Let's slash that debt in 2010!

[leelee]

can we join?

my soa is rather long as are our debts atm so we are going for small goals first...

hoping to have cleared £3000 of debt by june and then another £3k by december total for 2010 £6000

xx

hey guys gosh this has made me smile we are mid may and so far we have paid off approx £2575 already so well on target

end of may will see another £600 go and then end of june another £600 so about £775 above the 3k target

i didnt do a sao at the beggining as our debts are large however they are under control i didnt want to be judged at my descion of ttc with these debts and would like to remind people that i have serious medical conditions tht likely mean my fertile years are close to ending although im sure everyuone will be lovely

here goes!
start 2010
mortgage arrears: £9,000
loan £4400
crdeit card 1: £1900
credit card 2: £1500
credit card 3: £1400
car loan : £2300
family: £350
sofas:£1050
overdraft: £1800

total £23,700

end of april 2010 (4 months worth of payment)

mortgage arrears: £8,500
loan £4300
crdeit card 1: £1500
credit card 2: £1100
credit card 3: £1100
car loan : £1800
family: £100
sofas:£925
overdraft: £1800

total £21,125

we have sat down and could afford to throw another £100-£150 towards it each month if we cut out the crap lol but the massive good news is that our debt has not increased at all - no new loans etc

this time last yr they were just getting worse so we are making great progress

my next target is set for end august and is for the debt to be £18,000. our current budget allows for £600 for debt repayments so that would be £600 x 4=£2400 so aiming for £3125 if we are strict

then hopefully i will be on mat pay so income will go down a bit... so looking at payments for sept-dec being on the min £600 so debt should be approx £15,600 by the end of 2010

wish me luck and good luck to all the other debt slashers out there xx

Well done, you are doing a brilliant job

I ttc'd with debt as well and my debt has gone under 10k. When the debt is paid off I will start to overpay the mortgage!

 

[FierceAngel]

can we join?

my soa is rather long as are our debts atm so we are going for small goals first...

hoping to have cleared £3000 of debt by june and then another £3k by december total for 2010 £6000

xx

hey guys gosh this has made me smile we are mid may and so far we have paid off approx £2575 already so well on target

end of may will see another £600 go and then end of june another £600 so about £775 above the 3k target

i didnt do a sao at the beggining as our debts are large however they are under control i didnt want to be judged at my descion of ttc with these debts and would like to remind people that i have serious medical conditions tht likely mean my fertile years are close to ending although im sure everyuone will be lovely

here goes!
start 2010
mortgage arrears: £9,000
loan £4400
crdeit card 1: £1900
credit card 2: £1500
credit card 3: £1400
car loan : £2300
family: £350
sofas:£1050
overdraft: £1800

total £23,700

end of april 2010 (4 months worth of payment)

mortgage arrears: £8,500
loan £4300
crdeit card 1: £1500
credit card 2: £1100
credit card 3: £1100
car loan : £1800
family: £100
sofas:£925
overdraft: £1800

total £21,125

we have sat down and could afford to throw another £100-£150 towards it each month if we cut out the crap lol but the massive good news is that our debt has not increased at all - no new loans etc

this time last yr they were just getting worse so we are making great progress

my next target is set for end august and is for the debt to be £18,000. our current budget allows for £600 for debt repayments so that would be £600 x 4=£2400 so aiming for £3125 if we are strict

then hopefully i will be on mat pay so income will go down a bit... so looking at payments for sept-dec being on the min £600 so debt should be approx £15,600 by the end of 2010

wish me luck and good luck to all the other debt slashers out there xx

Well done, you are doing a brilliant job

I ttc'd with debt as well and my debt has gone under 10k. When the debt is paid off I will start to overpay the mortgage!

thanks thats our plan too

 

[FierceAngel]

hey guys gosh this has made me smile we are mid may and so far we have paid off approx £2575 already so well on target

end of may will see another £600 go and then end of june another £600 so about £775 above the 3k target


wish me luck and good luck to all the other debt slashers out there xx

Good Luck!!

Looks like you put a nice dent in that debt! Are you paying down all debt equally or do you have any one in particular you are aiming to pay off?

Another question, not judging - simply curious, how is it possible to be that much in arrears on a mortgage without losing your house? Have you made an arrangement with your bank? Just curious, you don't have to answer!

not paying them equally but we do have some order lol
credit cards are getting biggest repayments atm as they have just finished there 0%
loan is getting least amount atm as its with a collection agency and no intrest being added.
car finance is fixed payment until we could clear whole balance and sofas is 0% for 3 years so only paying min (which clears it in 3 years)

re the mortgage - we almost lost our home my lender wouldnt engage with me prior to a court hearing those arrears built up during the 10 months tht my mortgage rate hiked and i got stuck in a rut...
atm we are ordered to pay £80 per month off the arrears but whilst the intrest rate is low we are paying about £125- this puts us ahead of our arrangement... so atm we ahve overpaid about £200 ish so next month i could tech say i only wanna pay the instalment less £200 if tht makes sense.. but we arer being really good and saving it for an emergency or intrest rate rise!

x

 

[Pixie19]

Wow not been on here in a while!

Well, didnt have my wisdom teeth out in the end as the pain and swelling went!

Was pay day on Friday, i paid off my £200 payday loan, and i think some other direct debits come out, for my water :/ Although im not sure!! I went online on my bank and it doesnt tell me what came out!! So have to wait for a statement, but i've gone and done my shopping, paid some money off my catalogue, my electric and my internet bill, and paid my sister back a tenner that i owed her, and i have like £25 left! So im hoping the direct debits for the water came out!
I had a bit of drama with my bank the other day! Went to check my bank on Wednesday night and the machine said my card wasnt activated! So i was like WTF!!
Rang them up on Thursday and because of my OD on my other accountn they'd closed my account that i use for my wages etc! I was shitting myself because my wages were meant to be paid in on Friday and i had DD coming out! I spoke to a woman at first and she said they want £65pm to reopen my account, if not, i wouldnt be able to withdraw any money that went in, and my wages would pay my OD off!! I was fuming and said my outgoings are more than my incomings and i couldnt even afford £10pm! So she said there was nothing she could do! SO i ended the call and thought about it for a while, if i agreed to £50pm which i cant afford unless i cut down repayments to other stuff and cut right down on food they might accept that! So i rang back and spoke to a really nice man who said £50pm would be fine, he also took off any future charges so my payments would acyually make a diffence, and he also took £80 off my OD so it was only £300!
I was sooo grateful!
My OD was only £80 in the first place and its snowballed so much because of charges! If they have the authority to take off money, then why not just take off ALL the charges and i would happily just pay the £80 off!! So im paying £220 straight into their pockets

Anyway! I applied for another loan, but they want a guarantor so thats out of the window!
A debt consolidation company rang me, and it sounded like they could help so much! I told them to ring me back once i'd moved and got settled in etc so they're calling me back on 17th June, does anyone know if them kind of companies are any good? I mean they must profit somehow?! Well...by the time they ring i will have another big amount on my debts as i need to take out another payday loan to use as a deposit for a new house!! Which is kind of a long story!

Anyway, glad your all doing so well xx

 

[leelee]

Wow not been on here in a while!

Well, didnt have my wisdom teeth out in the end as the pain and swelling went!

Was pay day on Friday, i paid off my £200 payday loan, and i think some other direct debits come out, for my water :/ Although im not sure!! I went online on my bank and it doesnt tell me what came out!! So have to wait for a statement, but i've gone and done my shopping, paid some money off my catalogue, my electric and my internet bill, and paid my sister back a tenner that i owed her, and i have like £25 left! So im hoping the direct debits for the water came out!
I had a bit of drama with my bank the other day! Went to check my bank on Wednesday night and the machine said my card wasnt activated! So i was like WTF!!
Rang them up on Thursday and because of my OD on my other accountn they'd closed my account that i use for my wages etc! I was shitting myself because my wages were meant to be paid in on Friday and i had DD coming out! I spoke to a woman at first and she said they want £65pm to reopen my account, if not, i wouldnt be able to withdraw any money that went in, and my wages would pay my OD off!! I was fuming and said my outgoings are more than my incomings and i couldnt even afford £10pm! So she said there was nothing she could do! SO i ended the call and thought about it for a while, if i agreed to £50pm which i cant afford unless i cut down repayments to other stuff and cut right down on food they might accept that! So i rang back and spoke to a really nice man who said £50pm would be fine, he also took off any future charges so my payments would acyually make a diffence, and he also took £80 off my OD so it was only £300!
I was sooo grateful!
My OD was only £80 in the first place and its snowballed so much because of charges! If they have the authority to take off money, then why not just take off ALL the charges and i would happily just pay the £80 off!! So im paying £220 straight into their pockets

Anyway! I applied for another loan, but they want a guarantor so thats out of the window!
A debt consolidation company rang me, and it sounded like they could help so much! I told them to ring me back once i'd moved and got settled in etc so they're calling me back on 17th June, does anyone know if them kind of companies are any good? I mean they must profit somehow?! Well...by the time they ring i will have another big amount on my debts as i need to take out another payday loan to use as a deposit for a new house!! Which is kind of a long story!

Anyway, glad your all doing so well xx

Hi Pixie,

Please don't use a debt consolidation company. They do charge money and you can get free advice at your local citizen advicr bureau. You should go on to:

www.moneysavingexpert.com

There is some brilliant advice on the forums there

 

[Pixie19]

Thankyou! Leelee, i thought they seemed a bit eager to help me! Thought they must be profiting some how!!
I've just found this website, its called Salary calculator (https://www.thesalarycalculator.co.uk/debt.php) i basically entered my debts and the period of time i want to pay them off, and it gave me a list of how much to pay back each month....Its for a debt consolidation loan, but i figured i could use the amounts to negotiate with the people i owe money to...Helps a lot! So much better when you can see it all written down!

 

[Blah11]

Ok I need to come back in here. I did really well and cleared £750 of my OD but our boiler broke, amelie needed a new carseat and a few other things happened and I'm back to where I started. I just got paid on Thurs and my bills came out today leaving me with £70 until ive reached my max overdraft what a mess!

I'm gonna put £40 into my bank every single week from OH digs (he gives me £90) and the remaining £50 is what I have for the week including me and amelies food shopping and my bus fares (£15 p/w) It'll be hard but I'm TTC now and I really want rid of it before I have another baby because mat leave is harsh on the finances.

 

[gemgti]

pixie19 if you have a look on this website they have all sorts of letter templates for dealing with your creditors and debt.

I rang them and they sent me out a booklet that really helped and i used the templates to contact my creditors and have now agreed reduced payments with them and got them to freeze the interest.

https://www.nationaldebtline.co.uk/

 

[Pixie19]

pixie19 if you have a look on this website they have all sorts of letter templates for dealing with your creditors and debt.

I rang them and they sent me out a booklet that really helped and i used the templates to contact my creditors and have now agreed reduced payments with them and got them to freeze the interest.

https://www.nationaldebtline.co.uk/

Thankyou hun! I'll take a look at it at some point

Sorry about your situation Blah! Hope you get yourself back on track.

I've just got another payday loan as im moving next week and need the money to pay some of the deposit and buy food when we've moved! So thats another £500! The payday loans are the worst things to pay off as they dont negotiate AT ALL!!
Damn damn damn!! I've just put my notice in at work too as we're moving out the area, so im not even guna have a job to pay these debts off now!! Trying to think positive, at least we'll be in a better position when we move....Kind of....!

Keep up the good work ladies
So glad i found this thread xx

 

[Pixie19]

Hey ladies
How are you all doing with your debts?

Moved last week, so left my job and im in the process of trying to claim JSA,
A friend of mine and OH's moved with us, so bills and rent will all be halved, which gives me a lot more money to pay my debts, once i get working!!
Whilst we're on JSA our friend will be paying the rent, and we'll be paying the bills...Hoping it doesnt take too long for me to get working, been given a job to apply for but im really nervous, and its a big pay cut from my last job, my last job was £6.50ph weekdays and £7.50ph weeknights and weekends, this job im guna apply for is only £5.85ph!
I normally wouldnt care, but with all these debts im guna need to work LOTS of hours!!
Our friends guna refer OH in his job, he works in a call centre so hopefully OH will get the job, as it'll be easier for me to get a job so i'd rather him be working before i get a job...Or he'll just give up on job searching and stay in the house all day

Anywhos, i've written an essay haha!

Hope your debt slashing's going well xxx

 

[toffee87]

Ours is gonna go down soon. We have £3,000 :£2,000 in overdrafts between the two of us and £1000 on the credit card. We moved in with OH's Mum in March in order to get ourselves straight. He found a job shortly after, and I've just moved jobs. We will start paying it off next month!

In the meantime we have done a table on excel, it's to monitor our spending. The main thing we spend on is little trips to the shops for beer, wine and chocolate. So instantly we've stopped that, we're shopping at aldi's and doing the other bits at tesco. If we spend outside of the necessities (food and petrol) then we have to write it on the table. It will REALLY help, as we both hide away from what we spend. We will also write the bills etc on it and at the end of each month, OH will input it on to the computer so we can see exactly what we've spent and where.

 

[golcarlilly]

OOh not been on here in ages, good luck to everyone trying to reduce their debts, my overdraft is back up to around £300 but DH says he is gonna pay it off and I am determined that I am going to sort myself out and keep track of my finance from now on, what I need to do is stop calling at the shop and buying wine and snacks !!!

 

[panther19]

Haven't posted in a bit here but I'm doing alright... could be better. After I paid for my wisdom teeth my car needed to go to the garage so my net. for June didn't go up much and my credit-card balance has been sneakily going up again.

Yuck. My networth went up by only $45 dollars for the whole month. So although I didn't sink deeper into any debt I didn't make much of an improvement either.

Stats for July 1
Assets:
Cash: $20
Savings: $76.11

Debts:
Mortgage $x
Studentloan $15,886
Creditcard: $350

Credit card was up to about $4500 last August so in that regard I've come a long way. Just hard to really get it down to $0 and STOP using it. But I'm going to try and that is my goal for July. By July 30th I really want to have stopped using the card. I don't want to get my paycheque and have to use it all to pay off the card, then only to use the card to pay for bills again... it's such a vicious cycle, I want my paycheque to be MINE, and I want to start overpaying my mortgage and my studentloans rather than that stupid card.

Hey pixie, you find work yet?

 

[Frankie]

Well we seem to be struggling the past couple of months once everything is paid this month we have £131.00 for 2 weeks which isnt bad I suppose saying as we have a car to run and my partner smokes.

He knows this month the gets 4 tabs a day off me and he has to make them last

 

[Blah11]

ok i officially suck. did quite well and now my OD is back at 1200! god..

anyway i need to get this sorted so i hereby pledge that i WILL save £80 a week. I should have no overdraft in about 4 months. Will be hard and we'll have literally NO luxurys but hey ho. needs to be done before we hear the pitter patter of tiny feet. I did a spreadsheet and I have £350 left over as disposable income every month and i have no fricking idea where it goes

 

[toffee87]

I know that feeling, hence why we're monitoring our spends now! x

 

[Pixie19]

Heyyyy
I applied for the job i was talking about, but the interviews had been and gone!
There's not much jobs going around here, all the care work you need to have a car for! And i dont drive so....
Im guna try applying at Nursing homes, just put myself out there lol

Ive been in touch with a debt consolidation company, they charge 15% of what you pay monthly or something....They said i can pay £90per month so i can still have a bit to myself, and out of that they take their fee of £29, they also said they keep the first whole payment!!
Im really wary of this...The £30 im paying them each month could really help towards my debts, not to mention the £90 they'll be keeping!!
Buuuut...I was talking to my friend about it and he said its a good idea, because atm im not getting anywhere doing it myself....and the 2000% interest that the payday loans are WAY more than £30 im paying the debt consolidation people....And the Debt consolidation people will be able to freeze the interest which is something i will NEVER be able to do!
I tried to negotiate with one of the payday loans and they said they want the whole payment, or a £100 fee to renew the loan which they would want in full the next month!
Im in way over my head and need help..
My friend told me that if i went to Citezens Advice i wouldnt get much help, as he's dealt with them before and they're crap!
So i dunno, i suppose i could just think of it as a loan....Because when you get a loan you pay them back way more then you borrow....
Im guna take a look at their paperwork they've sent me, and also look around the internet etc

Any thoughts on this?

Good luck with your debt busting xx

 

[panther19]

I would still say no to the consolidation loan. How much is your total debt?

 

[leelee]

Heyyyy
I applied for the job i was talking about, but the interviews had been and gone!
There's not much jobs going around here, all the care work you need to have a car for! And i dont drive so....
Im guna try applying at Nursing homes, just put myself out there lol

Ive been in touch with a debt consolidation company, they charge 15% of what you pay monthly or something....They said i can pay £90per month so i can still have a bit to myself, and out of that they take their fee of £29, they also said they keep the first whole payment!!
Im really wary of this...The £30 im paying them each month could really help towards my debts, not to mention the £90 they'll be keeping!!
Buuuut...I was talking to my friend about it and he said its a good idea, because atm im not getting anywhere doing it myself....and the 2000% interest that the payday loans are WAY more than £30 im paying the debt consolidation people....And the Debt consolidation people will be able to freeze the interest which is something i will NEVER be able to do!
I tried to negotiate with one of the payday loans and they said they want the whole payment, or a £100 fee to renew the loan which they would want in full the next month!
Im in way over my head and need help..
My friend told me that if i went to Citezens Advice i wouldnt get much help, as he's dealt with them before and they're crap!
So i dunno, i suppose i could just think of it as a loan....Because when you get a loan you pay them back way more then you borrow....
Im guna take a look at their paperwork they've sent me, and also look around the internet etc

Any thoughts on this?

Good luck with your debt busting xx

Hi Pixie,

Like I said in a previous thread don't use a debt consolidation company. Just because your friend found the CAB rubbish doesn't mean you will. They are free and will be able to help you come up with a debt repayment plan. You really need to ring them to get FREE advice.

Also there are loads of forums on www.moneysavingexpert.com (the website I gave you in a previous thread). There is invaluable advice on there.

 

[gemgti]

Pixie get the letter templates off the website i gave you. National debt line . co . uk

I used the letter templates to deal with my debt. I have a loan which i still have £12,500 left to pay and as im unemployed and just had a baby they accepted payments of £20 a month, and they froze the interest.