BR 2 months on and how it is.

valetta30

Im almost at my 2 month stage now, and just thought I'd share how its all going and it may be useful to some!
The huge anticlimax of actually going BR, was replaced with a calm feel over the folllowing few weeks. HBSC still continued to call 3 times a day for about 3 weeks, MINT, Virgin, Northern Rock and Firstplus have sent the odd letter but thats died off now.
Banking with the Co-op have been brill - finding it very easy to manage money online and they are very helpful on the phone.
I have changed the way I deal with money, and have found the only way I can cope is leaving the direct debit cash in my account and then withdrawing the rest. I then have a cash box with little sections labelled 'car tax', 'fuel', 'shopping' etc. These are labelled with how much needs to go in monthly and a running total. Its really helped me budget :-)
Having cash in the house isnt ideal, but I just need to get into a routine.

I'm moving house in a few weeks, and finding a rental property just having gone BR wasn't ideal. I decided to walk into each agent and tell them I was BR. Intially, I didn't get great feedback and some refused to help and some said they would be OK with a guarentor, but never offered me properties. In the end I found a property, looked around it, liked it, and then told the agent I wouldnt pass a credit check (no mention of BR) - no prob she said, just need a guarentor. Easy as that. I did enclose with my credit check application a letter explaining how I had got into BR state too - not sure if it helped or not.

Guarentor??!! Where do I get one of those??!! No family or friends that could help - how do explain to them why you need a guarentor when you have a stable professional well-paid employment? That god for lovely bf's!!
i really dont know what Id do without him!

While on the subject on renting - how to scrimp and save for the deposit! OMG what a nightmare! You remember the savings I had in the cash box...? Well all gone now.
Oh and I tried the private rental route - Gumtree just gave me fraudsters that promised the world (dont part with your money!) and no luck with freeads/local paper.

I hate being so anal about money - and those who dont know Im BR, just think Im tight! Im hating not being able to have my hair done - Ive got 3" roots! I want a bottle of wine tonight - no chance! Where as before Id just say '***k it', now I can't just go and spend. I worry a lot about money and have become quite obssesive with working out how much (or how little!) Ive got!! Its a daily thing! But.....at least I know where I am, and that is something Ive never had before.

Insurances - no impact on me. Car insurance not up for renewal until Nov. I have checked the policy and no mention of BR, so have left it. I have just informed my house insurance Ill be moving, and they asked me loads of questions again, but no mention of BR. So no effect on me from that point of view.

I have a new found love of charity shops, car boots and markets. I price everything up and see if I can get it cheaper elsewhere. Example, wanted a £60 hoover from Argos for the new house, went to the market, found an ex demo upgraded model for £30!! The buzz of the bargain was amazing!

Only problem with the markets etc, is that you've got to have the cash there and then. No just wacking out the credit card and dealing with it later. And the PAIN of walking away from a cracking deal cos you haven't the cash....hard, but reality that is now my life!

Lidl - £30 a week for food shopping for me and my daughter if its a tight week! It can be done! And some of the stuff is great!

OR contact has now dwindled to nothing. I havent received any info re IPO or whatever its called! Will submit my new SOA once Im settled in the new house.

Its not entirely stress free!! I am worried about money now for a diffferent reason - ie. dont go overdrawn!!! Its a change of life, and that is the hardest thing. I just like the odd luxury now and again, which I can have - just trim the shopping budget or dont use the car for a few days! It sounds silly but its the only way I still keep myself sane for the next 10 months! :rotfl:no where near as bad as I thought it would be...and a sense of pride at the end of each month, that I have NO DEBT!

missyp123

thank you for sharing your story so far with us...
i like the idea of the cash tin to get you organised and knowing where you stand. (im gonna pinch that idea:))
i do think that budgeting for things like car tax etc is good in theory but if its in the bank its easy for it to disappear.
the knowledge that when these things do come up every 6 months or even yearly that i could pay them striaght off is very overwhelming, and i cant wait!

when i think about the all the worry i have because of debt....its worth it!

good luck for the next 10 months

pixiechick_2

Thank you for sharing this with us.

I am just about to go down the BR road (waiting for money for fees) and it's good to hear someone else's experience, though I know they are all individual.

Good luck for the future.

cuddlymarm

Hi

I know you feel anxious about money at the moment but it does get better ( OH went BR July 2008 and then me Aug 2009) It becomes second nature to do everything in cash.
You won't hear much from your OR unless you have a really good wage and probably the next contact will be when they want to put you forward for early discharge. Remember no news is good news but if you do get grief of any of your creditors just pass them on to your OR.
If you are feeling deprived try to find a couple of quid when you shop to buy a bottle of plonk or a big bar of choccie and put it away for when you need a treat.
And the most important thing is that you will get highs and lows. You have been coping with the stress of creditors harrasing you and then making a life chaging decision to go BR so give yourself a pat on the back and try to relax.
I hope this helps
Cuddles:)

glamb

Thanks for sharing that information. I too love the idea of the cash box with different sections - I want one.

Good luck over the coming months, hope it all works out great for you and your daughter.

Swampmonster

As regards to the 3 inch roots try your local hair dressing college who will often dye it for free or just thre price of the product if your willing to be a model for them.

Takes a little longer but definatly worth the saving!

IF

Thanks valetta, your post is so inspirational and your wonderful sense of humour will get you through.....thanks for your update x

dojoman

Thanks for taking the time to share your experience of BR up to now.

valetta30

Its nice to be able to offer something when Ive taken SO much from the forum over the past few months!

money box....for those interested...its just a plastic index card holder (£4 staples) with a box of index card dividers (£2). THE best cash Ive spent so far!
Everytime I put money in I date and total on the card, and when I withdraw, again I date and total. Saved £100 in 2 months for 'holiday', and was so nice to go on a short break that Id pre-booked, with enough cash for drinks/food etc. (BTW - the short break was a £9 a night Travelodge special...think they are still doing something similar now. Great for just getting away for it for a night or two!).

missyp123

valetta30 wrote: »

Its nice to be able to offer something when Ive taken SO much from the forum over the past few months!

money box....for those interested...its just a plastic index card holder (£4 staples) with a box of index card dividers (£2). THE best cash Ive spent so far!
Everytime I put money in I date and total on the card, and when I withdraw, again I date and total. Saved £100 in 2 months for 'holiday', and was so nice to go on a short break that Id pre-booked, with enough cash for drinks/food etc. (BTW - the short break was a £9 a night Travelodge special...think they are still doing something similar now. Great for just getting away for it for a night or two!).

im actually looking forward to doing this...this is how i spend my time now!!! lol
im planning on keeping all monthly Direct debit money in the bank (maybe a little over so i dont go O/D.
Making cards for water (quartlery bill, can just pay cash), food, car stuff, optician (really could do with new glasses asap!!) etc etc and the emergency and holiday fund which will be great!!!

Any extra tips are much welcomed!!! thanks you:rotfl:

Loopy1

thankyou for sharing
I kind of understand what you are getting at as had this discussion with OH today. Its a complete change of habbit to master. I was in a shop the other day for something specific and decided to look at magazines. Now normally I wouldnt hestiate to put it on my debit card as well as treats for the kids. At present I dont have a debit card as im temporarily putting my money in OH's account until I can use the Co-op account. It made me stop and think that I didnt really need to buy unnecessary things.

Likewise I am now saving every penny. I've decided its important my 8 year old learns the art of saving so I have reinstated pocket money and use the 5ps and the 10ps that I would freely discard before.

I'm going to court tomorrow but dont believe my huge levels of stress will disappear once I leave court. I am however looking upwards to managing my finances and have set up a spreadsheet to manage my incomings and outgoings and similar to you will be keeping some money in the house set for specific reasons such as clothes and saving up for a train fare so I can take my kids to see my parents in the summer holidays