When you're in a "Debt hole"..Stop Digging!

BEAT_THE_DEBT

Been reading good news on job for oh .x

Chrisblue1962

Have sat down today and done some serious thinking and have arrived at the conlusion that I need to SERIOUSLY plan how I am going to pay off and get rid of my debt.

So far, the fact that I have acknowledged the debt situation and soughtadvice from CCCS is positive BUT I think I now need to take things to the next level. Unless I do this then the any thoughts of getting debt free will just be "dead in the water". So I have drawn up the following plan:

• Establish exactly what I owe and to whom
• Establish exactly what I can afford NOW
• Establish what I may be able to pay in 3, 6, 9 and 12 months time
• Do a proper Monthly Budget
• Set up a Weekly Spending Diary
• Review finances weekly against Monthly Budget
• Review overall situation and plan ahead on a monthly, quarterly and yearly basis.

Any ideas on how to budget, plan ahead and stay focused on keeping on track welcome.

BFN :hello:

Chrisblue1962

Hi , hope you had a good weekend, I spent most of it working but next month's salary will look a lot more healthier i.e. overtime!

Need to do another "reecy up " on the bank this week and check that I / we are still on target re.budget until 15th (Payday).

No major news at this end as most of the creditors are keeping quiet, so might even pay a slice off my Eon debt (£150) but car MOT coming up in November :eek:

Keep battling on. BFN:hello:

Chrisblue1962

Hi all,

Two bits of news today, Nationwide have rejected my Interin Offer of £1.00 per month, staing I must pay £10.00 plus Interest at 18.9% APR. Plus, they have reduced my OD limit from £2750.00 to £1500.00. Interest rate is £18.9% APR regardless whether you below or over the limit!

I think I will write to Nationwide asking them if I pay £10.00 a month, will they freeze interest, citing other creditors acceptance and pragmatic approach?

Good news is that Egg have accepted my £1.00/month offer for six months.

Also, Eon have agreed to give me another month's grace until finances a bit clearer now OH starts work/new job on Monday :T. Will probably have to pay them £10.00 / month but this be possible given OH's job.

Have a good weekend. :hello:

savingholmes

Glad your OH has now got a job - I know how soul destroying it can be to be unemployed. I start a job in a week.

Hope this helps you get back on top of your debts

missymoo81

happy birthday hun, sorry it's late, I hope you had a great time celebrating x

BEAT_THE_DEBT

Happy birthday!!!!

Chrisblue1962

A group of my close longstanding friends (20 years plus) are off to Amsterdam for a few days this week for our annual Autumn break ...but for the first time in 6 years I'm not going so I'm a bit fed up ...you'll only need one guess why????

I am absolutely determined to go next year by saving up for it (circa £700 tops) BUT I will qualify this by saying I am absolutely determined to manage my finances and genuinely start paying off my debts AS WELL i.e the two are not incompatable.

Not going this year has really hit home to me how much I need to get finances sorted and start targeting how I manage my money not just to pay off debts but also save for things I really want...in effect, a total culture change, a return to a No Credit, Savings-based Culture, probably one that our parents generation were more familiar with.

I know some people may tell me off for even thinking about going away for leisure breaks when I've got shedloads of debt but I personally believe that paying off your debt helps you really value a modest non-credit financed "treat" so much more.

Views and comment welcome. BFN :hello:

Chrisblue1962

Weekend started well where I cleared out the Office (no, not the one at work , we have an extention on side of house and part of it is used as an office of sorts) and really cleared out a load of old personal papers - shredded of course .

Checked finances today and well.... bascally, it's all gone haywire this month.

Don't know how we are going to last until I get paid on 15th November, despite the fact that OH now back at work, or even have enough for both of us to get to work. I may have to get a loan from somewhere, God knows where, as we are basically totally broke. and I am very very worried that things will spiral totally out of control.

Going to go to bed to try and forget about it for a few hours and will have a rethink tomorrow. Sorry this post is not very positive.

elantan

hey chris looks like you are getting on top of things now ...your head being in the right place can make such a difference ...shame about nationwide but good on egg ..glad your getting the eon sorted as well ...well done to the wife on getting a job that will deff help with things ...

and next year you will enjoy amsterdam alot more ...you wont have as many stresses following you