Debt Free? then what?!?!?!

magyar

Well, firstly I agree with the answer above about the books. You simply can't afford it, so... sorry, but if it's not in the library, read what is!

Regarding your "over limit" fees.
(1) If this is your bank charging them, then you could start going down the route of reclaiming them (although you might want to wait until you are debt free to do this.
(2) Above all else, avoid these further. Illegal in many cases though the charges are, your bank can charge you a reasonable amount, and this is just money thrown away.

My technique was always to pay debts as soon as you get paid. You say your DH (what's DH by the way? Seen OH, never DH?) is self employed so this may be harder, but if you have a regular monthly salary into your bank account then contact all the companies you have a DD with and arrange for them to come out a day or so after. If you know you have other bills coming, then always make sure you have enough money left.

Another technique which worked for me was to physically take money out the bank for things like shopping. I allowed myself £30 a week for shopping, took it out in cash every Saturday and then put it in an envelope. Seeing the money go down like that helps you realise where it's all going.

magyar

Those credit cards which are not 'for life' balances, what is the APR once the initial APR offer finishes?

magyar

do_it_today! wrote:

New bank have offered new CC 0% for six months £1800 was thinking of moving £1700 of card 2 on to it while I focus entirely on clearing the highest rate card 3, or I could transfer card 4 and close the account whilst working away at card 3.

your thoughts are appreciated.

thanks

You should always do whatever you can to move debt down the interest rate tree, irrespective of the amount owing on that card. So transfer all of the balance of the 18% card to the new 0% card, plus £40 of one of the 12% cards (be careful of any charges there might be for doing balance transfers.... this advice assumes it's free).

From here, you need to work out your "debt reduction" budget. Based on above, making all the savings you could, it appears you could be paying off up to £1000 a month - a massive amount. Then it's quite simple. In order, pay the minimum amount off everything other than the highest interest card. Once you've paid each one off move down the tree.

From my very quick calculation, if you can even afford an extra £300 a month, you will have halved your debt in a year, and be debt free by Nov 08.

lynzpower

do_it_today! wrote:

Ta Lynzpower!
am starting to list some of my books on greenmetropolis - whats amazon clicks?

The libraries never have the books I am looking for... I have tried

someone else should be able to tell you its either Rpoints, or Ipoints for amazon vouchers

chevalier

"The libraries never have the books I am looking for... I have tried"

Hi there
ref this. You can order in any book from the library. Even if your county don't have it anywhere in their libraries, they can order a copy for loan, from the British Library.

Hope this helps
chev

CoD_2

do_it_today! wrote:

any here is SOA
Income
Moi - £1710
DH - £1613 - can be more or less
temp £200 - ends in Dec
other £300 - regular
£3823 this is a lot of money I cant believe we manage to spend it ALL


Mortgage £661 -
Over limit fees £140-
House stuff £35-
Building ins £36
Ctax £80
Water £32
Gas £80 - Key meter need to change
Ele £40 - key meter need to change
BT £20
Internet £0 - will go up when brother leaves
Mobiles £65
Pet ins £21.67
Food shop £238 can this be reduced?
Work food £90 can you take packed lunches?
Socialising £70 could this be reduced?
food out £30 is this part of socialising?
Bus + £30
Car maint £68
Car Ins £136 3 veheicles (yes yes one has to go!)
Car tax £38 obv do you need 3 vehicles? do you need 2?
Parking £16
Petrol £120 this might be reduced with no of cars going down?
Isa £10 - was £50
pension £91.43
critical ill cov £20
Credit cards £330
Loan £132
Slimming wor £20 - will dump
pet costs £25
Gym £107 - tied in for 3 months so last payment 2nd Feb 07
Books & Fun £130 - not this high everymonth can you go to car boots for books? charity shops? i've bought about 15 books this year for £3.00 total
TV license £10.99
Birthday £20
Clothes £80 can this be reduced?
Accupuncture £8
Tax £100
Mags £30 - must subscribe do you neeeeed these?
Hair £15
Dentist £16
£3192.09

Have thought of freezing my workplace pension cont which is deducted automatically that about £150 extra

We need a spend diary cause this isnt stacking -we should be ok... but before the end of the month we are not!?

What cuts can I make
cxl gym £107
subscribe to mags £15
lunch to work £30
Change utilities £10-20
Rid of S. world £20
Rid of a car £60 at least

open seperate accounts for bills and fun money so not to get charged

Im tired now debts are roughly
1 6000
2 1600
3 1600
4 2000
5 9000
plus £140 on 12apr storecard & £130 % catalogue

hunting round the house and have tracked cash in various saving accounts to go towards debt
Isa £300
one acc £50
Commission£39
Woolwich £41
Dollars $110 (£55)

phew that was tiring

thanks for taking the time

hope the above is of some help!!

magyar

lynzpower wrote:

someone else should be able to tell you its either Rpoints, or Ipoints for amazon vouchers

It's Rpoints :T

do_it_today!

Thanks for the tips I shall take on board
will submit my wish list to the library!
also why is it best for me to wait to be debt free before reclaiming bank charges?

Our downfall is having fun money and bills in the same account so we are changing that now

and I will try cash in envelopes for shopping aswell as more advanced meal planning

Thanks all
will get back to you with the normal APRs and if charges applical for the Balance Transfers.

thanks

magyar

do_it_today! wrote:

Thanks for the tips I shall take on board
will submit my wish list to the library!
also why is it best for me to wait to be debt free before reclaiming bank charges?

Because your bank will be very p****ed off with you and probably ask you to leave.

I might well be wrong on this; check the main forum for this - everyone's doing it.

tiff

do_it_today! wrote:

Thanks for the tips I shall take on board
will submit my wish list to the library!
also why is it best for me to wait to be debt free before reclaiming bank charges?

Our downfall is having fun money and bills in the same account so we are changing that now

and I will try cash in envelopes for shopping aswell as more advanced meal planning

Thanks all
will get back to you with the normal APRs and if charges applical for the Balance Transfers.

thanks

I'm claiming for bank charges and we have a large overdraft. Lots of others are doing the same but I've set up a separate bank account in case they decide to close it.