Can we have a support thread for people who are massively in debt?

[Nerfmother]

Because you can't talk about it in real life? We owe 44k, reduced from 60k in a year. Not including mortgage.
It's so depressing.
Dh is determined to pay it off and so bankruptcy or plans isn't an option. I do think its doable, just hard hard hard.

Littleboxes
Credit cards. Whatever amount you paid them this month, round it up to the nearest fiver and change the direct debit into a standing order for exactly that amount. DO NOT let them drop the amount each month.
Look at my spreadsheets on the other thread to see why

and yes, there is a budgets spreadsheet in the "credit cards" thread - do feel free to download it and customise it .... possibly convert each column in to a week or month and then have a running total column ....
give me an hour and I'll write one ....

Excellent Badvoc - sounds like you've got a plan there!

Definitely recommend the emergency fund...I finished mine in Dec with £500 so I know that worst case I have it there. Don't feel so bad about throwing every other penny to the debt - I know I wont get caught short

Excellent TiP, you're a star

Badvoc, I know from your other thread that you'll be gutted at though of no kitchen...but think of it this way-if you'd gone ahead now it's likely you'd be settling for something just because it was cheap. By saving, you'll be able to get something more substantial

No, mum it was me not wording it clearly.

Here you go ....
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dFRwOFJENmVzX1RHR05UMGtIYkltcWc&usp=drive_web#gid=0

this one is very much to download and use on your own machine, but the rows will prompt you to add in all the bits ....
it can be used to budget forward and record what's actually happened
will add it to my main thread as well

Genius TiP...love it-thank you!

"I think the best thing you can do is shift all the cc balances onto a 0% cc "

That's how I ended up with three! And I promised I wouldn't spend them.

However ... I would get another card if I could (and really, really not use it this time! A lot has changed since I got those cards, I could trust myself to do this now) but as I'm a student with no income I don't think anyone will be prepared to give me a new card.

DP was self employed but going onto PAYE this month, he could probably get a card, but all the cards are in my name.

TalkinPeace that's interesting, I'll look at it thanks.

Can anyone explain to me how this works when your cards are maxed ...

I have an extra charge on my account. It seems to be because I didn't have enough for the payment on my credit card balance, but as the payment comes out of my bank by DD I don't get why it matters. What am I missing here?!

I think (to last poster, sorry just read loads at speed) that something DOES change and that's when you start getting serious about paying it back. Like a shift in attitude.
Kazza - good going!

Little Boxes-if your cards are maxed out, then interest is applied...is that not you effectively over you limit therefore charge is applied?

I see.
Not sure about charges tbh. I guess it's as mum3fergus says though.

Is it an over limit charge? So the interest has gone on? But then if you have set minimum payments surely that wouldn't happen?
Any annual subscriptions you weren't expecting?

Mechanic couldn't look at car today, having said that I've kept an eye on it all day but no further oil shows...will book it in for a once over, just in case. So today was just haircut and petrol, both of which I've budgeted in envelopes for, and £74 to top up nursery fees, that's budgeted for too. Dinner from what I had in, same tomorrow, and will take my lunch to work. Have a DD form to hand to DS Tiger Cubs Club tomorrow, £28pm starting Feb but have built into budget

You can tell it's the end of the month...using up all the cupboard and freezer stuff :)

Lol I know...talk about being inventive! Tonight's dinner was lovely - sticky spare ribs done in slow cooker with savoury rice. Ribs were 3.50 reduced to a pound...got 2 packs so another meals worth in freezer.

It's depressing though mum - you think you're done but then Childcare, petrol, hair taming, etc etc .

Hello badvoc, how did lidl go?

Hi nerf...I am off to aldi on Thursday :)
We shall see...

Hmm no,not really...I've it all budgeted for now Ive started using envelopes system. Sure it's a pain having to pay it in general lol...I think I'll do some googling in morn to find my nearest Aldi/Lidl. I'm sticking to food budget fine but if I could save just a few more quid to throw in the pot it would be great

Mum2Fergus so they add the interest to the loan before taking the money from my bank? I find that really hard to get my head round. If my max limit is £3k, why can't I borrow up to £3K without getting extra charges? I don't get it?

Did a bit of googling earlier to try to answer question on another thread but basically it stated that if you only paid minimum repayments every month to a credit card with a 3k balance, it would take approximately 17yrs to repay! Jeezy peeps...nothing like some scary numbers to keep you focused!!

Lost me a bit Little Boxes (that's not difficult!) ...is it a credit card or a loan you're talking about? And where have the charges been applied to, credit card or bank ac?

I'm talking about one of my credit cards. I received a charge, if I've understood correctly, as I was too near the limit when the interest was calculated.

littleboxes have you ever drawn out cash on the card? as the interest on that is added daily rather than monthly.
The main thing to to put your numbers into my credit card sheet and see what you need to do to clear the debt.

Mum2fergus 18 years to clear a credit card - too right. Have a play with my credit card sheet
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dHRoTXA5Qnlld25UWkw1TEhZZk9IYVE&authkey=CMjc4JEB&authkey=CMjc4JEB#gid=0