Having courage to be honest

ruby1968_2 · 17 February 2010 at 9:09AM

:wave:
Well here goes again, this must be the 10 attempt to do this but I feel I have the courage to be honest with myself and my family to start this diary in the hope it will the beginning of the end of debt, my DH and I are 4 years off our 25th wedding anniversary May 2014 (others gave us 6months) showed them!!
Throughout our married life we have been the trials and tribulations the world and it’s mother could have thrown at us, we have been in and out of financial and emotional difficulties since we have been together with have both worked hard at raising two children (now teenagers) we have done our very best to give them a good start to adulthood.
Anyhow it has come to this point that enough is enough my DH is working all hours god sends and does his best for us, things have got worse since I have been unable to work ( about 4 years ago) so I try and hold everything together the best I can, until about 6months ago when reached rock bottom and tried to take my own life ( still here and trying to get above it all) have spent hour upon hour trying to make sense of everything and sorting out were to save money.
Following advice and reading through these forums have managed to save a bit by changing eg: energy saving light bulbs, cancelling non essential DD’S, hubby has stopped smoking, joining loose change pays my debt challenge (these are a friendly bunch), talking to creditors and Ebaying items to raise funds. This is working and the debt is coming down albeit slowly, and if I keep going hopefully will be a lot if not debt free in time for our 25years.
[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2 Hubbies and mine (needed to regular appointments)
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1200
Benefits................................ 882.4 Incapacity benefit, child benefit and tax credit
Other income............................ 0
Total monthly income.................... 2082.4
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500 can’t get help with housing benefit
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 19.38
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 14.25
Satellite/Cable TV...................... 52 already reduced stopped sports channel
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 0
Petrol/diesel........................... 320 Hubby is looking for a job closer to home
Road tax................................ 30
Car Insurance........................... 68
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13.83
Life assurance ......................... 14.25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0 None booked but do have touring van for cheaper hols
Emergency fund.......................... 0
Total monthly expenses.................. 1543.91

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Natwest Loan...................15489.6...470.4.....0 paid with loan insurance
bos............................17110.....25....... .0 Payment plan 6 month review
natwest cc.....................1561.15...40........20.9
catalogue......................499.50.......25....... .0 payment plan interest stopped
Provident......................803.......40....... .0
Total unsecured debts..........35488.25..600.4.....-

Monthly Budget Summary
Total monthly income.................... 2,082.4
Expenses (including HP & secured debts). 1,543.91
Available for debt repayments........... 538.49
Monthly UNsecured debt repayments....... 600.4
Amount short for making debt repayments. -61.91
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -35,488.25 Net Assets.............................. -33,488.25 :eek:
[/tt]

Looks scary but have made a start in reducing payments and also NatWest Bank loan is being paid by insurance taken when loan was granted. Unfortunately we didn't take one out for Bank of Scotland due to be in a well paid job at the time and we managed to coveer all our payments. (our total debt was twice this high)
Have looked at selling my car but when got quote a little dishearten as it wasn’t worth anything:(

40somethingmum · 17 February 2010 at 9:22AM

Hi Ruby,

Well done on facing up to your debts and good luck with the debt busting:T.

I will keep popping in to see how you are doing.

love

40Smxx

Luckycharm_2 · 17 February 2010 at 9:31AM

Hi Ruby

Welcome to the boards! You've done the right thing starting a diary. Mine really helps keep me on track, even when I disappear for a week or so. And there's lots of lovely people around cheering you every step of the way.

Well done too on your recovery. It's hard to pay off debt in a single income household but it's not impossible. I'll never be paying mine off at the crazy fast rate of some people on here but the secret I've found is to keep chipping away slowly. For every day the debts going down you're helping the problem and not making it worse.

Best of luck with your journey. I'll duck in and see how you're doing.

LCx

ruby1968_2 · 17 February 2010 at 2:39PM

:wave:Hi Guys

Am feeling quite please with myself as I have managed to sell 2 items on Ebay for total of £18.99 :T, and have a bid on another item, stll have some more to list but will proberbly wait till tomorrow or Friday.

BEAT_THE_DEBT · 17 February 2010 at 4:14PM

Hello Ruby welcome. You will sort this out if you stick around.x

ruby1968_2 · 17 February 2010 at 7:58PM

:wave:Hi beat the debt,

I sure hope so, would like to debt free or as near as possible before we hit our 25th wedding anniversary in 2014, so I have a while.

found_a_bargin · 17 February 2010 at 8:14PM

Hi Ruby, Ive just started my new diary and hopefully it will help me to keep on track as its not ever easy..

I hope it all goes well for you..

Good Luck

ruby1968_2 · 17 February 2010 at 8:19PM

:wave:Hi found a bargin, hope all goes well with you too.

found_a_bargin · 17 February 2010 at 8:23PM

Fingers crossed..!

ruby1968_2 · 17 February 2010 at 9:26PM

:wave:Hi guys

I remembered something from when I was working; I use to work on smart targets,’’ if only I’d remembered it sooner.!!

How does SMART help me set targets?

Specific = Goals need to be something specific (becoming debt free)
Measurable = Goals need to be measurable (This makes it easy to see if you hit your target how long).
Achievable = Goals need to be reasonable and achievable (Don't set yourself up for failure by setting goals that are out of reach).
Relevant / Realistic = Goals need to be realistic (Do you have the ability and commitment to make your dream come true?)
Time-bound = Goals need to have a time frame (set a time frame when you would like this to be done)

Short-term goals. These include monthly, weekly and even daily targets that will move you toward your long-term objectives