oh my life...... Light Bulb moment.

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  • MiMi66
    MiMi66 Posts: 198 Forumite
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    edited 9 February 2013 at 2:52PM
    conisme wrote: »
    I'm no expert on bank loans but I'll give you my opinion.

    The reason you didn't get a consolidation loan is probably because you likely tried for a high amount.

    You are using a high amount of your available credit and although you have no defaults,CCJs etc or bad marks on your credit report they won't give you any more than around 40% of your annual wage as a loan especially as you have it all on credit cards. Consolidation rarely works in the eyes of a bank because most people don't get rid of the credit cards.

    My advice would be pay off the non 0% ones as quickly as you can.

    Try this also http://www.whatsthecost.com/snowball.aspx

    Put in all your cards and APRs and balances and how much you want to put towards the debt each month and it will tell you how to pay them all off as quickly as you can.

    At least you have woken up and are facing the problem. With the help of people on here you will be able to do it.

    Good luck :D


    Thank you to Conisme for the link -I just did the snowball calculator - interesting and food for thought!

    I tells me that if I paid £420 a month in repayments I could pay off the debt by August 2017 - 3 years before my plan......that is with renewing the 0% when I can - shuffling - hmmmm - interrrrresting.......

    I am going to look over my figures and see what I can do currently planning on £380 a month but if I can trim £10 a week of food and life and stuff maybe I can do that extra..... (£380 a month would get me debt free Feb 2018 the Snowball calculator says.....) Hmmmmm.

    I am fearful of setting the goal too high and failing it early and losing the will to live.... not being melodramatic - just a little maybe....

    Lunch and then thinking time......
    MiMi66 2023 and moving forward ☺️
    £38154 - DEBT FREE May 2021
  • :)Hi mimi66 i have read your thread with interest but well done for facing facts i owe 7000 On cc which to me is a fortune as i dont earn alot but i have a target of 3 years to pay them of , also do ebay i have started ebaying last sun and the 4 items that finished today made me £85.69 so im very happy with that good luck to you and chin up your not alone:)
  • Just wanted to say hello, wish you good luck and good health and say that I'll be subscribing...
    Ninja Saving Turtle
  • MiMi66
    MiMi66 Posts: 198 Forumite
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    Thanks Kittycat fan and Wannabee in Credit, really nice to know I've got 'virtual' support!

    Oh, it's been busy days at work and my daughters parent evening so I have not had time to think. No slipping off the non spending wagon, but I have to say I cringe every time I go near a supermarket - it is a pain at how much things have gone up, and the potential to blow the food budget is a real risk. But I am on track with my plan, and also found out today that I can put in a self assessment for tax refund for a few small things which will help - I have some house repairs that need attending to (garage door is about to fall off I think if we have another gusty windy day).

    I had a bit of a sort out on the weekend of some things - I think I will get a pile together to either ebay or sell at 50/50 shop.

    Right sleep now though!
    MiMi66 2023 and moving forward ☺️
    £38154 - DEBT FREE May 2021
  • MiMi66
    MiMi66 Posts: 198 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Gosh it's a long month 'til pay day to pay off any debt - but on a good note I am on track with my outgoings this month and not overspending any further - 11 days to pay day and then a little chunk will come off the debt.

    I have a job interview on Tuesday - nervous about it - it's a role with a lot more responsibility than I have right now and I am not entirely certain that I am right for it. The salary is a big more which will help balance out loss of income over the next year or so. So we'll see.

    Still ticking along though, trying not to worry and focusing on what I can do rather than what I can't.
    MiMi66 2023 and moving forward ☺️
    £38154 - DEBT FREE May 2021
  • just wanted to say im following your thread and wish you well. I dont have any advice right now (other people on here are far more knowledgeable than I am) but along with others can try and give you morale support.

    good luck with everything
    You can if you think you can .
  • MiMi66
    MiMi66 Posts: 198 Forumite
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    Well, what a few weeks....
    The interview went well but unfortunately I didn'tget the post - all the other candiadtes had pulled ouot which I found out the night before theinterview and sort of freaked ouot a bit - thinking 'what do they know about the job that I don't!' and I guess my uncertainty showed as the feed back after a pnael interview, a panel with young people, and a presnetation to a mixed audience, the only feedback I got was that the young people's panel went very well as did the presentation, (I showed leadership apparently!) but in the formal panel they said that I had undersold myself.....I could kick myself harshly - which I did for about 24 hours, then started counting blessings. I guess in reality going for an interview when having had the flu, started treatment for depression and had to face life financial crisis just the week befoere , may have been a bit too much :-)
    So I have thrown myself into my job, and now it's pay day and I have paid off my small chunk of debt - £380 plus £455 for my using credit card (which I do every month) and paid off my overdraft of £250 using the payment free month's cash for Council Tax and Water Bill to do it. So still very very strapped for cash, but a bit more in the right direction....
    This month I am hoping to not build up the same amount at all on my using credit card - maybe half of last month , and no overdraft use if I can (the last week of the month is always a bit of a monster for me, but I shall try very hard to keep to my budget. I am pleased so far, though I know it is early days. If it seems like I can get through the month I shall pay that extra £40 off one of the cards, and try for the £420 a month rather than £380.

    Sadly next month I will be hit with an increase in pension contirbutions (thank you for that Mr Cameron), and also I do oncall, and in the service cuts they have reduced our payments to fraction of what we are worth - £33 for a full week of being on call from 5pm to 9am the following morning Monday to Friday , plus the full weekend - for the whole week - £33 for the lot before tax - just crazy - only in health, and we have no choice as we have to go on the rota. No additional sums if called out - just the basic rate. I can't see doctors or dentists accepting that but nurses are meant to smile and talk about having a vocation - which ironically and without sacarsam - really is the case for me - I've nursed my whole life and am passionate about getting it right and good quality care - but equally a fare wage for the job is still a must.

    Anyway I am grumbling...... Truly I am grateful for having a job and being able to support my children and I am learning how to live within my means....

    Thanks to everyone who has offered me advice and kind words of support this last month - It really hashelped such a lot and kept me on track.
    MiMi66 2023 and moving forward ☺️
    £38154 - DEBT FREE May 2021
  • tealady
    tealady Posts: 3,742 Forumite
    Name Dropper First Post First Anniversary Mortgage-free Glee!
    Hi
    Re the bank account how about looking into the Halifax, if you pay in over £1000 per month and have at least 2 (I think) direct debits, they give you a fiver. Not much in the scheme of things I know but as Mr T says every little helps.
    Also you may get cashback for switching.
    Personally I would look into the insurance you get with your bank and see if you can get better deals elsewhere. You may also get cashback on those as well.
    Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)
  • Canady
    Canady Posts: 2 Newbie
    Hi MiMi
    Just following your progress and I think your going a great job, about to climb my own mountain and will follow yours with interest, I have to sort my mountain out and then post on here for advice and support:beer:
  • MiMi66
    MiMi66 Posts: 198 Forumite
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    Thanks Canady and Tealady. Your most welcome Canady to follow my diary. I hope your debt free journey gets going smoothly - it is so worth doing the forum diary as a way to keep your goals explicit and shared. I thinks helped to hold the line when it comes to spending less. I am looking forward to pay day to make the next payment off my debt. It will bring me under £21000 which will be a good step! Long journey but one I am determined to take.


    I don't seem to be able to find the time to do eBay for my small pile of things to sell. Starting to think about doing a car boot instead. I think working full time and juggling family life seems to leave too little room for some things. Though I am debating trying to do a couple of extra shifts a month to try and get some extra pennies in for the summer and Christmas so I don't build up debt at those times. I looked back over the last 9 years in which I've accrued my debt and realised that those two times of the year are the peak times I get big credit card balances. So if I can get a little money behind me it will help to not resort to cards.
    My end of year goal is to get the debt down to under £18000. I thi k I can do it. Certainly good to feel like I am heading in the right direction!!
    MiMi66 2023 and moving forward ☺️
    £38154 - DEBT FREE May 2021
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