Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • MiMi66
    • By MiMi66 6th Feb 13, 11:42 AM
    • 181Posts
    • 548Thanks
    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 20
    • MiMi66
    • By MiMi66 7th Feb 18, 12:07 AM
    • 181 Posts
    • 548 Thanks
    Hi Magpie and Hairy Hands

    So sorry to have not posted, I have been in an hole and felt very low most of January and so far this month but have turned a corner. What a stressful thing life is and it seems to get to much for me routinely. However, this time has certainly had something to do with being a woman of a certain age - how powerful blasted hormones are!!

    So money and debt. Arhhh. I am plodding in the right direction. Bit of a blow this month as all the hours of overtime I did in December never got paid so I am battling with payroll to pay it before the next monthly pay date as I need it for the trip (I am going, hormones almost made me cancel it and I would have got absolutely nothing back, so I am glad to have not done that) - I got very cold feet, anxious and panicky about going alone but have pushed through that and now think it will be very good for me. I think my health is such that if I do not do these things now I might not be in great shape later on which would prevent it.
    Debt is getting me down. I do congratulate myself on sticking to my plan, but gosh it is hard. I have almost certainly decided to sell my house and rent in the summer, move closer to work as the travel I do is really wearing me down. And I would pay the debt off. Rent 6-12 months and then buy something small. I will be pleased if I can get my debt below £30000 before I sell as I will feel I have achieved addressing my spending habits, at least to a point where I will have repaid around 25% of my debt. Psychologically that means something I think.

    Cost of living is a pain in the proverbial. Every which way we turn. But I am cutting back often and even now I can see more places I can trim. It is just such a drain at times and I long to not be thinking of credit card balances.

    I will get back to posting more regularly now I am feeling a bit better. I spent January in a state of catastrophe! Ridiculous really, measured steady steps and I think I have proven I can do the self DMP so far.

    Things to be grateful for:
    Job that gives me enough income to by and large make ends meet.
    The love of friends and my children who have got me through this recent tough time.
    HRT!! :-)

    Hope everyone faring ok and getting through these blasted dreary months of the year x
    Last edited by MiMi66; 07-02-2018 at 12:13 AM.
    MiMi66 01/10/17 NWCC: £4681/£4974; NW loan: £8952/£10097 - 3.4%; M&S:£5502 /£6502; VIRGIN: £6745 / £7096; Halifax: £8885 /£9485;
    £34765 / £38154 Amount pd off cc £3389
    DFD 01/04/2022 50/55 payments to go!
    Mtgage1 - £74347/ £107K
    Mtgage2 - £12780/ £19K Overall M'gage £87127
    Overall Mortgage and debt - £121892/(£127451 30/08/17)
    • Erickem
    • By Erickem 7th Feb 18, 4:19 AM
    • 3 Posts
    • 4 Thanks
    Just wanted to say hello, wish you good luck and good health and say that I'll be subscribing...
    • MiMi66
    • By MiMi66 7th Feb 18, 5:40 AM
    • 181 Posts
    • 548 Thanks
    Just wanted to say hello, wish you good luck and good health and say that I'll be subscribing...
    Originally posted by Erickem
    Thanks Erickem! Nice to know people read my small offerings. Always happy to have ideas of money saving as well.
    And wide awake at 4.20 this morning. Just not on!!
    MiMi66 01/10/17 NWCC: £4681/£4974; NW loan: £8952/£10097 - 3.4%; M&S:£5502 /£6502; VIRGIN: £6745 / £7096; Halifax: £8885 /£9485;
    £34765 / £38154 Amount pd off cc £3389
    DFD 01/04/2022 50/55 payments to go!
    Mtgage1 - £74347/ £107K
    Mtgage2 - £12780/ £19K Overall M'gage £87127
    Overall Mortgage and debt - £121892/(£127451 30/08/17)
    • Magpie100
    • By Magpie100 8th Feb 18, 5:13 PM
    • 85 Posts
    • 197 Thanks
    Hi MiMi,

    Good to hear from you! Sorry January has been so tough. I found it awful, too. Am day-by-day feeling a bit better and desperate for Spring now. I've really had enough of the cold, dark mornings.

    You've survived the worst of winter now though, so hoping your renewed determination will keep you straight. Annoying about the overtime but presumably you WILL get it at some point very soon?

    Positives: You have stuck to your self-DMP even though it has been hard. This is absolutely crucial if you are going to take a big step like selling your house. I know it is draining thinking about credit cards and money every single minute of every single day, but I think it is a process you HAVE to go through to confront your spending habits and change them. Are you finding some things becoming easier?

    When is the trip? And what is your budget for it (nosy, I know, but it might help focus you to have it all written down here). And is it worth doing a new SOA for the new year so we can see what's what? I am such a taskmaster!

    There are crocuses in my garden and next will be the snowdrops. In a month things will feel very different, and so will you. xx
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,664Posts Today

9,717Users online

Martin's Twitter