Problem Faced - Clear £30k Debt - Time for Action

TheLostSheep

All details of the situation I am in can be found at:

https://forums.moneysavingexpert.com/discussion/2571307
https://forums.moneysavingexpert.com/discussion/1090463

Basically situation is:

Around £30k owed
High APR's to get rid of
Issue with gambling
Relationship now at risk due to my lies
Previous Personal/Family Health Issues
Possibility to accept redundancy terms from work = £26k

As you'll see, it's a right mess.

Now to start fixing it, no matter how bad I feel!

I CAN DO THIS

TheLostSheep

These are the problems....

Creditors (As at July 2010):
Creditor Amount APR Payment Ends
Lloyds TSB Loan 1 £7,721 12.70% £271 p/m Nov-12

Lloyds TSB Loan 2 £917 21% £92 p/m Jun-11

Barclaycard £2,862 14.90% £80 p/m Jun-13

Lloyds TSB Credit Card £15,478 18% £350 p/m May-14

Lloyds TSB Bank Account £2,600 18% £30 p/m

= £29,578
==
Today I have thus far:
Updated my situation and contacted Payroll with regards salary being paid there. Also:

Co-op "New" Alternative Current Account = £20
Withdrawn Money from Betting Account = £50
= £70
==
I need to this evening:
Explore and apply for any 0% deals
Look for any items to Ebay

TheLostSheep

I have done some further things of use tonight:

Monday 5th July
Put K9 Blocking software on Computer - stps me visiting any betting sites
Moved balance of ISA to current account

==
To Do:
Ebay/Other Items to Sell
Query Any 0% offer for balance transfer I was offered
Coinstar for all the coins I have
Follow up the redundancy query

TheLostSheep

Tuesday 6th July
Going to cut out visits to coffee shop in morning. This will save £10 a week, £40 a month.
Lunches will be made each day. This will save £10 a week as i sometimes take them anyway. Another £40 a month saved.
If I can stick to these two promises, that's a potential saving of up to £80 a month.

£11 raised from loads of loose change via Coinstar machine.

beanielou

Glad that you have opened a new bank account away from Lloyds.

TheLostSheep

Thanks Lou - we've been arguing about this too as Gf is worried that this will mean that Llyods will withdraw my £3000 OD facility and I will default on that. It's currently -£2500 but my pay £1600 only services other payments so it's just a holding area.

Should I be worried by this? Was it wrong to move it!?

TheLostSheep

Wednesday 7th July
Letter Posted to Lloyds re F&F settlement hoping they will accept £12,300 of the £15,400 outstanding. Potential saving £3000 if agreed and £100 per month.
Completed a snowball calculator - VERY useful. IF (and that's a big IF) the above is agreed its December 2013 for it all being paid.

TheLostSheep

Thursday 8th July
Again made Lunch and brought breakfast to work so thats £5 saved.

Cycled to bus yesterday to see if I could really think about selling car. 18mins coming back compares to 8 driving which is great. Takes about 25 going with 3 significant hills. Bit worried about that in winter! Potential saving £100 p/m

Wrote a couple of other letter to creditors to make them aware of situation

Listed some Items on Ebay. Made £30 from them.

miggy

You're making some good choices cg81! I like the cycling one - not only do you save money, you get healthier. Bear in mind that in winter the light won't be so good, but in summer it's a great thing to do.
Have you been over to the OS board to look for cheap food ideas to add to your HM meals? (Sorry if you've answered this elsewhere, I've not seen your other threads yet).
I don't know about the Lloyds account - maybe someone else can answer that?

miggy

Hello again,
Just had a glance through the threads you linked to - some helpful stuff, particularly from black taxi and tbourner.
I am so sorry to hear about all your family went through a few years ago. You have had a lot to cope with. It's interesting that both you and another poster felt that at the time you had seemed to cope well but in fact had had some form of safety valve that you weren't really aware of at the time. I expect all of us would do similar, whether it's gambling, eating, 'retail therapy', computer time, etc. etc. It helps us to bear the otherwise-overwhelming strain. As you've already said, though, there are long-term consequences. To me it's essential you sort out or at least contain the gambling, because that, rather than debt, is the real problem.
Other things:
RE: the cycling - we don't live as far north as you but cycling to work is still necessarily seasonal. My husband prefers to cycle but in winter it's just too dangerous, so if you stay in your current job, please factor in an alternative for the dark, icy months!
Workwise - I don't know what field you work in (not being nosey!) but is there any possibility of changing your working pattern to reduce your travel? Some people where I work do 'long days' - can be 13 hours or so - but in that way all their working hours are condensed into fewer actual days. If that were possible you could cut out a couple of days' travel a week which would help. Don't do more than you can balance with staying healthy, though!
Alternatively, could you perhaps get B&B one night a week - perhaps as a money-spinner for a colleague if you know one with a spare room? It might not save a lot, cash-wise, but would cut down on travel time and leave you with more energy to put into other things - maybe a second job?
Best of luck with it all, I especially hope things work out with your g/f.

TheLostSheep

Friday 9th July
Got a lunch with work so thats £10 expenditure I could do without.

Will list a few more Ebay items tonight.

Possibly start to clean car up and get it ready to possibly sell. Got an advert and pictures ready from before.

Cancelled my trade Union membership - CONFIRMED I WOn't PAY FROM JULY ONWARDS. Saving of £20 a month as they never do anything for me now!