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Had my lightbulb moment this week, about 50k in debt, now where do I start?
Comments
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wanttobeasaver wrote: »Southernsoftie,
Good luck with your diary.............
Take a look over at the moneysaving old style you get some great tips on groceries reciepes etc
Just going to post to give the same advice. I also think there are still areas you can stop spending - phone, I use 1899 it has saved us hundreds of pounds a year. Get freeview, you can probably get it through your existing box.
I'm with you on the dentist. I think if you had to you could feed your family on £100 a month. Even if you only did the really basic thing every other month and on the alternate months spent £150 it would save you £2100 a year. Add the sattelite tv and it is nearly £3000 more a year to pay off your bills.
Do the snowball.0 -
I think it seems like I need to tackle the grocery budget first..... and start using food that has been sat in the cupboard, etc etc.
And, as if by magic, cahoot have just e-mailed me to say they are raising the interest rate even more to 17.9% and also changing the minimum payment from 2% to 2.5%.... so that would be an extra £35 per month with even more interest.
I will be ringing CCCS tomorrow to clarify a few things then go ahead I think.0 -
SouthernSoftie wrote: »And, as if by magic, cahoot have just e-mailed me to say they are raising the interest rate even more to 17.9% and also changing the minimum payment from 2% to 2.5%.... so that would be an extra £35 per month with even more interest.
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Same here! I only have £300 left to pay on mine and paying £150 this month and the same next though so won't affect me too badly, when I first took the loan out it was only about 7% interest!!0 -
shopaholictiedtheknot wrote: »SouthernSoftie wrote: »And, as if by magic, cahoot have just e-mailed me to say they are raising the interest rate even more to 17.9% and also changing the minimum payment from 2% to 2.5%.... so that would be an extra £35 per month with even more interest.
quote]
Same here! I only have £300 left to pay on mine and paying £150 this month and the same next though so won't affect me too badly, when I first took the loan out it was only about 7% interest!!
See thats a lot of the problem, they just don't play fair!
You start out with a very low apr, and you pay it off all the time, then the limit goes up and up. You can still comfortably pay it off, then wham!
The line between comforatble and struggling is really a very fine one!
Anyway, just called the water company who were lovely and I am now going to get a little book to pay off my water bill and the next at £77 per month, to be reviewed in a years time.
Now if I'd been able to get the little book in the first place it would've been better!:rolleyes:0 -
I know, I am really struggling at the moment cos I just want to get that paid off (especially now!) and then move onto my credit cards, I have just under £5k on them :eek: and neither of them is 0% I did apply for one with 0% for ten months but it was declined and haven't dare apply for any more in case they reject me too, I don't want it to affect my credit score.
Have you decided what your plan of action will be yet?0 -
I have spoken to CCCS, who were lovely, about a DMP, which would take approx 6years and 2 months to pay off.... quicker if I started really pinching the pennies.. and that is providing interest rates are frozen.
That sounds better than the 'over 100 years' result when I put the numbers into Martins calculator!:eek:
OH and I are discussing it.
Although the debts are all in my name they are OUR debts, he said that not me lol.
When I met him I had excellent credit rating and no debts, he had a bad rating after a divorce.
Now I'm the one with the debts and he has just got his first credit card since I've known him.
The bit he isn't as keen on is he would have to give up that card after waiting for it for years. But his credit rating would not be affected at all.
Mine would, but apparently after I have paid off everything it would be like starting again.
We would both also have to swap to basic bank accounts, another scary thing.
We have a mortgage on a fixed rate with one year left to run. That would not be affected, we would still be able to get a mortgage but may not be able to get as low a rate as we want. Luckily none of my debts are secured.
Me thinks a good talk tonight should sort it.
I did also tell CCCS the company who told me CCCS had been 'struck off'!0 -
Sounds like you are doing really well sorting yourself out, 6 years is not that long either - good luck with it all!0
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Switching to a basic bank account really isn't that scary, it was the best thing that happened to me. If I was skint I'd use cheque and guarantee card for my shopping, and would think, well I may aswell use the full £100 guarantee and only get one £30 charge than come back next week and get another. But it never worked like that, I'd go back the next week and do the same thing. The cash machine swallowed my card in the end and the bank changed my account. It worked though, I spend a fraction of what I used to now and the basic account hasn't hindered me at all, still got direct debits and standing orders, just no cheque guarantee card and no interest on credit balances, not that I ever have have a credit balance, but if I do it goes in the HISA any way!Debt busting! Jan 2014 £7632.50 £7445.80
Belly busting! Jan 2014 12st 2lb 11st 11lb0 -
Well I also spoke to the council about my council tax as should've paid that installment on the 1st of this month, and they are going to let us pay one in February instead.
And bless the water company. The guy I spoke to who has arranged for a payment book to come out rang up in a panic as I was due to get a final demand letter and he wanted to make sure I had already got it in case I received it tomorrow and got upset.
He said 'I wouldn't have wanted you to get that letter and think we hadn't got it all sorted out'.
But I got the letter today so that was ok.0 -
OMG I can't believe the water guy, fab service for once eh? I get so sick of all the people you end up dealing with that are incompetent it is so nice to hear that someone is doing a good job!
Have a nice evening southern
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