Owe just over £10000 to 28 different companies

nfollows1982

Timetogetfree wrote: »

Yeah i guess the shopping needs to be cut down alot to help pay off the debt, the vouchers i get are saved up and used for wedding, bday's that i cant attend(too many people getting married and having kids.lol)
Also they are used to purchase equiptment i need as i plan on starting a part time business aswell as working to raise extra money. Also for getting new sports equipment as and when i need it.

Its about trying to change my mind set to buying things i need rather then things i want.

1. We feed a family of 5 on a shopping budget of £250 a month (2 adults, 3 kids). I shopped and ate well enough for £20 a week when I rented a room in shared accomodation.

2. Don't be getting guilt tripped into buying presents or giving away these vouchers (which I assume are actually like Argos or high street vouchers rather than for Asda?). Your debt is your problem, other people getting married and having kids isn't. If you can't afford it, don't buy it!

3. This plan should be shelved. You can't run a viable business when you have £10k of debt hanging over you.

4. You don't NEED this and it's something that shouldn't even be considered in your circumstances.

I see, in the answers you have given, someone who expects to get debt free whilst maintaining your current level of social life etc etc.

It doesn't work like that, you can't budget for debt repayment after deciding how much you want to spend on other things.

You need to put your debt repayments above anything like that and calculate what you have left for a social life and then adjust the way you live accordingly.

I don't mean to sound harsh or judgemental but you can't have your cake and eat it when you want to get debt free.

Timetogetfree

nfollows1982 wrote: »

1. We feed a family of 5 on a shopping budget of £250 a month (2 adults, 3 kids). I shopped and ate well enough for £20 a week when I rented a room in shared accomodation.

2. Don't be getting guilt tripped into buying presents or giving away these vouchers (which I assume are actually like Argos or high street vouchers rather than for Asda?). Your debt is your problem, other people getting married and having kids isn't. If you can't afford it, don't buy it!

3. This plan should be shelved. You can't run a viable business when you have £10k of debt hanging over you.

4. You don't NEED this and it's something that shouldn't even be considered in your circumstances.

I see, in the answers you have given, someone who expects to get debt free whilst maintaining your current level of social life etc etc.

It doesn't work like that, you can't budget for debt repayment after deciding how much you want to spend on other things.

You need to put your debt repayments above anything like that and calculate what you have left for a social life and then adjust the way you live accordingly.

I don't mean to sound harsh or judgemental but you can't have your cake and eat it when you want to get debt free.

Well there isnt alot i can do as i have already agreed to purchase vouchers and these are locked in for the next 9 months as i get them at a cheaper rate so i may as well use them to buy the equiptment as once i have this there is very little expense other then my time to run the business which a rough estimate will bring me an extra £300 a month starting from Nov which will go on paying back the debt.

From all the posts i guess its the food spending is where i can save alot plus i have already cut down alot on my social spending.

My spending on football is going to stay the same as this is what keeps me going and its my one luxury which i enjoy each week.

My aim is to cut down my food spending to £25-30 a week and start cutting down on smoking.

Thanks for the advise again.:)

HeadAboveWater

Good for you!

Stay on the board and let us know how you get on

Timetogetfree

Updated Totallys, 398.88 paid so far this month

Loan Store 357.57 now at 214.50
MM finance 427.55 now at 327.50
accessfastmoney 300.60
CapitalFinanceOne 356.63
CashConverters 507
Cater forbes - uncle buck 30
EON 948
1MonthLoan - Mmfinance 347
FancyaPayday 216.39
Lowell 150.78
Mackenziehall - Peachy 211.75 now at 105.87
3 mobile 83.52
The MoneyShop 231.85
Payday uk - MemCapital 500
BT - Past Due 225.38
Quid24 300
Txtloan - Fredrickson 402.25
wagedayadvance - mmfinance 794.62
wonga 923.12
halifax bank 150 now at 100
halifax credit card - 1st Credit 1423.08
Paypal 400
Ebay 30
Bonga Loans 640
Advantis - Txt Loan 272.52

digging

Firstly, well done for turning your life around and trying to sort out your debts.

You mentioned that you have a £400 budget for paying off debts. I agree with others who have mentioned that paying off a few completely may be a good motivator. Even if you used £100 of the £400 to pay off bits of the ones who are chasing you...maybe try using the other £300 to pay off the smaller ones first.

Ebay.....................................30
Cater forbes - uncle buck........30
3 mobile................................83.52
halifax bank...........................150
Lowell ..................................150.78
Mackenziehall - Peachy .........105.87
The MoneyShop ....................231.85

You could have the above ones paid by the end of 2012 and half of Advantis. That's 7 gone...done and dusted.:T

Advantis - Txt Loan ................272.52
Loan Store ............................286
accessfastmoney ..................300.60
1MonthLoan - Mmfinance .......347
CapitalFinanceOne................ 356.63
MM finance ...........................377.50
FancyaPayday ......................216.39
BT - Past Due .......................225.38

These would be done by this time next year.....plus an extra £1200 off the ones that have been chasing you so the ones below would actually be £1200 less.

Quid24 ..................................300
Paypal ..................................400
Txtloan - Fredrickson ..............402.25
Payday uk - MemCapital .........500
CashConverters ......................507
Bonga Loans ..........................640
wagedayadvance - mmfinance...794.62
wonga ....................................923.12
EON ......................................948
halifax credit card - 1st Credit...1423.08

By this time next year you would just have a few left...yes they are the bigger ones but you will be more motivated to continue looking at how many you managed to clear. Obvioulsy you could have more paid off if you cut back on a few of the suggestions people have made on your SOA.

Good luck with it. You'll soon be debt free...Im actually quite jealous. I'll be in debt until July 2017.

Timetogetfree

digging wrote: »

Firstly, well done for turning your life around and trying to sort out your debts.

You mentioned that you have a £400 budget for paying off debts. I agree with others who have mentioned that paying off a few completely may be a good motivator. Even if you used £100 of the £400 to pay off bits of the ones who are chasing you...maybe try using the other £300 to pay off the smaller ones first.

Ebay.....................................30
Cater forbes - uncle buck........30
3 mobile................................83.52
halifax bank...........................150
Lowell ..................................150.78
Mackenziehall - Peachy .........105.87
The MoneyShop ....................231.85

You could have the above ones paid by the end of 2012 and half of Advantis. That's 7 gone...done and dusted.:T

Advantis - Txt Loan ................272.52
Loan Store ............................286
accessfastmoney ..................300.60
1MonthLoan - Mmfinance .......347
CapitalFinanceOne................ 356.63
MM finance ...........................377.50
FancyaPayday ......................216.39
BT - Past Due .......................225.38

These would be done by this time next year.....plus an extra £1200 off the ones that have been chasing you so the ones below would actually be £1200 less.

Quid24 ..................................300
Paypal ..................................400
Txtloan - Fredrickson ..............402.25
Payday uk - MemCapital .........500
CashConverters ......................507
Bonga Loans ..........................640
wagedayadvance - mmfinance...794.62
wonga ....................................923.12
EON ......................................948
halifax credit card - 1st Credit...1423.08

By this time next year you would just have a few left...yes they are the bigger ones but you will be more motivated to continue looking at how many you managed to clear. Obvioulsy you could have more paid off if you cut back on a few of the suggestions people have made on your SOA.

Good luck with it. You'll soon be debt free...Im actually quite jealous. I'll be in debt until July 2017.

Wish i could just pay off the lower amounts first as that would help to show progress but i have just been paying the debts which have contacted me and arranged payments with those.

Currently i am paying,

Accessfastmoney,
Cash Converters,
Halifax Bank (not the credit card as this is frozen interest untill i can start to pay)
Lowell,
The Loan Store,
MMfinance,
Peachy,

I am waiting for replys from offers to others and also waiting on offers off token payments untill i can pay back more when other debts are paid.

Will get there in the end and aslong as i keep trying my hardest to pay back as much as i can then thats all i can do. Currently i have arranged with all but 1 of the debts to freeze the current balances so thats a big step forward and i am just in discussions with the other to sort that out.

Timetogetfree

Just a small update saying that i have started to quit smoking also for my heath and also to save money. only had 2 cigarettes in the last 4 days.

HeadAboveWater

Timetogetfree wrote: »

Just a small update saying that i have started to quit smoking also for my heath and also to save money. only had 2 cigarettes in the last 4 days.

:T well done!

nrsql

Timetogetfree wrote: »

Just a small update saying that i have started to quit smoking also for my heath and also to save money. only had 2 cigarettes in the last 4 days.

Well done.
How much does that save?

NinjaSavingKat

Very interesting post.. gonna subscribe if you don't mind. Seems like you are making some serious progress here - its inspiring! Well done on kicking the bad habits though.. that must have been / must still be tough....