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.

Hi I'm in again - only joined last month so not too much movement but here are my (€) balances (brace yourselves):

CC 1750 (pay min 55pm not great i know but if I pay more its the first place I go when I need cash due to no cushion fund yet)

Old loan 11.3k - 250pm
Old loan 7.5k - 35pm
Credit union e23.5k - 300pm

Emergency 7 day notice savings fund: bal. 260, saving 260pm

Cushion fund: zero this just won't build up if I transfer money into it it comes back out before payday :/

DHs payday today, after car tax, groceries (28- lidl), clothes & a few other things only 15 left for the week :/ tbh I could have definitely not spent 50 of it but I sold ds' old tablet on ebay for 30 after p&p so that goes towards it. We've just lived with austerity so long that it means there are gaps everywhere eg I have literally no warm casual clothes which means when I take dc's to sports I'm standing on sidelines dressed in ancient light jeans and ancient not warm jumper ! So had to buy a fleece top (only 12!).

Anyway baby steps !

Hello
I've been lurking for a while this thread has really made me think and also create a spreadsheet! I have total of 10k on two credit cards, ive worked out with regular payment if £250 per month its going to take 4 years to pay off, would i be better off getting a personal loan?

Onion I pondered this last month but after putting my figures into spreadsheets - see links at top I just increased my payments so I pay v little interest which overall works out way cheaper and I'll be done just as quick. Hath

Wonderful to see so many lurkers coming out to join us...welcome!

Onion - are your cards 0% interest? If not, can you switch them? I'd recommend putting the one with the lowest interest rate in to minimum payments and throw every penny you can at the other one. Not only every penny that you put in your budget for it but every other penny too! If you get to the end of the week/month and you have a few quid left in one if your budgets/envelopes/purse, pay that towards the debt too.

I've a loan and 2CCs that I'm doing this with. Current focus is the loan, in past month I've made overpayments of 6.33, 10.30, 7.56 and just last night 1.12! It all adds up

Thanks for replies i have one which is 0% until november 2015, the other half is at 6.9% but my bank are offering consolidation loans at 4% i do pay over the minimum and plough in any other spare cash eg from ebay etc but im on quite a restricted budget as its only me and i have 2 dcs to support, it seems more logical to do the loan, nice to meet everyone by the way x

onion I'd use TiP's calculators to work it out. The loan probably feels safer and will make you feel like you're "doing" something to sort it out, but in reality you're only moving debt around, rather than solving the problem.

Often loans won't let you pay early whereas with CCs if you have a windfall or sell on eBay etc you can add that to the payoff for that month.

Onion...we moved a cc balance to a loan. We weren't getting anywhere fast with the cc repayments and with the loan (@ 4%) it meant that it will be paid off in 2.5 years.
No word on the job

The spreadsheets don't seem to work on my mac do i need a different version of them?

onion
no idea, sorry : they are on google docs ... you might be able to download them but I'm a tightwad luddite and have never owned an apple product ;-)

generally NOT moving borrowing is better because every time you change stuff they charge arrangement fees

I couldn't use them a while ago on the ipad.

Hello all.

Interesting conversations in this house around baby costs and debt/mat leave.

Just having fun discussing our options.

Thank goodness for freecycle, eBay etc! At least with 2 I shouldn't get sucked into the marketing con that is babies!

In other news I got DD some uniform from sainsburys in their sale. Really pleased as they never have her size in the sale. I redeemed a voucher too.

I also really enjoyed a swim with my new membership, and walked the dogs.

Watching 19kids and counting now

watch Marvellous from last nights BBC2 instead : MUCH more uplifting. It was the loveliest programme I've seen in ages.

Nah - extreme couponing is on next.

It's like my life in the extereme!

Thanks everyone i guess im better off waiting for the 0% to run out, what effect does it have on companies if you keep transferring balances, do they care?

what was Marvelous Talkin?

Kinky
www.bbc.co.uk/iplayer/episode/b04jmx7l/marvellous
I may watch it again this evening as it make you feel all fluffy inside, even when they are swearing

Talkinpeace - I watched and have told everyone today at work how amazing it was- made me cry and laugh out loud. Such a beautiful story and oh to have such optimism!

"Your lift did not turn up"
"Yes it did, you are here"
"what if I'd not come"
"somebody would have"

a view on life that we can all benefit from

We still have no TV or broadband but Marvellous sounds great! DH is on hold to an engineer right now. I have asked for the money to be taken off our bill which I'd never have thought about before all this.

I went to the pub after work which I never do but I got my deposit back from our old flat and it's payday so I thought I'd celebrate! Only had two drinks and my boss bought me one of them. It is funny how my threshold for spending has changed as I feel really frivolous now!

It is on my list for the weekend .

Marking my place. Here are my Stats:

Debt #1 4088 3953
Debt #2 4600 4464
Debt #3 2184 2094
Debt #4 202 0 and closed
DWP 48 39

Total 11,122 10,559 = 572 paid since Jan 2013 (400 paid since jan 2014) which given our financial circumstances im really pleased with.

Hopefully from October I should be able to pay £30 per month minimum to each of the 3 debts and fingers crossed wipe the DWP one out.

Had a bad day yesterday re spends, party, ate out..,

I said to DH that I feel fed up having to watch every penny. Not feeling like you can just order a more flexible shop.

It can be quite tiring constantly having to plan your day to avoid incidental spending.

I plan to remind myself the what's n why when I get in and post my figures

I've got no mmoney at all. at all.
I just put £200 on the credit card which means we have £6 in the joint account.
business account has £3 in it until the next disbursement from a%%%%%%.
my personal account has £45 in it, but i need £350 by the 5th.
I've just sent a letter asking to withdraw the last £600 from my isa.

dh is away for the week now, so he's given me £60 to tide me over, which will mostly need to go oon ppetrol to visit my parents. but the joy of that is they'll pay for everytjing all week
and I've got an appointment first thing mmonday with the bank to see if they'll let me ttransfer my cc balance to a 6% loan. it's not going to happen because I don't have enough income to prove i ccan afford it, but it's worth a ttry.

Nickel, could you swap a bank account to halifax? I did that on a Sunday and by the next Friday I had £100 in there.

It's a free account too.

Was just going to suggest that...I know first direct give £100 when you switch...