On a Mission

enthusiasticsaver · 15 June 2017 at 5:05PM

I think your DH needs to be careful he does not dig you into a deep hole financially. A mortgage that is only just out of negative equity and £26k of unsecured debt is a lot so well done for deciding to tackle it now. It does seem like your DH is reckless with spending. Do you have an emergency savings account? That should be one of the first things you should sort out or it leaves you very vulnerable should your credit dry up and your car or house needs some urgent repair or one of you loses their job.

Overpaying the mortgage will mean that when a remortgage deal comes up then the lower DTV deals are usually lower interest rates so that is worth doing.

Tackling the high interest deals are again a good thing. Do you have the option of transferring the Hitachi loan onto a 0% money transfer card?

Money burns a hole through my DHs pocket too on his hobbies and unwillingness to look for bargains etc. Consequently we both have a personal account in which the same amount goes into both each month for pocket money. No overdraft. He is always running out but I just tell him he has to wait until the next payment goes in. Food and fuel is paid for through our current account and he knows it would be more than his life was worth to spend out hobby money from there

. Hobbies are a luxury not a necessity. Needless to say I always have loads left so built up a tidy sum which I can spend on whatever I wish as my hobbies are much cheaper.

Mummy_bear · 15 June 2017 at 5:26PM

Hi enthusiasticsaver

Thanks for taking the time to write on my diary

enthusiasticsaver wrote: »

I think your DH needs to be careful he does not dig you into a deep hole financially. A mortgage that is only just out of negative equity and £26k of unsecured debt is a lot so well done for deciding to tackle it now. It does seem like your DH is reckless with spending. Do you have an emergency savings account? That should be one of the first things you should sort out or it leaves you very vulnerable should your credit dry up and your car or house needs some urgent repair or one of you loses their job.

Money is probably the one thing we argue about the most. To be fair to him though, as soon I demanded that things change he's picked up loads of overtime and has put a few high value, non used items for sale. I think he is starting to see the issues. However, he has these annoying moments of weakness which I'm trying to address.

So at the moment there is also no emergency fund

The only money that gets put away in any form of savings is £25 for each child in their Isa's and £40 towards Christmas.

.

enthusiasticsaver wrote: »

Tackling the high interest deals are again a good thing. Do you have the option of transferring the Hitachi loan onto a 0% money transfer card?.

I'll have to look at this. As I'm not sure how it would work. I could potentially pay off the balance with one card and then do a money transfer to another card on a 0% transfer deal. I'd have to look at credit limits though. Alternatively I could look into a new credit cared altogether (least favourite option) that offers 0% on new purchases and see whether that could be used to pay the remaining balance (roughly £2300 without the interest)

I really need to think about this.
:think:

enthusiasticsaver · 15 June 2017 at 5:31PM

A money transfer card will just put the money into your bank account which you then use to pay the loan off. Depending on the fee it could save you a fair bit providing there are no penalties for early repayment.

enthusiasticsaver · 15 June 2017 at 5:41PM

There is a 0% virgin money deal for 2% fee over 25 months. So the fee would be £46 on £2300 and if you paid £93 per month it would be cleared within the 25 months so £21 more than you pay now but it would be cleared in July 2019 rather than January 2020.

Florence_J · 15 June 2017 at 6:21PM

Hi Mummy_Bear,

I stumbled across your diary and have enjoyed reading it.

I think you may need to do what you can to guide your partner towards more Money Saving Expert-ish ways (not that it should be your responsibility when they are a grown adult), and I say that not because I have been in your situation, but because at one point in my life I was shamefully in your DH's position. My OH kept bailing me out, the day he refused to bail me out was my Light Bulb Moment and I am grateful every day it happened because I was heading to financial ruin and probably would have got there if he hadn't refused.

I have enjoyed reading what you are have been up to, have you seen the 'Payment a Day' thread? It's a thread where the concept is you make a payment every day to your debts, even if it is just a few pennies. Don't worry, you are not forced into making a payment every day, but it can be satisfying to see the amounts go down, I just thought I'd suggest it if you haven't seen it because it seems you are already in that spirit.

Mummy_bear · 16 June 2017 at 11:39AM

Florence_J wrote: »

Hi Mummy_Bear,

I stumbled across your diary and have enjoyed reading it.

I think you may need to do what you can to guide your partner towards more Money Saving Expert-ish ways (not that it should be your responsibility when they are a grown adult), and I say that not because I have been in your situation, but because at one point in my life I was shamefully in your DH's position. My OH kept bailing me out, the day he refused to bail me out was my Light Bulb Moment and I am grateful every day it happened because I was heading to financial ruin and probably would have got there if he hadn't refused.

I have enjoyed reading what you are have been up to, have you seen the 'Payment a Day' thread? It's a thread where the concept is you make a payment every day to your debts, even if it is just a few pennies. Don't worry, you are not forced into making a payment every day, but it can be satisfying to see the amounts go down, I just thought I'd suggest it if you haven't seen it because it seems you are already in that spirit.

Hi thanks for stumbling across my diary

Years ago I tried not bailing DH out, but that resulted in him extending his overdraft further and getting a credit card he didn't previously have. Periodically he will try and go it alone so to speak and he will always fail.

I'm obsessed with lists. I write lists every day. To-do Lists, budget lists etc. I've mithered him so much about do a budget list for his finances and he just won't ever do it :mad:

Last night we sat down and went through his outstanding debt.

He has a personal loan which is outstanding £8376 as of the 4th of May.
£225 left to pay for a bicycle
£771 left on finance for a TV :mad::mad:

Thankfully he has no other credit cards in his name.

I do like this 'payment a day' idea. I will most definitely check it out. It's so satisfying paying bits off.

Mummy_bear · 16 June 2017 at 11:54AM

enthusiasticsaver wrote: »

There is a 0% virgin money deal for 2% fee over 25 months. So the fee would be £46 on £2300 and if you paid £93 per month it would be cleared within the 25 months so £21 more than you pay now but it would be cleared in July 2019 rather than January 2020.

Had a look through some credit card deals.

Went on a comparison site. Said a 2/10 chance of getting that credit card :eek: so didn't want to risk a knock back affecting my credit rating.

So I found an MBNA card offer. 0% money transfer for 36% with an initial fee of 2.99%

I've decided I'll do a money transfer for 2400, which will be a fee of £71.76.
This will pay off the Hitachi loan which will cost £2243.82 to settle. I'll also pay off my NewLook store card which has around £130 on it - then I'll cut that up.

I will then pay minimum £115 a month on the card which means I should look to have paid it off in around 21-22 months. So whats that? Around April 2019 ... Oh wow, so much better than Dec 2020.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Just posted the sold Ebay items. After taking into account all fees I've made a profit of £5 for 3 listings. Better than nothing. Will put this towards paying off the Next account which has interest added each month.

Will try and list a few more things over next couple of days

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Done my weekly shop today. I've budgeted a max of £60 a week. I've managed to do it for £40. I will allow £10 over the week for the top shop.
I also nipped to Asda to get a couple of items for my shop and grabbed any receipts lying around. Been on the price guarantee thing and managed to get a voucher for £1.38 :j

MB

Mummy_bear · 22 June 2017 at 1:17PM

Been quiet for nearly a week on here.
Not a great deal to report to be fair.

Been very busy with work and I've been doing some overtime so that will help.

The extra money I earn will be split between debt repayment and the staycation we have booked in August.

Had a few unexpected expenses already. My mobile phone broke

So I've bought a cheap (69.99) smart phone.

And we think there is something wrong with DH's car as it's making funny noises

We'll know better at the weekend what the issue is.

mobo1980 · 26 June 2017 at 5:31AM

Hi MB ,just read your diary

Hope the car was easily fixed and not too pricey !
I love lists too ! think they make me feel more in control , something I am definitely going to work on as of now

Mobo xx

Mummy_bear · 28 June 2017 at 7:58AM

Hi Mobo, thanks for reading.

The mystery noise from the car remains just that. It's been checked over and major issues have been ruled out. Just gotta keep an eye on it I guess.

As for lists, well I have a special book for them lol. Squared paper and all. It calms me.
~~~~~~~~~~~~~~~~~~
DH had his LBM yesterday. Finally. He's actually really down and negative about it. Whereas I'm more positive and relish the challenge of the next couple of years to get us out of debt.

~~~~~~~~~~~~~~~~

Made a few more payments this week.
I got a new credit card did a money transfer for 0% interest for 3 years. I transferred 2400 with an additional 2.99% fee. I've paid off the high interest Hitachi loan and saved £444 from all the interest I would've paid I've also paid off £120 on the new look card. I think I've got less than £10 on there now and I will likely pay that off in the next week or so. Once done that card will be snapped and binned.

At the weekend I'm going to look at our loans and see whether I can round up the monthly payments.

MB

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