Debt Number 3 : For those who feel they are drowning and want a way out

[TalkinPeace]

This thread follows on from Nerf's incredibly useful
FIRST www.mumsnet.com/Talk/legal_money_matters/1969188-Can-we-have-a-support-thread-for-people-who-are-massively-in-debt
and then
SECOND
www.mumsnet.com/Talk/legal_money_matters/2011878-Debt-support-thread-2?
threads about realising you are in and supporting each other out of debt.

I am not in debt, any more.
Here is a link to some spreadsheets that might help
www.mumsnet.com/Talk/legal_money_matters/1987219-SPREADSHEETS-for-Debt-Control-Budgeting-Mortgages-etc

and lots of people use this
YouNeedABudget

The important thing to remember is

• yesterday is as past as the Crimean War

( we will not judge how you got into debt, but we will support you on the way out )

• this is an anonymous forum

( we will not tell your employer, family or friends of the reality of your numbers )

• this thread is about supporting people through the huge mindset changes needed to come out of debt

( feel free to offload all of the feelings that drive you to want to spend, that make it hard to save and that generally make life crap at times )

Join in, bare your soul and come out the other end.
Its worth it.
You are worth it.

Hope everyone is doing well, sorry I haven't had a chance to go through everyone's posts.

I've not had a great couple of weeks - was attacked at work - the anxiety returned in its usual form. But, I've done 2 months where my debt hasn't increased which as I was increasing it by about 1K per month is massive progress.

oooo and I've got £50 in the savings account - no point paying extra off at this stage as all debt is in fixed term loans. I want to build a buffer so when I need a new tyre or the sole falls off my work shoes I don't go into panic mode!

after I really hope you are okay .

after I am so sorry to hear that, I hope you are alright. I hope something is being done about it too.

Sorry to hear that After, hope you are ok.

Child benefit has gone into our second (Barclays) account, taking us down to only £414 overdrawn. They are charging high fees from 1st June, so I want to get it paid off if possible. Unfortunately pay day here isn't til the 1st of the month for me, dh just started new job on the 12th of this month, so not sure if or how much he'll be paid, his pay day should be the 30th of the month. If he gets paid I will put as much as I can towards the mortgage, but if he doesn't get paid this month, I'll have nothing left to put towards it. I'm trying to think if I've got anything I can sell on FB/Ebay, need to have a look around the house this weekend.

Hello again

Thanks talking peace I still haven't decided what I'm doing yet next visit is in 2 weeks
No idea if the bankrupt route is a good idea or not lots to consider

Hope I can finally sort something out hate this feeling of having to constantly watch your money xx

After so sorry you've had a tough time. Not adding to your debt is excellent. It's a really hard habit to get out of as at the back of your mind you know it's 'there'

kazza doesn't sound like you have far to go with your overdraft! The charges will effect me too - every penny that I earn from exam marking will go towards that overdraft.

I've been paid today - but don't know how much I'll be able to pay off debt this month yet as I'm still waiting to hear if we will receive any money towards child care from CTC yet. I got an odd one off payment for £38 yesterday and I'm hoping that's not it for the year. I was getting £250 a month (our child care bill is nearly £800 in total and we earn about £40k between us with two children) so it would be an enormous drop if stopped and I don't see how I'd be able to pay more than the minimum on anything. Whatever happens I will get my overdraft down though. Those charges are insane.

AGHHHH ... Just got CTC letter. We're not getting a bean :( anyone know anything about child care vouchers? The ones you get through work!

Soooo sick of CCs. It feels like it is taking forever to pay down. Sob!

I can't even remember what we spent it all on.

((( Kinky ))) You'll get there.
Take it out of your purse and leave it where you can only get it out in a preplanned way - at home having decided exactly what when and why

do you go through your statement line by line, matching up receipts, checking they are all valid - worth it

mygolden
Your HR department or nursery will have the forms

Ccv are great. Salary is saraficed before you're taxed. So here's my figures. Without ccv I take home £1500. If I sacrifice £243 then you think I'd take home £1257 but it's usually more like £1320. I then have £243 going directly to my childcare provider.

Well worth it.

I work in a school and they do the vouchers. My nursery accept them too and will take a 'direct payment' - so I take it there are no actual paper vouchers as such?

I think you can still do paper vouchers but in the 6 years I've used them with 5 different providers and 2 children it's always been done electronically.

I'm an employer who uses them ....
you get the 243 off your gross pay
the nursery get £243
the employer pays £257 incl admin charge to computershare and the like - BUT that difference is the same as the ERS NI on the cost so its neutral to employers and aids staff retention
go for it

I definitely will. Thanks for all the advice x

Thanks Talkin . I don't use them at all now. I have 3 accounts, 2 with balances, but I keep the third for tarting purposes in case I can't pay the balance off before interest free period ends. I've vastly reduced the amount of credit available to me - by about 20k - but still have a whacking bill to pay off. It feels like such slow going. We owe a lot.

Hello kinky just seen you on the fantasy inheritance thread.
Well done to the reducing overdraft person, I can't seem to scroll back to see who.
But, after, I am so sorry about your work, I really hope you are being supported.
Someone mentioned bankruptcy and whether to do it. My only experience is friends a couple of years ago who now look ten years younger. Hard just before and after but really worked out for them.
Not sure how to post this, but I have been told my granddad has left me enough to pay off 20,000. Maybe more. Not for ages because of all the admin, but I feel bad posting here but if I don't it feels dishonest. There is no way I won't pay off debt.

I know someone who bankruptcy worked well for, but they had no equity in their home so didn't have to sell.

Nerf that is a very natural thing if your granddad had money to leave you and I am sure he would want you to get yourself straight. Will it leave much still to handle? I hope things are getting a bit easier for you after the shock of losing him. As far as inheritance thread goes, I'm still waiting for them to give me the money...

Hi kinky, it will half the debt and the repayments, roughly. Still in limbo, as the funeral is late due to transporting him, and then all of us travelling. I shall be distracting myself by doing his tax return this weekend.
Just felt wrong not to confess to my helping hand really.
I'm not sure that donating 12 grand to you is actually on that thread anywhere I'm afraid.

Bugger .

I need help please. Still in the shit with money after having my hours cut. Could you look over the figures below, i've identified where I can possible cut the cost down but it would help greatly if someone else has a look and see if im missing anything.

Rent - £485
Council Tax - £9
Electric - £60
Oil - £75
Water and Sewerage - £30
Home Phone and Broadband - £24
Car Insurance - £34
Car Insurance (2) - £43
Home Insurance - £13
TV Licence - £13
Mobile Phone - £15
Mobile Phone (2) - £30
Yearly Bills - £35
Fuel - £80
Nursery - £60
CSA - £20
Food - £120 (for 2 adults and a 2 year old)
Debts - £40

Total Outgoing = £1187

Total Incoming = £1139

So go over by £48 per month.

Im now out of contract for home phone so calling today to change that over, saving £6

Can't touch Mobile phones till Sept

Car Insurance (2) was only started 2 weeks ago for a job for DP which annoyingly lasted a week but to cancel and then re-start should another job come up is going to cost too much.

Nursery require 2 months notice to cancel, and DS finished in less than 2 months anyway so im stuck with that bill.

Dam forgot to add £4.50 to HMRC to my list

Winter, we use tesco for the mobiles on a family thing, the contracts are capped and can be really cheap plus you get extra bundles for free if you have more than one contract with them. I have me, dh, dd and ds for 70quid and really dd and I should have had cheaper tariffs but I wasn't very clued up on what I might use.

I've already decided once my contract is up for renewal i'll be going on pay&go or finding a really cheap one. Just annoying that I cant downgrade our plans till sept, and contract ends feb/march next year.

I'm joining this thread because we're part way through clearing a huge debt that DH ran up without my knowing - partly due to redundancies, partly due to depression, partly due to total bloody failure to communicate and be organised. We have had our rows about it, I belted him when he first told me which I'm not proud of. However we have stuck to it and our relationship is in good shape again.

We have paid off £23k over the last 2 years, and should have the rest gone by this time next year provided his earning remain reasonably stable - he is freelance.
We have been very fortunate that he has been able to go freelance and increase his income a lot which has enabled us to pay it off.

Winter - can either of you get a job doing pizza delivery or something just to bring in a few quid to cover your shortfall? I can't see anything else you can trim from that except the phones which you are stuck with for a another few months.