My SOA - KATCHAMBERS

livinginhope

Hi Kat
You pay £50 on your Next card,are you still buying clothes with the card? if you are then you are NOT going to clear this debt.
Next is an expensive shop,can you not find somewhere cheaper,then put the £50 on the card and spend ,say,£20/month on cheaper clothes taken off your entertainment budget.
If you want to clear this debt you are going to HAVE to make some changes,you cannot afford a life of luxury when you have so much debt.
We don't go without treats,but they are very cheap treats,special shower gel or a lipstick for example.
Your business sounds OK,but is now the best time to go it alone?

Mrs_Sparkle

katchambers wrote:

Currently we are breaking even, and that includes cinema, sky, entertainment and everything, however reducing some areas wil help us pay off our debts more quickly. Carrying on as we are at present won't increase our debts as we have made a budget have cut down on a lot already and are meeting all our debts and outgoings, but I do want to free up some areas so that we can pay off our debts a bit quicker. That is why there are some areas that I won't negotiate on because I don't think I need to. If we were minus £300 every month then sure I would have to cut back on loads of areas.

Kat it's your choice and I wish you all the best but- without wanting to sound harsh- you sound a little naive about your money management situation. You may think you don't need to cut back but how can you be so sure that your debts won't increase? Are you absolutely sure you won't see another "must-have" like the hot tub and stick it on the credit card? Why won't you consider charity shops for clothes or better still giving up clothes shopping for 6 months? I know it's hard but in order to deal seriously with debt you have to make serious changes.

I'm not judging you- have a look at my signature, I'm not perfect myself! I've actually been debt-free before but have fallen back into my old habits of shopping and enjoying the little luxuries and look where it got me.

Hope this is helpful- I don't mean to lecture.

sandralovescats

I have to agree with most everyone else - why do you need Sky and the Cinema package?
I cannot afford to pay for Sky or go to the cinema, never mind do both!

Paying all that money for Sky to use it five evenings a week is madness.

If you really and truly want to save money you will have to make sacrifices, there is no two ways about it. Cut it to the bone, until the debts have gone down.

katchambers

lynzpower wrote:

For a start this is pure madness. Why not just go into a next shop & buy them there??? At least youll pay the label price, and not the over inflat4ed one. Actually the next website itself says that its apr is APR 26.49% (variable). http://order.next.co.uk/WinTC.asp?Flg=1

I know it is, that's why I want to pay it off. I think I will look on ebay for clothes. I have looked before, but clothes in my size are very grannyish usually, but if I keep at it I am sure I will find something. I will work towards paying off next and will close it down.

Lynz I am listening to your advice, and I am not gravitating towards people who agree it is just nice to have a few agreements or nice comments now and then, you really do need to have an iron stomach to deal with all these realisations and hard truths and I am not entirely sure I am ready for them, but I am trying, I am working on it and I do believe your comments are making me think differently about some of my spending.

I read the post about bankruptcy, I don't believe that will happen because I will get at least 3 months notice of my redundancy and I will get a job to cover the basics. I simply won't allow that to happen, but thank you for pointing out what could happen if we don't plan.

livinginhope

sandralovescats wrote:

Black Saturn - I had a read of your menu for a month.

What happened to FIVE portions of fruit/veg per day?

You will all be ill eating all that stodge!

I have never seen such an unhealthy menu!

Sandra,Black Saturn has explained in previous posts about the fruit and veg.Her menu works for her family.

katchambers

Mrs_Sparkle wrote:

Kat it's your choice and I wish you all the best but- without wanting to sound harsh- you sound a little naive about your money management situation. You may think you don't need to cut back but how can you be so sure that your debts won't increase? Are you absolutely sure you won't see another "must-have" like the hot tub and stick it on the credit card? Why won't you consider charity shops for clothes or better still giving up clothes shopping for 6 months? I know it's hard but in order to deal seriously with debt you have to make serious changes.

I'm not judging you- have a look at my signature, I'm not perfect myself! I've actually been debt-free before but have fallen back into my old habits of shopping and enjoying the little luxuries and look where it got me.

Hope this is helpful- I don't mean to lecture.

You are right, I am naive and I am new to this. I literally spoke out about this yesterday, it is very new to me and I haven't got it all worked out yet and I am sure I am going to resist alot of the changes I need to make, but at least I am being honest. I could just say, thank you for your advice I will do it, then in my head be thinking, no way am I giving up sky. I don't do that because I am honest about my feelings, and hopefully you guys can convince me to think differently.

Off to enjoy my hot tub now, no cinema, no meals out, no spending money, just lovely hot tub and chat with husband about all your ideas and advice. Will chat again tomorrow probably.

Thanks everyone, I will keep listening.

Kat x

Mrs_Sparkle

Enjoy your hot tub Kat- at least you're using it!

All the advice you get here is meant in the best possible way and I'm glad you're thinking about it. We mostly speak from experience and are anxious to help other people avoid getting into the same situation.

Take care and make sure you come back and tell us how you're getting on.

C x

wheeze

Kat

There's some great advice on here and I can't add anything new, just wanted to wish you luck.

For what it's worth I think you're very brave to post your SOA.

My only concern is that others in a similar position may be put off doing the same, since the (usually useful) advice is often very harshly put by a few posters.

Good Luck!

benbenandme

I don't wish to be another one telling you to cut back but I think yours is one of the most worrying soa's I've seen on here. I can understand you wanting to live a lifestyle but sooner or later this will catch up with you ... I have read all this thread but am guessing you have posted somewhere else (dont know where the bit about the hot tub came from???) ... could you not consider downsizing your property as this is your biggest debt? Or do you have anything that you could sell? I know you say you need both cars, but what else did the £80k go on?? I am scared for you that you will be living in debt for so long ... what if you decide you want to start a family in the next few years? Could you possibly afford the likely drop in income this would mean?
Please don't think I'm preaching, I don't mean to sound that way. I'm not claiming to be any better at any of this than anyone else xx

sandralovescats

livinginhope wrote:

Sandra,Black Saturn has explained in previous posts about the fruit and veg.Her menu works for her family.

Haven't come across it. The fact remains that the menu is extremely unhealthy. All that stodge is not good for any body!