Diary - 41 and drowning in debt

too_much_debt

My name is TMD and I am 28,058 in debt (at last total). I am 41, female, have 3 lovely girls aged 5.5, 4.5 and 22 months. I am a SAHM and also sell on Ebay as a Business to earn myself money as I can't get a job due to OH's hours. I live with OH who is the same age as me.

I currently have 8 credit cards (was 7 but just got another one for 12 months at 0%).

At the current time I am in the process of selling my Endowment which I took out in May 1996 when I bought my first house, I sold my house in 2003 and moved in with OH and kept up the payments on the Endowment. I made 61k profit, paid off my debts, took my parents to Hawaii for 10 days holiday, 15k when for part of the deposit when we bought our house in 2005. The rest just dwindled away when I had to give up work when expecting DD1, and now I find myself in all this debt, wish I could go back in time - if only!!.

The interest on all my cards is the killer, one card alone this month was £116 just in interest. When I get the money from selling my Endowment which should hopefully be the week after next I am going to pay off 4 of my credit cards and will close these down.

The interest on the 4 cards was more than the interest on the car I owe the most on with the highest rate so am getting rid of 4 cards rather than 1 or 2 and will make overpayments to the rest. I have 2 Barclaycard 1 at 6.9% until paid off and one at 7.9% until paid off so these are the ones that I will just make the minimum payments on.

I should have about £2k left but am getting my car serviced and will have car insurance in April too.

So that is where I am at at the moment.

Am so impatient for the money but have sent the forms back the same or day after I've received them which will hopefully speed things up.

Thanks for reading this far.

TMD

pepe2008

Sounds like a Plan TMD. Dont forget that when you have cancelled the Endowments, with 3 kids, you will need to make sure you have some other form of Life Assurance in place.

Good Luck with everything.

Pepe

too_much_debt

Thanks very much Pepe

I have another Life Insurance plan already, took it out last year with Norwich Union.

Just can't wait for the money (I'm so impatient), I feel quite good about paying off 4 debts as the interest alone last month on those 4 debts was £130. Am planning on doing more balance transfers to Barclaycard when my balance goes down a bit more if they still have the 6.9% until paid off.

Just want my kids to have a better Summer than the last two when i've not been able to afford to take them nice places.

pepe2008

The fact that you will be under less pressure will make things seem better for them too.

Its all about making life a little easier, bit-by-bit.

too_much_debt

Yeah I can't wait, at least 3 of the cards will be low APR so can concentrate on MBNA.

Have a good weekend.

too_much_debt

Have had a good Mother's Day, my eldest two made cards at school and picked a present (they had to take £1.50 each in last week so they could pick something and wrap it up). DD1 bought me chocolates and DD2 bought me a set of 3 bangles, I've not seen much of the bangles as DD2 has been wearing them, think she picked them for herself rather than for me - lol!

Looking forward to another week, am hoping I might get my cheque at the end of this week or early next week, it can't come soon enough for me.

Really got to start Ebaying again, I've not listed on my Personal account for about a week, I also have a Business Account even that is slow on weekends, hoping it picks up soon.

Need to find some more challenges to join.

too_much_debt

Listed lots on Ebay yesterday and am doing some for tonight, have a headache coming on so will have a rest on the settee after I've got the kids from school.

Hoping to have more news on Endowment by the end of the week (fingers crossed)

too_much_debt

I am so happy today, I got my cheque from my Endowment today, am well chuffed, now I can pay off 4 of my credit cards when it clears into my bank. It got to 12.45 and the Postman hadn't been so I thought we probably hadn't had any post and he had gone past, took the kids out to Toys R Us to get a present as they both have parties this weekend and as I was driving down the road I saw the postman (a different one to normal) walking up the road, so I turned round and came back just in case he had it and it had been sent Recorded delivery, he handed me 3 letters and a parcel and the 3rd letter was my cheque.

So am a happy bunny today, now when I pay of those 4 cards I can concentrate on the other 4 and try and get my debt down ASAP, will be great to have 4 less payments a month and 4 less interests being added.

So hopefully can update my diary more often from the end of this week.

too_much_debt

Another fun filled week, paid my cheque into the bank yesterday and it will clear on Friday so can't wait for that, am going to take the eldest 2 to Build a Bear and let them choose a bear and an outfit each, and will get DD3 something different as she's not yet 2 so I think too young for Build a Bear, my kids deserve a treat as money has been tight for so long.

Also today, I had a phone call from Iceland, I won £100 in vouchers this month, they swipe your card every time you buy something and you get entered into the monthly draw and I won, I never win anything so am well chuffed.

mrs_robinson_3

Well done on your win!

I won £287 on the Littleoods Lottery this week - my dad does it for me and he won the same! Was v pleased as am going to Paris next month so was going to scale down my CC payment (am currently targetting one to clear by June) to fund my spending money - now I can pay it and have spending money too!

From my experience when you get your head round your money other good things start happening - here's hoping this is the start of great things for you!

Mrs R

too_much_debt

mrs_robinson wrote: »

Well done on your win!

I won £287 on the Littleoods Lottery this week - my dad does it for me and he won the same! Was v pleased as am going to Paris next month so was going to scale down my CC payment (am currently targetting one to clear by June) to fund my spending money - now I can pay it and have spending money too!

From my experience when you get your head round your money other good things start happening - here's hoping this is the start of great things for you!

Mrs R

Hi Mrs R

Thanks for your reply on my Diary, well done on your win too, that is fantastic, I'm glad your dad won too. Hope you have a great time in Paris, I'ver never been there before.

I hope I can sort out the rest of my debts easier, at least I won't be getting as much interest a month.

Thanks again for your reply.

TMD