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Original poster

A thread for people trying to pay off debt?

983 replies

moneyworries8 · 27/11/2018 18:37

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?

OP posts:
GandolfBold · 09/03/2019 09:21

Shuffling in quietly to enjoy the camaraderie of the thread and hope the positivity rubs off on me.

I have 2 credit cards that I need to pay off asap. I had them pre-split from H and they were manageable but now he is no longer around they are not. One is £250 and relatively harmless but the other is £2800 and I really need to make moves to getting it gone asap because the monthly payments are £80 a month and that is about 40% of my disposable income a month.

I also have an Amex card I use for monthly food shopping/petrol with a DD that takes the whole balance so I am not worried about that. I am really strict with it and don't use it for anything else.

Mum4Fergus · 09/03/2019 09:39

Bach, didn't want to read and run after you going to the trouble of writing it all out (I am just heading out) but the first thing that jumps out at me is you have a DP. Do you not pool your finances, one team one pot and all that? Assume he works so why are you solely responsible for childcare costs?

TwllBach · 09/03/2019 09:45

He does work too, but he pays the mortgage (his house, not mine, it was his before we met) and the rest of the bills, so he ends up paying out the same/more than me a month.

BonBonVoyage · 09/03/2019 10:53

Hi Bach !
Your DP might pay out the same amount as you, but does he earn the same as you? If he's earning the same then that's fine, but if he's earning more then he'll have more disposable income than you and that might be a conversation you need to have

In my world I have once again not been paid correctly. I don't know what to do. I'll have to get back on the phone on Mon and call the tax office again and payroll again. I'm considering a letter to the government minister in charge. I don't have the energy to be furious, I just really want my money.
I'm good news I got more oil and paid straight up, no credit. it ran out again, between the oil constantly running out and never getting paid right I feel like it's ground hog day. We will probably have to borrow money again for rent but DH's business is starting to make money. He has to pay the accountant then it will come into the family account.

It must be strange being an accountant sometimes - doing up people's accounts and as you do, thinking "this dude can't afford to pay me Hmm "

TalkinPaece · 09/03/2019 12:37

Hi there TwllBach
Welcome to the gang.
£50 a month on phone. Sorry, what ? I spend £7.50
And why are you paying interest on loans when your DH could help ut. You are a family with a child. You should pool your resources to minimise the profits of the banks.

TalkinPaece · 09/03/2019 12:38

Hi there GandolfBold
Standing order trick is your friend. It will clear down that card for you with zilch stress.

TwllBach · 09/03/2019 12:53

Hi Talkin I would love to know how you pay £7? I pay £11 a month for the handset and then £22 for the contract - I made a mistake thinking it was £34 but it isn't - my spotify payments come out at the same time. I did think I should call o2 and try and negotiate down? I have 3GB, unlimited texts and calls and I never go over the GB or use the calls or texts, but when I did the online chat they just said no.

DP has his own debts because of his business etc... it's all a little complicated but we were together a matter of months before DS made an appearance on a pregnancy test and we only moved in together a week before he was born, so although we are a family, we did things in a less than traditional way and keeping finances separate does seem to make the most sense at the moment.

bobinks · 09/03/2019 13:42

Hi there @Twllbach and @Gandolfbold hope you find the thread useful.

@coffeechoc @nevertwerknaked I totally get what you are saying - my default, when a bit down or upset, is to do something that involves spending money. Nothing very pricey (beauty product, cafe stop, etc) but it all mounted up. It took me a few months to start get out of this mode - it was like I had to retrain my brain Confused. A real lightbulb moment was last month was when we went on holiday for half term. For the first time since having DC I didn't worry about paying for it - not because I have more money but because I have a better grasp of my finances. This thread has been a big motivator for me.

Anyhow the gym sounds a great option - ticks lots of boxes. A friend said to me once (when I was bemoaning no time for excercise etc) that looking after your health becomes an obligation as a parent. It seemed a good philosophy to me - to view it as an investment and not a selfish thing.

Good luck everyone!

TalkinPaece · 09/03/2019 13:56

Twllbach
I am on an ancient PAYG tariff with O2
I put on £15 every two months.
If there is no free wifi, I save my surfing till I'me somewhere that has it.
DH and my uni age kids are on the same deal.
My phone cost me £120 from the o2 shop about two years ago.

And I get about your DH being self employed and that, but if he paid off your debts and then you owed him an interest free amount, your household would be better off ....

TwllBach · 09/03/2019 14:18

I've just spoken to o2 who won't negotiate my contract with me but if I pay off the handset I can change to a sim only deal for £12, meaning I'm saving £21 a month altogether, so I'll look into that!

There's no way DP could pay off my debts unfortunately! As much as I would love to be able to go to him with it...

TalkinPaece · 09/03/2019 17:22

Fair enough.
Make sure the card ones are on Standing orders as that makes a huge difference.
And then add the £21 onto other repayments.
What about Netflix and Spotify - who in the house uses them - does hour DH pay his share ;-)

GandolfBold · 10/03/2019 10:40

So how does the standing order work. I have rtt but I am a bit unclear. I make overpayments as much as I can and pay the minimum by DD.

TalkinPaece · 10/03/2019 11:55

Gandolf
On the spreadsheets thread is the link to show how the standing order trick works.
But basically you freeze your regular payment rather than letting the bank reduce it slightly each month

coffeechoc · 11/03/2019 08:03

Hi all. Checking in, not kept up over the weekend. So I'm counting down to next week when I get paid and get bonus. Next week I also clear one of my credit cards. Smile Checking in for some motivation. Have done so well and don't want to fall off it Its very tempting to spend some bonus rather than pay down the next card (snowball effect) I'm not going to do it, I really want debts to clear but it can be hard. I'm joining the gym this week.
Keep on all!

Mum4Fergus · 11/03/2019 11:17

CoffeeChoc...I get bonus next week too, it's very tempting after the last few months we've had to not use it for a 'treat', so know where you are coming from.

I've decided to put everything back on minimum payments and bank as much as possible (salary, bonus and redundancy payment) until I know exactly what I am doing post redundancy (I am due to be on Parental Leave until mid August so not looking to start anything before then).

Dontrainonmyparade · 12/03/2019 21:23

I get the treat thing. I recently cashed out my top cash back earnings and took them as primark vouchers purely because it meant I could go shopping and get lots of ‘stuff’ without actually spending real money. It sort of worked... I won’t pretend I don’t still want to spend though.
I’m annoyed because I tried to sell DS old phone that I genuinely thought was in good condition but music magpie reduced their offer from £70 to £18. I’ve rejected the offer and asked for it back, I’ll try somewhere else, but it was replaced under insurance after it broke last summer so it really is pretty new - I don’t understand what they think is wrong with it.

TalkinPaece · 13/03/2019 09:00

Parade
)))))) Primark ((((((
You are better getting proper brands at charity shops

Phones - try Facebook marketplace - cut out the middle man

Fergus
I messaged you a name. Hopefully it will be of use in the coming months :-)

Mum4Fergus · 13/03/2019 11:17

Got it TiP, thank you! On my 'to do' for this week Smile

coffeechoc · 13/03/2019 20:00

So fed up. So now will have an unexpected bill due to damage from the storm. I'm not sure insurance will cover. It feels like a step forward then a knock back. Just venting 😪

BonBonVoyage · 13/03/2019 20:36

coffeechoc that really sucks. I hate that feeling, you're just getting balanced and BAM, an unexpected bill. I've no advice other than to just keep on going Brew Cake

coffeechoc · 13/03/2019 21:03

Thank you BonBon. Yes, keep going. If insurance pays I can pay the excess. Otherwise, it's going to be tight not adding to debt but may be doable.. Just

NeverTwerkNaked · 13/03/2019 23:50

coffee that is totally rubbish news.

TalkinPaece · 14/03/2019 14:54

coffee
Can you delay repairing storm damage till later in the year ?
Just that when the weather is pants trades people put their prices up ....

coffeechoc · 14/03/2019 17:18

@talkin. I wish! unfortunately not , water is coming through the roof. Underwriter can take 2 weeks apparently. It just emphasises, not just the financisl aspect of being a single parent, but also feeling so alone in it. I'm burning out the camping if hours I'm working and I also worry about ds. I'm keeping on here as i want the debt paid. On plus side I've paid off a card this week. Smile I may be able to pay for repairs outright but the extra money was going to go on next card so it's set me back Sad

TalkinPaece · 14/03/2019 17:26

Coffee
OK, important thing to do is to take DAILY photographs of it - inside and out.
So that you can prove the rate of change and thus pressure the Insurers to deal.
Also contact the insurer daily, pointing out that every day they delay will cost them more.
DO NOT pay for repairs until they have come as then you have no chance.
Channel your inner TiP psycho and make them do what you want Grin

I once threatened to send buckets of sewage to my insurer over a blocked drain Wink

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