Too scared to work out what I owe

southernscouser

moozie wrote:

You think so? Thank you, that means a lot. I just hope I keep making the right steps.

Thanks you very much for your offer to help me work the loans out. I am not sure I did them correctly

So, the Sainsburys one started 10.2.04 and it was for £14,352 @ 6.5%. The interest on the agreement is stated as £2,250.33. Monthly pmt is £386.12 for 42 months.

The Tesco one started 16.8.05 and it was for £7,500 @ 6.5%. The interest is £970.56. Monthly it's £201.68 for 42 months.

I look forward to your figures which I will trust more than mine Thank you again.

Sorry how long was the Sainsbury's loan for? OK I see it now! :rolleyes:

Based on you having made 24 payments I reckon you have £7,176 left!

I've got the Tesco one down as £6249.95 remaining! I'm pretty sure thats right but will look again tomorrow when I'm not so tired! That is based on you having made 7 payments!

loubie_lou

SouthernScouser you are brilliant for helping Moozie! Moozie I bet you are so glad you had the talk with your fella aren't you?

Well if only more people could see you this thread and see IT CAN BE DONE!!!!

Well done girl! I suppose its way to early to tell but have you worked out your debt free date yet?

Queen.Bess

Well Done Moozie and to everyone on this forum who is facing up to their debts! :T

I too am surrounded credit card and overdraft debts, too worried to look into how to improve things. But since joining MSE I've grown in confidence to tackle things! With one store card, where I had £270 outstanding, I was paying £14 per month by DD, but each month I was being charged over £7 in interest! So already I've transferred that and other balances and looked into other promotional rates on my existing cards. So have a look into that. I didn't even know that one of my cards has an ongoing special offer for balance transfers, so I'll be taking advantage of that soon!

I've realised that I'm not necessarily reducing the amount paid each month, but the number of payments going out on different days is reduced and that is a boost for me!

Stick at it - We're all in this together! :beer:

Frugal_Fox

Hi Moozie,

I can only echo what Loubie Lou says. You are feeling really motivated at the moment. To keep that figure it is really important that you can 'see' the end of the tunnel and have a date in mind. In a few months from now, your debt will still be reducing - but you may feel that the end of the tunnel is a long way still. If you have your Debt Free Day - you can visualise it. I still have over £15,500 to clear - that seems a long way off, but using my DFD I know I will be free in April 2008 - only 27 months to go. This helps to keep me on track. Working out your debt free day is definately something to do!

mccar1965

I was in the same position i am so bad with money i have 4 teens living at home and hubby. i worked full time and had debts then i got M E and collapsed one day , and couldnt work from then on i now work part time
but cant pay my bills, my hubby has enough of his own bills and cant take care of mine. i then found cccs a credit coucelling service free of charge you pay them so much a month and they pay the debts for u , it takes a great strain of you. But its keeping the debts at bay but it will never get paid off. My hubby is now getting into financial difficulties as he is now the main bread winner, he is going under with stress, even though i have M E it is in recession at this time so i am attempting to go back to work fulll time to help or we could lose our house. The kids are living at home but studying full time they work weekends but receive no EMA or anything as the state says we earn too much , so we dont charge them keep at this time... sorry i am going on and on but its so true we put our head in the sand and hope it goes away , but its real scary to face , geesh i sound like such a chicken :cool: :eek:

loubie_lou

Hey Mccar1965....start a new thread about your difficulties and they are plenty of people on here who can help you sort something out!!

Verbatim

Just wanted to add my congratulations Moozie. What a fast turnaround.

skintchick

MOOZIE!

:T :T :T

MOOZIE!

:T :T :T

MOOZIE!

:T :T :T

THAT'S SO GREAT!!!!!!!!!!!!

You are the new Ms_London!! :rotfl:

Keep going hon!!!

chevalier

Moozie
Well done for all your hard work so far. There is some truth in the saying, 'look after the pennies and the pounds will look after themselves', so here are a few other suggestions that might help
1) Are there any benefits that you might be eligible for, ie if you are on a low wage - like community charge benefit, or a tax credit?

2) Money Saver Martin is suggesting in his latest email to switch utility providers if you have never done so before. You may want to go for a capped tariff, as then you will know what you are paying for your gas and electric for the next x years.

3) If you have a mobile phone have you checked you are on the best tariff? Or do you really need one at all?!

4) Have a look at your weekly shopping bill. You will be amazed how much
you can save here. If you buy lots of ready meals these work out to be really expensive compared to making the meals from scratch. You can also make up a huge pot say of bolognese sauce and freeze some too, your own ready meals! I regularly buy own brand chopped tomatoes and fruit juice and I honestly can't tell the difference compared to name brands that cost double or treble the price. If you meal plan for a month then you know exactly what you need at the supermarket and there is less temptation to impulse buy. This literally saved me £100's over the last year.

5) If you smoke, can you give up. If you drink do you need to?!

6) If you are still over awed make an appointment with the Citezens Advice Bureau. My step mother worked there as a volunteer and debt counciling is one of the main things they do. Often mentioning them to debtors helps to smooth the way to restructured repayments.

7) Finally (sorry for the long post), could you and other half get part time jobs to help with the repayments, or change jobs for ones that are better paid? Just a thought. The extra jobs might be a pain for a while but it would move up your debt free day significantly. And then you can really relax!

We had our light bulb moment, when we decided we wanted children and couldn't see a way to pay for them. And we haven't looked back since. It can be done.

The very best of luck to you
Jac

wickedsistah

Hi moozie. I started off just like you, not having no one to discuss money problems with. The worse part of it was, it's not even my debt, it's my husbands. Anyways, I started by writing it all down, the figures and the due dates. I have a calendar of monthly outgoings, rent, council tax, tv license, grocery, the works ... which I have on the fridge, then whatever is left, I use that to pay for the debts. I managed to pay off 7 debts out of 10 in less than 2 years. I also saved my daughter's CHB on a separate account for contingency. My mentality is that the money is not mine, it's hers, so I don't touch it. Try to settle the debts but leave some to save for emergencies. My final realization was when we only had £7 in the bank and couldn't even draw it out. I logged on the internet, found this website, read the forums, absorb as much knowledge and information that I can and started doing something.

The people here are wise. I learned a lot from them and so will you. I must say, they are the backbone of my life's improvement. Goodluck!