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  • FIRST POST
    • MiMi66
    • By MiMi66 6th Feb 13, 11:42 AM
    • 174Posts
    • 528Thanks
    MiMi66
    oh my life...... Light Bulb moment.
    • #1
    • 6th Feb 13, 11:42 AM
    oh my life...... Light Bulb moment. 6th Feb 13 at 11:42 AM
    Well, I am posting for the first time and starting a new thread all in one - I joined yesterday and am I so hoping that doing this will help to keep me on track with facing and resolving my debt.

    I am ashamed and embarrassed - both at the debt and at how long it has taken me to face up to being in debt and deciding to address it - I'll have to say it quickly though £21620 - to credit cards.
    God, if I can press the post this button after typing that I shall be going some.

    I oculd come up with loads of reasons about why I am in debt - all valid and real - but it doesn't take away from the reality of having to pay it back. I am a single mother with two children, I work full time in a good job, and I have spent too much, way too much.

    Oddly the children and I don't live some high flying life, no racks of clothes and shoes from designer shops or anything like that - just years of spending over my budget on food, petrol and the big one, trips away. One of these trips was due to my father dying and I needed to go overseas to deal with arrangements suddenly, and took the children - all went on the cards.

    I have tumbled recently - poor health, which gave me time to reflect (or wake up you might think), panic (still), contemplate dark things and get very depressed - and now started antidepressants. They are just starting to work and lift my mood, and I want to try and get a plan into place to deal with my awful debt and take a new attitude to it.

    I have a mortgage, and good equity (though the bank said no to me borrowing against the house last week - that added to my spiral of mood) - House is worth about £200K and my mortgage is £114K. Also turned down for a loan from Sainsburys bank, which I wanted to consolidate my debts with. Instead I am left with credit cards totalling £21600 (I owed approx £22500 in December, but managed to pay off the Christmas mad spend, but living on thin air this month.)

    So - shall I write out my debt?

    Halifax - 6830 0% til Dec
    Natwest - 2419 0% til Sept
    M&S - 5730 0% til June and another at Nov
    MBNA - 6632 5.9% for life of balance
    Nationwide - 9 (yes only 9!)

    = 21620

    Tesco - approx 423 which will be paid off on my pay day - 27/02/13

    I've rung a financial adviser who was kind but had not ideas for me as my mortgage provider and Sainsburys turned me down flat. I also spoke with National Debt Line - who were very kind and also reassured me that as I have no 'prioirty debts' my house is safe.

    I have always paid everything on time - always met minimums plus a bit more, and have never had a DMP, CCJ or any formal action against me. Mortgage is paid and essential bills all on DD's.

    My Credit rating on Experien is all Green - just lots of it. I don't really understand why I haven't been ok'd for a loan to consolidate it all - but it leaves me with having to do that credit card shuffle thing (which I have been doing for years and screwed up completely by always adding more debt to it.)

    SO my resolution is to live to a budget.
    Pay off the debt - I think it is going to take me 7 years () - I aim to pay approx £350 a month (plus that Tesco bill next month - will be another very tight one, but I can't bear the idea of not doing it).
    Keep my job and sanity and work on my mood.
    Hug my kids and get them involved in saving money.
    Find ways to live and have fun that do not cost money.

    My ex husband may be about to reduce child maintainence and also my eldest will stop getting Child Benefit soon - that plus losing the Council Tax single person rebate as my daughter hits 18 - will add up to losing about 300 per month I think. I have to somehow adjust to that change as well as keep paying off the debt.

    Does anybody know what happens with Child Benefit with two children once one leaves full time education - How much does it reduce to?

    Gosh, I fel like I have been really self indulgent writing this all out, and I guess it doesn't make for very original reading, but I am so hoping that keeping this forum diary will help me stay on track, and I would welcome any ideas from anyone.

    Wish me luck!
Page 19
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 7th Nov 17, 9:28 PM
    • 1,900 Posts
    • 7,400 Thanks
    HairyHandofDartmoor
    Very good advice from Magpie Mimi. Hope things are going well
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £638/Emergency Fund 2 = £120
    • katiepoppycat
    • By katiepoppycat 10th Nov 17, 2:24 PM
    • 1,613 Posts
    • 1,596 Thanks
    katiepoppycat
    Looking forward to seeing that updated sig Mimi. hope the week has gone well for you. xx
    • Turtle
    • By Turtle 11th Nov 17, 4:24 PM
    • 938 Posts
    • 2,522 Thanks
    Turtle
    Hello MiMi, just finished reading through your whole thread and I have a couple of suggestions for you if you don't mind.

    I am a fan of leaping bunny products and can recommend Astonish household products - you can normally find these in the pound shop and the product sizes are often twice as big as you'd get from another brand, making the savings particularly good.

    For toiletries, Co-op as you've found, are leaping bunny, as are all Superdrug own brand products. I was amazed how much cheaper these are than 'brands' and other than the shampoo and conditioner which I didn't like, everything I've used has been great. They often do offers as well, making them even cheaper.

    Sainsbury's, Morrisons and M&S personal care products are all also leaping bunny, though not all their household products are.

    • Skinnylatte
    • By Skinnylatte 13th Nov 17, 9:23 AM
    • 1,100 Posts
    • 4,590 Thanks
    Skinnylatte
    Haha, the Aldi thing made me laugh, and reminded me of a friends comment recently. A group of us were driving out somewhere and she piped up ‘Oh is this an Audi?’, My friend replied ‘No it’s a Nissan why?’
    ‘Well it says Audi there look’
    ‘No, it says Audio’
    Supermarket brands all the way for me. I’ve worked in retail supply chain for many years. Own label products are regulated by a raft of food safety, environmental and socially responsible sourcing policies. Products at risk of GM will be registered with the Valid IT system, palm oil will be RSPO, produce will be on a residue testing plan, and those at highest risk will be positively released on test results. Products will be tested and factories will be audited. It’s not perfect, but it’s infinitely better than the unregulated and ‘unknown’. Oh and they’re cheaper than the big leading brands too.

    How do you like your Monzo card? I love mine
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • MiMi66
    • By MiMi66 18th Nov 17, 4:05 PM
    • 174 Posts
    • 528 Thanks
    MiMi66
    Ok all, so I just did a mini shop in coop and bought own brand washing powder (cardboard box - happy ego heart and a leaping bunny!), toothpaste....so on my mission to reduce the expenditure I am going OK, Christmas, birthdays and the uni visit trips have kicked the budget a bit but nothing that is not repairable. I am overall pleased with myself I think - their is the odd small spend that could have been done better and I have noted these things happen when I am tired. Stay away from CC when tired.....

    And I am coming up to making it 52 payments to go very soon! 8 days :-) London tomorrow for a followup appointment on Monday morning - but have the cheap bus tickets (6 hours on the bus) and will try to keep it all restrained a bit in London.

    Now for my sad news and just to say this is why I have not been posting recently.

    I have had a followup MRI for my surgery in the spring - and the masses have returned. This is not good news at all as with each recurrence the risks go higher for it to mutate into a sarcoma. It's a very rare condition I have so I am already in a tiny number of people who have it, and then now an even tinier number who go onto have recurrences. Now my efforts have got to be in not joining the tiniest number who go onto have it turn into an invasive bone sarcoma as it is a nasty one which metastasises. Also sadly my surgeon is retiring so I will have to go with a new chap - he is unlikely to have seen my condition before because it is a rare beast, but lets hope he is good with a knife.

    So operation number 3 yet to be determined when - I have to have some more investigations first. It's odd as my leg as been aching and I pout it down to going back to work and the amount of driving I have done, sadly not though. I did have a sneaking suspicion I have to say. And as for Cambodia and Thailand....sigh..... if the pain keeps increasing, if I haven't had the surgery,it would make the trip difficult. And if I do have the surgery my leg may not be healed well enough for such a strenuous trip. I've emailed my consultants team to ask t heir opinion.

    If I cancel the trip I lose the deposit of £200 and also half the flight. I might be able to postpone the tour I am on and protect my deposit, but I don't think my flight is a flexible one, but I will ring them and find out a bit more. The flight was £551, so in the scheme of things if I get half back that would be good.

    So - I bought a necklace..... last years birthday money form my mum topped up a bit by me.....I am staying away from the Emma Bridgewater catalogue.....

    Life hey....

    Other things, Job still not secure (what are they doing in HR!) and my manager would like me to apply for my PhD....nice, a bit stressful mind.... going back to work has largely been good but I have had a few tense moments with a member of staff who is known to be tricky. Leg lumps now have put that into proportion well and truly. I do love my job but it is a monster of a role. Oh and I did a talk to an audicne of 120 at an event last week which went really well - serious stuff but I got them engaged and a bit of a laugh (me??) at points :-)

    Oh and today I took my first dose of antidepressant again - as you can imagine there is only so much one person can cope with and I have hit my tolerance level this week with the leg lump news. Sleep very poor and low low low....

    Things to consider.

    Australia to see my brother - next autumn - was important - now very important. Even if leg lumps come and go and never mutate, it is enough of a wake up call to me that life is tool short and health is the most important thing.
    My lovely children who are great and pragmatic and never let me get to self obsessed.
    And sorting out that blasted debt! Getting there - I am still determined.

    Hanging threads to hold onto yet again.
    MiMi66 01/10/17 NWCC: £4840/£4974; NW loan: £9400 /£10097 - 3.4%; M&S:£5902 /£6502; VIRGIN: £6885 / £7096; Halifax: £9125 /£9485;
    =
    £36152 / £38154 Amount pd off cc £2005
    DFD 01/04/2022 53/55 payments to go!
    Mtgage1 - £75102/ £107K
    Mtgage2 - £12900/ £19K Overall M'gage £88002
    Overall Mortgage and debt - £124154/(£127451 30/08/17)
    • MiMi66
    • By MiMi66 18th Nov 17, 4:12 PM
    • 174 Posts
    • 528 Thanks
    MiMi66
    Haha, the Aldi thing made me laugh, and reminded me of a friends comment recently. A group of us were driving out somewhere and she piped up ‘Oh is this an Audi?’, My friend replied ‘No it’s a Nissan why?’
    ‘Well it says Audi there look’
    ‘No, it says Audio’
    Supermarket brands all the way for me. I’ve worked in retail supply chain for many years. Own label products are regulated by a raft of food safety, environmental and socially responsible sourcing policies. Products at risk of GM will be registered with the Valid IT system, palm oil will be RSPO, produce will be on a residue testing plan, and those at highest risk will be positively released on test results. Products will be tested and factories will be audited. It’s not perfect, but it’s infinitely better than the unregulated and ‘unknown’. Oh and they’re cheaper than the big leading brands too.

    How do you like your Monzo card? I love mine
    Originally posted by Skinnylatte

    I love my Monzo card and am about to top it up! It has helped with grocery control. (like pest control!)
    I love the information you've posted, that is very reassuring. Palm oil is a blasted office whether it be unregulated or RSPO, we need either to either cut it out or find a truly non ecologically damaging alternative (look here comes my soap-box!). really grateful for your sharing your view though, and it does inspire confidence. I bought own brand coop dish liquid too yesterday. It really is about a third of the price of what I was buying.
    Thanks to everyone who advocated own brand and co-op.
    MiMi66 01/10/17 NWCC: £4840/£4974; NW loan: £9400 /£10097 - 3.4%; M&S:£5902 /£6502; VIRGIN: £6885 / £7096; Halifax: £9125 /£9485;
    =
    £36152 / £38154 Amount pd off cc £2005
    DFD 01/04/2022 53/55 payments to go!
    Mtgage1 - £75102/ £107K
    Mtgage2 - £12900/ £19K Overall M'gage £88002
    Overall Mortgage and debt - £124154/(£127451 30/08/17)
    • Magpie100
    • By Magpie100 19th Nov 17, 11:40 AM
    • 71 Posts
    • 181 Thanks
    Magpie100
    'Getting there - I am still determined' - well done, MiMi, I was glad to read this at the end of your post. I'm so sorry about your health news - it sounds very stressful. Good decision to get antidepressants sorted - you are right that there is only so much you can cope with. But 'determined' is definitely the right mindset. And good to see that you have mostly been keeping the spending under control despite the trials being thrown at you at the moment. You should be proud of yourself - your posts sound as if you have stabilised the money situation which is brilliant.

    Glad you like the Monzo card - I find it very helpful because everything happens in real time on it, so it stops me 'forgetting' about bits and pieces I have spent.

    Re Australia - do you have a figure in mind that you would need for it? I think the cost of the flights is covered already somehow (or did I dream that?). I wonder if putting together a realistic costing and then sharing it might mean people here can give you ideas on getting the cost down further or setting some challenges re saving. Perhaps time to do an updated SOA once payment 52 appears on the horizon? I don't disagree that it is important that you go, but I think you need to do it in as financially a considered way as possible.

    I'm having wins and losses all over the place with money - I forgot my season ticket one day so had to spend £30 on a ticket, ordered £60 worth of clothes online and then sent them all back and bought a bra from TKMaxx that was the wrong size. So I have a lot of ££ to come back to me from refunds and reclaims, which means I am refusing to look at my bank account and sticking my fingers in my ears. Ridiculous and it needs to stop. I just want to look at it when everything is credited back and settled down, though!

    Good luck with the appointment and London trip. Let us know what happens and what the ££ damage has been.
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 19th Nov 17, 2:51 PM
    • 1,900 Posts
    • 7,400 Thanks
    HairyHandofDartmoor
    I'm sorry to hear your health news Mimi, that must be very worrying for you. I hope it doesn't turn out to be too serious.

    I agree that's it's a good idea to start taking the anti depressants as you have a lot to cope with at the moment.

    Well done for trying Coop products, that will really help you to cut costs .
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £638/Emergency Fund 2 = £120
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