The "Pay ALL your debt off by Xmas 2012" challenge - PART 3!!!

fritterprincess

I suppose you only get charged it you use it. One of the things I'm most looking forward to is my bank balance not having a minus before it! With an overdraft facility it says what the available balance is taking into consideration the overdraft. But I think you may be right spagbol, you keep to the overdraft limit, so you keep to a positive balance. I'm hoping when I've paid everything off that I have a couple of sensible months I can get a bit of money behind me and even get a proper savings account or ISA and put money away every month.

SpagBol

fritterprincess wrote: »

I suppose you only get charged it you use it. One of the things I'm most looking forward to is my bank balance not having a minus before it! With an overdraft facility it says what the available balance is taking into consideration the overdraft. But I could just keep say £250 facility and just refer to the balance instead.
I'll have to think about it.

That's my reasoning, if I'm used to looking at "£14.76 remaining" will I be able to discipline myself to "£64.76 remaining" and mentally save that £50? I might as well just live to the remaining balance to zero. Also, keeping it open in my house is dangerous. We have 3 NW ODs of £2.5, 3.5 and 5k!! :eek::eek::eek: We never needed £11k to spend, it all just crept up gradually. I will reduce all mine to zero as soon as possible and never use them again. Overdrafts aren't a cushion in my humble opinion (after this year of MSE :money:), they are a trap!

fritterprincess

I quite agree spagbol, I still have a lloydstsb account from my pre-children days, and although I have paid off the overdraft so many times and it just creeps up and up. I haven't touched the account for months and once I move one more £2.30 direct debt I'm going to close the account and my Lloydstsb platinum card as well. This is all very therapeutic!

minicooper272

sharronej wrote: »

Financially it's been a disaster because we have had to finance our daughter completely since april to the tune of £700 per month, dh's business has been very slow and unreliable so my overpayments have been non existent - very frustrating! I've also discovered that whilst I'm working hard trying to get us out of debt and keep our heads above water my dh has put another 6k on his credit card and signed for 6k lease on business equipment :mad: It all feels pretty pointless tbh, I'm trying to move forward but it's just piling up behind me. We can't get any help with college for our son either. Never mind I'll just keeping going and see what happens, I'm thinking that I'll have to leave dh to face his own consequences this time and just keeping plodding on with the figure I've committed to paying off. There's no way I'll hit my target though

Hope you're all well.

How frustrating - but my parents were in a very similar position to you when I was at uni. Mum's business wasn't doing so great, and Dad was earning alright money, but had a lot of debt payments to make, as well as supporting my sister to an extent. On paper they earned over the threshold which meant I got minimum student loan. Your son can always fall back on the student hardship fund - like I say, situation sounds similar to my own, and they were happy to help me...

lemonpopsicle

InsertWittyName wrote: »

Not sure about completely getting rid of it, but you could reduce it significantly to cover that DD you forgot about etc.

Do Santa not offer a free £100 overdraft, NW do

nctmum

Ruthy1604 wrote: »

Hi Everyone,

Sorry I’ve been AWOL for a while – I’ve been reading but just not posting.

WELL DONE to Superheavy ! I’m so pleased for you :j:j
Well done also to everyone else who has made payments & I hope you’re having a relaxing holiday Jemma.

I’ve been busy decluttering. I listed a few bits on fleabay and FB a couple of weeks ago. Bit disappointed really. One woman on FB messed me around a lot and in the end was a no show to pay/collect. :mad: I sold 6 items for £14 and had to go to the PO 3 times cos of late payers. :mad::mad: I have relisted some, plus a couple of printers that were lying around 1 bid for £3 so far and nowt else. It really seems hardly worth the hassle for less than £15. I’m also a bit gutted that no one wants my pram – it’s so lovely & the colours are still modern, but no takers.

I’ve also labelled 80 items outgrown of toys/clothes for our local NCT sale next Sat. They take commission of 30%, but anything is better than nothing so I am considering trying to sell my pram there too.

My guilty pleaseure was starting to pack for my hols - 4 weeks today I will be sitting in the sunshine. I know it’s early, but I am so ready for this holiday!:cool:

A few DD’s have gone out today & I’ve scraped an extra £200 to pay on top so my new totals are:

#306 £12617.89/16779.81 75.2%

Yay – over the 75%!!!!

Next month’s target is to pay off my card from Mr Branston. The 0% deal runs out on 4th Oct and I only have £395 left

I would take the pram there if I were you I've had it with eBay - people at the NCT sales are just pleased to get something nice for less than they pay in the shops, so as long as you dont go mental with the price you should sell it - I did 2 over one weekend once and got 2 cheques for £75 each after commission! I have sold 2 prams at the Warrington one, I was surprised as I had used one of them for both children, and the other was 2nd hand from there in the first place. I only joined MSE to promote my local sale and now I am stuck with this blimmin name forever :rotfl::rotfl:

Good luck!

fritterprincess

lemonpopsicle wrote: »

Do Santa not offer a free £100 overdraft, NW do

I had a look online and I don't think they do.

sharronej

Thanks minicooper,

They got rid of the E.M.A for college students and gave a pot of money to each college to work out how they want to distribute it, ds's college only give the £30 a week to students in care and to get the £10 to help with travel costs your family income has to be less than 15k! I think to help my dh focus on our reality I will do an soa and snowball quarterly and we'll have to sit down and take a serious look at what we've spent. The commitment to our daughter is back down too £75 pcm but still that cost us an extra £4,200 plus the cost of the house move for her again at least £800 which would have been coming off our debt.

SpagBol

Payday #1 in our house, it's very exciting!!

#084 £12,671 / £58,000 21.85%

:j

Chasing 25% now

SpagBol

Arrgghh just heard that payday #3 will be paid on the Monday even though it falls on the Saturday. Our Mortgage date falls on the Sunday so will be out on the same day, from different accounts. I bet we get a charge :mad:

Might phone Sant and see if we can move the mortgage date to the Tuesday, I think we have 2 weeks so might just be enough time!