Massively in Debt and Sad

Newyorkdreams

Meant to say all these recipies are SW friendly if you are following this plan! x

Crystal_clear_2

Hi NYD

Have just found your thread and it really struck a chord with me. We have around the same amount of debt, although I'm ashamed to say, not sure exactly how much.
Have had my light bulb moment this weekend and after a long chat with DH have decided that we are going to tackle it once and for all.
I'm not a new user to the forum but have decided the only way I can be brave enough to post and add how much we owe to my signature is to have a different user name.:o
So the steps I've taken so far, inspired by you I must add is:
Set up a spread sheet for incomings and outgoings and a weekly budget along with a separate sheet showing our debt, which I can adjust as we start to pay it off, I just need to fill in the figures tonight
I have got a daily spend diary so I can track where every penny goes
We are currently preparing the house to put on the market, any profit will go to reducing the debt and we will rent for the foreseeable future
Got a pile of stuff to eBay, the profits will be pillowed into paying off the debt.
Sadly we only have one wage at the moment and my Dh is self employed so his earnings fluctuate but am going to do the best I can.
I had a very well paid job which I had to leave due to stress which is why we are in the mess we are in but as they say you can't go back only forwards.
I also have an interview on Wednesday for some agency work which will hopefully help as well.
I have subscribed to you thread and promise to come back soon with my new signature, scary or what. I might even start my own debt free diary!
Good luck with your journey

karmachilovething

Hi NYD, just been catching up on your diary.

I have two Bcards, one was one form when I was a student and has £0 on the balance, and the other was originally an egg card which was then bought by Bcard.

Because one card is empty they keep sending my 0% balance offers. Nothing like as good as the best the offer to new customers but still. Anyway, I knew they wouldn't let me move balances form one to another but I called them up and asked if they could do me a deal on the interest rate: 5 min call resulted in dropping from17.9% APR to 9.9% (fixed for 2 years, but my plan is to have it paid off way before that)

Worth asking them for sure, particularly if they're not the cards you'll be tackling first.
KC

datlex

Newyorkdreams wrote: »

Meant to say all these recipies are SW friendly if you are following this plan! x

Apparently there is a slimming world goulash which is gorgeous. Also try making omelettes in a sandwich toaster!!

chevalier

Congrats on starting your journey. Ref the clothes, start shopping from your wardrobe! Check that you can't remix and match things to give you a new style/outfit from what you have. There is a crazy clothes buying challenge on here, where you set youself a clothes limit for the YEAR! I managed to only spend 200pounds the whole year one time they run this challenge....

Newyorkdreams

Crystal_clear wrote: »

Hi NYD

Have just found your thread and it really struck a chord with me. We have around the same amount of debt, although I'm ashamed to say, not sure exactly how much.
Have had my light bulb moment this weekend and after a long chat with DH have decided that we are going to tackle it once and for all.

Hi Crystal! Well done on your LBM. I think it's scary at first but then the relief soon follows that your i) not alone ii) in control and iii) you have something to work towards. Well, that's what I feel anyway. I'm hoping to see you back with your SOA etc but you'll need to let me know your new username : )! Welcome aboard, it would be lovely to have you on the ride as it's going to be a long one for me

I'm sorry to hear about stress/job - it happens so easily these days with reducing staffing levels but ever increasing work. I wish you all the best for Wednesday! I'm currently waiting to see if I've been shortlisted for a new job, so fingers and toes crossed for both of us!

Keep in touch!

NYD xxx

Newyorkdreams

karmachilovething wrote: »

Hi NYD, just been catching up on your diary.

I have two Bcards, one was one form when I was a student and has £0 on the balance, and the other was originally an egg card which was then bought by Bcard.

Because one card is empty they keep sending my 0% balance offers. Nothing like as good as the best the offer to new customers but still. Anyway, I knew they wouldn't let me move balances form one to another but I called them up and asked if they could do me a deal on the interest rate: 5 min call resulted in dropping from17.9% APR to 9.9% (fixed for 2 years, but my plan is to have it paid off way before that)

Worth asking them for sure, particularly if they're not the cards you'll be tackling first.
KC

Thanks Karma, that's a good tip. I have 2 cards which I won't be touching until 2015 and they are halifax and bcard so I shall make time over the next week to try them both. I tried halifax about a year ago and they put me in touch with the dept that helps you out if you are struggling. I ended up on a phonecall for 45 mins and at the end of it she said, you can afford to pay and you are not in financial difficulty so there is nothing we can do for you, apart from offer you a consolidation loan! These rates are pretty low at the moment - 6.8% and 9.95% so I'm not sure if they will come down anymore but it's definitely worth a shot!

Thanks for sharing

NYD x

Newyorkdreams

datlex wrote: »

Apparently there is a slimming world goulash which is gorgeous. Also try making omelettes in a sandwich toaster!!

Ooooo! That omelette sounds interesting! So, do you pour the egg mixture into the toastie machine and it acts like a frying pan???!

Gonna try it this weekend....

Thanks for sharing!

NYD x

wildingb

Hey,

Congrats on giving up smoking. That is best thing i have read today

I wonder if you would consider selling your shares and bonds to help pay down the debt. My reasoning is that the debt interest far exceeds the potential investment interest.

Also, can you downsize your car? Get a real cheap car, say 2000, and you could potentially have 6000 to pay towards the credit cards.

Together you have raised 8000 and could pay off a whole years worth of credit card deb. You can then increase the amount you can put towards the remaining credit cards. In effect you have boosted your debt snowball. I am a fan of paying off the smallest debt first - wouldn't it be great to completely get rid of the debt on three credits cards? Nwide, Hfax, Nwide?

This is a sacrifice, but think of the money you will be soon paying yourself, rather than the banks.

A further thing that i found useful is to get rid of all cards and try to use cash. Personally I find paying with cash makes me think a lot more about my purchases over paying with a card. Stupid psychology I know, but it seems to work.

Anyway, good luck

Debt_Free_Guy

NewYorkDreams thanks for sharing your story on these forums. It's so easy for people to read that and make assumptive comments, but the truth is that dealing with debt is about facing up to the problem, which is what you clearly have done and I have nothing but admiration for that. It sounds like it will be a long haul out of your set of circumstances, but don't let that phase you. Chipping away at your debt is what most people have to do.

It's rare that people suddenly earn or inherit the money to pay off debt in one foul swoop.

You sound like a decent person and I really wish you well in the future with your debt goals, but just keeping working away at reducing your debt and over time credit organisations will have a rethink.