I need a kick up the bum!

SecretSquirrel88

Hi there,

Me and my partner owe £12,016.03 combined and it is really getting me down. Even though £9,041.53 of this is a 'controlled debt' there is that annoying balance of £2,974.50 on the barclaycard at 19.90% APR!! :eek:

I have wrote to Barclaycard and they lowered the APR from 29.90% which we are gratful for and also they agreed to freeze the interest for 1 month - again great!

I'm just fed up with working just to cover the bills - I know Im not the only one its just really getting me down at the moment!

We are making well over the min payments (except the 0% obviously) so its not a major problem I suppose its just the fact of not being debt free for another 11 months!!

I feel I need an incentive to carry on ... we are hoping to start trying for a family mid 2009 so this debt really needs to be out the way. What aims/incentives/goals do you think we could go for each month?

Thank you

10past6

SecretSquirrel88 wrote: »

its not a major problem I suppose its just the fact of not being debt free for another 11 months!!

Stop feeling sorry for yourself, 11 months till you debt free, what's the problem?

Consider those myself being one of them who have to wait 10+ years to be debt free

*You asked for a kick up the bum*

crazyhazy

Quite new here myself but if you post a soa then I'm sure we'll be able to suggest ways you could cut back.

SecretSquirrel88

10past6 wrote: »

Stop feeling sorry for yourself, 11 months till you debt free, what's the problem?

Consider those myself being one of them who have to wait 10+ years to be debt free

*You asked for a kick up the bum*

lol thanks, i really am not feeling sorry for myself though. im just fed up, never the less thank you

dancingfairy

I know what you mean. I only have to wait untl Febraury until I can afford a car but February seems so far away at the moment.
I think setting yourself monthly targets would be a great plan.
You could also dig the spending diary out and see if that will free you up some more money?
Have you checked you are on the best deals for everything recently? Might be able to lower some of them?
Have you checked to see whether you can a balance transfer to clear that Barclaycard at all?
Just think this time next year you will be debt free.
df

Welshlassie

I think trying for a baby is a huge incentive in itself. Just think of how much you would be able to save towards buying things for the baby.

looktothefuture

SecretSquirrel88 wrote: »

so its not a major problem I suppose its just the fact of not being debt free for another 11 months!!

:eek: Only 11 months! Honey count your blessings!

You CAN do this, there is no other option unless you want to spend the rest of your life being dragged down by debt!

I'm only just starting to realise that being an ostrich and burying my head in the sand is just not the way to live my life anylonger!

dancingfairy

how about a store cupbaord challenge to give you a little boost along?
df

SecretSquirrel88

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 930
Partners monthly income after tax....... 760
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1690 Low I know - I may join the £10 p/day challenge

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 40
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50 2 phones
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 2 adults
Clothing................................ 0
Petrol/diesel........................... 250 2 cars
Road tax................................ 20 2 cars
Car Insurance........................... 35 1 car
Car maintenance (including MOT)......... 10 2 cars
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 110 my savings which i dip into sometimes but I need to be saving that really
Total monthly expenses.................. 665

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1100 1 car - my car is on finance so I havent included mine as an asset as I am still paying for it
Other assets............................ 0
Total Assets............................ 1100

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Card....................806.82....25........0
Mint Card......................705.75....15........0
Egg Card.......................429.8.....14........0
Barclays Loan..................851.03....218.9.....14.9
Barclaycard....................2974.5....65........19.9 actually pay atleast £150
Car............................5891.2....184.1.....6
Parents........................350.......50........0
Total unsecured debts..........12009.1...572.......-

Monthly Budget Summary
Total monthly income.................... 1,690
Expenses (including secured debts)....... 665
Available for debt repayments........... 1,025
Monthly UNsecured debt repayments....... 572
Surplus(deficit if negative)............ 453 **

Personal Balance Sheet Summary
Total assets (things you own)........... 1,100
Total Secured debt...................... -0
Total Unsecured debt.................... -12,009.1
Net Assets.............................. -10,909.1

** - This is hard to say where it goes as me and OH have seperate accounts. I have a spending diary and no money gets wasted. Like I said with the Barclaycard atleast £150 gets paid, so that could be where this mystery money is going - not 100% sure as that is actually OH debt and not mine.

SecretSquirrel88

dancingfairy wrote: »

how about a store cupbaord challenge to give you a little boost along?
df

what is that then?

dancingfairy

where you go through you cupboards and try and use up all those things lurking at the back. You only buy bread,milk, vegetables and whatever you need to turn all the random things in your cupboard into meals. It should bring your shopping bill down a little. Check out Oldstyle and post up what you have in your cupboards and ask for suggestions.
Could you not try and reduce your mobile bills a little - could always phone them up and say virgin/orange/t-mobile are doing the same amount of minutes for 15 pounds (or whatever - check and see what deals are around) and ask them to match it - you won't know unless you ask.
df