All about me!

alice82_2 · 11 October 2006 at 9:54AM

Hello everyone!
I've been watching for over 6 months now and though today I should finally crawl out, sign up and say hello!
I have a debt of around £10000 which has been reduced quite a bit since coming on this site and reading all your posts

Whenever I feel like spending I've been reading this forum instead! lol (it's soooo hard though sometimes like when next have a sale on! )
Ok.. So I live with my husband who has about 10k of debt himslef from before we were together and our lovely 2 year old son.
I'm trying to sort out my debt before I get to his. He has a good job so the mortgage is always paid and we never default. I have a part time job and if I want another baby in the future I can't have this debt as husband can't afford to pay mine as well as his own....
So...
How quickly can I pay off this money! lol

This is what I owe at the moment

Freemans - £124.92
Additions - £59.53
Next - £364.88
Verbadeut - £51.25
Lxdirect - £169.96
24studio - £201.52
Kayslifestyle - £96.33
Loan - £1744.00
MBNA Card - £3,943.31
Barclay Card - £3,255.66

= £10011.11

I get about £560-£700 a month from my part time job.

I'm trying to pay off the highest interest ones off first which is the Studio and Next ones. Freemans is on interest free as is Lxdirect...

I feel ashamed seeing it in front of me like that but I supposed it came to this figure due to over spending and wanting the best!

I am a stardrops addict now! I've converted my friends to the startdrops way also!

I have highs and lows where I feel I'm on top of the debt but then times where I wish I could just hide from it!

Ok, that will do for a quick hello!

anniestar · 11 October 2006 at 10:01AM

Good luck with your debt clearing. There will be far more knowledgeable folks along shortly but just wanted to say welcome.

James&Shell · 11 October 2006 at 10:06AM

Jsut hought that i would say hello to from sunny Yarmouth!!

Good luck and i hope it all goes well for you!!

CLAPTON · 11 October 2006 at 10:24AM

firstly stop using all these cards/catalogues.. the interest rates are usually awful.

secondly post a full SoA with all the details of income, spending and debts including minimum monthly repayment and APR.

thirdly talk with your OH, i think you ought to tackle both lots of debts together, it isn't really practical for one partner to be saving every penny whilst the other isn't.

James240 · 11 October 2006 at 10:30AM

welcome to the DFW board :hello: as Clapton says can u post a full SOA and we can help try and save more money for you to put towards ur debts

bluezone · 11 October 2006 at 10:43AM

alice82 wrote:

Hello everyone!
I've been watching for over 6 months now and though today I should finally crawl out, sign up and say hello!
I have a debt of around £10000 which has been reduced quite a bit since coming on this site and reading all your posts
Whenever I feel like spending I've been reading this forum instead! lol (it's soooo hard though sometimes like when next have a sale on! )
Ok.. So I live with my husband who has about 10k of debt himslef from before we were together and our lovely 2 year old son.
I'm trying to sort out my debt before I get to his. He has a good job so the mortgage is always paid and we never default. I have a part time job and if I want another baby in the future I can't have this debt as husband can't afford to pay mine as well as his own....
So...
How quickly can I pay off this money! lol

This is what I owe at the moment

Freemans - £124.92
Additions - £59.53
Next - £364.88
Verbadeut - £51.25
Lxdirect - £169.96
24studio - £201.52
Kayslifestyle - £96.33
Loan - £1744.00
MBNA Card - £3,943.31
Barclay Card - £3,255.66

= £10011.11

I get about £560-£700 a month from my part time job.

I'm trying to pay off the highest interest ones off first which is the Studio and Next ones. Freemans is on interest free as is Lxdirect...

I feel ashamed seeing it in front of me like that but I supposed it came to this figure due to over spending and wanting the best!

I am a stardrops addict now! I've converted my friends to the startdrops way also!

I have highs and lows where I feel I'm on top of the debt but then times where I wish I could just hide from it!

Ok, that will do for a quick hello!

Hi alice,

What has to come out of your wages from your part time job? If you can afford for a couple of months to throw everything to these for example:
(I am working on your lower amount mentioned for your salary as anything above that is a bonus)

Month 1 - Wages : £560
Freemans £124.92
Additions £ 59.53
Next £364.88
Leaving you with £10.67 left over.

Month 2 - Wages : £560
Verbadeut £51.25
Lxdirect £169.96
24Studio £201.52
Kayslifestyle £96.33
Leaving you with £40.94 left over (£51.61 from both months)

Month 3 - Wages : £560 + £51.61 from previous months = £611.61
Loan £203.87
MBNA card £203.87
Barclaycard £203.87

Obviously I know that you would have to make minimum payments in months 1 and 2 on you cards and you still need to pay your loan every month but you get the idea and also as mentioned before I have only calculated the above on the lower end of your wages.

What are the minumum payments for the cards and monthly loan payment?

Can you provide us with a full SOA to see where else we can help?

I hoppe I have helpd a bit x

HairyHandofDartmoor · 11 October 2006 at 10:44AM

Hi and welcome. I agree with the above. Post your soa for more detailed advice. In the meantime avoid the shops and chuck away the catalogues so you can't be tempted. I threw away my Next catalogue because it was too tempting and I couldn't avoid it cos it was in the house trying to lure me into buying all the lovely clothes. No one is strong enough to resist that kind of temptation! Not me anyway! Catalogues charge ridiculous interest so are the worst kind of debt.

I'm sure you will be able to get lots of help once you post you soa, although it would help if you oh's finances were included for an overall picture.

tyllwyd · 11 October 2006 at 10:54AM

My first priority would be to completely cancel the Next catalogue - I think it is scandalous the amount they charge you just to receive their catalogues, before you even start thinking about interest or delivery charges.

Mrs_Sparkle · 11 October 2006 at 11:00AM

Hi Alice and welcome! I used to be really bad at shopping from the net or catalogues. Now I stick all catalogues straight into the recycling crate and I come on MSE whenever I feel tempted to net-shop. Might be worth considering as I know it has helped me and I was a chronic shopaholic.

Good luck! C x

kevin_M · 11 October 2006 at 11:01AM

i agree with bluezone.. and hairy.. bin the catalogues

also apply for a 0% 12 or 18 month bal transfer card. transfer as much as you can onto that 1 card not forgetting to close the other 2 cards. this will give you 12 or 18 months where you are not paying intrest onto the card

alice82_2 · 11 October 2006 at 11:59AM

Oh dear.. you can tell I'm new at this, just spent half an hour typing out a reply and managed to delete it!

ok, right...
Thanks everyone for your answers, it's what I knew already but just needed someone neutral to say it to kick me up the bum!!

Ok.. start again from the beginning

I'm not doing my husbands side of this at the moment as his are pretty straight forward.. He has about 2k on a credit card interest free and the rest 8k is a loan we took out to pay for the house when we bought it last year.. deposit and legal fees...

My husband pays the mortgage and bills. He pays for the monthly shop but I actually do the shopping for it. I've gotten it down to about £200 for 2 adults 1 toddler and 5 cats. This includes a top up shop of around £10 a week for fresh food too. I use stardrops (love it!) and only use one washing tablet etc when doing washing so that saves quite a bit. I used to spend £100 a month on cleaning and washing alone so the 6 months I've been on here I've cut down a hell of a lot

Right, my SOA for my month....

Monthly Incomings:

My salary - £560
Benefits - £100 (child benifi £60 and £40 tax credits)

Total - £660

Monthly Outgoings:

Council Tax - £75
Top up shop - £40
Bus fare - £22

Total: £137

HSBC Loan - £1744.00 - 87.90 month
Overdraft HSBC - £600 is at £300
Freemans - £124.92 - interest free £6 month
Additions - £59.53 - pay £10 a month
Next - £364.88 - killer apr, about 30%? pay £50 a month atm
Verbadeut - £51.25 - usually pay off in full every month
Lxdirect - £169.96 - interest free 3 months pay £89 a month atm
24studio - £201.52 - killer apr, about 30%? pay £60 a month atm
Kayslifestyle - £96.33 - interest free over 52 weeks, but pay £40 a month
MBNA Card - £3,943.31 (£4000 limit)- interest free for 6 months, runs out December
Barclay Card - £3,255.66 (£4000 limit) - interest free for 6 months, runs out April

I don't know all the interest rates so sorry if this looks a mess!!!!

All about me!

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