Drowning in debt and cannot talk to people in Real Life? A problem shared is a problem brought into perspective - come and join the lens.

[Ta1kinPeace]

This thread is loosely linked to several previous ones on the same topic.

We live in a society that makes it horribly easy to get into debt but makes it incredibly hard to admit you have a problem and even harder to get out of debt.
Everybody is welcome to share problems, ideas, solutions, but not be judgemental please

I am not in debt, any more.
Here is a link to some spreadsheets that might help explain how
SPREADSHEETS-for-Debt-Control-Budgeting-Mortgages-etc

and lots of people use this
YouNeedABudget

The important things to remember are

• 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 and we are here day and night )

• 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, including getting those closest to you to recognise the changes needed )

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 partner, your children, and your friends and family are worth it.

www.moneysavingexpert.com/savings/best-cash-isa#fixed

Hello folks ... its been a while! Been some goings on in life it's fair to say (separate for DS twunt of a father, new job, new relationship....) all tickety boo! However, post separation I did the totally wrong thing and spent thousands on my house. So now while I have a gorgeous home to sit around in...I've managed to extend my debt free goal by 3.5yrs

Have spent this morning with my trusty spreadsheet, set all debt DDs at last month repayment rounded up and going to throw any/all excess to overdraft. All utilities have been reviewed in last 3 months so nothing I can do there I think. Only thing I have left in my back pocket is to do away with monthly food budget and instead use weekly child maintenance that I'll get from Monday (via CMS), there is only DS and I, DP tends to pay his own way when he's over...doable? I think so, scary thought? Hell yeah

Good luck mum2fergus! And congrats - hope happier times Are ahead for you x

Yes indeed - Good Luck. And at least, even though it may have been extended, you have a target to work towards.

Hi there Mum2Fergus
You still have a debt free target and a clear plan
and at least you have tangible positive surroundings to quantify the extra spending
onward and upward

Don't forget to save an emergency fund! I got to 250 then needed car maintenance 🙄But was within the fund so starting again !! I have a SO of 100 a month... Will be waiting 🙄🙂

Thanks folks great to see you're still around TiP...your solid advice always great fully received!

I've opted against an emergency fund and putting all non committed money towards debt. I have a CC with an available balance which will cover emergencies...I feel more bound to consider if it's a 'real' emergency if it was to be Put on card rather than using money in a savings ac...

Both methods are sound - the main thing is to try to give yourself a bit of "head room"
and to avoid frivolities unless they are utterly affordable

well done both of you

If it works for you, Mum4. Well done.

I've suddenly had an attack of nerves have some cash to do me til Mon when child maintenance from X should start...need to do a bit of meal planning to steady myself!

Calm. Have you enough food in the house?

PS - or dosh to buy some.

Right, meal plan done...I'm fine til Thu next week on the meal front...panic over

Morning all - how is everyone?! Feeling reasonably positive on the finance front today...not spent any of this weeks food budget (granted it's only Wednesday lol) so meal plan is working I am going to need petrol though and need to plan out next week and the school holiday (Scotland)...any thoughts on free/cheap activities?!

Is it Monday to Friday next week, Mum4? And are you in the Central Belt? (Roughly.)

Finishes Friday this week til 25th...we're in Edinburgh

They've tagged on a couple of Inservice days?

Edinburgh's not really my bailiwick but other posters may have thoughts. Given the timing, have you tried the school and Council websites as a starting point?

Hi need some advice !! Have worked v hard over the last few years to pay down debt while keeping 2 jobs (between us) & paying through the nose for childcare ! Not in uk so all the usual options not available to us. Many difficult conversations with aggressive credit controllers /debt collectors. Finally got on a straight path, paid off a few things & have been living so frugally past few years most ppl can't believe how much we actually have lived on without the kids wanting for anything...

Anyhow - have the option of remortgaging & consolidating final loans into it. I had planned to pay aggressively pay them off for next 2 years & then only have mortgage of approx 1200pm. If we remortgage now looking at 1700pm for 15yrs but releasing 800pm in payments (including extra payments we were going to make for 2 years). Would also release some badly needed funds for home maintenance / improvement & create a (decent) savings fund for emergencies.

So my dilemma is - do we do it ie remortgage while we can or continue to pay off last loans for 2 more years of frugality instead...

Dave Ramsey approach would be continue to pay the loans, however the remortgage would be within the parameters of affordable (at today's rates...) advice pls !!! Both v secure jobs.

Hmmm. Would it be a fixed rate mortgage, Tobe?

Yep fixed for 5 years (that's the max on the market)...

The problem with mortgage debt is that it's expensive. For every £1 we borrowed at 2.68% we repay £1.40. To put it into context, dhs ex borrowed £10000 and repayed £1.20 per £1 borrowed.

Could you put the £800 it frees up into mortgage overpayment? Or save a lump sum because once your out of a fixed rate you can usually pay it off completely with no penalty.

Well not all of the 800... That was to pay off the loans at expense of ... Anything nice !

You're sounding a bit tired and fed up with it all. Are you? It's a real danger - especially when you arrive in sight of the finishing post, oddly enough.