The Ultimate Incentive to get debt free… again. Dinah & NIM go head to head!

Dinah93

New money stressor - on my newly reduced wage we have £17 a month for all spends. And magically this month that needs to cover £160 of car tax!!! So, so, so sick of this.

Flower08

All I can say Dinah is I know how you feel. If OH doesnt get started in this new job soon we dont even have the money to cover all our basic outgoings, let alone anything else. Cant remember the last time I had a good night sleep, I spend so many hours lying awake going through money in my head!

Dinah93

Horrible as it sounds Flower, its good to know someone else is as paniced as we are.

NIM had a good idea tonight. He's going to see if we can take a payment break on the morgage. Might not be possible but if it is we could clear enough debt in a couple of months that we'd be back above water.

wendz86

Sorry to hear you guys are struggling moneywise.

Flower - really hope your OH gets to start the job ASAP.

Dinah - sounds like a mortgage break might be the best thing to get things back on course again.

Cinny91

Flower & Dinah, sorry to hear you're both struggling atm. It really isn't what you need any time of the year, let alone over Christmas when things seem to cost 3 times more than normal! Wish there was some way I could help out.

Tete, that's damn depressing! I don't mean this to come across heartless or anything. But you're crazy talented with your crafty stuff, like Dinah said that bag you made was flawless! AND you didn't even use a pattern, that would be majorly difficult for most people - and would likely turn out a mess. Maybe a silver lining of the break up is you having more time for your crafts, maybe start a little business out of it. I mean, you've already got one lady wanting you to make her stuff without you even trying to push commissions!

Hoping our little debt panic is over for good. We've decided to draw from my savings to pay it all off, start the new year fresh without anything hanging over us. Plan after that is to put any spare money each month into a savings account, let it mount up then if there's anything big we need for the house get it, but if not feed it back into my savings till it's all paid back.

poddle911

wendz86 wrote: »

Sorry to hear you guys are struggling moneywise.

Flower - really hope your OH gets to start the job ASAP.

Dinah - sounds like a mortgage break might be the best thing to get things back on course again.

I'm sorry to hear that too. It's really horrible that finances affect so much of your life. I think mortgage breaks can be fantastic if you're disciplined enough, which you clearly are! Hope you can take a break Dinah. We don't have enough equity to take one which makes me feel a bit sick in itself - it would be great to free up a few months payments to clear some credit card debt.

We're lucky that we've been able to transfer to another 0% deal, but the minimum payment is 3% instead of 1% so we've got to find an extra £100 a month and we're struggling as it is. So, fair to say we're panicking too

PS. please post the link to Tete's blog again - thanks! I'm so impressed at learning to knit, I'd love to do some more crafty things.

Dinah93

What % equity do they want to take a morgage break Poddle? Because we're in our first year of paying almost everything so far has been interest, no reduction in capital, so not sure if they'll let us.

We couldn't get another 0% deal as the credit records are too poor.

wendz86

Tete - i agree with Cinny, that bag was so good. Had a little peak at your blog. Definately think you should look at turning the craft into a business or something?

Cinny - sounds like a plan to take out the savings to pay off the debt, Martin would be pleased hehe.

We have our work Christmas do tonight but think i will pop down for an orange juice and some food but not stay long as can't imagine being with a load of drunk people will be that fun.

poddle911

Dinah93 wrote: »

What % equity do they want to take a morgage break Poddle? Because we're in our first year of paying almost everything so far has been interest, no reduction in capital, so not sure if they'll let us.

We couldn't get another 0% deal as the credit records are too poor.

I imagine it depends on your provider, but ours is 20% - can't believe we 'own' so little after paying off for 3 years! But we didn't have a very big deposit.

have fun tonight Wendz! going to the meal and still having an early night sounds like the best of both worlds

wendz86

Unfortunately not a meal, we are not that swish hehe. Probably just be nibbles but worth going anyway.