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  • FIRST POST
    • GambledLife
    • By GambledLife 6th Dec 17, 9:43 PM
    • 43Posts
    • 3Thanks
    GambledLife
    Ruined my life with gambeling and need advice
    • #1
    • 6th Dec 17, 9:43 PM
    Ruined my life with gambeling and need advice 6th Dec 17 at 9:43 PM
    Hello I need some advice as I don't know what to do, I have massive gambling debts of £36543.02 spread out across multiple credit cards and overdraft. the vast majority has been accrued in the past two months.

    Current wage: 38460
    After tax £2205

    I have spent the last few days putting together a spreadsheet of everything I owe as well as incomings and outgoings as close as I can get including a buffer of 200 a month spend (socialising fund /encase I need new shoes or shirt for work or if the shopping / gas or elec is higher then normal) the image below shows all of the money I owe and as you can see as of this moment 4150 of my debt is in an overdraft of which I have recently been told by a friend a back can reduce / suspend at any time (I did Not know this).


    I have tried to lay out a plan over the next two years to clear my debt but as you can see I will still be in my overdraft until the end of May / June if anything unforeseen occurs and my 200 fund cant corer it, there is no way around that (I will not be approved for loans or credit cards to cover the overdrafts 4k capacity, and what's worse is I will need the overdraft to at least have an available limit of the below as of the date listed to pay minimum payments and living expenses and just encase fund:


    Overdraft amount: 4000
    Overdraft amount need / until date:
    3500 - 26th jan
    3000 - 26th feb
    2500 - 26th mar
    2000 - 26th apr
    1500 - 26th may
    1000 - 26th jun
    500 - 26th jul


    Is it likely Halifax will force a reduce on my overdraft before may/ june?
    - its not interest free so I am paying for it 1p for every £7 used per day in negative.


    If so is it likely they will reduce it by more then the value need each month (listed above)?
    - is there anything I can do to stop them?


    What happens if they reduce it on by more then I need to cover living expenses and minimum payments?


    Should I let the bank know I still need the overdraft until this date?
    - I'm worried if I do this it will let them no my financial difficulty's and they will reduce it then and there


    Any advice would be greatly appreciated.


    The spreadsheet I have been working on is below in pipe separated .csv format as I cant insert an image or link yet.

    To view this file you will unfortunately need to copy all text below and paste it into a note pad tool, save this as {filename}.csv you will then be able to open this in a tool like excel, sorry for any inconvenience I am currently in the process of creating the SOA format the forum is use to.

    Date (26th of the mounth)|Bonus Payment|Wages after tax|expences|christmass gifts cost|Current account ON payday|Current account on 26th of mounth (Halifax)|capital one credit card debt inc intrest after payment|capital one credit card payment (min payment £100)|Tesco credit card debt inc intrest after payment|Tesco credit card payment (min payment £150)|Lloyds credit card debt (0% intrest 36 months)|Lloyds credit card payment (min payment currently unknown guessing based on other cards)|halifax credit card debt (0% intrest 35 months)|Halifax credit card (min payment £80)|Virgin credit card debt|Virgin credit card payment (min payment currently unknown guessing based on other cards)|Barclays credit card debt (0% intrest 35 months)|Barclays credit card payment (min payment £200)|credit card debt as of mounth|What was the total mount Payed on credit cards (per month)
    December|||150|||-4000|"-£2,210.00"||"-£6,179.38"||"-£3,090.00"||"-£5,275.45"||"-£5,400.70"||"-£10,237.49"||"-£32,393.02"|
    January|500|2705|765||-795|-3070|"-£2,164.81"|100|"-£6,106.06"|200|"-£2,950.00"|140|"-£5,195.45"|80|"-£5,260.70"|140|"-£10,037.49"|200|"-£31,714.51"|860
    February||2205|665||-185|-2390|"-£2,118.50"|100|"-£6,031.23"|200|"-£2,810.00"|140|"-£5,115.45"|80|"-£5,120.70"|140|"-£9,837.49"|200|"-£31,033.37"|860
    March||2205|665||-185|-1710|"-£2,071.03"|100|"-£5,954.87"|200|"-£2,670.00"|140|"-£5,035.45"|80|"-£4,980.70"|140|"-£9,637.49"|200|"-£30,349.55"|860
    April||2205|665||495|-1030|"-£2,022.40"|100|"-£5,876.95"|200|"-£2,530.00"|140|"-£4,955.45"|80|"-£4,840.70"|140|"-£9,437.49"|200|"-£29,662.98"|860
    May||2205|665||1175|-350|"-£1,972.55"|100|"-£5,797.42"|200|"-£2,390.00"|140|"-£4,875.45"|80|"-£4,700.70"|140|"-£9,237.49"|200|"-£28,973.61"|860
    June||2205|665||1855|130|"-£1,721.47"|300|"-£5,716.27"|200|"-£2,250.00"|140|"-£4,795.45"|80|"-£4,560.70"|140|"-£9,037.49"|200|"-£28,081.38"|1060
    July||2205|665||2335|410|"-£1,264.16"|500|"-£5,633.45"|200|"-£2,110.00"|140|"-£4,715.45"|80|"-£4,420.70"|140|"-£8,837.49"|200|"-£26,981.26"|1260
    August||2205|665||2615|690|-£795.51|500|"-£5,548.94"|200|"-£1,970.00"|140|"-£4,635.45"|80|"-£4,280.70"|140|"-£8,637.49"|200|"-£25,868.09"|1260
    September||2205|665||2895|654.76|£0.00|815.24|"-£5,462.69"|200|"-£1,830.00"|140|"-£4,555.45"|80|"-£4,140.70"|140|"-£8,437.49"|200|"-£24,426.34"|1575.24
    October||2205|665||2859.76|734.76|£0.00|0|"-£4,674.68"|900|"-£1,690.00"|140|"-£4,475.45"|80|"-£4,000.70"|140|"-£8,237.49"|200|"-£23,078.32"|1460
    November||2205|665||2939.76|714.76|£0.00|0|"-£3,770.51"|1000|"-£1,550.00"|140|"-£4,395.45"|80|"-£3,860.70"|140|"-£8,037.49"|200|"-£21,614.15"|1560
    December||2205|665|250|2919.76|444.76|£0.00|0|"-£2,847.81"|1000|"-£1,410.00"|140|"-£4,315.45"|80|"-£3,720.70"|140|"-£7,837.49"|200|"-£20,131.45"|1560
    January|1000|3205|665||4649.76|424.76|£0.00|0|-£906.19|2000|"-£1,270.00"|140|"-£4,235.45"|80|"-£3,580.70"|140|"-£7,637.49"|200|"-£17,629.83"|2560
    February||2205|665||2629.76|320|£0.00|0|£0.00|924. 76|-£970.00|300|"-£4,155.45"|80|"-£3,440.70"|140|"-£7,437.49"|200|"-£16,003.64"|1644.76
    March||2205|665||2525|580|£0.00|0|£0.00|0|-£110.00|860|"-£4,075.45"|80|"-£3,300.70"|140|"-£7,237.49"|200|"-£14,723.64"|1280
    April||2205|665||2785|870|£0.00|0|£0.00|0|£0.00|11 0|"-£3,575.45"|500|"-£3,160.70"|140|"-£6,737.49"|500|"-£13,473.64"|1250
    May||2205|665||3075|1070|£0.00|0|£0.00|0|£0.00|0|"-£2,575.45"|1000|"-£3,020.70"|140|"-£6,537.49"|200|"-£12,133.64"|1340
    June||2205|665||3275|910|£0.00|0|£0.00|0|£0.00|0|"-£1,575.45"|1000|"-£2,520.70"|500|"-£6,337.49"|200|"-£10,433.64"|1700
    July||2205|665||3115|750|£0.00|0|£0.00|0|£0.00|0|-£575.45|1000|"-£2,020.70"|500|"-£6,137.49"|200|"-£8,733.64"|1700
    August||2205|665||2955|914.55|£0.00|0|£0.00|0|£0.0 0|0|£0.00|575.45|"-£1,520.70"|500|"-£5,837.49"|300|"-£7,358.19"|1375.45
    September||2205|665||3119.55|954.55|£0.00|0|£0.00| 0|£0.00|0|£0.00|0|"-£1,020.70"|500|"-£4,837.49"|1000|"-£5,858.19"|1500
    October||2205|665||3159.55|994.55|£0.00|0|£0.00|0| £0.00|0|£0.00|0|-£520.70|500|"-£3,837.49"|1000|"-£4,358.19"|1500
    November||2205|665||3199.55|1013.85|£0.00|0|£0.00| 0|£0.00|0|£0.00|0|£0.00|520.7|"-£2,837.49"|1000|"-£2,837.49"|1520.7
    December||2205|665|250|3218.85|1103.85|£0.00|0|£0. 00|0|£0.00|0|£0.00|0|£0.00|0|"-£1,637.49"|1200|"-£1,637.49"|1200
    January|1500|3705|665||6308.85|2506.36|£0.00|0|£0. 00|0|£0.00|0|£0.00|0|£0.00|0|£0.00|1637.49|£0.00|1 637.49
    Last edited by GambledLife; 06-12-2017 at 10:24 PM. Reason: table didnt view correctly
Page 2
  • National Debtline
    Glad to hear you're on the ball with the new bank account, that's great.


    I wouldn't pre-judge the meeting too much. By all means take your spread sheet along but you might also find it useful to convert it into a simpler format like these ones:


    http://www.stoozing.com/calculator/soa.php


    https://tools.nationaldebtline.org/yourbudget/


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • enthusiasticsaver
    • By enthusiasticsaver 7th Dec 17, 3:14 PM
    • 4,844 Posts
    • 9,147 Thanks
    enthusiasticsaver
    Incidentally the 8th is tomorrow not Saturday. You do not need to tell Halifax anything regarding moving your salary but taking along an soa will help. Ask if they can reduce the overdraft charges in the meantime to give you time to reduce it. That seems an awful coincidence that they arrange a meeting in the next few days without any warning. Have you had any correspondence from them or unusual activity on your bank account?
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • wrigglepig
    • By wrigglepig 7th Dec 17, 3:19 PM
    • 6 Posts
    • 10 Thanks
    wrigglepig
    Hi,


    I've had a look at your figures in Excel - It's a good repayment plan and your decent income puts you in a positive position.


    A couple of questions/considerations:


    - Expenses column, is this work related expenses or is this all 'outgoings'? If the latter it looks quite modest at £665/month to cover everything, itemise this within an SOA
    - Bonus payments - these increase by £500 each Jan, is this contractual? Are you guaranteed these sums?
    - Credit cards, I note the Cap One/Virgin/Tesco aren't on 0% - prioritise these debts, readjust your payment allocations to pile in to the highest APR if you haven't already.


    Don't worry about the meeting with Halifax, people on here will help you through this, follow the advice around recovery from your addiction.


    Best of luck
    • enthusiasticsaver
    • By enthusiasticsaver 7th Dec 17, 3:23 PM
    • 4,844 Posts
    • 9,147 Thanks
    enthusiasticsaver
    The soa is broken down further than your spreadsheet so it shows your individual spending on food, travel etc etc which you will need anyway if you plan on going on a DMP. You will also need details of interest rates on your credit cards and when the deals expire if any are on 0%
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • enthusiasticsaver
    • By enthusiasticsaver 7th Dec 17, 3:58 PM
    • 4,844 Posts
    • 9,147 Thanks
    enthusiasticsaver
    The plan you have above to clear the overdraft does not take into account the possible £170+!!! monthly overdraft charges under Halifax's new charging structure from last month. When you see them they have in some cases reduced the charges on a discretionary basis so I would ask if they will do that to start with. If they won't reduce the charges then a DMP may be your only option unless they agree to a structured payment term over say 8 months to take the fees into account.
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • GambledLife
    • By GambledLife 8th Dec 17, 1:40 PM
    • 43 Posts
    • 3 Thanks
    GambledLife
    After some time of really thinking what my current outgoings are and looking at the values the debt charity's suggest for things like shopping travel clothing ect.. and reducing them a bit as they were quite large.


    I have come up with a list of my outgoings per month (Which I think I could stick to).

    Bills...............Total
    rent...............280 (paid 250 a every 4 weeks so 280 a month should cover the year)
    ctax...............45
    phone...............35
    gas...............20
    ele...............20
    water...............12
    Tv licence...............13
    shop...............120
    Clothing, Travel as some times need to get cabs / busses to work (don't drive), haircuts, additional (buffer) / entertainment ...............200 (what do people usury spend on this?)
    Internet...............30
    Tv stream...............10


    Total...............785


    Total card payments (min that need to be paid) ............... 800




    Halifax being my most urgent debt as they want to meet me and its an overdraft with massive interest rates I'm hoping they will except the below payment plan: (Amount owed £3800.00)


    26th of month to 25th of month....Amount Paid....Amount left including interest
    December - January.....£550.00.....-£3,250.00
    January - February.....£550.00.....-£2,843.93
    February - March.....£550.00.....-£2,419.87
    March - April.....£550.00.....-£1,977.04
    April - May.....£550.00.....-£1,514.59
    May - June.....£550.00.....-£1,031.67
    June - July.....£550.00.....-£527.36
    July - August.....£550.71.....£0.00


    I would potentially also be able to pay an additional 500 on December 27th but I don't know what the bonus is yet (if any).


    Does anyone have any experience dealing with Halifax? do you think they will except the plan I'm offering?


    More questions .....


    Also once of my credit cards payments was late by 2 days in in November (Halifax 0% card).


    Payment due date was 6th November
    I paid on the 8th of November
    Late payment added to account on the 8th November (fine I was late as the payment didn't go through)


    Next Statement date was 12th November.
    The Statement Min payment included the late payment fee which I have paid but there was no interest listed, I'm hoping this is correct and I haven't lost the 0% interest rate.


    If I had shouldn't there have been interest on the bill as well?




    Thanks for any help
    Last edited by GambledLife; 08-12-2017 at 5:56 PM.
    • stevenhp1987
    • By stevenhp1987 8th Dec 17, 2:07 PM
    • 437 Posts
    • 374 Thanks
    stevenhp1987
    You have £2,205 pm after tax and spend around £785pm leaving £1,420pm to put towards your creditors? Even more if you cut down on your phone, broadband package and entertainment.

    You say £800 min, who are the payments due to, what amounts and what % apr?
    • GambledLife
    • By GambledLife 8th Dec 17, 2:43 PM
    • 43 Posts
    • 3 Thanks
    GambledLife
    You have £2,205 pm after tax and spend around £785pm leaving £1,420pm to put towards your creditors? Even more if you cut down on your phone, broadband package and entertainment.

    You say £800 min, who are the payments due to, what amounts and what % apr?
    Originally posted by stevenhp1987

    Phone and int I cant change as its a new contract but its relatively low and needed for work, the £200 for entertainment isn't just that its also getting to my job, Clothes, etc I thought this was low as £200


    capital one credit card debt inc interest after payment (interest per month 2.48).....-£2,210.00
    capital one credit card payment (min payment £80).....80


    Tesco credit card debt inc intrest after payment (intrest per nonth 2.05%).....-£6,106.06
    Tesco credit card payment (min payment £200).....200


    Lloyds credit card debt (0% interest 36 months).....-£3,090.00
    Lloyds credit card payment (min payment currently unknown guessing based on other cards).....140


    halifax credit card debt (0% intrest 35 months).....-£5,275.45
    Halifax credit card (min payment £80).....80


    Virgin credit card debt (0% intrest 36 months).....£5,400.70
    Virgin credit card payment (min payment).....57


    Barclays credit card debt (0% intrest 35 months).....-£10,237.49
    Barclays credit card payment (min payment £240).....240
    • GambledLife
    • By GambledLife 9th Dec 17, 11:33 AM
    • 43 Posts
    • 3 Thanks
    GambledLife
    I have my meeting with Halifax today and want to make sure that the amount I offer is appropriate and achievable, the amount I came up with for my expenses are below.


    Total wage after Tax...............2205


    Bills...............Total
    Rent...............280 (paid 250 a every 4 weeks so 280 a month should cover the year)
    Council Tax...............45 (Is 81 but I get some towards it from roommate)
    phone...............35
    Gas...............20
    Electric...............20
    Water...............12
    Tv licence...............13
    Shopping...............120
    Clothing, Travel as some times need to get cabs / busses to work (don't drive), haircuts, additional (buffer) / entertainment ...............200 (what do people usury spend on this?)
    Internet...............30
    Tv...............10

    Total Expenses listed above ...............785
    Total card payments (min that need to be paid) ............... 800
    Total suggesting to give Halifax...............550
    Remainder after all above...............70



    Iv gone through the Debt remedy tool on the step change site and they recommend the below:


    Rent............... £271 Mortgage...............£0 Secured loans...............£0 Charging / Inhibition order...............£0 Mortgage endowment premium...............£0 Service charge/ground rent...............£0 Water............... £12 Council tax............... £81 (I get 45 back from roommate) Gas............... £28 Electricity............... £28 Other household fuels...............£0 Household Services Amount Comments Building/contents insurance...............£0 Telephone/mobile/internet............... £65 TV licence...............£13 Satellite/cable television............... £10 Repairs/maintenance...............£0 Household appliance rental...............£0 Child maintenance...............£0 Childcare...............£0 Fines/CCJs/decrees...............£0 Life insurance/pensions...............£0 Medical/accident insurance...............£7 Hire purchase / logbook loan...............£0 Transport Amount Comments Spares/servicing...............£0 Road tax...............£0 Insurance...............£0 Breakdown cover...............£0 Fuel/parking...............£0 Public transport............... £20 Food & Housekeeping Amount Comments Food, toiletries, cleaning............... £185 School meals/meals at work...............£0 Pets/pet foods/insurance...............£0 Tobacco...............£0 Misc. Goods & Services Amount Comments School trips/activities...............£0 Medicine/prescriptions............... £22 Dentist/opticians............... £14 Hairdressing............... £24 Union/professional fees...............£0 Laundry/cleaning...............£7 Education fees...............£0 Personal & Leisure Amount Comments Clothing/footwear............... £40 Newspaper/magazines...............£0 Sports/hobbies/entertainment............... £15 Children's pocket money...............£0 Religious contributions...............£0 Sundries & Emergencies Amount Comments Sundries/emergencies............... £25

    Total Expenses listed above ...............£867
    Total card payments (min that need to be paid) ............... 3800
    Total suggesting to give Halifax...............£550
    Remainder after all above............... -£12 (Obviously I cant be - so something needs to change)
    Remainder after payback from roommate............... £33


    I'm not sure all of these are entirely accurate but I have used the recommended values,
    e.g.


    Medicine/prescriptions............... £22 Dentist/opticians............... £14


    (I don't have any dentist or optician appointments every month or at all in the last 6 months, plus we now have medical at work which I think cover this but I would have to pay out first and claim it back.)


    Hairdressing............... £24 (I go on average every three months and its £20)

    Question
    Do you think my goal of paying 550 a month is achievable?
    What do people usually budget for things like a drink per month (I know the answer is prob £0) ?
    Can anyone think of anything I haven't considered?


    Again I appreciate all your help.




    Also I know people probably wont see this as an achievement but gamble free one week today just the rest of my life to go!
    • motivated
    • By motivated 9th Dec 17, 11:44 AM
    • 2,292 Posts
    • 3,462 Thanks
    motivated
    Hi Gambledlife

    I began working with SC a few months ago. I had/have very high loans with Halifax and also opened a Santander basic account. I don’t think Santander have anything to do with Halifax as I have had no problems.

    Halifax have also been very good with my repayment plan and I owe them loads.

    Santander also let me,open many savings accounts online and I am able to transfer money in and out of each when I need to. They have helped me budget for car expenses, Xmas etc.

    Good luck on your journey you have taken the hardest step already. Keep posting it really does help.
    M
    Last edited by motivated; 09-12-2017 at 11:47 AM.

    LBM £82,590 Jan 17/£80,059 Dec 17
    Short term goal £790/£1796

    SPC # 91
    PDBX 18 # £0/£2,000
    52 week challenge £7.84
    • GambledLife
    • By GambledLife 9th Dec 17, 12:19 PM
    • 43 Posts
    • 3 Thanks
    GambledLife
    Hi Gambledlife

    I began working with SC a few months ago. I had/have very high loans with Halifax and also opened a Santander basic account. I donít think Santander have anything to do with Halifax as I have had no problems.

    Halifax have also been very good with my repayment plan and I owe them loads.

    Santander also let me,open many savings accounts online and I am able to transfer money in and out of each when I need to. They have helped me budget for car expenses, Xmas etc.

    Good luck on your journey you have taken the hardest step already. Keep posting it really does help.
    M
    Originally posted by motivated

    Thank you for the response, its very reassuring to know that other people are going through what I am, at this point I'm hoping the budget I have is realistic (I think it is but have no basis iv never tried to limit spending before) and that Halifax agree to payments to the overdraft in the below manner (without affecting my Halifax credit card as its on 0% and I need to pay just the min for the next 8 months to clear higher rate things).


    luckily It has been confirmed that I am getting a bonus this year wasn't sure as I changed role in the company after tax it will be £1015 so my payments to Halifax will look like this:


    Data is laid out in the following way,
    Column 1 - Date (26th of the month to 25th)
    Column 2 -Additional payment if able
    Column 3 -Normal payment (26th of the month)
    Column 5 -Current account Value After Deposit Starting 3800
    Column 6 -Balance after payments + (1p per £7 per day) for 1 month (31days) + account fee £15
    Column 7 -Total interest paid per month

    December - January.....£1,000.00.....£550.00.....-£2,250.00.....-£2,364.64.....-£114.64
    January - February.....£0.00.....£550.00.....-£1,814.64.....-£1,910.01.....-£95.36
    February - March.....£0.00.....£550.00.....-£1,360.01.....-£1,435.23.....-£75.23
    March - April.....£0.00.....£550.00.....-£885.23.....-£939.44.....-£54.20
    April - May.....£0.00.....£550.00.....-£389.44.....-£421.68.....-£32.25
    May - June.....£0.00.....£437.38.....£15.70.....£0.00.....-£15.70
    • enthusiasticsaver
    • By enthusiasticsaver 9th Dec 17, 1:09 PM
    • 4,844 Posts
    • 9,147 Thanks
    enthusiasticsaver
    I would ask them to reduce the fees on the understanding you pay them £500 - £550 per month until the overdraft cleared. Make that your priority then move on to the cards. I think they will be ok with that but it will be much cheaper if they can adjust the fees which they have done with some people.
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • GambledLife
    • By GambledLife 9th Dec 17, 5:02 PM
    • 43 Posts
    • 3 Thanks
    GambledLife
    I had my meeting with the Halifax today, it turns out that the message was not sent to me (well it was buy wasn't meant for me, someone used my phone number).

    While i was there i asked a few questions about my accounts and my current finance situation the lady was very helpful (very informal convocation) she said i shouldn't worry as if halifax were to reduce my overdraft i would first get a letter giving me 30 days notice, and if i can't clear the overdraft by then a loan or payment plan would be agreed (I explained that a loan is probably no good due to the bad credit and she said what i was looking to do with my plan would most likely be ok).

    She also took a look at my credit card and said as far as she can tell my promotional rate of 0% is still in place, she suggested that i keep an eye on my statements and feel free to visit / call if there are any changes.

    Now begins the two year struggle of not going out, i just hope my family and friends don't find out i hate myself enough as it is without getting an endless amount of lectures.
    • motivated
    • By motivated 9th Dec 17, 5:52 PM
    • 2,292 Posts
    • 3,462 Thanks
    motivated
    I had my meeting with the Halifax today, it turns out that the message was not sent to me (well it was buy wasn't meant for me, someone used my phone number).

    While i was there i asked a few questions about my accounts and my current finance situation the lady was very helpful (very informal convocation) she said i shouldn't worry as if halifax were to reduce my overdraft i would first get a letter giving me 30 days notice, and if i can't clear the overdraft by then a loan or payment plan would be agreed (I explained that a loan is probably no good due to the bad credit and she said what i was looking to do with my plan would most likely be ok).

    She also took a look at my credit card and said as far as she can tell my promotional rate of 0% is still in place, she suggested that i keep an eye on my statements and feel free to visit / call if there are any changes.

    Now begins the two year struggle of not going out, i just hope my family and friends don't find out i hate myself enough as it is without getting an endless amount of lectures
    .
    Originally posted by GambledLife
    Itís good to hear Halifax are ok, thatís one less thing to worry about.

    As for friends and family finding out try not to stress too much about it. People that matter donít mind and people that mind donít matter.
    M

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    • enthusiasticsaver
    • By enthusiasticsaver 9th Dec 17, 6:01 PM
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    enthusiasticsaver
    That sounds good. Well done on confronting it and good luck on reducing the debt. You might want to start a diary to help keep you motivated.
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • GambledLife
    • By GambledLife 9th Dec 17, 10:38 PM
    • 43 Posts
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    GambledLife
    I want to be debt free as soon as possible obviously, its looking like 2 years to get free of this when calculating my budget for the month you can see that I have £200 for (Clothing, travel as some times need to get cabs / busses to work, haircuts, additional) this will cover the above and any reaming will stay in the bank as a buffer.


    I didn't plan on a buffer to remain in my bank or any nights out as I think these are probably luxurys I cant afford now, to any one in my position did you set aside a buffer to remain in your bank and allocate any funds for time out ect?
    • enthusiasticsaver
    • By enthusiasticsaver 9th Dec 17, 11:01 PM
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    enthusiasticsaver
    It is going to take you longer than 2 years to clear the amount of debt you have as it is not all at 0% so you need to factor charges and interest in. If you pay £1350 per month it will take you 27 months even without the interest so I think you are looking closer to 3 years. How much you allow yourself as spending money depends on your eventual aims, how quickly you want the debt gone and how realistic it is for you to live for that period of time with having very little spare money to do anything.

    I have never had your level of debt but I have counselled people and asked them to be honest about what budget they can keep to. There is no point in setting yourself up to fail so if you know that you need to be able to go and meet up with your friends once or twice a week you should budget for that. You could look for cheaper options - say just a few drinks and a bus ride or walk home rather than drinks, taxi and a takeaway. Clothing I think most people could probably survive on what they already have bar underwear for at least a year.

    Personally I think taking a cab to work is quite uncalled for. Do you work unsociable hours when public transport is not available?
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • GambledLife
    • By GambledLife 10th Dec 17, 1:02 PM
    • 43 Posts
    • 3 Thanks
    GambledLife
    Unfortunately public transport doesnt go past my work untill 9:30 (i need to be there at 8) so once in a while a cab is needed though usuly i can get a lift.


    Sorry your correct my spread sheet shows 25 months I have taken the interest of the cards onto account when calculating what i owe month by month and all payments will continually be made at this months min payment (highest the cards balance will be) or more so will cover any interest and start paying down the balance.


    you say 27 months - 3 years have I missed something?

    What do you guys spend per month on entertainment, clothing etc. ?
    Last edited by GambledLife; 10-12-2017 at 1:22 PM.
    • Magpie100
    • By Magpie100 10th Dec 17, 5:42 PM
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    • 186 Thanks
    Magpie100
    Greetings from a fellow Harlow-dweller!

    Any way you could beg, borrow or work towards getting a bike? I know we're covered in snow at the moment, but Harlow has a really good network of cycle paths and it's a cheap, easy and healthy way of getting about. Would get you to work independently and if you could pick up a cheap one it would pay for itself quickly...

    Good luck with your plans and well done on your gamble-free week. You can do this. M100
    • GambledLife
    • By GambledLife 10th Dec 17, 5:56 PM
    • 43 Posts
    • 3 Thanks
    GambledLife
    Greetings from a fellow Harlow-dweller!

    Any way you could beg, borrow or work towards getting a bike? I know we're covered in snow at the moment, but Harlow has a really good network of cycle paths and it's a cheap, easy and healthy way of getting about. Would get you to work independently and if you could pick up a cheap one it would pay for itself quickly...

    Good luck with your plans and well done on your gamble-free week. You can do this. M100
    Originally posted by Magpie100

    Nice to see someone from Harlow, your right I could get a bike but believe it not I cant actually ride one very well (last time breaking some minor bones and bruising my pride), I have an ear issue that affects my balance. the amount i need to get a cap or public transport is not often may twice a month and i only take it if its hammering it down.
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