Big Debts Help!

shadydaz

I think it is definately an acheivable target for you.

I have about £8.5k outstanding and aim to have it clear in 12 months, and our family income is far less than yours.

It takes focus and determination. You and your wife must be in it together. Two years is surely worth the rest of your lives??

I have had obstacles thrown up a few times along my DFW journey. :mad:Various things from mystery debts which were not originally accounted for to OH running up NEXT account again and again and absorbed it all and kept the original date that I set out to acheive.:T My original Debt was accounted at about £22000 in DEC '07 but it through my journey it has escilated to around £25K:eek:

If we can do it, you can too :money:

Mansun

shadydaz wrote: »

I think it is definately an acheivable target for you.

I have about £8.5k outstanding and aim to have it clear in 12 months, and our family income is far less than yours.

It takes focus and determination. You and your wife must be in it together. Two years is surely worth the rest of your lives??

I have had obstacles thrown up a few times along my DFW journey. :mad:Various things from mystery debts which were not originally accounted for to OH running up NEXT account again and again and absorbed it all and kept the original date that I set out to acheive.:T My original Debt was accounted at about £22000 in DEC '07 but it through my journey it has escilated to around £25K:eek:

If we can do it, you can too :money:

Thanks. Certainly seems possible given what you have said.

The Next Account will be fully cleared (and closed) in December as we will soon get a rebate from our old gas provider to top up what we have in savings to pay it off.

I'm also going to transfer Barclays 2 and Tesco balances to Virgin to take advantage of the special rate of 6.9%. Then I'l be left with 3 big balances to pay off. One at 0% until August next year, one at a mixture of 14.9% and 6.9% and one at 3.9%. The 4th small balance on Barclay 1 is at 0% until July next year so will hopefully clear it by then especially having the Northern Rock loan finish in May freeing up a massive £256 a month...

Once again, thanks for all the advice on here so far. I'm still working on a few things with lots to do but already I feel happier, much happier than I did this time 2 weeks ago.:j

shadydaz

Mansun wrote: »

already I feel happier, much happier than I did this time 2 weeks ago.:j

This is the best thing people on the forum could hear. There is always a way out or around things, sometimes its just had to see the wood through the trees.

So glad you are feeling more optimistic already!:T

Mansun

Feeling optimistic...and in control...!

shadydaz

Hi Mansun,

Any progress to update us with?

I hope all is well.

Take care.

DAZ

gargrave50

Mansun wrote: »

Feeling optimistic...and in control...!

What a wonderful feeling compared to before you finally faced your debt, eh?!

Mansun

shadydaz wrote: »

Hi Mansun,

Any progress to update us with?

I hope all is well.

Take care.

DAZ

Well, a few things are still going on. I got the paperwork through for some alternative life cover yesterday which I need to read and return. The premium is just under £30 and will replace HSBC Life policies of £110. I am also planning to look for some alternative income protection in case of unemployment. Currently paying £53 to HSBC Life for half my salary covered and am sure I can beat this elsewhere. I'm continuing to pay for my current MPPI at £50 because following the FSA ruling that price increases to these policies in 2009 should be paid back, I am expecting £25x6 in early 2010. Then I will look to change policies.

We did our first internet shop together and spent £80 which should last us about a week and a half. This is at least £50 cheaper than a normal 'big' shop that would sometimes only last a week.

All of our CCs (except one each for emergencies) have been cut up and thrown away as well as all the balances shuffled around to minimise the interest.

We've got a whole stack of things for sale on ebay from which we hope to make a little to put towards debt repayment. If successful, we have a lot more things that we are able to sell.

We're also making a concious effort to cut down on our gas, electric and water useage. More so with the electric as we always used to leave lights on, TVs on standby etc...but not any more.

Oh, and we had another NSD on Monday this week...:T

Think that's it for now. Not sure what else to focus on other than keeping up the momentum and keeping the wallet sewn shut.

Thanks for asking Daz. :beer:

Mansun

gargrave50 wrote: »

What a wonderful feeling compared to before you finally faced your debt, eh?!

You can say that again...don't know what I was even thinking before??:eek:

Mansun

...and another NSD today!:A

hattiefats

[Not being able to provide for my wife and kids really bothers me...especially at Christmas time (and I really love Christmas)

Me too but I love the feeling of actually having a bit of cash left in January more. Honest once you get into the swing of saving money it can become a bit of a mission. I used to do minimum repayment on everything, have more going out than coming in etc.
Good for you for tackling your debt and welcome!:D