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.

Know not no

Please can I join or am I too late to the party?! I've read through about half of the thread and will go back and read the rest shortly, nice to see so much support.

We have a good income but lots of outgoings and lots of debt to service. Been like this for years and feel totally ashamed and useless. So wish I could turn back the clock and be 'sensible' 15 years ago, pointless to think like that though obviously.

I've had a shift in attitude this year for some reason (50 next year does focus the mind somewhat) and have stopped all that ridiculous impulse buying, shredded cards and cancelled anything superfluous .

Will go back to reading now .

Burma
It is never ever too late to take control of your debts.
Feel free to use my spreadsheets to assist your strategy.

Thank you so much TalkinPeace .

I have previously downloaded one of your spreadsheets thanks!

I really really struggle to project ahead more than a month, it's like my brain just can't cope with anything further ahead. Christmas, car services, school trips, I just push it all ahead of me like a snowplough without ever doing any actual planning or budgeting. Fire fighting the whole time and never anything in the pot if an unexpected bill comes in. Salary comes in and whoopee I think I'm rich again until 3 weeks into the month when suddenly there is nothing left .

Hi Burma!
Don't think the party is anywhere near ending

Ooooh good - am reading all your tips .

Hi Burma, welcome!
Kazza, glad things are moving forward with the house. I'm sure you'll feel huge relief once it's sold.
I have spent the night ironing vloody maternity clothes for selling, so boring but hopefully worth it.
Dh is doing a niht shift tonight at a charity he does occasional work for. We can't afford to turn the work down. He is also doing a markey research thing tomorrow - £60 so a good one!

Welcome Burma! You have just described my so-called "budgeting" ability to a tee! I get paid on Tuesday and am desperately clinging on to my last fiver I am determined to relearn all my spending habits with the help of this thread.

Burma, your first post reads like us

Pixie Tuesday is also pay day for me so clinging on until then!
We are off to visit my parents today which should be a NSD apart from the diesel. Mum is cooking us a lovely lunch and we always go to the cafe in town where my dad insists on paying as a treat. We have about £15 I think to put towards the diesel and that is it, it's half full already so should be fine, it's only about an hour away and dh's car is quite economical.

Thank you for the lovely welcome!

Yes DH payday is next Tues, if a couple of cheques to the log man go through then I'm totally scuppered. Have to take the DC's to the cinema today (only trip planned in whole half term that costs anything) will take out cash and pray that the log man has lost the cheques for the time being ....

Can't believe I'm living like this at my age.

Hope you all don't mind me gate crashing.
Last year after a particularly bad month, me and my husband took a really good look at our finances after burying our head in the sand for years. Our debts (without mortgage or student loan) totalled over £30k. We hadn't realised the severity of our situation and were horrified we'd got ourselves into this mess. We're now 6 months, and a second baby down the line, and we've managed to already pay off 10%, and have emergency money in the bank.
We're very lucky we had that bad month - as we were very close to tipping point, to having more outgoings than incomings. We are living very frugally now, every penny is treated as if it is our last. We are still as motivated to pay it all off as we were 6 months ago.
10% mark done. Roll on 20%!

Well done Bumbolina, I'm glad I'm not the only one who gets excited by those figures! I think we are at about 6.5% at the mo and can't wait to get to 10, it will be a great feeling!

We've got an amazing spreadsheet Abby! We can't stop looking at it. I don't know what we'd do of we lost it!
We've promised ourselves a family holiday when we've paid off 50% of the debt... one that we save and pay for (will still be a cheap cottage type holiday I expect). But it's keeping me on track!

Bumbolina
Well done on starting to deal with it.

I can tell you all that the day you clear the last debt (in my case it was by selling a house) and know that the only remaining loan is an under control mortgage is sweet beyond belief.

Hang on in there
and if any of you want spreadsheets written : over and above the three already on the thread, let me know.

I'm still working on an endowment one, but the "if" functions to pick the start and end years are making my brain hurt!

Hello, I'll join you too if that's ok?

Single Mum, good income now but debts from a few years back when I was just divorced and trying to give the kids what they would have had if I'd stayed married... Silly really. Started with £42.5k 2 years ago, on a DMP and now at £28.3k - 35% paid off!

Just started using YNAB and I think that might help me budget for the bigger costs - didn't manage to keep anything in my rainy day categories this month though - vet bill wiped out emergency fund, car exhaust wiped out car repairs (and car tax) pot - but I guess at least it was budgeted and there to be spent even if I can't carry it over to next month.

My latest challenge - I want a TV in my family room (for me!) as teenage kids monopolise the one in the lounge. Currently have tiny very old portable with freeview box, want a bigger one on the wall. Virgin will give me a 2nd box free (negotiated this as out of contract) but want a nice TV to watch it on. My challenge is to do this with unearned income. So this week I have managed £17 on ebay, £15 on amazon, £37 on music magpie. So have £69 so far. Reckon I need £180-ish. Prowling the house looking for items to sell!

Hello bumbolina and single. Will post properly soon, want to say well done on the ten percent though.
Pixie - are you not due a baby some time soon? Have I invented this?

Ooh - just checking in, and realised we have hit the 10% mark on debt repayments! Yay!

Love this thread, it's really helping me think about spending habits and managing our way out of it.

This is the second time I have been in debt, though. Last time our house sale cleared it. I am determined there won't be a 3rd time.

hi I just wanted to join. We've got just under £11k in debt. trying desperately to pay some back but at £20per Month I can't see an end

Four and a half weeks to go Nerf! I have reached that point where I am so massive that strangers look a bit scared by me in the street.

Hi winter! Have a look at what TalkinPeace says about fixing minimum payments, that might make you feel better?
Don't think any of us are near finishing so please do keep posting.

Winterlover
Make the payment £25 a month, every month by standing order and watch that balance start to shrink.

Well done puffy. I daren't check.
I did just buy a railcard for £30 as we are going to London for dhs big birthday and it will save us 1/3 .
I would never have bothered doing that before, I'd have seen it as pointless. Plus dd and I have to go to London tomorrow so saved 16 quid on tickets. And I've picked up a 2 for 1 thing for train travelers.
It's still spending money but less than we would.
Pixie - eeek!

Hi to all, especially single, welcome to you.
Well we are back from my parents and we didn't spend a penny! The diesel lasted both journeys and is still going! My dad paid for the cafe as I knew he would - we did offer but as usual he refused! We have had a lovely day catching up and I love seeing my parents with the dc. Dh has gone out to do his market research and should be back about 9pm £60 cash in hand better off!

Hi to all, especially single, welcome to you.
Well we are back from my parents and we didn't spend a penny! The diesel lasted both journeys and is still going! My dad paid for the cafe as I knew he would - we did offer but as usual he refused! We have had a lovely day catching up and I love seeing my parents with the dc. Dh has gone out to do his market research and should be back about 9pm £60 cash in hand better off!