MyopicMoo's attempt to see beyond the end of her nose...

MyopicMoo

Hello :wave: and welcome to my all new and shiny diary. For too many years I (and OH, let's not let him off the hook so easily) have been complete poo with money. We have stumbled from disaster to disaster paying some of our debts along the way but usually running out of cash before payday. We have even resorted to payday loans :mad:- incredibly stupid and once you get a couple almost impossible to get out of :wall:.

So, not before time , we have decided to face up to our debts, grab them by the horns and pay the damn things off.

Having examined our hideous mountain of debt I have worked it out to be...drumroll please...£51893.98 :eek:. Out of this, and what I am most ashamed about, we owe £4864.40 in council tax arrears. _pale_.

We have decided to do a DIY DMP having been inspired by Bluejeans and Gargrave (thanks you two, you have been fab :A).

This diary is my attempt to keep us on the straight and narrow, and to remind myself how far we have come. You are welcome to come along for the ride.

Cashwitch

Well done! Keep at it - it's a slog but you can do it! I think the biggest hurdle is the one when you sit down and allow yourself some honesty...that marked the start of the way forward for us. I can't believe that we went on and on for so many years wondering why we were getting more and more into trouble. I can really relate to your phrase being 'complete poo with money'!!! A DMP is a good idea. I've been keeping a monthly log of spending and this has been a great incentive to keep at it, especially in those moments when you just feel sick of things! And adjusting my signature is really motivating too! I can't wait to start the savings 'totaliser' off next month!

PS I also keep a separate log of all the debts, example:

Debt balance as of August 5th 2009:
Left to pay:
Overdrafts:
Me: £400
OH: £800
Joint account: £1000
Loans:
Me
Loan: [date] '09 £X Monthly instalments [date]: £X (X paid to date) Balance: £X
Loan [date] '08 £X Monthly instalments [date]: £X (X paid to date) Balance: £X
Both:
Loan: [date] '08: £4000 Monthly instalments [date] £X (X paid to date) Balance: £X
£5810.51p

MyopicMoo

Thanks Cashwitch. I read your thread before I finally got my act together and it really struck a chord. I will definitely set up a signature.

MyopicMoo

OK, I have set up my signature. Weirdly, I am looking forward to sending out the DMP letters and up dating my sig when the payments start going out.

Cashwitch

Well done! This will be a real help, honest! It's a great idea to have a positive aim set out for all to see (so true, too - your dad is absolutely right)!

BlueJeans_2

Morning MM

I have subscribed now to keep an eye on you:rotfl: and whip you into shape if need be:rotfl:.

Have you found gargraves thread? We are all in a similar situation.

I will post a link for you later as I need to head out.

BlueJeans_2

Never mind about the link just seen that you've found it already:D

edinburgher

Hi there :wave:

Just dropping in to congratulate you on coming to terms with your debts and starting to sort them out - that's one of the hardest parts of fixing them sorted Now all you need is imagination, dedication and the patience of a saint!

I have subscribed as I've been battling my own debt demons for 5-6 years now and will try and pop in every now and again to offer good cheer and any suggestions that I can.

MyopicMoo

Thanks Edinburgher!

I've been very busy so far today. I wrote letters to 16 companies explaining the situation and making our DMP offer. I sent a copy of our SOA so they can see the figures. They have all been posted recorded, which cost a small fortune but at least I will be able to track who has received what. I think I will send future letters by normal post (unless it is really important).

I realised when I was going through the debts that I had missed one :doh: but also that I had overestimated one - so I will need to adjust my total debt amount.

I now have a big orange folder and dividers (didn't have to buy them - I'm a bit of a stationary freak) that I'm going to keep all the letters in. Then I'm going to set up a super geeky spreadsheet with the debts and whether the companies have agreed the amount. :j I really feel that I am starting to get things under control.

On top of all that I had a lovely lunch - homemade bread and left over chana dahl - yummy.

Time for a :coffee: before I get on with the folder and spreadsheet.

BlueJeans_2

Hi MM

Good to hear you got the letters sent. I found it really destressed me putting it all down and sending it to them. It's just a waiting game now to see who, if any, reply.

I got a few replies today so have been busy.

Enjoy your cuppa.

Oh, I got a bit anal today with folders as well:rotfl:.

Catch up later
Blue

edinburgher

Then I'm going to set up a super geeky spreadsheet with the debts and whether the companies have agreed the amount

Feel free to send me a PM if you need help with any of the calculations/formatting etc. I also do wonderful things with debts/savings charts

I :heart2: spreadsheets!