Long Haul or Do Up House??

Polly_Wolly_Doodle

Good Morning,
Think i fancy having a go at keeping a diary online and seeing if that helps to keep me focussed.

Have read all of HereWeGo's diary and have found it so inspirational i've started ebaying again!

Anyway briefly we bought this house to do up and sell and then do the same again but we've got bogged down by over borrowing when it was easy and now struggling to make ends meet. Also had child number three and even though he's now two and a half i haven't got my oommmph back.

The simple solution is finish the house and sell but given the current market i'm scared to do it.
Anyway the debts stand at mortgage of £214,320.02, overdraft of £7,000, in-laws loan £10,000 (plus 5% interest), personal loan £402.33pm, secured loan £416.41pm and DH's car loan £150.89pm (my car is now nearly 9 with 110k miles on the clock - so don't know how long it will last).
On top of that we have joint cc debt of £77,852.48 over 12 cards.
OMG this isn't positive reading is it! :eek::eek::eek:

Highest rate card is Opus (was Citi but now transferred to Opus) at 28% pa, however when i work it out the way the other cards do it's 24.69%. This card is closed and i'm wondering if it's right to focus on it or should i focus on an open card that i could BT to in the future?

I have done a SOA and TBH i've cut all i can from school fees to Sky and we have ancient mobiles on PAYG, so i don't think there is anything there other than food which is the other reason for diaring as if i can't pay off Opus in 2011 i can at least cut my weight!!

Think that's enough waffle for now.

Have a debt free day all!

PWD.

Polly_Wolly_Doodle

Oh forgot to say have just finished my last Kitkat - and it's not even January!

MicheH

Hi Polly

I've seen so many signatures on here with people's lightbulb moments being quite a large sum of debt and on those same signatures I've seen that number dwindle to a teensy tiny amount. It can be done and has been done. I gues you're in the right place

Now put that KitKat down and pick up supermarket cheapy digestives.. lol

I too have to lose some weight and come the new year the podge will be bouncing off. I said that last year!

I've subscribed. Good luck and I look forward to reading about your journey

Polly_Wolly_Doodle

Thanks MicheH,
Not only finished the Kitkats (14p each from a value pack) but also the BOGOF Pringles that DH 'kindly' bought the other night! So i'm fattening up nicely for Christmas but then to be reduced alongside the Opus debt, although wondering about tackling DH's cap 1 card with under £3k on it and then being able to do a BT with it?? Drop in the ocean and probably better to kill the 28% before that one at 17.86% - can you see i've been REALLY looking at this!:D

Oh did a sneeky payment to Opus of £6 - woo hoo that takes it down to £5579 but that's before interest is added, so need to see the statement before i can update my signature.

Right off to ebay!:A

PWD xx

claireforest

hi, good luck, what things are you planning on doing? like payment a day? save all month and make lump sum payments? ebay? surveys? ive just started on my debts aswell- its a great feeling actually doing something.

Polly_Wolly_Doodle

Hi Claire,

Nice to meet you, and someone with the same timing and determination to crack this debt business!
I'm trying to PAD but not signed up as such as i know there will be days when i can't.
I do surveys and find them pretty dull and long but it all helps and i'm getting back into ebaying after a while not selling, again every penny counts and if i can PAD those then i will.

Trying to focus on the card with the highest rate at the moment but a bit worried as it's a closed one, so i can't get the money back in an emergency.

Any other ideas for extra income?

PWD xx

Polly_Wolly_Doodle

Another day another dollar, well another cc statement...

DH's Halifax, last month £12,213.22 this month £12,205.53, a reduction in our cc debt of £7.69, woo hoo! It's rubbish isn't it, still at least it's down.
Two days till payday and there's about £6 left of the overdraft, not good but as long as we don't go over it we'll be okay.
Very tempted to put that £6 to Opus, getting obsessed!

Right i'll update my signiture seeing that's the first statement since i started this.

Have a great day all, -9 degrees here, bbrrrr.

MicheH

it's what you call frozzen I know!

It's going down.. and you're obsessed. Cool you're going to beat it :rotfl:

Have a lovely Christmas if I don't get back before hand

claireforest

ive become slightly obsessed awell, at least its getting rid of it and not spending it that we have become obsessed about. Ive been PAD since the 8th of this month and so far paid an extra £80. It doesnt sound like lots but its a start- ive just been rounding my account balances down and paying that- we are trying to save in our account to pay the small loan and heating in the new year(like first week in) so hopefully make some bigger ones then.

ive signed up to 2 survey sites- not really sure which other ones are good, i dont get many surveys tho, ive just signed up to quidco so if i do buy something ill get something back, im quite good at budgeting-i write everything down but then my brain goes funny and i splash out lol

we'll have to try and give each other support and any bright ideas we come up with to save/pay off!

Polly_Wolly_Doodle

Good Morning,

Merry Christmas to you too MicheH, hope Santa is good to you!

Hi Claire £80 is fab and as a proportion of your debts that's a lot. Sounds like you've got good plans for the new year though. Have you got your new heating in?

Today Opus had it's main payment of £170 and i've just moved £10 to it too from the overdraft (od at 3% pa, so it's a nice debt! - although it could be pulled at a moment's notice, so i need to think about reducing it too), so before they add interest it's now at £5,399 but can't update my signiture until they add the interest and i get the statement. Estimated interest was £120.80 but hopefully less with the PADs.

Oh and wrapped up a box of old CDs last night to sell to musicmagpie, £25.66 for 40 odd CDs that wouldn't sell on ebay, feels odd only getting 30p for a CD that probably cost £7.99 but hey ho it's decluttering and getting something back (3.75%, that's some depreciation - should have bought a Masaratti!)

Right cup of tea and some spreadsheets required.

Keep up the good work everyone.

PWD xx

Eager_Elephant

Hi PWD

'Saw' you on HereWeGo's thread.

Looks like you are starting to sort things out.

If you decided to sell the house, where would you live and would you get another mortgage given the level of debt you have.

I think you should review in 6 months and see how thinsg are going, if it is too tough then you can look at something else.

EE