£77,366.35 reasons to be debt free!

In_my_dreams

Thank you for taking the time to post. I shut my computer for a while, worked out money and waited for OH to come home. We went out for a run together and then came home and spoke about it calmly, with none of the usual bickering.

One thing I have done today which is a huge step for me is to call my Mum and tell her everything, I have cried and laughed on the phone with her and told her everything but the figure that I owe. She knew we were in debt but not how bad and how desperate I was feeling. She can't offer me financial help but she gave me a virtual telephone hug and now I know I can speak to her. I very rarely cry in front of others, particularly to my Mum and so she knew I was in the pits. She was a star and I love her to bits for not judging me and just listening.

Hypno - thank you for your post. I have spoken to CCCS before when things seemed unending, but my job means I cannot have a bad credit file or enter into an IVA and the same for OH. Personally I do not want to go into a DMP, I (for myself) NEED to repay what I have spent/borrowed and that is a fundamental thing I have to do no matter what. I may ring them tomorrow, just for them to tell me I do have enough to pay the debt and that with a bit of hard work I can do this.

We have made a decision, we have to have a second car and we have no choice in that. OH is due a bonus which we were using for other things, he has found out the likely sum today after some pushing by me and they have indicated it could be as much as £3k after tax :eek: This was not what I expected. OH was desperate for us to throw some at the debt but this is not an option. We are only wanting to get a car with low mileage but not new and have seen some options for around £4k. So we will potentially be adding £1k to our debt although the mechanic says we should take our car as part ex as it looks in excellent condition on the outside............

So, as I have tried to make OH realise, this could have been far worse. We have been offered a safety net. We are going to BT some money from a credit card until he is paid at the end of the month and then repay as much as possible as it isn't 0%.

I feel this has been a major scare for me and I have had to reconsider whether I can do this. My lovely Mum mentioned if things become too tough that I can go interest only on the mortgage, which is something I hadn't thought of so I feel *slightly* better.

I just HAVE to get out of this mess and even just to get to repeating the debt in my head and it began with a 6 it would be an improvement. This debt consumes my everyday living, it is the first thing and last thing I think of everyday.

I do know I need to be on here to do it, as you lot were the first people I told about the car :rotfl:

Off for a cadburys creme egg now and to look at automart........

hypno06

In_my_dreams wrote: »

Hypno - thank you for your post. I have spoken to CCCS before when things seemed unending, but my job means I cannot have a bad credit file or enter into an IVA and the same for OH. Personally I do not want to go into a DMP, I (for myself) NEED to repay what I have spent/borrowed and that is a fundamental thing I have to do no matter what. I may ring them tomorrow, just for them to tell me I do have enough to pay the debt and that with a bit of hard work I can do this.

Off for a cadburys creme egg now and to look at automart........

That is exactly what I did.....just used it as "exploring my options", then ruling it out because it was not right for me. But just talking to them reaffirmed what I felt, deep down, which was what I needed.

And as for the creme egg - well, I would NEVER do such a thing :rotfl:

REDMADCURLS

Sweetie - not sure if you know but I went interest only on my mortgage just this week. It means I have £400 extra to put to my debt, which allows me to clear debt by Dec 2012. Otherwise it would have been 2016 or longer. What shocked me was that I would have to pay just an extra £30 mthly should I restart paying loan and interest in 12 mths time. (My aim is to overpay my mortgage after I cleared debt - but baby steps and all that)

I spent 'hours' snowballing and the interest I am saving on paying debt quicker is much greater than what paying interest only mortgage for a 'while'

I am glad you folks managed to be 'civilised' about it - something yet to be achieved in this house. It is typical that us girls panic and worry, tell the OH and then WE reassure them that it is going to be ok.

Mum's - they are just great - mine said she couldn't give me much and what she gave me was priceless - a listening, re-assuring ear!

40somethingmum

;)Hi IMD,

I am so pleased that you talked to your mum... it must be a huge relief. I have not told my parents .... thay know we are struggling a bit ... but they think thats fairly normal .

I think there is light at the end of your tunnel;)

Love

40SMXX

In_my_dreams

I do indeed think there is a little glimmer of light flickering. The interest only is an option we can take if things are dire and so that is my biggest safety net and would provide an extra £600 per month so all is not lost.

The biggest thing is sharing it with my Mum, not sure whether she realised quite how much it meant for her to just listen, she was probably like the CCCS in her own way

RMC - the civilised route tonight is indeed a first, but I am sure I will have testing times to come......

InaPickle

In_my_dreams wrote: »

We have made a decision, we have to have a second car and we have no choice in that. OH is due a bonus which we were using for other things, he has found out the likely sum today after some pushing by me and they have indicated it could be as much as £3k after tax :eek: This was not what I expected.

Were you expecting more or less? I think less, from what you said, but can't be sure. If that's the case, well done, as it will make you life a bit easier. Silver linings...;)

In_my_dreams wrote: »

I feel this has been a major scare for me and I have had to reconsider whether I can do this. My lovely Mum mentioned if things become too tough that I can go interest only on the mortgage, which is something I hadn't thought of so I feel *slightly* better.

If that were the case and you did drop to interest only, how much longer would it take you to repay, and would you incur extra costs etc.? Alas, I know little about mortgages, but if you were to do that and throw all the extra money at your debts first, could it mean that you pay less interest overall? (I'm probably embarrasing myself here. ) Just wondering...

I know you are still feeling rubbish, but it looks like you are working through it and that the outcome could be a lot, lot worse if the worst that happens is an extra £1,000 added to your debt, even if it feels depressing in the meantime.

Best of luck! *Hugs*

POSITIVE_AND_FOCUSED

Hi IMD

I want to just say how I totally understand how you are feeling. I am so glad your mum has been there for you. Just sometimes this debt busting road becomes so overwhelming, I can empathise totally. Take care .

Happytogetdebtfree

Yay to oh and bonus amount and yay to having a non row chat about debts and car. Deffo agree scrappage scheme if the outside looks good deny all knowledge :-) good luck and keep doing what your doing x

In_my_dreams

Back in the less stressful world of the living!

Glad I didn't check my British Account until today, all I can say is :eek::eek::eek::eek: Increased my payments for both by an extra £44 per month from May to make up for the disastrous bills from the last quarter :eek::eek::eek:

I have quite honestly gone past caring. My pay rise comes into effect next month and that will have to pay for it - it needs to be paid simple as so no point fretting over it.

My aim of the day today is to get through it without crying :cool: or arguing with OH :cool::cool: and to not snap at the kids

Discussed interest free with OH but we don't have much equity in the house due to fall in house prices so I'm not sure if I want to go down this route just yet, may reconsider in a few months if the belt isn't looser.

I really need to focus on being able to raise more money each month to increase my overpayments and being miserable won't achieve that. So today I am going to attempt a matched bet!

Will catch up with everyone else later when I have managed to get some work done

wantabetterlife

Glad your feeling a bit better IMD, i have been reading your diary from the very start and think your doing really well. :j:j.
We are trying to pay off our mortgage at the minute and i have to say for the first year i really didnt think we werent making much progress and on a few occassions thought "what is the point". More recently i have found it easier and after a while you start to notice that the overpayments are making more of an impact on the total figure as you are paying less interest. Now that the figures are coming down quicker i have more motivation to stick at it. I am sure this will be the same for you with the debt. I find setting small goals works well because if i think about the overall figure too much i think it can never be done. Hope the matched bet goes well.:D
WABL