Debt mutual support thread number 5 .... the light at the end of the tunnel is NOT an oncoming train

[TalkinPeace]

This thread follows on from the last four threads in the series, the most recent of which is here.
www.mumsnet.com/Talk/legal_money_matters/a2142758-Debt-mutual-support-thread-number-4-every-journey-starts-with-the-hardest-first-step

We live in a society that makes it incredibly easy to get into debt but makes it incredibly hard to admit you have a problem and even harder to get out of debt.
The posters on threads are here to help people get to where they want to be.

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.
The long term results for you, your marriage and your children are worth it.

It was only 6 pairs too! :)
I was so chuffed with my pants bargain.

Have to love bargain pants - and new wedding rings one of my best bargains recently was a pair of jogging bottoms for toddler ds from tesco for the whopping price of £1!! They were (obviously) in the sale section and seem to fit really well. With hindsight I should have bought 10 pairs !!

Hmm overdrafts are a blessing but also a curse when you can't get out of them aren't they :( I keep toying with the idea of using our cc to pay it off or even getting a loan (fiddled about with loan calculators after being on here earlier and could get on that we could pay back at £60 a month for 2 years or something like that). I think I am just scared that while I'm paying that off we will build up debt elsewhere - which is how we got in this mess in the first place.

Realistically long term I think I need to go back to work but it's not financially viable right now with childcare costing so much and no family to help and dh working such odd hours. Feel very stuck. And ill too.. my thyroid and pituitary problems have gone all mad at the moment (stress related probably) and my blood tests keep saying I'm on the right dose of meds but I feel like crap. Waiting for doctors to ring me back to chat about it tomorrow.

Doesn't help that ds is having a day of tantrums. I am worn out in every possible way. The only thing that would possibly cheer me up is a massive indulgent Chinese take away and I can't even afford that.

.

Oh well. Onwards and.... sideways?

Can't believe I lost my ring :(
I kept meaning to get it re sized as it was so big....sigh.

Happy birthday Bad The tardis is just because I can.

My ring was cut off when my hands swelled when PG with DS. I now have a £20 one from Argos until I get around to having the original fixed, which, if I'm honest, will probably never happen. I've worn this one for 5 years now .

sending fairy a virtual Chinese and .

I keep a tub of chinese curry paste in the cupboard and when I get that takeaway urge I make my own or even better pour it over oven chips!!

Stir Fry Veg (forzen) = £1
Rice = 40p
Chicken £3

Sauaces and stuff from cupboard and you have yourself a DIY takeaway!

Im better at cooking currys tbh...mexican....Or a good old budget favorite is sweet and sour sausages, fills a gap!

Did I say I found a bottle of wine for £2.79 on Tesco well it was obly 8% but I thought thats better for me..and some beers for DH for £2.50 isn. No more fancy labels for us on Friday's.

i lost my wedding ring two christmasses ago most lkely when delivering catalgoues. we did nt do anything about it at the time because we hopedit would turn up when we emptied the shop.

Right, spoke too soon. Despite keeping account more in credit (not sure if dates match up or what) but Ive still been charged £53 this month for overdraft fees, this is dues to recent restructuring by them.

Is it better to have this switched to a loan?

Is it possible to prioritise the od debt? Or is that what your doing anyway?.

You could always talk to Christians against poverty, I had a £3500 od and I opened an account for my wages to go into so I could pay it off in chunks.

andsmile
query the fees : make them justify every penny of it for each day appropriate to the loss incurred by them.
Be pedantic.
Be stubborn.
See if you can get the charges back.
But yes, converting overdrafts into loans that have no repayment penalty can be good because the fees drop : just make sure you do not get bounced into borrowing more

Yeah maybe need to re think this new budget.

I will TIP - do you mean Im paying fees for borrowing but the principle amount is never going down, whereas if i had a loan I would pay so much interest and so much off the principle balance (the intial amount borrowed)

I am going to speak to DH as including his we are paying £120 to £160 per month. We currently don ot have any plance to reduce as all committed to paying the credit cards off where we have set the payments using the spreadsheets.

andsmile
converting an overdraft into a loan is an excellent plan so long as you do not borrow any more money
as then you can keep your bank account in credit all the time
and pay the loan off in a controlled manner

but its only doable if the rate is right and the repayments are flexible

possibly ease off the credit cards to avoid the bank charges ?
its a balancing act that involves crunching all of the numbers at once!

The loan we got was @ 4% and we can make overpayments and no early payment penalty.
£2k paid off already

my new loan has no repayment penalty either, and i can pay off lump sums - the length of term just goes down.
interest is much better than od fees, and at least you have control of it.

Thanks TIP, Badvoc and Nicklebabe I'm gonna have a look at this tomorrow I'll report back to see what you think.

:)

i was at choir tonight, and we had a new chorister. I was chatting to him because i recognised him, and it turns out hem' visited my shop.
it made me realise that it's exactly a year ago this weekend (ie tomorrow)vthat I closed :(
it doesn't feel like a year. and i'm still not organised!

he's

I have decided to shut down a veeeery old bank account - not sure but maybe it'll increase my credit rating to have it gone?

It has just a few quid in too which can go towards the huuuuuge overdraft.

This week should be a quietish one - I'm having two wisdom teeth out on Wednesday so should have a few NSDs while I recover.

Had my student loan end -of-year report today - still have 8k on it despite graduating in 2006

Marking place - had revolting stomach bug for past few days. It is everywhere at the moment. Need a steady supply of hand gel and a face mask for work I think...

My student loan is 16,000 - graduated in 2008 but stayed on and did a masters and PhD, they were paid for by scholarships but as I didn't start work for 4.5 years after graduation, interest really built up on the loan. Am currently pondering whether to try and over pay it or not. MSE says not to as interest is so low that it makes no financial sense and to overpay higher interest stuff like mortgage but I hate it being there.

Mse is right. Save instead so you have a lower mortgage repayment.

£60 left to end of month.

Have a weeks worth of food and half a tank of petrol, this may last two weeks.

I shall have to put £30 on my card. I have more cash next month to cover this.