Big Debts Help!

shadydaz

Mansun wrote: »

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:

You'll be giving me tips soon!!

Excellent progress!!:beer:

How is the better half finding the lifestyle :money:changes? Is she committed to fighting the good fight with you? :A How did she find the Weekly Shop with the new budget?

Daz.

Mansun

hattiefats wrote: »

[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

A mission? More like an obsession or an addiction you mean?!

You're right though, having some money left over in January is rather appealing.

Thanks.

Mansun

shadydaz wrote: »

You'll be giving me tips soon!!

Excellent progress!!:beer:

How is the better half finding the lifestyle :money:changes? Is she committed to fighting the good fight with you? :A How did she find the Weekly Shop with the new budget?

Daz.

So far so good with the missus. To be honest, it hasn't had a significant impact on our lifestyles yet!

Apart from trying some more own brand products and being more precise with our meal planning, everything else is just the same except we're paying less for it.

Not sure I'm quite ready to be dishing out advice yet, give me a few more days experience first...:rotfl:

Tixy

Excellent progress Mansun - keep at it.
Have you looked through Martins list of reclaim items - red tab at the top? Anything else on there you could look to claim? have you switched mortgages at all in the last few years? if so you could look into exit fee reclaiming. I did this and it was the easiest £200 I ever received - one 5 min phone call was all it took.

Mansun

Tixy wrote: »

Excellent progress Mansun - keep at it.
Have you looked through Martins list of reclaim items - red tab at the top? Anything else on there you could look to claim? have you switched mortgages at all in the last few years? if so you could look into exit fee reclaiming. I did this and it was the easiest £200 I ever received - one 5 min phone call was all it took.

I've not actually looked through the list but think I have probably come across most of them during my time browsing the website.

I haven't changed mortgages in the last few years but I did have a loan or 2 a few years back with PPI. Trouble is I don't have the loan details so don't really know how to go about it?

Another great tip though thanks!

Mansun

...another NSD today for us!!:A

Won't be tomorrow though as wifey is taking the kids to the activity/soft play centre. At least they'll burn off some energy...:cool:

lucielle

Hi Mansun, well done for posting and making progress. Just a thought on the grocery budget we are a family of 6 and I usually aim for £336 for the month on food including pet food.

With the child tax fund, can you cash this in? This is what saved our bacon when we started our debt free journey. I think without that we would've gone under!

Have you tried scratchcards? You can sign up for free ones and cash out at ten pounds. I won £500 a few weeks ago, this is all free money. Good luck
L

Mansun

Just a quick update for you all.

Since signing up to this forum on 13th November, I have made incredible progress in terms of focussing on becoming debt-free, taking control of my families finances, significantly reducing our outgoings and generally become a happier, more relaxed (and organised) person.

By the end of December, we will have cleared well over £1,300 from our CC & storecard debts since signing up here a couple of weeks ago.

How have we managed this? Well, several things, the first of which was significantly reducing what we spend on groceries thanks to several people's advice on here and only spending on essential items. We used our small amount of savings to help pay off one of our debts. We had a big clear out (or should I say, we are still in the process of having a big clear out) and sold a large number of items on eBay (with several auctions still ongoing and a great many more to start). We gathered up a small selection of unwanted & broken gold and cashed that in at Hatton Garden Metals. We postponed payments into our children's trust funds (for now). We reduced our Sky TV package right down to the minimum (and haven't really noticed TBH). We're also in the process of changing our life insurance policies which will bring another £100+ saving a month. And we are conciously trying our best to reduce our home energy useage...lets see if that brings us any significant saving?

I'm sure there are a few other things that we have done to help us on our road to debt freedom (but I can't remember them) and we know there is still a long way to go but we will get there. It may be tough...but we WILL get there...

I actually feel like I have got my life back on track and its all thanks to the people of the MSE forums. I cannot say enough how grateful I am particularly to a few individuals (you know who you are ) and I think I will remain a visitor to these forums for the rest of my life.

Who knows, maybe someone will be thanking me soon for my helpful advice. Time will tell...:beer:

pie81

:T :T :T :T

well done!

Poosmate

Oooohhh I love a good ending!

Just read your thread from the beginning and didn't want to just read and run.

Congratulations on having your lightbulb moment and to your wife for embracing the changes you've both had to make.

I am certain, no matter how much or how little you spend on Christmas, it's going to be one of the best for you if only becuae you will be so much less stressed over it.

Well done.

Poo