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.

Hello hello hello...

Have I killed another thread?

puffy
of course not : but this is a needs must thread interspersed by newcomers
and its great that lots of the long standing posters are happy posting a couple of times a month : that sort of long term thinking is the path to getting out of debt

I've dropped of again! Ok,everything on track this month...patiently waiting the proceeds of shares sale to hit my account which hopefully,combined with what I've saved so far and June debt payment, will repay OD in full. Two months earlier than planned. Had loads of NSDs recently,put that down too my new healthy eating (down 19lbs so far!). Anticipate money left over in both food and petrol budget this month so that will go towards debts too. Likely I'll reduce food budget from next month too! All good

I'm very quiet because I've totally destroyed my plans this month and there's still an age to go until pay day.

My goal is just to avoid credit cards.

It's not looking good and it is all my fault .

Oh kinky. This month we can't do much although I'm going to try to pay 100 off my loan, for the sheer joy of a letter telling me I've saved 35 in interest or whatever.
Went out with mum to auction places as we are selling some of the things and she is keeping (I suggested this) all the proceeds until everything is gone and then splitting between all four beneficiaries, usually I'd be happy sticking a bit of cash in my purse in dribs and drabs but it seems more sensible to wait and have it all in one go and then pay it off something.

kinky not to worry! This is a long-term process and there's bound to be slips along the way!

We're anxiously awaiting a refund from a computer company for DH old laptop, apparently they "tried" to send it last week but it was bounced back by the bank yes, because that happens ALL the time

I have spent a bit over budget this month too, but still living within my means and not building up new debt, just had a bit less to pay off the debt than I had hoped.

On the other hand, it's a gorgeous sunny day and there's at least 2 glasses of wine left in the bottle we bought for this weekend

Onwards and Upwards!

We are about 2000 worse off than when we started at christmas, plus a tax bill will be due for January next of around 4000 due to child benefit (we don't qualify but I get it and sit on it, had to use it for flights) and job changes, late coding changed etx.
But, long term it will be ok.
And I just saved 39 pounds by paying 100 off my Lloyd's loan. I shall miss that when it's gone, it's like instant gratification!

(((( Kinky )))))
Let off steam my dear. What's been going on?
Are there patterns you still need to unlearn or have events swamped you?

Kinky - do you know what went wrong? That can be the first step - even if it's only to learn that your projected outgoings were unrealistic. Which has been my problem.

This month should be more of a success than last month and I should have paid off my Santander overdraft. I have paid all other accounts on time and over paid two of them. My debt stands at £8200 in total. It will be nice at the end if next month if I can get it to seven thousand and something.

Still, I haven't done as well as I'd hoped. Spent £105 in Aldi - I thought I'd only put a few extra bits in e.g. Some cream cakes as we were having guests; an oven glove and a new set of ice lolly makers (they look really cute - they have bunny ears!) but I guess it adds up quicker than you think. I'm crap with money you know - I just have to keep telling myself it's a learning curve x

I've just fallen into old spending patterns. We've needed to go to shops to get essential bits, but indulgent, non-essential bits have fallen into the basket.

Cat also needed teeth doing and injections, so £250 there.

I think we've just been very sod-it for the last couple of weeks.

However, I am determined to get a grip now and to limit damage for the rest of the month. We will then need to review what we do with budget for next month to rebuild the emergency fund.

I'm a bit like Nerf was a couple of days ago in that I get really, really sick of it. I have a lot of available credit (even though I have reduced this substantially). It is taking a lot of willpower not to go out and book a foreign holiday or spend some serious money on the house.

I'm not going to - we need the freedom of no debt first.

Kinky
you have to look at each item as you put it in your basket (physical or interweb)
and ask yourself whether it is worth staying in debt for.

You will be able to afford some of those things some of the time once you are no longer paying down debt
but you have to be clear in your head what sort of life you want in one year, five years and ten years.

It will be OK. Hang on in there.

Another one here who has had a spendy time this week. The sunny weather has hit and I opened my wardrobe and was so affronted at all the Primark cr*p looking back at me that I went shopping.

I did clear out two huge bin bags of stuff first and had a good look at what I needed - lots of tops unworn due to no bottoms to go with them, for example.

Avoided primark and bought 3 well chosen items in Next and then bought two more staple pieces on ebay (good makes, with tags , for a fraction of shop price). Also bought a bikini.

Put the whole lot through my "holiday" category in ynab - a but of a cheat but with these few bits I now have a workable holiday and work wardrobe. Need a white cardigan and I'm all set. Probably about £100 altogether but it is sooooo long since I bought for myself it feels totally wrong.

I've also done one too many take aways since payday - fish and chips because I was exam marking and then on Saturday it was because son 1 got an A* on his French speaking test after being predicted a C and then working his ass off, and he wanted an Indian as his treat. So we got one

On the plus side, I am having an "empty the freezer" month so the grocery bill will probably be low. And despite the clothes spending there is still enough left for spending money I think...

Evening all shopping done today,only £23! How I love my new healthy lifestyle...losing pounds and saving them at the same time!!

On a less positive note I've shamed myself in terms of x...I've literally begged him to come home on at least 2 occasions just this week. Hate myself for it I can't go on like this.

I wish I didn't have to join this thread, but it's time :(
I closed my shop in october because it was too expensive to keep open.
I didn't manage to sell much of my stock, so I have about 40 boxes of books and toys that I can sell (if I could actually sell them I wouldn't have a problem!)
I have a loan of £275 a month until jan 2016, a credit card of £7880 (with bloody 25% interest )
this month I forgot to put money into my account to pay the loan payment and completely forgot to pay my credit card amount. which means my bank is £160 overdrawn and I now owe £183 on my cc immediately, with approx £60 in my other bank account.
I have kept my business open to get rid of stuff, so am having to order things for schools (which means that basically every £10 that comes in, £7 goes to the supplier)
it just isn't working. I am not getting enough sales a month to pay off my minimum payments every month

I have got an isa, which I have been withdrawing (part of the reason I didn't remember to transfer money is that it had covered the payments for the last 2 months with the small number of sales I have made)

I have written a letter this weekend asking for another £1000, but I have a horrible feeling there isn't £1000 left (it's stocks and shares)

I'm slowly working through my stock selling it online, but I have to list it all manually and it's takong forever.

I'm totally stuck as to what to do.
please help me

Oh dear mum, that's not good. Drunk dialling, or really regretting the split? On the other hand I have to say you are so blinking inspirational just quietly getting on with the debt crunching.
Kinky, I am in the silent hysteria and sleepless nights mode so can't blame you for a small panic. I am currently stressed and sick over the mortgage - interest free , 13 years to go, should be 1500 and only paying 600.
Nickel babe, you need our resident expert TiP. Is the shop closed, but the business running from home?

Stone cold sober and regretting the separation Nerf

yes, that's right. tip? id that talkin peace?

Yes, talkin peace. Have you another source of income it is it the business only? Can you get tax credits ?
Mum , I'm so sorry, is it salvageable? Reasons for splitting have changed or gone?

Hi there Nickelbabe
You have taken the first step, which is to accept that the status quo has to change.

Get both the loan and the credit card onto standing orders - as per the spreadsheet thread in the OP.
THen you just have to find a way to get the money into the right account on the day and they will both look after themselves.

Business stock : job lots on ebay, or boot sales or facebay.
Have you taken the tax loss and on your final tax return yet?

CPP refund form sent off as per the good advice you lovely lot gave me. Fingers crossed for fifty quid or so!

Evening all...few more NSDs under my belt...and share sale proceeds will hit my ac by end of this week

Nothing to save at the moment need to work harder with my budgets and scrape something together to save! Even it it's only something small!

That's a very depressing place shampoo, when you have good intentions but nothing to do.
Dh and I haven't been speaking for about three days now. I'm so sick if him burying his head over it and I'm just panicking about the mortgage. He's 51 and we have 13 years - a year ago we'd have to have started paying 1500 a month, it must be much more by now. That's 12000 we haven't paid this year.

In better news I am concentrating on the loan. 6000 new in December down to 4974 today.