I'd like to introduce myself

BornToBeAPrincess

Hi,:hello:

I've been reading the boards for months now but haven't got round to posting. I'd like to introduce myself and tell my story.
When me and my dp moved in together neither of us knew how much debt the other was in. It turned out we had about 18k between us (5k mine the rest his). We couldn't afford the repayments so in desperation we went to a fee charging DMC. I was 6 months pregnant and couldn't see any other way.
We paid Harrington Brooks for about 2 years and one day I checked a statement they'd sent me and realised the error of my ways. We had also taken a loan out with Welcome finance and had a car through yes car credit both with astronomical interest rates.
In August I had my lightbulb moment. I cancelled the DMC and started paying creditors myself. I cut our spending (although we do still have quite a few treats so could do more). I contacted the car people and cancelled the agreement and told them they could have the car back. We don't need 2 cars. We do still have it though, they're dragging their feet. I used what money we had in the bank to pay off some of the smaller amounts we owed - got some really good full and final settlements which helped.
But then dp decided he hated his job and took on a modern apprenticeship for just 10k a year. I'm on maternity leave at the moment but I actually get more now than when I'm there!!
So after the initial excitement of sorting us out I've hit a low now.
I have started matched betting though. I've made £165 so far:o

anniestar

Welcome and well done on your progress so far. Please post a SOA then hte folks on here will be able to give you detailed advice.

Mrs_Sparkle

Welcome and well done for getting the hang of matched betting- there's a lot of money to be made there. I echo Annie's request for an SOA- you'd be surprised at how much we can help you.

jillie1974

:hello: Hi
I'm a newbietoo!
this site is briliant never be afraid to ask anything!!
some of the help i have got on here as been amazing!
Thanks everyone!!:beer:

Tr@cker

Sincere advice. Forget the matched betting a lot of very knowledge people have come unstuck big-time by gambling.

Mrs_Sparkle

Tr&#64 wrote: »

Sincere advice. Forget the matched betting a lot of very knowledge people have come unstuck big-time by gambling.

You again. Yawn...

For the millionth time: matched betting is NOT gambling. We call gambling "mugs' betting". As long as you follow the MB rules and don't place any mugs' bets (ie unmatched) it's completely risk-free.

BornToBeAPrincess

Thanks eveyone. Heres my SOA.

Income

Salary 340 (about 420 till Jan)
DP Salary 718
Tax Credit 722.45
Child Benefit 126.32

Total 1906.77

Expenditure

Rent 259.87
Council Tax 81
Elec 20
Gas 20
Water 28.89
Landline 16.50
Internet 17.99
Sky TV 18
TV Licence 10.50
Mobiles 57
Food 240
Clothes 20
Petrol 50
Tax 15
Insurance 54
MOT 5
Maintenance 10
Nursery 412
Birthdays 20
Emergency Fund 40
Tax Credit Overpay 16.63
Football 20
DVD Rental 14.99
Entertainment 60
Take Aways 20

Total 1527.37

Debts

Amount Monthly

Welcome loan 1746.26 (about 30%apr) 111.08
HFC 3850.36 45
RMA 3322.12 20
MCS 348.26 5
Capital 1 1961.12 15
Egg 646.51 10
CDEA 730.58 10

Total 12605.71 216.08

Surplus is 163.32 to snowball

All the debt apart from the loan has the interest frozen.

I have £340 in the emergency fund, £394 in Betfair to lay the bets and £160 in the fund for clothes/birthdays and stuff.

yung

welcome and well done for posting your S.O.A, the more experience folks will soon give you good advices. the only thing I can see there is
DVD rental 14.99
Football 20.00
Entertainment 60.00
do you really need all that

Mrs_Sparkle

Well done for posting your SOA. Can you cut your food bill down at all? Check out the money saving old style board on here for tips on thrifty shopping and cooking.

Your entertainment, football and takeaways are luxuries and could give you an extra £100 a month.

Well done for having an emergency fund- there aren't many of us who can say that!

jillie1974

for your dvd's .. register with pigsback.com and you can print vouchers so u get 2 rentals for the price of one!! its with Blockbusters if there is one near you..
there is a thread on the forum that explains how pigs back works. i registered bout 4 weks ago and have just got enough for a free £10 voucher!!

JohnInDebt

BornToBeAPrincess wrote:

had a car through yes car credit

I contacted the car people and cancelled the agreement and told them they could have the car back. We don't need 2 cars. We do still have it though, they're dragging their feet.

How long have you had this car?

If you have have the car for 2 years you can hand it back, but they will chase you for the outstanding PPI payments (if taken out).

If you have had the car for less than 2 years they will try to get this car back as an abandonment and they will chase you for the full 4 years worth of payments. Whatever you do don't stop paying them until the car has gone.

Sorry, I don't want to put a downer on things but it's best you are fully prepared for what could happen.

More info can be found at https://www.saynotoyes.co.uk