My SOA - KATCHAMBERS

katchambers

Hi, I'm back.

I had a long chat with my husband last night and we have come to some agreements over some of the outgoings and I will discuss them later, first to respond to some previous posts...

Kat

all_hours

Kat,
If you're losing weight and are going to lose several stones it's a waste of money buying new clothes that only fit for a few months. Buy 2nd hand on ebay until you reach your target weight. Each time you drop a dress size sell the clothes back on ebay.

katchambers

roswell wrote:

Some quick maths, assuming for 1 second that your income stays the same and there was no interest to pay on all your debt and mortgage, assuming you only worked and paid debt (no eating or anything)
£3000 a month * 12 months = £36000

£257000 / 36000 = You will be working 8 years to pay this off, Now add the fact that you have to eat and there is interest payable on these debts and your probably looking closer to 16 years.

Id really suggest you look into IVA / Bankruptcy.

I am definitely not going to do that, it is not like we have ever missed a payment, we just have a lot of dare I say barely 'manageable' debt. I do however want to pay this debt off quicker than the 8 years that are left and that is what I need advice with and thank everyone for their advice, but bankruptcy is the final straw when payments are constantly missed and debtors are knocking on the door. That hasn't happened and I am looking into taking measure to make sure it doesn't happen.

katchambers

Edinburghlass wrote:

It appears that your business involves buying stock as you say you need a large house to store it, has buying stock involved any of the loans and when you say you are making £400/600 per month on your business are you actually taking into account what it has cost over the month to buy any stock or service any loans that have been used.

If you want to go into business in more full time way you really need to draw up proper business plans and work out your profit margins taking everything into account.

I see Rgc has touched on this but please look carefully into this

My stock is very cheap and I only spend about £10-£20 a week on stock and no I have not taken out any personal loans to fund my business, my business started from nothing (ebooks) and has grown from the profit I have made. Those figures are profit figures which means all stock, stationary, petrol mileage etc have been taken from the turnover to get that profit figure. I keep a profit and loss account every month and I put money aside into my business savings account for the taxman.

Thanks

katchambers

ali007 wrote:

Like others on here I too am v worried about the OP. She is NOT 80k in debt - she is over 250k, and this SHOULD be terrifying her, but isn't.

Kat hon, you've said you're meeting all repayments - but only because you've extended mortgage to 35 years. What will you do if you find you can't make payments on this because of long term illness, bad enough to stop you working but not serious enough for critical illness? How would you cope with an unexpected pregnancy?

You seem to be looking for ways to live your same lifestyle cheaper. This is not going to help. Something has to give. Prioritise - what is most important to you - cinema, sky, entertainment, clothes shopping? I'd suggest keeping the cinema as it seems a really good deal, downgrade to freeview and STOP BUYING CLOTHES!!!!!! Anything you NEED (not WANT) get from Primark.

Sort out your wardrobe - sell everything you can't remember when you last wore it. Do the same with OH.

But most important of all hon, you need to learn that just because you WANT something that doesn't mean you have to have it. If people on here seem harsh it's because we can see a disaster waiting to happen. Please have your lightbulb moment hon.

I am actually scared about how much debt we are in, and those are the concerns I posted in my first post a few days ago about how guilty I feel about the debt and how ashamed I am. Just because I am not saying that I am terrified in this particular thread does not mean that I don't feel it. Just because I am making excuses does not mean that I won't eventually own up to it and solve these problems, it just means I am resisting it because I love my previous lifestyle, and if it really was that easy to do all the things suggested then I wouldn't even be in debt to begin with. If I could just say, ok I will get rid of sky, cinema, won't ever buy clothes again and won't go out then that means I didn't really want or need it in the first place and I don't believe I would be in this much debt, the fact that it is so hard for me to change shows one reason why we have so much debt.

I appreciate all your advice.

System

If I could just say, ok I will get rid of sky, cinema, won't ever buy clothes again and won't go out then that means I didn't really want or need it in the first place and I don't believe I would be in this much debt, the fact that it is so hard for me to change shows one reason why we have so much debt.

and for this reason Kat, yours and your husbands lifestyle has to change.

katchambers

roswell wrote:

The Op hasnt been on sisnce yesterday I Guess the lightbulb isnt fully on at the moment.

Why do you assume that because I haven't been on that I am somehow slacking or not dealing with my debts. Am I supposed to spend my whole life on the internet or can I have a life? I was busy. Sorry I don't mean to be harsh, just some of these comments on this thread are a bit harsh.

furndire

Just been reading you threads, and Post 96 looks like the lightbulb moment. I really hope it is - good luck,

katchambers

chivers1977 wrote:

I had another thought. Kat said that B&C insurance only cost 12 per month due to earning £100 through quidco. However it actually does cost double that so the actual figure should be in the SOA unless you are feeding the quidco funds in each month. It is this sort of thing that will mean that your budget will go wrong. Sorry to be picky.

And what about this???

Yes all my quidco money goes into our bank account periodically, otherwise I would not have said it cost me £150.

The gym membership/private healthcover is being started because I have decided to give up weightwatchers and want to increase my exercise and stop paying for dance classes and swimming, this will make it cheaper, plus if quidco works out then the £18 a month will then become £0 a month because the quidco cashback is big enough to cover all 6 months worth of payments. I am hoping for quidco but not relying on it, we can afford the extremely cheap membership of the cashback doesn't come through.

roswell

katchambers wrote:

Why do you assume that because I haven't been on that I am somehow slacking or not dealing with my debts. Am I supposed to spend my whole life on the internet or can I have a life? I was busy. Sorry I don't mean to be harsh, just some of these comments on this thread are a bit harsh.

No my point was that in most instances when someoen is truely worried they will be up all night with worry and look at every angle even the most desperate ways possible to get info on how they can help themselves.