I feel better already :)

tiff

Have been lurking on this forum for a couple of months now, dont feel that I need to do a SOA as have taken all the tips on board and am literally trying not to spend any money at all at the moment. When I first checked my bank statements I found I was paying out £50 a month in direct debits that I dont need so cancelled those straight away.

Took out an M&S card 3.9% LOB card and put most of the debt onto there. Went on holiday (as it was already planned etc) came back and got the other credit card statement yesterday. Made my DH call them last night to increase credit limit on M&S so we could BT the rest of the debt. They agreed to £1500 so we have £244 left on that high interest card. Not bad, felt such a relief. Made DH call two other credit card companies to cancel those accounts.

I've also done a budget after sorting out the budgetting software, and now know how much we have to spend each month and have set up a standing order to transfer money into our Christmas savings account as I never save for this each year, usually put it on the plastic and pay the minimum balance, nightmare.

We also have two credit agreements running, for a washing machine and computer that need sorting out.

DH got good news of a one off payment coming in Decembers pay, should be about £350 net so we can pay off that £244.

So yesterday although we have only transferred the debt I feel that we are finally organising ourselves financially and it feels great. I know that if we hadnt put the brakes on when we did the debt would have spiralled out of control, we have consolidated twice in the past. (Mortgage with Northern Rock at 4.89% for 15 years!) Just waiting now to see if I have a second job that will help to pay this debt off.

Thanks for listening, felt I needed to share!

notes

Well done ! Im a lurker as well a lot of the time.

Even though you mentioned you were ONLY moving debt around, i think you have done much more than that. i.e

1) Saving money on high interest payments
2) Cancelling unused Direct debits
3) Budgeting etc

BUT MOST IMPORTANTLY what i feel this site makes or helps you do, even for those that are up to their neck in debt, is finally BE IN CONTROL.
For once in our lives we take control, and for many of us its the first time we have stopped wasting money, and stop the attitude of " Well im allready in x thousand of debt, so another 50 quid for this dress wont hurt etc".
Knowing amounts are going down for the first time (even if slowly) is addictive.

Once again, well done, keep going and well all get there in the end.