Scaredy Cat's scary debt!! -debt diary

deliciosa

Hello!

I just had time to catch up on your diary. You're doing so well! So Mr snowball said your DFD is 2012 - thats only 4 years away!

I haven't seen your proper SOA - where have you posted it?

Good luck & keep going. And once you rang the banks, write down everything neatly, you will feel so in control and organised.

:j

LookingAhead

Hi there. Well done on resisting the shops! It gets easier too so fear not!

I think the £1000 you have *could* be put into a high interest savings account however you need to work out how long you want to leave it in there for/what interest you will get

Compared to:

Paying the loan off with a 0% credit card and paying it off before the 0% ends & how much you will save yourself in interest payments.

My guess is the latter will win out. But I am no expert, you could start a new thread with all the APRs and figures etc and let the experts on here help you out.

It's *not* a crazy idea at all. But if you do it, make sure you CUT the card up (if you haven't already) so you can't add to it, that would be an awful mistake.

Also, check how much the balance transfer fee would be as I guess that would be a percentage and this would factor in.

I'd love to be able to do that as then I could make overpayments on my loan, but it's just too big at the moment, I have to wait a while to bring down the settlement figure. I'd feel more in control, I'd have motivation to earn more/save more to get it paid off quicker and be debt free quicker.

scaredy_cat_2

i know it won't be paid off before 0% ends but could move it again as have been doing - the only thing is i will pay 2 lots of fee then so thinking i might wait until card due to be transferred although i just remembered i have a mint card offer and forms come through for 0% until march 08!! will investigate tomorrow - funny though i never use the cards for ages they have only been used to try to maintain our o/d within reasonable limit but i am NOT going to increase debt neither am i going to use a card that i have balance transferred on - i remember martin's article about that - see i am learning!

Deliciosa - hopefully here is the link to my soa it wasn't my first posting but when i had sorted a bit more out!!


http://forums.moneysavingexpert.com/showthread.html?t=342980

not posted a link before so am hoping it works!!

scaredy_cat_2

well its payday tomorrow and my o/d is £520 - in november it was £3300 - now i did transfer £700 onto a cc at 0% but even so i am delighted with that :j

we have kept in our budget for food of £350 and in july this was £800 :eek: reduced to £550 by november so again am so pleased. We did have a blip in the middle where we went to sains loads but pulled it back. ACtually this week have had about £6 left of our food budget and have been doing storecupboard challenge to make sure we kept within it by tomorrow!! we are celebrating by spending the last £2.54 :rotfl: not quite in the spirit of it but we had lots of fun planning how we were going to spend it - it was a bit of fun but it actually feels like the first time we are both in this together over the last few weeks -dh even ran to sains instead of getting in the car

we have decided NOT to transfer our loan to 0% cc even though we would potentially save £1000 - it would put too much pressure on us in a short space of time - we would have to cover 3 0% cc before end of year as we could not clear them all, and about £500 off of dh o/d - so decided its a bit silly to risk a cc going up to some silly rate just because we could put the loan on - so am going to work out what we could do with it over the weekend - and also dd2 will need a bed by the summer so thinking about how to afford that as well Looking ahead am not copping out think its the most sensible solution really - it was a nice thought and if hadn't got other cc and o/d to think of i would definitely have done it

It does feel good to be reducing debt even if its slow going - :T

scaredy_cat_2

Well, all is good here - i am keeping my spending diary and my spreadsheet is v exciting!!

did the snowball thing tonight properly and saved it - my debt free date is officially 2012 BUT this is because of 2 loans so the plan is to clear everything else like mad and then save to clear loans earlier but the good news is i have a proper figure for what i owe as of today and it is reduced from signature amount £18k and something to £16,442!! :j 'ta da'

its good to see it already reduced and i have money to put on other stuff as soon as statement comes through - its really exciting to see it reducing - i suppose in a way i never thought it would - being in debt and ignorant to it seemed a way of life -

it also seems that we can now get free broadband with talk talk (didn't do our area before) so are waiting for mac code from orange and will then swap so a saving of £17.99 a month - as new package is actually £1 cheaper then what we already pay for just the phone!! :T

my next job but tomorrow is to go back to tondella's thread and continue with dfw the flylady way - i did first 2 weeks and then things seemed to go a bit mad timewise

well of to update signature but not sure i can cross out - think will make it bolder too so it looks like i am proud!!

scaredy_cat_2

hey i like my new signature :rotfl:

scaredy_cat_2

well, i am waiting for cc statements to come through and then will do some paying - i am going to clear and cancel next but they owe me £80 in stuff i have returned but didn't show up on last statement - and on some stuff i returned 2 of each (lamps and mats) and only one is showing up hmmm - so feeling a bit in limbo

also am realising that although my spending is going well - my desire to spend isn't!! i am craving emma bridgewater kitchen stuff but at £4.99 a tea towel it aint happening!! but it is lovely (sob!) Oh well was thinking maybe one day but i hope i never spend that much on one teatowel - even if it is lovely and spotty and would match the beautiful storage jars she does and the lovely biscuit tin!!!

i was shopping with my mum and we saw a great gift for my sister - it was a tool kit but was all flowery - so flowery hammer and screwdriver!! my sister is queen of pointless or overpriced stuff so she would love it but it was £20 - and i keep thinking it would only cost fiver in diy - and how can a hammer be lovely jsut because it is floral pattern!! - i must pop over to oldstyle to get some perspective!!!

anyhow - can't wait til weekend when credit card statements come and will make a decision - its like ive not been in this position so can't quite make the decision!!

moozie_2

Hello scaredy Cat

I have thoroughly enjoyed reading your thread so far! I am really impressed with all your hard work and efforts. Keep it going!

Best of luck!

slowlyfading

Hello
You're doing so well so far, keep it up! I am always craving things to buy, but am trying to get out of that habit!
Nicola x

pigpen

Found you!!!

What transformations you are making!!

I'm wearing these super expensive specs.. lol.

I have become so tight I feel like a nuns knicker elastic!! I only buy food when the cupboards are bare.. like today I bought enough to do us until the weekend hopefully (£18) and have a £60 asda delivery coming on Monday to see us through another week, other than milk we should be sorted. I need to keep and accurate spening diary for this month I think so I have a better idea what I actually spend on food each month, I know it is very little compared with some with much smaller families to feed.

I've added you to my subscribed threads anyway so I can keep an eye on you!!

I don't feel I can have any money in savings when I owe so much out, I have to pay it off something.. while that is 'saving' interest is accruing on the debts at a higher rate than the savings... I'll save once everything is paid off!!

Could you possibly get a bed from freecycle?? I've had a few bits from there including an almost new double mattress and 2 single ones.