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  • FIRST POST
    • Russell421
    • By Russell421 5th Dec 16, 11:06 AM
    • 17Posts
    • 19Thanks
    Russell421
    Lbm has come at last
    • #1
    • 5th Dec 16, 11:06 AM
    Lbm has come at last 5th Dec 16 at 11:06 AM
    After what seems a lifetime with debt the edge of the cliff is here no running away got to face up to this once and for all .Deep breath get ready to jump in hope one day to be debt free as this demon as lived with us too long it's going to be a long hard road .
Page 2
    • Russell421
    • By Russell421 22nd Dec 16, 9:06 PM
    • 17 Posts
    • 19 Thanks
    Russell421
    Dmp dithers
    Hi I'm still here I have got a plan sort of outlined in my head I have got £1000 in a account nothing connected to my debts and £650 in my savings account that is .Just did a rough calculation while walking the dog it sounds crazy but I can think better when I'm on my own .We and my OH are approximately £31500 in debt my OH works i don't because of illness when I did debts were manageble now they are only just with nothing get to spare .OH makes £915 to £1000 per mounth I get £700 approx per month also my daughter lives with us and pays £600 that covers the rent our debt Repayments are £860 aproxx witch doesn't give us much wiggle room .The question is does a dmp look a good option .
    • Russell421
    • By Russell421 22nd Dec 16, 9:12 PM
    • 17 Posts
    • 19 Thanks
    Russell421
    I think I have duplicated this post sorry I'm over 50 lol
    • Russell421
    • By Russell421 23rd Dec 16, 10:53 PM
    • 17 Posts
    • 19 Thanks
    Russell421
    That a great proverb thank you
    • Pixie5740
    • By Pixie5740 24th Dec 16, 9:14 AM
    • 11,202 Posts
    • 15,655 Thanks
    Pixie5740
    Without a SOA it's difficult to say whether a DMP would be a good option for you. My gut feeling is that given your income to debt ratio a DMP would take many years if not decades. So bankruptcy or possibly even a DRO depending on how the debt is split between you and your OH could be better options but without seeing a SOA it's just a guess.

    If you don't want to post a SOA then contact National Debtline and discuss your options with them. Alternatively Step Change have a debt remedy tool on their website which you can use.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Russell421
    • By Russell421 28th Dec 16, 9:03 PM
    • 17 Posts
    • 19 Thanks
    Russell421
    Dmp dithers
    I have done the stepchange debt remedy and they just said I should contact them they have several solutions we could take .Trying to get OH on board with this and I think she is in agreement but just leaves it up to me like we always have done .Bankruptcy is out of the question as we are renters and that would make it very difficult to get a place I don't care if a DMP lasts Years It would be still better for us and everything would be paid back .
    • Russell421
    • By Russell421 28th Dec 16, 9:09 PM
    • 17 Posts
    • 19 Thanks
    Russell421
    I will post a SOA in due course just need to sit down and do it .I have seen posts on here where people have much bigger debts than ours and have took the plunge but I'm sure they all felt like I do scared to and scared not to in equal measure.
    • Russell421
    • By Russell421 28th Dec 16, 10:02 PM
    • 17 Posts
    • 19 Thanks
    Russell421
    Just won £40 on a scratch card life's good can mabey go our new years eve .debts can wait until 2017 they will be tackled ��
    • MrsTinks
    • By MrsTinks 28th Dec 16, 10:06 PM
    • 14,994 Posts
    • 23,030 Thanks
    MrsTinks
    Just won £40 on a scratch card life's good can mabey go our new years eve .debts can wait until 2017 they will be tackled ��
    Originally posted by Russell421
    If you're struggling so much with debt then you need to stop buying scratch cards and you need to stop saying "next week"...

    Whether you spend the £40 on your New Years celebrations or not is down to you, but you need to sit down and decide if you really really have had your LBM...

    You keep putting it off (I get you're worried) but putting it off won't help... and deciding to ignore it to party in a few days time isn't going to help either... because then there is something else like a birthday so it will have to wait, then you'll wait and see if you get a payrise or other windfall etc etc

    Do your SOA now so you're ready to face 2017 and stop buying scratch cards
    DFW Nerd #025
    DFW no more! Officially debt free 2017 - now joining the MFW's!

    My DFW Diary - blah- mildly funny stuff about my journey
    • Russell421
    • By Russell421 28th Dec 16, 10:14 PM
    • 17 Posts
    • 19 Thanks
    Russell421
    Mr & Mrs
    Thanks for your reply pixie
    Me and oh have been wed for 34 Years and when we said for richer or poorer we ment it all those years I earned three times her amount but it made no difference all went into the same pot now she earns more than me same applies so the debt will also it's our debt and we will pay it off together for richer or poorer from this day forward if my memory serves me well .
    • Pixie5740
    • By Pixie5740 28th Dec 16, 10:20 PM
    • 11,202 Posts
    • 15,655 Thanks
    Pixie5740
    Thanks for your reply pixie
    Me and oh have been wed for 34 Years and when we said for richer or poorer we ment it all those years I earned three times her amount but it made no difference all went into the same pot now she earns more than me same applies so the debt will also it's our debt and we will pay it off together for richer or poorer from this day forward if my memory serves me well .
    Originally posted by Russell421
    What are you gibbering on about and why are you spending money you haven't got on scratchcards?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Russell421
    • By Russell421 29th Dec 16, 10:30 AM
    • 17 Posts
    • 19 Thanks
    Russell421
    Scratchcards
    Sorry for gibbering on pixie I am not taking this whole situation very seriously but every now and then I'll buy a card or two and win on them quite often or I wouldn't buy them but that's about it I'm not a gambler but every now and then it's just a moment when a bit of a win cheers me up .Winning £40 did just that I won't be going out on new years I just said it and is said life's good was a joke to my self because Its not .We haven't spent a penny on credit cards this Christmas it's been done on money we have sorry if I annoyed you
    • Russell421
    • By Russell421 29th Dec 16, 10:33 AM
    • 17 Posts
    • 19 Thanks
    Russell421
    Scratchcards
    Sorry for gibbering on pixie I am taking this whole situation very seriously but every now and then I'll buy a card or two and win on them quite often or I wouldn't buy them but that's about it I'm not a gambler but every now and then it's just a moment when a bit of a win cheers me up .Winning £40 did just that I won't be going out on new years I just said it and is said life's good was a joke to my self because Its not .We haven't spent a penny on credit cards this Christmas it's been done on money we have sorry if I annoyed you
    • Pixie5740
    • By Pixie5740 29th Dec 16, 10:38 AM
    • 11,202 Posts
    • 15,655 Thanks
    Pixie5740
    I'm not annoyed just confused as to why you started going on about your wedding vows. No one suggested that you shouldn't tackle your debt problems with your OH. If anything it makes it much easier to tackle debt when everyone is on-board.

    As for the scratch cards that's up to you. You say you've had your LBM yet you still seem keen to keep putting off dealing with your debts.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • curlytop12
    • By curlytop12 29th Dec 16, 11:03 AM
    • 1,084 Posts
    • 1,168 Thanks
    curlytop12
    Lbm
    Hi There,


    My LBM came a few years back. It was scary, I'd putoff dealing with my debts for a long while, but then it just clicked-the lightbulb came on-and I just got down to it.


    So, if you've had yours-JUST DO IT! It seems odd to say you have had it, than do nothing..


    do your SOA, get it up here.
    tell your family what you are doing
    stop buying scratch cards for goodness sakes-you are fooling yourself
    cancel/reduce directs debits/standing orders
    start meal planning
    sell stuff
    get better APRs if possible
    switch bank accounts -get the rewards


    I think it must be hard not working, think it would give you such a boost to be focussed on something.


    Does the daughter work? could you provide child care then she could contribute more?


    Good Luck, there's always someone around to "talk" to here, if you are going to tackle this.
    • sourcrates
    • By sourcrates 29th Dec 16, 11:10 AM
    • 12,733 Posts
    • 12,068 Thanks
    sourcrates
    In the time since your first post, you could of had a debt relief order approved, be about to make your first DMP or IVA payment, or been approved for Bankruptcy.

    However, in reality, we are no further ahead, we have yet to see an SOA to see which of the above may or may not apply to you.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Russell421
    • By Russell421 13th Jul 17, 9:00 AM
    • 17 Posts
    • 19 Thanks
    Russell421
    Hi everybody
    It has been a while since I posted anything but in that time a lot has changed .A lot of my debts have been repaid and I am now on a lot better financial footing .I will post more later .
    • vaper
    • By vaper 13th Jul 17, 10:11 AM
    • 100 Posts
    • 86 Thanks
    vaper
    Hi everybody
    It has been a while since I posted anything but in that time a lot has changed .A lot of my debts have been repaid and I am now on a lot better financial footing .I will post more later .
    Originally posted by Russell421
    I take it you picked he right scratch card then?
    • Russell421
    • By Russell421 6th Nov 17, 9:49 PM
    • 17 Posts
    • 19 Thanks
    Russell421
    Update
    Hi everyone
    After what had been a pretty horrible year one way or another I finally got round to addressing our dire financial situation and although my debts are not fully paid they are certainly being managed.I have gone from paying well over £800 a month to a manageable £200 and with a debt free day of 2022 or sooner a lot sooner if we can.We don't have lots of money to spare but at least we are not skint either every month.Some months we have to struggle to get over the line but after many years we are saving a bit up .And no we didn't win on a scratch card but just watched and learned from others on this site .We were in the fortunate position to have some pensions savings and released the funds early we had to take a hit because of getting the money before 60 but it was worth it we are not out of the woods yet but can see at least a light from the darkness before .Thank you everybody for your thoughts and comments.
    • Angela84
    • By Angela84 7th Nov 17, 2:56 AM
    • 392 Posts
    • 972 Thanks
    Angela84
    Pleased to hear you’re doing better Russell. Good luck and keep going!
    LBM January 2017 £9850 debts /// Nov 2017 £4284 paid £5566 to go (42%) DFD June 18

    Natwest C/C £250 Rbs O/D £1250 NatWest O/D £1600
    Barclaycard C/C £2050 £1200 Lloyds C/C £4750 £4366

    Been in debt for 15yrs, trying to become debt free in 15 months
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