Let's slash that debt in 2010!

[2nd time mum]

i really can't see a way out of debt, and annoying thing is it's not really mine (see above). DH worked loads of overtime last month and earnt extra 200pound but we have still gone overdrawn without paying any extra off cards. doesn't help that just found out been paying 25pound per week tax on smp instead of onlhy a couple of pounds a week.

Is there nothing at all you can do about the cc mil ran up? It seems nowadays with pin numbers etc. it should never have happened. Maybe your partner doesn't want MIL in trouble but to be honest that is a really bad one that she done it in the first place.

 

[2nd time mum]

I posted on here a while ago and always just have a nosey to see how people are getting on because financially I don't know how I'm going to manage to repay it although it would be great to get rid of it. From my wage I can live month to month, just! Nothing spare at all though and it's not as if I go to pub or nights outs or anything. Hardly even any takeaways to be honest (weight problem too, apart from financial there!).

I have about £8,000 debt (£5,000 on cards and £3,000 on car loan). I have an interview for a 2nd job working from home so that might help to reduce debts.

It's just so bloody hard and even the debt (apart from the car) I couldn't tell you what I bought that the credit card debts are so high.

 

[needausername]

Aww Needausername, i hate it when work leave me short! Cant you claim it back?

I should have it in the next paycheck but more than likely that will mean I don't get the full amount I am owed the paycheck after that again. It is looking like they are falling behind in payments.


So the loan came through!!! So happy!! the only bummer is that I had to use some of it to pay a bill because of the work situation. I will be able to put the rest of it off the credit card next paycheck so it should be completely cleared in 2weeks!

I was a good girl and just put another €20 into my savings aswell so now the savings stand at €50.

 

[Pixie19]

OMG!! Went to take out my last £30 from the cashpoint last night and it kept saying 'incorrect pin' but i KNOW i was typing it right!! So i did it the 3 times, then my card got blocked!! So i had to scrimp out my penny jar last night to get some noodles for dinner, It was too late to ring my bank so i rang them today and she said it will take 2-3days to send me a new pin number, she said there was another way i could get my money, and that was to ring up and cancel my card and they would give me an emergency pin, so i rang up lost and stolen, cancelled my card and she said the emergency pin service isnt available!!!! So i cancelled my card for nothing!!
So i've had to borrow £50 off a friend until Monday when i can get down to my branch!

Every month without fail, a week before payday i end up skint and have to borrow!! This month would have been an exception!

I went through my bills and my water bill is only half of what i thought i owed, as half is for next year and i normally pay in weekly installments, so i can take half of that off

Suppose i should do another debt breakdown :/

Rent arrears: £900/£1000
My OD: £260
OH's OD: £200+ (daren't check it)
Payday loan: £129
Great Universal Catalogue: £547.25
Littlewoods Catalogue: £139
Tv License: £110
Water: £150
Water: £53.68
Friend: £600
Another friend: £60

Total: £3148.93/£3248.93

OH doesnt know about all this debt! I think he would kill me :/
The only big problems are the OD's and Rent arrears...
Im being taken to court for the rent arrears, and im countersuing for disrepair, im hoping i get some sort of compensation just to pay off my rent arrears like :/


Congrats on the loan Needausername Bet that feels awesome knowing one of your debts will be gone!
I felt great when i got rid of my Mobile broadband debt and that was only £200


Payday next Friday

 

[needausername]

Damn! that is such a pain!

I was mugged before and all my cards were in my bag so I had to borrow from friends while waiting for new cards so I can feel your frustration.

I must say, I am sleeping so much better with this weight taken off my shoulders!



Just applied to MBNA for a credit card so I can transfer my Halifax balance over. It has a 10month interest free period so my monthly payments will be making an actual difference.


All going well this time next year I will only have one loan to my name. Everything else should be paid off by then.

 

[Pixie19]

PAY DAY tomorrow!!!!!
Had to extend my pay day loan just incase i dont get my holiday pay, the pay day loan comes straight out my account so could have left me VERY short!
I'm guna come post tomorrow what i'v paid off
x

 

[Pixie19]

Brought my mum a pair of trainers off my catalogue!! They were only £35 though

On payday i got £549
And what i've paid....
£30 Electric
£60 Virgin
£50 to pay back a friend
£10 to another friend
£10 i borrowed off my sister
£200 food
We got a cheque the other day for £30 which i put straight into OH's account to start paying off the OD

Im considering getting a loan to pay of all these debts then i will only have one thing to pay a month instead of loads of things!! Because i forget to pay stuff...Or forsake one bill so i can get new stuff :/ Which i know is wrong, everyone has to pay bills...But i cant help it
Just dont know how much to apply for?.....and i dont know if it'd be a good idea?
How are all you doing?

 

[emz87]

I was thinking of getting a loan for us to pay off some debts and our monthly outgoing will be the same *i think* going to have a sit down with oh and work all our money out and see whats best for us!
I havent managed to pay any of my debts off Ive been stupid and just wasted my money!

 

[needausername]

Got approved today for a card that will have a 0% balance transfer for 10 months! Will battle away with paying €100 per month off that.

Finished paying car loan in October, so will plow that money into my other small loan which should be paid off then my xmas with the extra payments. Then that frees up €320 a month when those 2 loans are gone!!!!

Will then be putting €100 into savings a month then €300 into the cc until it is paid off.

Then I will bump up my savings up to €2000. When that is done then I will do some things with my house.

Then start increasing the amount I pay off my bigger loan that i have.

 

[Pixie19]

Wow Needausername, you sound so organised!!
I've wasted all my money this month too emz!

Me and OH might be moving at the end of this month or beginning of June, and because its 200 miles away im guna have to leave my job and go on benefits!
Worked out that if i pay all my stuff off monthly im looking at paying out £560 per month...Which i can barely afford now with a job!
If we go on Jobseekers allowance that will give us £408 per month
And if our loan is approved our monthly outoings will drop right down to £448
So we will be loads better off! Obviously we will be minus £40 but we could cut our shopping down by £40 until we got working
Now i just hope we can get approved for a loan!
My mum said my bank will refuse me due to being overdrawn! And then it will go on my credit report so i wont be able to apply anywhere else for 6 months!
Do any of you recommend anywhere?

 

[panther19]

I hereby pledge to slash my debt in 2010 and support my fellow slashers to do the very same​

Oh I am so in!

Anyone else use networthIq on here? Great for tracking finances.. give you a nice geeky chart too to see how you are doing over time!

 

[panther19]

Now i just hope we can get approved for a loan!
My mum said my bank will refuse me due to being overdrawn! And then it will go on my credit report so i wont be able to apply anywhere else for 6 months!
Do any of you recommend anywhere? [/COLOR]

I don't live in the UK so I can't give any specific advice when it comes to that aspect... but you should be able to work with your bank with regards to getting a loan.

If you let your bank know that you would like to consolidate your debt they may agree to give you a reasonable loan and a good rate to pay out your other loans, providing that those are then closed. Even though you are overdrawn.. because a good bank manager should recognize that you are attempting to improve your financial situation. (IMHO)
I switched banks because I was unhappy with the service and rates at one bank, the other bank was more than happy to 'buy' my debt at the other bank, but the other banks accounts HAD to be closed.

It is not true that once the bank does the creditcheck you can't apply anywhere else for 6 months. (Well unless your system is REALLY different... but I don't think so) You just have to be careful that when you are shopping around for a loan of any kind that any inquiry into your credit is logged on your credit report. After a few checks your bank may look at that and say 'well you're shopping around everywhere for loans I don't think we should loan you money because you may be taking on too much debt'

I think it would be a great idea to try for that loan... if I were you. as long as you then close off the other debts so you don't max those out and then have the loan+previous debt to pay off. (I have a friend who did that *sigh*)

 

[Pixie19]

Thankyou for the advice Panther
Im guna go into my bank Monday and see what they say...I got a letter from them the other day saying my Overdraft has gone waaay over the limit, which is true because my account doesnt have and Overdraft limit thingy...:S
And i have to pay it back blah blah, i've also got a letter from my water company saying they're taking court action
I dont know what im guna do if they say no to the loan. I'll have to sort out a payment plan only for it to change in the next couple of months when i move....Grrrrr! *Burys head in the sand*

 

[Pixie19]

Had to get another Payday Loan!!
Another £200 to add to my debts!!

 

[panther19]

Had to get another Payday Loan!!
Another £200 to add to my debts!!

Yikes that's not good. Did your bank have anything to say or have you seen them yet?

 

[panther19]

I just posted this to networth, at the end of the month I fill in my little balance sheet and it gives a neat little graph and percentages for everything. I it. Anyway I said this:

It's May 13th and I couldn't help but update for May already! Today is the very first day in a few years that I cashed my paycheque and HAD MONEY LEFT OVER after I paid off my Credit Card. Yep that baby is down to $0 dollars! WOOHOOO Hehe, can you feel my digital happiness?

Unfortunately this very good looking balance sheet is going to change drastically when I have to drop $1,140 on my teeth on May 21st. That is WITH dental insurance... yikes. So the end of the month may not look so rosy... and it will probably take me into July to get back up again. *sigh*

All in all I think I'm doing okay though, for the past half year my networth has been going up by about 500+ a month... and very very slowly that debt is melting. Such a long road though. If I would have known a few years ago how long it would take to pay back I probably would have done a few things differently.

 

[Pixie19]

Way to go hun!!

I applied for the loan on the Natwest website and got declined I've looked all over the internet to find a company like the ones that do payday loans, that can give me a £3500 loan but i cant find ANYWHERE!

So rang all my debt people today to arrange payment plans...Most of them were willing to accept under £20 a week which is all i can afford, and i can barely afford that!
Im guna have to pay my payday loan off from last month, and then get another just so i can pay my other bills LOL! Vicious circle!
Havent been able to incorporate mine and OH's OD into my payment plans...My outgoings have become more then my incoming!
Still got my catalogues that i need to set a payment plan up!

Then theres the fact i've got an impacted wisdom tooth which is giving me alot of pain, so might have to have that taken out, if i go to my dentist they're guna charge me £16.50 just to look at it, and then if i have to have it taken out then thats another £45 and thats on the NHS!!

STRESSSSS!!!

 

[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

 

[panther19]

Way to go hun!!

I applied for the loan on the Natwest website and got declined I've looked all over the internet to find a company like the ones that do payday loans, that can give me a £3500 loan but i cant find ANYWHERE!

So rang all my debt people today to arrange payment plans...Most of them were willing to accept under £20 a week which is all i can afford, and i can barely afford that!
Im guna have to pay my payday loan off from last month, and then get another just so i can pay my other bills LOL! Vicious circle!
Havent been able to incorporate mine and OH's OD into my payment plans...My outgoings have become more then my incoming!
Still got my catalogues that i need to set a payment plan up!

Then theres the fact i've got an impacted wisdom tooth which is giving me alot of pain, so might have to have that taken out, if i go to my dentist they're guna charge me £16.50 just to look at it, and then if i have to have it taken out then thats another £45 and thats on the NHS!!

STRESSSSS!!!

Ouch that sucks big time, I hope you get out of that viscious circle soon!

I had four wisdomteeth removed this morning... OUCH. The drugs they gave me numb most the pain but i can't freaking eat anything! Just liquids... Seriously I could eat an entire Macdonalds!!

 

[panther19]

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!