My SOA

RhiBi

You're right there Freez. The ironic thing is we're always up to the overdraft limit, so are probably living within the same amount each month, but it's previous over spending that has created this (does that make sense?!)

I'm not about to give up at the first hurdle, and maybe I needed this jolt to realise that I do have to work at it. I will be honest though, I want to get rid of this awful debt, and know on a normal month to month basis I will. I'm already worrying about birthdays/Christmas though...

I really do appreciate all your replies

MFWannabe

RhiBi wrote: »

You're right there Freez. The ironic thing is we're always up to the overdraft limit, so are probably living within the same amount each month, but it's previous over spending that has created this (does that make sense?!) Makes perfect sense

I'm not about to give up at the first hurdle, and maybe I needed this jolt to realise that I do have to work at it. I will be honest though, I want to get rid of this awful debt, and know on a normal month to month basis I will. I'm already worrying about birthdays/Christmas though...
I really do appreciate all your replies

Don't worry about these, set yourself a realistic budget that you can afford and put this figure in your monthly soa. If you can't trust yourself to put christmas money in a savings account each month as you'll be able to get to it then think about using a Savings club or giving x amount to a family member to look after for you.
Do you end up buying presents for lots of people? If so explain to them that you can't afford to do this anymore ; adults should understand!!

vickthestick

whizzing wrote: »

I understand why you can't get a job. So just make reducing your expenses your job. That is what I did when I was redundant and not working for while. It can be just as profitable as working.
It sounds like your kids are all at school so this is the ideal time. Set some time aside each day for tackling this. Try to do it yourself during the day so it is not spoiling your evenings. It is time consuming but just do one thing at a time and keep track of the savings for motivation !!!

And for ways to up your income, why not join us on the Make £10 a day extra in April thread. There's lots of ideas to make some extra cash which don't need you to be out of the house

RhiBi

I do a bit of cake decorating, so I think people will be having Christmas cakes this year!!

Once everything is sorted, I'll definitely be putting money away for birthdays etc

My youngest daughter has just come home from school with a huge soft toy bunny, and a large malteasers Easter egg that she won from a colouring competition!! Let's hope this is the start of lots of good fortune!!

RhiBi

vickthestick wrote: »

And for ways to up your income, why not join us on the Make £10 a day extra in April thread. There's lots of ideas to make some extra cash which don't need you to be out of the house

I have joined in, I'm doing £5 a day though! I've got an eBay sale finishing this evening which is up to nearly £8, so that's today's mission accomplished!

Verbatim

Hi
I've just read through your diary ansd well done on tackling your budgets with so much energy! I found that what made the biggest difference was meal planning. I tend to plan a month's main meals ahead based on what I have in with a list to buy what else is needed to make the meals. I don't stick religiously to the plan but if I know I have enough to last through the month then I don't overshop. When I need to save money now I still make it my intention to spend on nothing I don't absolutely NEED. That not spending anything is possible came as a revelation.

RhiBi

First hitch, well not first, the overdraft was the first, but...

Apparently, we are tied into Scottish power until September 2013. We are £172 in credit so far. So, we need to find out I think, what penalty there would be for moving suppliers, or if we can lower the payments. What would be an average payment for a 3 bedroom mid-terraced stone house (plus attic conversion)?

Also, dh is currently on the MBNA site, and the super money transfer can be done at a cost of 4% of the amount transferred. So, we're transferring enough to cancel the overdraft (at present we are being charged £15 for every transaction over the £700 official overdraft, so the 4% fee will actually be less). The overdraft will be cancelled as soon as the money has cleared in the nationwide (probably Thursday as its after 4pm today) and we just need to double check that this 'reserve overdraft' has also gone.

We're not transferring the next bill as yet using the super money transfer, as the payment isn't yet due, and also, it will be cheaper to pay it using the Barclaycard, then transfer it to MBNA. The fee will be 1.9% rather than 4%.

So, all in all, I think we're winning! We're hoping to pay around £600-700 each month off the MBNA.

I have to say, thank you so much to each and everyone of you who's taken the time to post and help, you all have helped, especially Freez. On Sunday I was in despair and worried for the future, now I'm looking forward to the future. I know it won't always be easy, but it's going to be better than sleepless nights, and constantly crossing my fingers and hoping when I hand my card over!

MFWannabe

RhiBi wrote: »

First hitch, well not first, the overdraft was the first, but...

Apparently, we are tied into Scottish power until September 2013. We are £172 in credit so far. So, we need to find out I think, what penalty there would be for moving suppliers, or if we can lower the payments. What would be an average payment for a 3 bedroom mid-terraced stone house (plus attic conversion)? - No idea what the average payment would be i'm afraid but i would certainly ring and ask them why they have increased your payments from £99 to £133 per month when you are in credit and going into summer months!! Tell them you wish to decrease them back to what you were paying as this is covering what you use. Also ask them to send you the £172 you are in credit; as that will come in handy to pay towards one of your debts

Also, dh is currently on the MBNA site, and the super money transfer can be done at a cost of 4% of the amount transferred. So, we're transferring enough to cancel the overdraft (at present we are being charged £15 for every transaction over the £700 official overdraft, so the 4% fee will actually be less). The overdraft will be cancelled as soon as the money has cleared in the nationwide (probably Thursday as its after 4pm today) and we just need to double check that this 'reserve overdraft' has also gone.

We're not transferring the next bill as yet using the super money transfer, as the payment isn't yet due, and also, it will be cheaper to pay it using the Barclaycard, then transfer it to MBNA. The fee will be 1.9% rather than 4%.

So, all in all, I think we're winning! We're hoping to pay around £600-700 each month off the MBNA.:T

I have to say, thank you so much to each and everyone of you who's taken the time to post and help, you all have helped, especially Freez. On Sunday I was in despair and worried for the future, now I'm looking forward to the future. I know it won't always be easy, but it's going to be better than sleepless nights, and constantly crossing my fingers and hoping when I hand my card over!

No problem; we are all here to help and just glad you're feeling much more positive about things x

eschaton

RhiBi wrote: »

Thanks for all your replies, I really appreciate each and every one of them. Ultimately, what we want (and I guess what most people want) is to free up cash to enjoy life without getting further into debt.

With all due respect, this is what you have been doing - enjoying life, too much.

You need to control your spending and stop enjoying life as much as you have been and live within your means. A high income less a low mortgage equating to debts like these is bordering on criminal.

You both must be currently spending money without giving it a second thought.

Enjoying life will be more realistic with strict spending with savings mounting up each month to buy whatever you need as and when required.

MFWannabe

eschaton wrote: »

With all due respect, this is what you have been doing - enjoying life, too much.

You need to control your spending and stop enjoying life as much as you have been and live within your means. A high income less a low mortgage equating to debts like these is bordering on criminal.

You both must be currently spending money without giving it a second thought.

Enjoying life will be more realistic with strict spending with savings mounting up each month to buy whatever you need as and when required.

What exactly are you hoping to achieve with this post? There are lots of reasons why people end up in debt; this forum is here for help and advice; not for anyone to be judgmental. If you can't post something useful then please don't bother posting! It's people like yourself who put people off coming on here and asking for advice