New DFW Member £13k Debt!

Annie_Fanny

hardcore_since84 wrote:

I may be able to get a weekend job sometime in the not too distant future as my girlfriend is actually moving to my area(so will see her in the week). Can I ask what you do? how many hours a week? is it minimum wage? do you not go crazy working 7days a week? I know after just doing 5 I need a break.

My weekend job is working as a receptionist in an estate agents. I work 10 hours at the weekend and get paid £6 an hour. OK it's not masses but it still helps. I told myself that I would do the working 7 days a week thing for 6 months I am coming towards the end of that period now and will be debt free as a result. I am thrilled (but tired!)

How long is the term of your consolidation loan and can you overpay on it?

hardcore_since84

cool. Congratulations on that annie - you have worked so hard.

Today Im going to make a list of every feasible way I can generate cash to pay off my debt.

My current loan is with hsbc its was something like 12,650 over 5 years @ 11.9% and I cannot over pay on it

The perfect situation for me would be to get a new loan for the remaining amount of £11555 at a better rate ideally somewhere between 4.9% and 6%. And reduce the term to 3 years. which would increase the payments to around £330 - £350 per month dependant upon rates.

I'd also like to have the option to pay off more of the loan where and when it's possible to do so.

13katrina

Hello,

I think £45 a week for shopping for one person is a lot. Especially when you are trying to clear off debts and save for a holiday that is only 6 months away.

I spend approximately £25 a week for my 3-year-old daughter and myself. OH also eats with us maybe 2 or 3 evenings a week. This £25 includes all food, toiletries and household cleaning stuff. However, I don't buy take-away food or eat out unless it's a family members birthday, nearly always cook from scratch and I plan my menus for the month ahead and write four shopping lists - one for the month - this will include all non-perishable/freezeable food items, fresh items for week 1 of the month and toiletries/cleaning things. The other shopping lists are for weeks 2-4 and include the additional fresh items I will need, e.g. milk and veg. The hard part is actually sticking to the lists but it's getting easier. I've also just discovered the market for fresh veg and meat, which is cheaper and in most cases the veg is much fresher and keeps for longer.

I've also cut back on branded items - not all but most, e.g. smartprice tinned tomatoes exactly the same as the branded items. However, have tried every cheap shampoo under the sun but can't find one I like so cheaper just to stick to one I know and love but on the other hand I buy the Asda conditioner for brown hair - cheaper than the branded equivalents but doesn't seem to make a difference. I have started using stardrops cleaning liquid - you can use it for everything and it's about 60p for a big bottle. I'll only use Persil washing tablets - I buy the mega box to save money but am happy to use smartprice fabric conditioner. I don't buy food bags for lunches but invested in a sandwich box that can be reused. I could go on but you get the idea. I think it's all about balance.

I definitely think this is one area you could make a saving. Even if you only got it down to £25, you would still save £80 per month.

Good luck and well done for posting.

hardcore_since84

Thanks Thats really good. I'm going to try and make use of all that info

I've decided to go shopping with £25 cash next time.
going to stick with lidl, aldi and iceland

hypno06

Only take £25 cash with you - no cards, no chequebook etc.

That way you HAVE to stick to your budget, and it will make you really think about each thing as you pick it up, because you know you don't want the embarressment of getting to the checkout and having to put something back.

Takes a little getting used to but the satisfaction when you get change out of your £25 is fab!

ktb

This time last year I could spend up to £90 a week on food just for myself :eek: ... but post LBM and now I have a spending diary etc I last night hit a landmark of £30 for myself and my OH's shopping for the week. :T This still included fresh fish, treats (eg some brie... my fave) and plenty of organic fruit and veg. I only managed it with a proper weekly food plan & shopping list and making sure I make things for which I have already have most of the basic ingredients. This is a real landmark for me... I have always cooked from scratch etc but my biggest expenditure was always in the supermarket. It makes me so happy that I can come in under budget but eat the things I love. Good luck with your £25 shopping hunt... if I can do it anyone can

hypno06

How about some sort of visual aid to help you stay motivated?

Perhaps make a collage of all the places you want to go on your round the world trip and put them on the fridge, or cupboard door etc. That way, when you feel a little low because you can't afford as much as you would like at the supermarket, you can get the motivation going easily again.

A smaller version could be put in your wallet to remind you every time you reach for the debit/credit card.

When you think of somewhere else you want to include on your trip, you can add it to your "picture".

Annie_Fanny

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1149605730,95768,

That a look at this article to understand - what you need to do to understand and improve your credit rating.....

Lots to learn!

Annie

hardcore_since84

Thanks for the info on credit ratings , I'm going to get my credit reports within the next couple of days and start taking action; raising queries, apply to have items removed etc.

hopefully this will boost my credit rating enough to make a new low rate consolidation loan available to me.

I'm gonna do a full soa and budget now. Then I'm gonna sell some stuff on ebay

On reflection I can now see that Two of my Most major problems are:

1.Refusing to check my bank balance (Haven't done it in such a long time - I really dont want to see it)

2.Buying lots of things (trainers, hoodys, skate stuff) from ebay that I genuinely dont need but justifying it to myself that they're worth buying as they're so cheap!

Great advice about keeping a photo of places close to me as I've thought about getting a world atlas writing pad to keep on my desk - then everytime I look at it I can see where I want to visit!

I've also called the Consumer Credit Counselling Service (aka CCCS) they said thy're going to send me an info pack through and have a telephone consultation next week. does anyone have any experience with this charity? what do they do exactly have they reduced your debt?

Thanks everyone