The "Pay ALL your debt off by Xmas 2012" challenge - PART 3!!!

lemonpopsicle · 4 December 2012 at 2:46PM

Mmm a lot to think about, I'm thinking what would happen if boiler got poorly,they cost a lot of money

I only work part time so bring home £700 a month, mmm I need to do as you've said Spag and work it all out

Thanks :A

HelenPie · 4 December 2012 at 3:14PM

This month's payments are all made - OH's overdraft is clear so we are officially interest-free all the way to DFD now. :beer: Just need to make sure OH cancels the overdraft limit so he can't go back (he could easily overspend by the £600 limit in a month and get back there :mad:)

Anyway, that makes it update time:

#077 £7,135.35/£16.660.26 42.83%

For the first time looking at that I realised the scale of what I've achieved so far - over £7,000 paid off: that's a huge amount of money :eek: :j

cj75 · 4 December 2012 at 3:44PM

Not posted for a while.

Well done to those who have paid off debts, and hugs to those who need them.

# 165 now paid £1,162.32

Most xmas pressies bought with cash so no debt added to.

Please can I ask for some advice? At present I'm paying my debts but some are not being paid at minimum level but am paying what can afford. I am wondering whether to continue as I am or contact CCCS or National Debtline to sort. Also circumstances are due to change in the next year. Any advice would be greatly appreciated. Thanks

HelenPie · 4 December 2012 at 5:46PM

cj75 wrote: »

Not posted for a while.

Well done to those who have paid off debts, and hugs to those who need them.

# 165 now paid £1,162.32

Most xmas pressies bought with cash so no debt added to.

Please can I ask for some advice? At present I'm paying my debts but some are not being paid at minimum level but am paying what can afford. I am wondering whether to continue as I am or contact CCCS or National Debtline to sort. Also circumstances are due to change in the next year. Any advice would be greatly appreciated. Thanks

Hi cj,

I've been fortunate enough that I've not had experience of this before but my instinct would be to at least getting the advice. They are there to help and should let you know the best thing to do. Not meeting your minimum payment can leave long-term dents in your credit score making it much harder for you to get a mortgage, etc. in future.

Good luck.

Helen

SpagBol · 4 December 2012 at 6:12PM

HelenPie wrote: »

This month's payments are all made - OH's overdraft is clear so we are officially interest-free all the way to DFD now. :beer: Just need to make sure OH cancels the overdraft limit so he can't go back (he could easily overspend by the £600 limit in a month and get back there :mad:)

Anyway, that makes it update time:

#077 £7,135.35/£16.660.26 42.83%

For the first time looking at that I realised the scale of what I've achieved so far - over £7,000 paid off: that's a huge amount of money :eek: :j

It is a huge amount, well done HelenPie, all downhill now if everything is 0% :j

cj75 wrote: »

Not posted for a while.

Well done to those who have paid off debts, and hugs to those who need them.

# 165 now paid £1,162.32

Most xmas pressies bought with cash so no debt added to.

Please can I ask for some advice? At present I'm paying my debts but some are not being paid at minimum level but am paying what can afford. I am wondering whether to continue as I am or contact CCCS or National Debtline to sort. Also circumstances are due to change in the next year. Any advice would be greatly appreciated. Thanks

You can do an online questionnaire with CCCS, it is very good. Or you can call them. The DFW forum is brilliant too with lots of people helping. Good luck

Kerfuffle · 5 December 2012 at 4:12AM

SpagBol wrote: »

I've never had one either! What is it for? If it is for the odd car emergency or takeaway if you get stuck late at work I would think £1k would be enough, yes. If it is for everything for example exploding boilers or covering salary in case of redundancy then a couple of months salary has been mentioned on the forums before. I intend to have a fund/account with all the car, birthday, holiday etc. money in for year but paid by monthly amount. So I would look at the SOA, add up all the incidentals and send a monthly payment. There should be enough in there to absorb an emergency if you then paid more after if that makes sense (I am notoriously poor at explaining myself in type!).

Oh goodness! It will be about £1.5k next year for us :eek: That's without the mortgage interest which is about £800pcm too :eek::eek::eek:

We have an Emergency Fund for exploding boilers and broken down jalopies etc, and also a Contingency Fund in the event that Hubby becomes employed or can't work for whatever reason. Granted there isn't much in either at the moment

but I'm aiming for 1000.00 gbp in the Emergency Fund and 6 months of Hubby's income in the Contingency Fund as we know we can survive on Hubby's wage without taking my measly contribution into account.

More will go into each 'pot' when the debts have been dealt with, in the mean time a little bit will continue to trickle into them on a 'as and when basis'. I know they should be a priority but there's only so much we can do.

SpagBol · 5 December 2012 at 9:10AM

Kerfuffle wrote: »

We have an Emergency Fund for exploding boilers and broken down jalopies etc, and also a Contingency Fund in the event that Hubby becomes employed or can't work for whatever reason. Granted there isn't much in either at the moment but I'm aiming for 1000.00 gbp in the Emergency Fund and 6 months of Hubby's income in the Contingency Fund as we know we can survive on Hubby's wage without taking my measly contribution into account.

More will go into each 'pot' when the debts have been dealt with, in the mean time a little bit will continue to trickle into them on a 'as and when basis'. I know they should be a priority but there's only so much we can do.

I think this sounds like a good idea...build up the £1k emergency fund then 6months in savings. Would this work for you Lemonpopsicle?

It's snowing here this morning!:j

lemonpopsicle · 5 December 2012 at 9:56AM

SpagBol wrote: »

I think this sounds like a good idea...build up the £1k emergency fund then 6months in savings. Would this work for you Lemonpopsicle?

It's snowing here this morning!:j

Yes, that sounds good in theory. I'm hoping to get to 1k using fleabay sales/birthday and Christmas money only. Then I was hoping to overpay the mortgage but perhaps it would be safer to get some savings just in case.
Oooh how exciting seeing snow :j

SpagBol · 5 December 2012 at 10:38AM

lemonpopsicle wrote: »

Yes, that sounds good in theory. I'm hoping to get to 1k using fleabay sales/birthday and Christmas money only. Then I was hoping to overpay the mortgage but perhaps it would be safer to get some savings just in case.
Oooh how exciting seeing snow :j

I would probably overpay the mortgage actually if you have your £1k fund, then if you needed some financial relief your payments would be less or you could take a payment holiday if you needed a few months money. But then I am clearly a financial dunce so don't listen to me :rotfl::rotfl:

SpagBol · 5 December 2012 at 11:18AM

Small CC tidy of £12 to give:

#084 £17,442 / £58,000 30.07%

DH's payday tomorrow :j

Actually...when is everyone getting paid this month? I get paid once on the 20th and again on the 21st (2nd job) but then it's a loooooooooooooooooooooong month...I'm really pleased DH gets paid on the 6th nowadays for this reason. Oh and then no council tax for 2 months which is like an extra payday :j I should go to 12 monthly smaller payments for CT but I love the 2 months off :rotfl::rotfl: That's almost £200 bonus for Jan and Feb!

The "Pay ALL your debt off by Xmas 2012" challenge - PART 3!!!

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