A thread for people trying to pay off debt?

[moneyworries8]

Would there be any interest in this?

I'll start us off. I'm 30, a SAHM with 2DC.
Our debts are:

£4,000 loan that we've been paying off for 6 months.
£2,300 on a credit card

The debt is manageable but I've had the realisation that if something doesn't change, these figures are going to get bigger and bigger. I know it's a hard time of year to start but I don't believe in "waiting until the new year!"

We could post on here for advice/support as well as sharing our successes (and failures, but hopefully there won't be many of those) with each other. I feel like I need some people to help keep me on track.

So, is anyone interested?

@7kids
and it has nothing to do with this thread.

I’m concerned that the real problem is people have been given credit they can’t afford . No one actually stops people borrowing and they should .

@7kids
No one actually stops people borrowing and they should .
yeah they do

Go look and see - wonga kept lending . It’s got to stop

@7kids
I am well aware of debt issues. I have been on debt management threads for many years.
THat site is not a panacea.
Please stop spamming it.

Apologies

Hi thought I would come and check in!
Sat down with my mother in law and went through all our finances she was a great help and we actually have more money left that we thought so haven’t gone to Stepchange.
On a plus note we haven’t added to the debt and have paid alittle off but have gone alittle overdrawn on current account but have paid for Christmas 🎄
X

Well done User
talking about it always helps

Thanks @Ta1kinpeace

@BonBonvoyage-can I ask what you meant by the columns you described a couple of pages ago?
Or any other ideas to keep a track of spending
Thanks

User I don't use them myself but what I imagine is: 7 columns ruled over a double page in a notebook. The headings are :name , food, car, insurance, energy, children, entertainment.

So if you spend £50 in asda you write asda in the first column, and across on the same line £50in the food column. If you spend £34 on petrol you write petrol in the first column and then £34 under car.

Does that make sense? You can have as many columns as you like. The first month you could have a miscellaneous column and the second month, when you've analysed a bit further you can split that into further columns. Does that make sense?

Thanks Ta1kin.

We use a big spreadsheet in excel with columns as bonbon describes. It's useful for Spotting areas where we spend a lot...
I have various sub tables set up so I can see how how much we are spending on average per month in different areas.
Our food bill got a bit mad at one point and we managed to rein it in last year. This year our cars have been really expensive to maintain so thinking about that for next year, whether we can sort out something cheaper to run.

User / bonbon / Whirlwind
On the "spreadsheets" thread there is a template budget speadsheet written for anybody to download and adapt

@Talkinpeece Iv read about the SO method and it maybe baby brain but I don't get it? I don't understand what I need to do. I was due to go on MAT leave middle of Feb but after realising my OH's wage is going to be less than we thought I'm staying on until the first week in March just to help with money and we are both worried our monthly income isn't going to be enough to cover debts and bills aswell as living expenses with a new baby.
Feeling very deflated and frazzled and what makes it worse is the debt is just mine not his so i feel bad that he's essentially paying debt off for me while I'm on MAT leave that I accumulated before we were together.

Hi there S888
What was your direct debit on your card statement this month?
eg £85.47
next month it will be £84.75
as they take a set amount of the capital ....
that methos means it will take best part of 20 years to clear the debt.
If you instead pay them £85.47 every month
(by standing order rather than direct debit so you are in control of the amount)
the overpayments start to clock up astonishingly fast
and the debt is cleared in less than three years
just by paying the same amount every month

pop your numbers into the spreadsheet and it all becomes clear

@Ta1kinpeace I don't pay DD I do the one off payment each month as my wage always goes in at a weird time.
One of my credit cards min payment is £36.11
And the other is £43.86.
But a lot of that is taken from interest so the £36.11 one the interest is £23.69 a month and the £43.86 one is £30.58.
I tried the spread sheet but I only have my phone and found it hard to use on there 

Hi there S888
OK, set up a standing order in the first one for the first one for three days before the due date for £40
and for the other £45
then stop spending on them and ignore them.
THey will be gone before you realise

@s888 can you balance transfer to a 0% interest card?

s888 get it all transferred onto a 0% card so the money you are paying is all going towards clearing your debt instead of just servicing the interest.

0% cards are rarely available to those not in work

S888 is in work ta1k because she is talking about her wages going into the bank and taking MAT leave.

totally
she's an SAHM on MAT leave
= zilch for credit cards
thus better to do standing order than risk fees

Ta1k - it’s still worth trying for a 0% card whilst on mat leave because you are still an employee. S888 hasn’t started her may leave yet though, she plans to start it in feb or March.
I am unemployed (well I get carers allowance but that is my only personal income which is less than stat maternity pay) but I have no problem getting a 0% card to do a balance transfer. If you have a good credit score then it is possible.
If she is unable to get 0% then I agree that a standing order is the next best option to reduce the balance

No credit options but looking forward to getting on top of my finances in the coming year. Overspent at Xmas and lots of debt accumulated through relationship with abusive ex (financial abuse, and other kinds) so got a lot to get on top of as well as a new baby coming.

Determined to get out of this hole though, the only way is up

Is there a way of finding out what your debts are? Or do I just have to wait for the red letters to trickle in?