero" - whether that be paying off cards or returning savings to their pre-vacation level - then it's a no go.

Existing debt is a separate issue. As long as you're not falling behind on payments and still get back to that "zero" level within a month, that's cool.
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I'd agree with that John definitely, bit of extra overtime for me allows a little extra indulgence while on hols... Mr Jenx any overtime going at work that could fund the trip?
 
neilly303 said:
My mate got a credit card with a 4grand limit (and maxed it):eek: for the sole purpose of going to Ibiza in 2006- he didn't even have a job!

I believe the fraud squad are still after him! :)
Click to expand...

and the thing the govt dont say on the news about this whole global credit squeeze is because of irresponsiible lending by the banks to people who have no chance of paying it back. (and with this spend happy lot in charge im not surprised)
 
the main problem is temptation, of just booking it and not worrying about it until afterwards, some very good points, i know that if i went it would be another great week. but on the other hand ive been 8 times before and maybe giving it a miss for one season wont do me any harm.

after hearing what people have said this year about it not being as busy, and prices being over the top, thats another aspect to consider. ive never been this torn before between wanting to go and being realistic. its a horrible feeling u know, one minute im saying 'lets f*** it and book it' and the next im like 'no, gotta do the right thing and stay home this year'!!!!

arrrrghhhhhh!!!!!!! :eek:
 
I used to work in bankruptcy, you wouldnt believe how much debt people do get themselves into - how many store cards they have, how many credit cards they have.
Of course they dont say they used them for holidays, but still you have to think, there is that many people in debt?

I ran up £4,000 on 2 credit cards, I am now paying the price of being humilated in front of my family when they found out and my dad having to bail me out. It wasnt nice. I now cant be trusted with money.

And the most humilating thing was when my dad caught on about it and said to me what do you have to show for it? I actually had nothing. 1 holiday, the rest just pi55ed up the wall on non important items.

I was just using them to help myself out when my wages were so low.

I now have no savings for a deposit or anything like that because I have been silly with money. I am now learning the hard way and boy is it hard.
 
thing is i am responsible and there isnt anyway id let it escalate out of control, i have a mortagage to pay for. i know id be able to get back on track within a few months.

i used to be indecisive, but now im not so sure :D :D :D
 
Mr Jenx said:
thing is i am responsible and there isnt anyway id let it escalate out of control, i have a mortagage to pay for. i know id be able to get back on track within a few months.

i used to be indecisive, but now im not so sure :D :D :D
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That is good if you are.

I think my being responsible has come with age and learning the hard way!

I am now learning how to pay bills :rolleyes::lol::lol:
 
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