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Already made savings thanks to this board.
alemted
Posts: 43 Forumite
After posting my first SOA on here a few days ago, we are going with the replies and advice, we have already made several savings.
Home/contents insurance from £55 to £25 per month!!!
Childcare costs down from £214 to £144 per month!!!
Sky from £18 to £0 per month (cancelled it as have freeview TV)!!!
Puppy food from £40 to £20 per month
Cutting right back on tumble dryer use and using washer on 30, also swapped loadsa normal bulbs for energy saving, hopefully will cut our outrageous £75 per month leccy bill.
For the first time my wife and I have written a weekly meal planner (2 plans so far), cut out lots of indulgences/luxury foods, hopeful to save some money with this when we shop this weekend.
Still to be implemented soon:
Broadband from £21.99 to £9.99
This will free up another £100 or so per month to pay creditors.
Payplan phoning me back wednesday 17th evening for full details.
Total creditor debt = £57000
Total monthly for creditors = £650 p/m
My wife is due for a wage rise in april. We both work public sector and have fairly secure long term jobs.
We hope to be in a position to increase the monthly amount given to creditors every 6 months or so.
Assuming interests can be frozen, and all creditors agree, we are looking at being debt free in about 7 years - am I right? Hopefully less as we hope to pay more if we can. This says to me that a DMP is the correct option, not an IVA or bankruptcy......
BTW, I am the calm one with money, and my wife is the emotional one, it is such a big relief to her (and to me - I just don't show it outwardly) just to be dealing with these debts now.
Our DFD is 2014 then. (apart from mortgage) Maybe sooner!!!
That would mean we could look forward to a debt free retirement with good pensions and no debts and no mortgage!!! (Preferably somewhere warmer). That gives us some hope for the future
Home/contents insurance from £55 to £25 per month!!!
Childcare costs down from £214 to £144 per month!!!
Sky from £18 to £0 per month (cancelled it as have freeview TV)!!!
Puppy food from £40 to £20 per month
Cutting right back on tumble dryer use and using washer on 30, also swapped loadsa normal bulbs for energy saving, hopefully will cut our outrageous £75 per month leccy bill.
For the first time my wife and I have written a weekly meal planner (2 plans so far), cut out lots of indulgences/luxury foods, hopeful to save some money with this when we shop this weekend.
Still to be implemented soon:
Broadband from £21.99 to £9.99
This will free up another £100 or so per month to pay creditors.
Payplan phoning me back wednesday 17th evening for full details.
Total creditor debt = £57000
Total monthly for creditors = £650 p/m
My wife is due for a wage rise in april. We both work public sector and have fairly secure long term jobs.
We hope to be in a position to increase the monthly amount given to creditors every 6 months or so.
Assuming interests can be frozen, and all creditors agree, we are looking at being debt free in about 7 years - am I right? Hopefully less as we hope to pay more if we can. This says to me that a DMP is the correct option, not an IVA or bankruptcy......
BTW, I am the calm one with money, and my wife is the emotional one, it is such a big relief to her (and to me - I just don't show it outwardly) just to be dealing with these debts now.
Our DFD is 2014 then. (apart from mortgage) Maybe sooner!!!
That would mean we could look forward to a debt free retirement with good pensions and no debts and no mortgage!!! (Preferably somewhere warmer). That gives us some hope for the future
0
Comments
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Hmm... I'll be interested to hear whether payplan recommend an IVA. It looks from your figures that it might give you a lower monthly payment and shorter timescale.
And I'm generaly quite negative about IVAs!0 -
well done - good luck in your dfw journeyTH0
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7 years isn't bad, some people get debt free dates in 20+ years.
As you pay things off this date should reduce too...
Well done you!
...Linda xxIt's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
We dont count all the runners ahead of us & feel intimidated.
Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.0 -
Well done on implementing the changes!0
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Well done to you! I've been looking into IVAs (I'm on a DMP) and finally decided to stick with my DMP. The IVA would be very expensive - I already pay over £700 per month and they would have wanted another £100. Things are pretty tight as it is, so I decided against. So my debt free date is still 2014, although I hope to bring that down once daughter leaves uni.Total debt May 2005 £83,232 :eek:
Total Debt November 2009 £0! DEBT FREE!
Proud to have dealt with my debts
Official DFW Nerd Club member no. 0280
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