Let's slash that debt in 2010!

[MummyToAmberx]

Hiya

Can i join in?

Really going start struggling from this month on as i dont work get TC but theyve dropped from 108 a week to 47. So need really start paying few things off otherwise really going be stuck in debt. My OH does work good hours, gets good pay but hes money spent on, rent, gas/electric/tv licence/weekly food shops/nappies & baby milk/his phone etc
Most of my money goes to paying off my car 145 a month, i had close it & reopen it at lower payment so think may have started on 5years again. I think about 8k on it to pay.
I bought pc package for my 19th birthday at PC World this is one of things i want to start getting paid off. Its 15 a month, cant remember total cost.
Next thing is tv which was never meant to be paid by me, OH card wasnt accept at time so said id pay it. 17 a month, about 550 in total.
I was paying off sofa at 35 a month thats been sorted & finished
Ive sorted out very account.
Next i have 150, which next on my list too. Think may £20 a month but may try get few £40 a month in there.
Ive got contract phone total 42 month with insurance but my dad told me i can change contract to lower 1 after 9 months this is really must have as we dont use house phone as money on thst just mounts up.
We do have Sky but weve decided to cancel this, saving 23-25 a month. We do need internet (esp to earn few extra pennies via ebay!) so be looking at maybe joining plus net at 6.49 a month.

 

[panther19]

Ahhh took an advance on my paycheque, I'd been paying myself every week, then switched to bi-monthly because it's easier to pay myself when all the employees get paid. But it's hard getting used to bi-monthly since I was used to getting money every friday... especially since I'm trying to get that 133scaneTRESAW$$CRQ#$-creditcard down.

So I tried to wait as long as I could, 7 days till payday and I took out just a little lest than 40% of my pay, put it right on the credit-card. Don't have any significant bills coming up so come next week i should have money left over after taking the rest of my cheque and paying off the creditcard... that'll be a nice feeling

 

[xxembobxx]

Hi all

Have just started Maternity leave and was hoping to have paid a few debts off before this but haven't started on any of them

Not sure where to start. I did one of those budget calculator things but that scared me as outgoings were more than the income!

Hope you don't mind if I nosey at all your ideas to get debt down. Hopefully will be able to do some of them myself and look forward to a debt-free future

 

[maybethistime]

hey me me me I love to join

me incoming is 935 month

we just set up payment plan with all our debts instead of going through a debt company set up mimium payments to pay them each month should be debt free in 5 years but if we have extra to spend it goes on the biggy

£3,683.15 welcome finance
£448.16 capital one credit card
£596.96 little woods
£270.00 marshel ward
£904.00 student finace (over payment) still waiting to hear back
£238.42 nation wide over draft
£250.54 westcot (sky)

total 5,487.53

 

[panther19]

Do you guys know what debt-snowballing is?

It's when you pay of your smallest debt first and then work your way up. I found that for myself that was the best way to stay motivated because you see results faster than by tackling just the loan with the highest interest rate. I paid off and then closed a small creditcard that only had about 300 on it first. That gave me anough of a boost to really get excited about paying off the big creditcard that I owed much more on. $4,500. Now that I've got that one (almost) out of the way I'm working on my studentloan, after that I will start on the Mortgage.

@xxembobxx; I know that it really sucks to see that type of result but it's really important that you write out all your in's and out's so that you can get a clear picture of your financial situation. You will not be able to really get ahead until you understand where you stand NOW. If that means having to really look at the scary figure that says you spend more in a month than you make... so be it. You can't fix it until you know what's broken!

@maybethistime; that sounds good! I'm happy you were able to make plans with your different creditors! good luck!

 

[maybethistime]

@ panther found out tax credits have dropped 80 pound a week so have to send out another payment plan becuase of our change in circumstance, maybe we will try the snowballing idea as least gets one off our payment list have one payment left on one of ours of 30 pound so hey least thats 370 of the list

 

[panther19]

I bet if you have one or two of those debt's gone the list won't seem so daunting anymore maybthistime!

Uggghh struggling here with the creditcard, I froze (yep, in water in the freezer) my bankcard and my creditcard in an effort to not spend money for 8 days.
I looked back on my statementsl i paid for my teeth on May 26th, then for my car on June 10th, and i was already going pay-pay before that so I guess it makes sense that just a month on I'm still struggling with the balance.

I transferred what I had in my savings over, only 120, and i transferred the leftover limit on my studenloan over, only 100. But that's still 220 alltogether so have to wait till tomorrow to see what my balance is... should be less than 200 i'd say... just did groceries and paid all the bills so I shouldnt be spending any money over the next week anyway! Gastank is full too... so other than <5 of spare change... I should be able to manage till next week friday right?

Anyway; day 1 - froze cards, didn't spend anything.

 

[panther19]

According to my online banking I have 166 left outstanding on my credit-card with no further charges... not too bad. so I can't add to that this week and it will be paid off next week! SO I may actually be caught up on July 30th like I wanted to be... Can't wait.
I'm buying a new table and chairs second hand today with cash I already have on hand so that should get my spending urges under control atleast for the weekend.
Going out for dinner with friends and I intend to charge my dinner to the business card, that's allowed every once in a while... and then just to make it to next thursday/friday... why is this so hard!

consumerism sucks

 

[panther19]

Ended up realizing my mother still owed me 65 bucks, so I paid dinner with that... bought birthday gift for someone with cash on hand and still have 20 bucks left That should last me another day or two... maybe I can stretch it even longer seeing as I don't have anything coming up in the nxt few days... just work.

Had to lend OH 125+50 for new lenses and a doctor's appointment for work, he's going to get the 50 back from work and he'll pay me back for the lenses on friday.

So I did have to use my credit-card for that but I've made no purchases of my own at all... my balance stands at $204 with no further unbilled transactions. I can pay that off with my payadvance on thursday and have money left over for groceries this week... and then I'll still have some left over which will have to last me until actual payday on the 29th!

I'm in the best spot I've been financially in about two years! Wooohoo!

How you guys doing?

 

[golcarlilly]

Not been in here for a while but am struggling again so thought I would pop back, my dd is in London on a stage management course atm so am having to pay out a fortune for her living expenses, am currently £149 overdrawn but that will almost clear when child benefit goes in on Monday then have a cheque for £80 to pay in on Friday (maintenance) so will have a bit of money left over - man I am sooooo sick of being skint!

 

[leelee]

Not been in here for a while but am struggling again so thought I would pop back, my dd is in London on a stage management course atm so am having to pay out a fortune for her living expenses, am currently £149 overdrawn but that will almost clear when child benefit goes in on Monday then have a cheque for £80 to pay in on Friday (maintenance) so will have a bit of money left over - man I am sooooo sick of being skint!

I hear ya! I just re-did my calculations and am not happy. We have been spending far too much since Max was born. I am trying to rein it in now but it will be a long time before we are debt-free

 

[panther19]

Paid off my creditcard, networth took a good jump for july... now on to tackle the studentdebt and not rack up the creditcard again. I have some cashon hand, get another advance on friday so don't think i'll have to use the creditcard again...

also going to work on emergency fund next few months(see banner I have below here) so important to have to stay out of creditcard debt! first goal is 500, next goal is 1000 by January 1st and hope to build it up to 5000 over the nxt few years.

It would be so amazing to reach financial independence and not have a need for an emergency fund, though at this point I can only dream about it!

 

[candeur]

Just thought I'd update here
I'm having a nightmare with my debt at the moment, I havn't spent anymore but because I'm only meeting minimum repayments hardly anything is getting paid off.
I'm getting abuot £2500 worth of shares at the end of september which is my lifeline, I should bea ble to pay off all my store carsd and catalogue accounts and save myself about £150/200 a month. I seriously cannot wait. I don't know what I would do if it wasn't for that.
I'm so fed up of having no money, and just lviing off my £10 a week tax credit. Urgh. Roll on September!