Getting out of this debt sharknado

Working_Mum · 14 November 2017 at 7:02PM

I am saddened by the recent couple comments on here - it takes courage to post on this Forum and one of the main request of the site is that we are not judgmental or unsupportive of posters.
We all have our strategies for dealing with our debt and it isn't helpful to be condemned this way.

motivated · 14 November 2017 at 7:09PM

HairyHandofDartmoor wrote: »

Don't take any notice of that last post Emma.

You are adapting to your new situation and change does take time. You need encouragement not criticism and that is what you will get from most people here .

:T:T:T

Working_Mum wrote: »

I am saddened by the recent couple comments on here - it takes courage to post on this Forum and one of the main request of the site is that we are not judgmental or unsupportive of posters.
We all have our strategies for dealing with our debt and it isn't helpful to be condemned this way.

:T:T:T

Totally agree Emma. Ignore the people who have nothing constructive to say. You go girl
M

Moneywhizz · 14 November 2017 at 7:38PM

Absolutely uncalled for rudeness in the above comment. Don't give it a moment's thought. You are tackling your debt in the way that suits you and have made great progress this year. Good luck with the job hunting. That will make a big difference to clearing your debt even quicker.

enthusiasticsaver · 14 November 2017 at 8:00PM

EmmaMicawber wrote: »

You're both completely right of course and I'm not going to put anything on a credit card, but was planning to use what is left of the emergency fund together with the £400 I have already put aside for Christmas.
But I'm going to see if I can reduce it down more as even £1000 is ridiculous in our position, I can see that. I might suggest no pressies for siblings though it might be a bit late if other people have already bought stuff.
I'm honestly not trying to impress anyone, we just used to enjoy spending money (we didn't have, admittedly) on the kids and entertaining at Christmas.
I just don't want anyone knowing how stupid we've been so am sensitive about people guessing if we drastically change things. Mind you, I have said we're economising and used the excuse of DD1 starting at uni and DD2 probably following her in a couple of years so far.

Enthusiastic congratulations on your imminent early retirement - debt free and mortgage- free - what an achievement!

I think people would not think twice about you saying you were being careful due to uni costs. To be honest it is no one else's business so you do not need to justify it except as you say if it is on a card it is not your money. Using the last of the emergency fund may not be wise just in case you need an urgent boiler repair or car bill, classic winter occurrences. I understand though that if you have always done it, it is difficult to stop. Why not try testing the water with siblings and suggesting stopping presents? If they have already bought just maybe drop the amount by £10 and suggest stopping from next year. They might bite your hand off and be really glad you suggested it.

Thanks for the congratulations and yes I am looking forward to my retirement. Never thought I would be able to go at 57 anymore than OH could go at 58 but we are living proof that overpaying into pensions and mortgages eventually gets you to this point. Something to think about once your girls have finished uni and the cards are gone. You are still doing well though in getting so much of the debt paid off and please ignore unsupportive posts.

EmmaMicawber · 14 November 2017 at 8:47PM

Thank you for your kindness, support and suggestions guys, it really means a lot to me especially as no one in real life, except OH of course, knows the full extent of our situation.

My parents in particular would be devastated if they knew and would insist on trying to help, which they could ill-afford. They're at a time of their life when they should be worry-free and enjoying their retirement.

Writing my little updates on here helps to keep me moving forward and remind myself that I'm not alone in this situation.

Onwards and upwards everyone- we WILL all get there

HairyHandofDartmoor · 14 November 2017 at 9:46PM

EmmaMicawber wrote: »

Thank you for your kindness, support and suggestions guys, it really means a lot to me especially as no one in real life, except OH of course, knows the full extent of our situation.

My parents in particular would be devastated if they knew and would insist on trying to help, which they could ill-afford. They're at a time of their life when they should be worry-free and enjoying their retirement.

Writing my little updates on here helps to keep me moving forward and remind myself that I'm not alone in this situation.

Onwards and upwards everyone- we WILL all get there

That is exactly why I have never told my family about my debt. I didn't want to worry or upset them and they would have tried to help. However they did know we were very short of money and couldn't afford to spend much on Christmas/holidays etc.

EmmaMicawber · 3 December 2017 at 12:16PM

You must be so looking forward to your debt-free Christmas Hairy, amazing.

I'm feeling really positive as for the first time ever I don't have that out of control feeling about Christmas. I'm tracking everything in YNAB and am keeping a very close eye on spending, particularly on the children, and am probably being much more thoughtful in what I buy them rather than just thinking that spending a lot will show them how much I care.

The puddings, mincemeat and cake are done. The menus are nearly planned and my next challenge is to find cut price or free activities for everyone as we have quite a few visitors to entertain over quite a few days.

Right, I must go and do some research on a company and position as I finally have a job interview tomorrow- wish me luck!

EmmaMicawber · 4 December 2017 at 11:30AM

I've had to move a big credit card balance as the 0% deal was about to expire. The plan is that, if everything stays on track, OH's bonus (if he gets it- he won't know until the start of January) will pay a big chunk off this one but I can't afford to let it revert to 18.9% as that would cost £275 per month in interest alone! The balance transfer fee was 1.9% which isn't great though.

Current position: £59,280 owed on 8 debt (credit) cards.

I'm going to start properly snowballing the credit card balances in January as I haven't really done this so far because I've been trying to manage the 0% deal end dates to save money on interest. But, especially as I should be earning (fingers crossed), we're going to start paying them off smallest to largest balance and make 2018 the year we really turn the corner.

2017 positives:
Credit card balances reduced from £73,500 to £59,280 (it feels so slow though)
Kept out of our overdraft for 11 months straight now and have reduced our overdraft facility to £1000
Loan: switched to a two year one at lower rate - will save over £1300 in interest
Budgeting: started using YNAB and have budgeted properly for first time ever, including increased costs due to DD1 going to uni. (And DD1 has managed without having an overdraft or taking out a credit card

).

EmmaMicawber · 7 December 2017 at 12:33PM

Well I didn't get the job

It would have made such a difference to our finances and I am desperate to get back to work. I'm not really surprised though, I feel like I've lost the ability to speak any sense as a 'professional' person rather than a mum as I've been out of work for 3 years and probably spoke a lot of rubbish in the interview. I feel I would do pretty well if I could only get the chance to do the job.

And I can't see how everyone else doesn't spend well over £1000 on Christmas- I must be doing something wrong. All in all not a good day!- I'm putting this here as I need to crack on and put on my brave face for the world and will hopefully look back at this one day when we're out of debt and remind myself what a long hard slog it was so I am never tempted again.

I went to an amazing Christmas food and gift fair last night (to keep a friend company) - there were beautiful things everywhere and people buying armloads of stuff. I resisted but it made me feel a bit rubbish. It's probably just my hormones. At least there were lots of free tasters.

Ugh, enough self-pity- all are first world problems.

motivated · 7 December 2017 at 7:46PM

EmmaMicawber wrote: »

Well I didn't get the job It would have made such a difference to our finances and I am desperate to get back to work. I'm not really surprised though, I feel like I've lost the ability to speak any sense as a 'professional' person rather than a mum as I've been out of work for 3 years and probably spoke a lot of rubbish in the interview. I feel I would do pretty well if I could only get the chance to do the job.

And I can't see how everyone else doesn't spend well over £1000 on Christmas- I must be doing something wrong. All in all not a good day!- I'm putting this here as I need to crack on and put on my brave face for the world and will hopefully look back at this one day when we're out of debt and remind myself what a long hard slog it was so I am never tempted again.

I went to an amazing Christmas food and gift fair last night (to keep a friend company) - there were beautiful things everywhere and people buying armloads of stuff. I resisted but it made me feel a bit rubbish. It's probably just my hormones. At least there were lots of free tasters.

Ugh, enough self-pity- all are first world problems.

Hi Emma
Sorry about the job but maybe it wasn’t meant to be. The right job is out there for you and will come along soon I’m sure.

As for the way you’ve been feeling about the Christmas fair, I can relate to that too. But just think how many of the people with armloads of stuff could actually afford to buy it all. I bet not all of them. Been there, done that.

Keep that brave face on and keep plodding. It’s so hard but will be worth it in the end. Imagine the feeling when you come out the other side. That’s what I’m looking forward to. I will probably be 105 when it happens but here’s hoping :rotfl:
M

Getting out of this debt sharknado

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