Hi I'm new, here's my stuff!

PeachPickle

I've been trawling this board for about a week before finally getting the courage to post something! I have a tendency to ramble which I'll try to curb. Apologies in advance

Iv've been working for two years now to pay off around 28k in debts I ran up, mostly due to an inability to cope with life's problems and lack of strength. I finally faced it all after 2 years of sitting in my room feeling sorry for myself when people were really starting to hound me for money. My big moment came in november 04 when I found a job that I love and realised it doesn't have to be bad forever!

Here's my current status:

£20189.42 owed on various credit cards, loans, overdrafts and catalogues
£250 owed to an ex

I wrote to all my creditors when I had my big moment and all of my interest etc has been frozen so my debts aren't getting any bigger (yay!)

My problem now is that I've hit a plateau. I *know* I could pay more off each month by cutting back on the random cr*p I buy, but I've totally lost motivation for it.

My money:

Incoming - £1100 after tax (often more with bonuses)

Outgoing - £515 to parents for rent, bills, repaying them etc. This can't be reduced, they need it as much as me!
£300 my total repayments on the 20k
£50 travel
£30 phone
£25 ex (he's so lovely, letting me pay back slowly!)
£12.50 internet
£10 dinner with friends once a month
£56.50 savings (it's a random amount cos I figure I won't miss the extra £6.50 but it'll build up!)

=£999 (lol, hadn't added that up properly til now!)

So I've got a minimum of £100 a month that I'm just wasting and I want to stop. Help! A lot of it probably goes on food, so cutting back there would help in two ways (need to lose weight )

Wow, that's long. Sorry! And hi

CosmoCat

hi there!! and welcome

first of all, don't worry about the long post:D, you'll find alot of people here are very, very patient and will read every word you write. just keep coming on here and posting.

You've already done so well with calling your creditors:T, well done!!

and you already know you have another extra £100 that you're wasting, you could possibly put it to better use. you could also bung the extra £6.50 here and there unto your debt as well, as you say, you have no idea how it mounts up and how much your debt will be decreased.

you could also get a cheaper phone tariff (assuming that's mobile), there are cheaper options available. why not try payg for a while.

i'm sure others will be on here with great suggestions on how you can reduce your debt further.

keep posting and welcome to our dfw family !!

lynzpower

Hi there

Welcome!

Most people recommend not to have savings when you have debt. As this 50-odd quid could be better paid off the 20-odd grand, making your debt free date even quicker.

Have a look in southernscousers forst time posters, youll also see the snowball calculator which you can use to work out your DFDate. You can also learn there how to do a full SOA and we can have a look at it for you, to see what savings can be made, eg off your phone and of course off your debts.

Good uck & welcome!

brranger

Is all your interest rates at 0% now then?
If so no harm in saving.

Could you list your cards/ loans amounts owed % and min payments please would really help.

Are you on a dmp with anyone or did you arange with your CC/bank to freeze Interest?

Welcome Ranger

domestic_goddess

I would agree with lynzpower.... if you put £56.50 away each month do you not have enough put away to clear the debt to your ex. Once thats gone its one less thing to worry about. Then start putting the extra to your debts.
Also you could try and make a bit more to throw at your debts.... what about ebay, or car botties if you have stuff you dont use much or wouldn't miss.
Once you get pay a bit more of your devts you will see them reducing and the motivation will come. I know that is what happened with me.

Good luck and welcome

domestic_goddess

I did mean car boot sales not 'car botties' doh

PeachPickle

Thanks everyone

The phone is payg with O2. If I spend £30 I get 300 free texts and 300 free minutes everymonth plus the £30 of credit which is usually all taken. Although I'm only a week away from the end of the month and I still Have £22 (yay) so I won't spend as much next week.

As for the ex, he wouldn't take bigger lumps, he sent it back! I had to convince him to let me pay him back at all, but it's important to me.

I do understand what you're saying about the savings, but I have to go on a lot of courses and things which I have to pay out for then reclaim the expenses so it kind of goes in and out! Savings is probably a misleading term for it, sorry.

My debts all went to debt collection agencies because I buried my head in the sand for so long, but it's all interest free and I got some of the charges knocked off with some of the companies

In more detail:


RBS loan £8713 remaining (I got £500 default charges knocked off this with a bit of begging and crying!), I pay them £30 per month
Natwest CC £1844 remaining I pay £20 per month
Barclays CC £2494.98 remaining, I pay £20 pm
Halifax cc £4014.98 remaining, I pay £45pm
RBS CC £1649.43 remaining, I pay £30 (again got some charges off)
Natwest OD £760.17 remaining I pay £20pm
catalogue 1 £205 remaining, I pay £50 pm
catalogue 2 £328 remaining, I pay £25pm
cap 1 cc £540 remaining I pay £20 pm

(that's all from memory, I may be slightly off but it's close). Doesn't come to £300 but I overpay on the lowest ones

When the £205 is paid back (should be july because I'll have my monthly pymt and will lump some savings into it to clear it) I'll put that £50 to use with extra £25 to RBS loan and £25 to catalogue 2

Do you think I'm going about that in the wrong way?

PeachPickle

red_ratty_rat wrote:

Hi and welcome –

Congratulations on freezing your debt, could I ask a few questions about this

1/ The credit cards that allowed you to do this do they allow you to continue spending on them?
2/ Once the debt is paid off will they automatically cancel your credit card, store card?
3/ Have you had a credit record report recently have your debtors made notes on this so you can not obtain credit?

Sorry for all the question, but I am very interested to know your reply

Ratty

Sorry, that's my fault, I wasn't clear. I don't have any valid cc accounts anymore, and there's no way I can get credit right now

PeachPickle

brranger wrote:

Are you on a dmp with anyone or did you arange with your CC/bank to freeze Interest?
Welcome Ranger

No dmp, I did it myself. The companies said they'd charge interest while I was paying off but I went to the CAB and they helped me write a letter asking them not to.

Mrs_Sparkle

Just to say hi and a big welcome... hope you find this site as useful as I am finding it. Well done for what you've done so far and good luck!

domesticgoddess

Hi welcome, I'm sure you will get lots of help and advice here. SOunds like you've made a really good start. I guess I would still save some money but pay more off on another debt.

HTH

Regards
DG