Gonna get back in the black this time

Mags17

Hi all

I joined here many years ago with a small amount of debt hoping to get us cleared but we have coasted along gradually getting deeper and deeper into debt by making poor choices ie- was made redundant with a payment of over 7k and instead of putting off our cards, revamped our garden and had a family holiday!! Whatever were we thinking!!!

We had our LBM a few weeks ago and have spent this time getting all our balances, interest rates etc. Whilst I feel relieved that we are finally facing up to the fact that we have been living beyond our means its been quite scary too to count up the amounts owed. My DH estimated that we owed in the region of 20k (ex mortgage) and its more in the region of 30k :eek:.

CC1 - 2,800 19.9%
CC2 - 7,100 0%
CC3 - 2,600 16.95%
CC4 - 9,300 18.6%
Car loan - 1,700 (12.2) due to be paid off Dec13 @ 220pm
Loan - 8,700 (12.9)

I have cashed in the last of some savings that I have (approx 2,700) and I am lodging this into CC1 tomorrow so that will all but clear this debt and we can start putting the payments that we paid of this towards CC4

Our car loan finishs Dec so we will also be able to start putting that 220 off CC4 in the hope that we can get cleared.

Our DD starts school in sept so our childcare fees will reduce from Oct/Nov.

My problem is i'm now totally fixated by the debt and cant stop checking my accounts (in the hope that the debt fairies have paid this off). I also registered for SB / ebay etc to try to generate some extra cash to put straight off the debts.

Any hints and tips on how to keep motivated and the stress levels low would be greatly appreciated

Sorry for the rambling

Mags

moohound

Well done in making the first step towards freedom from debt.

Post an SOA so any areas of overspending can be spotted.

Make sure you are getting the best deals on utilities mobiles etc.

Be careful about not having an emergency fund if you pay off CC1 with all the savings.

Check out the old style money saving boards.

I found meal planning really helps I used to spend £125 a week at the supermarket and chuck about £30 worth away! Not any more. I spend £70 at the most now, and we eat just as well.

Seeing the amounts go down is great for motivation.

Mags17

Thanks Moohound.

We have been trying to break it down. Do I find the SOA in this site?

OneLife_OneShot

http://www.stoozing.com/calculator/soa.php

I see you live in Crumlin Mags! My mum, step dad and sister and two brothers live there.

Mags17

I see you live in Crumlin Mags! My mum, step dad and sister and two brothers live there.[/QUOTE]

Yes, I love it here Conisme:)

OneLife_OneShot

My step dad runs his own TV installation business they live up near the church and school off the Glenavy Road.

downnotout

One thing that I have found useful, is to make a forecast on when you will be free of debt, then try to bring the date forward.