I’m really one of the gang now

Wonder_Girl

Here goes

Overdraft £1300 being repaid SLOWLY with whatever is left over in OH’s account at the end of the month, online account says 15.90% EAR, what’s EAR mean? This seems very high
Credit Card £3363, repaying min payment of £103, interest 1.417% per month (I think)
Store card DP £188, min payment of around £10, no idea of interest, with GE
Store card TS £213, Min payment of around £10, no idea of interest, with GE
Family loan £1500, in no rush to have it back, although I would like this gone asap, currently not paying anything
Old overdraft £1802, not had conformation of interest rates yet, £52 a month

Total debt £8366

Monthly income after pensions etc £1972

Expenses

Rent £550
Contents insurance £11
Council tax £90
Water £30
Gas & Elec £50
Internet £10
Cable & Phone £32
Mobiles £70
Mobile insurances £12
Food £350
Travel £150
Child Support £194
Entertainment £100
Pets £10
TV Licence £11
Clothes £40
Hairdressing £20
Debt repayment £175

Total £1905

Surplus £65

I would like to point out that come January things will be a lot better, we bith get pay rises and the child support will be reduced to £133 as the CSa miscalculated when OH started his new job in January and we are now having to make up the shortfall this caused.

All opinions welcome

WG xx

Wonder_Girl

How do you all keep track of your running totals etc?

spud30

Wonder_Girl wrote:

How do you all keep track of your running totals etc?

CCCS send me a statement :rotfl:

PeachPickle

Wonder_Girl wrote:

How do you all keep track of your running totals etc?

Spreadsheets

Now you know we're all going to ask about that Entertainment budget... What does the surplus get spent on?

Those store cards will have massive aprs

Wonder_Girl

PeachPickle wrote:

Spreadsheets

Now you know we're all going to ask about that Entertainment budget... What does the surplus get spent on?

Those store cards will have massive aprs

Well to be honest i was smoking 10 a day (£20 a week) up until VERY recently, so up til now thats where it went but now it will spent on debt

The £100 isn't for anything specific, just "stuff"

ozzyfan_2

Hi WG

You could start a spending diary (if you don't already!) even if you do it for a couple of months just to see where the £100 is going, it really helps to see where the money is disappearing too & what you could cut back on!

And I just wondered how many people you have to feed as the food looks a bit high! You could join everyone in the grocery challenge thread if you wanted to try to reduce it a bit, I'm sure you'd be very welcome And have a look on the Old Style board too for lots of cheap meal ideas.

Good luck! You've helped so many of us on here & it's really appreciated, I hope you get lots of help & ideas to help you get debt free asap!

xx

chelly63

Hi WG
You were already one of us and have been so supportive and have given so much sound advice, you certainly stopped me from completely losing the plot over OH debts and stopped me worrying about all the things that may happen, when I had no idea about the facts etc, I am glad that at least you have the knowledge to deal with your debt problem and of course, we are here supporting you too.
Hugs Michelle

needaspirin

You don't say how long ago you were last contacted over the debt. The debt may not be recoverable!
In England, Wales and N. Ireland, there is a time limit, usually six years, on starting legal action to claim money owed. Once judgment has been obtained, there is usually a six-year time limit
The time limit runs from either the date when the money was first owed, or from the last time the debt was acknowledged by the debtor, or from the last time a payment was made.
If a debtor, contacts a creditor and acknowledges the debt within the six years, the six years (five years in Scotland) will run from the date of the letter.

The six-year time limit starts running again if any kind of enforcement action is started.

Wonder_Girl

needaspirin wrote:

You don't say how long ago you were last contacted over the debt. The debt may not be recoverable!
In England, Wales and N. Ireland, there is a time limit, usually six years, on starting legal action to claim money owed. Once judgment has been obtained, there is usually a six-year time limit
The time limit runs from either the date when the money was first owed, or from the last time the debt was acknowledged by the debtor, or from the last time a payment was made.
If a debtor, contacts a creditor and acknowledges the debt within the six years, the six years (five years in Scotland) will run from the date of the letter.

The six-year time limit starts running again if any kind of enforcement action is started.

It's just under six years since i went AWOL on my debts, however it is my fault and i want to repay, i Moved several times without telling them and i truly want to get it repaid.

Wonder_Girl

Thanks for your kind words of support everybody

the food budget is for 2 adults full time and 2 children half time (joint custody). I know it’s high but as I wasn’t really paying attention to the debt side of things I didn’t really notice. I will try the grocery challenge! That sounds like fun

I have decided to try and make these cot backs initially –

Food £60 a week, I know I can manage this saving £90
Travel, I have found out that if we each buy our passes annually we can pay by monthly DD at £47 a month Rather than £57 and we will stop using taxis, saving £54
Entertainment I’m going to monitor for a bit, see where we can save

SO with those adjustments our new surplus is £209

And more adjustments to follow I’m sure

That puts us at just under 2 years to repay :D