Becks in Debt - Debt Free Diary

Becks_in_Debt

I will do thank you Lucy, that is why I have started this Diary it will push me to save to make over payments, this site has helped me loads and in the 2mths that I have been visiting it I have never once before this considered taking out a loan to pay it all off but after our holiday and me realising things will not improve between us with the current situation being the way it is it really is my last hope to save our family, and keep OH on track and away from gambling.

Dr_Hook

I think you need to tread carefully with this - you sound like you've thought hard about it, just make sure you budget for next year's bills if you're paying this year's in advance. You don't want you finances to fall apart when you have to start paying for council tax, car tax & insurance, etc. This sort of stuff has caught me out in the past :doh:

Becks_in_Debt

Thank You krisskross Yes the secured loan is against our house, so if we default on them we will have the house taken off of us, doesnt even bear thinking about, i have explained to OH the importnace of him not gambling and with the house up for stakes maybe this will give him something to think about, He now wants to concentrate on the future and getting things sorted not only financially, but within the relationship and with the home, plus he will be able to start having pocket money paid into an account where there is no Overdraft facility/cheque book/no visa, so basically he can go and withdraw money from his own bank account when he wants something without having to ask and explain to me what it is for, i will be sticking to small amounts weekly, instead of giving him large amounts where he might be tempted.

sammy115

Becks_in_Debt wrote: »

Thank you sammy, It is exactly the type of thing I would normally ask/tell somebody. Yes we will be taking out more debt but with what ever is left over we can do something to the house and add value to it, and then maybe in a few years time we can sell up and move to a cheaper area and get money back that way, plus i do want a different career and I will not be able to in the current situation, we will be better off each month by about £300, as long as I stay focused and put it in a bank to make up a lump sum to make a over payment or keep some for next years bills all should be good, I know it is wrong to but I am really thinking about making family life happier for not only me and OH but our DD

Life is so much simpler when you are looking in. Good luck whatever you decide to do. I just know that it really is the pressure of my debt that keeps me on the straight and narrow at the moment. I am not sure I could trust myself with a lump sum. I am hoping that my habits will change over time, but until then........

Like I said good luck and keep us posted as to your progress

Becks_in_Debt

Thank you Dr Hook, I am i the process of opening various different account for various reasons,
1) main account - wages in - mortgage and general bills out
2) where the Loan and Nursery fee's come out of (if I stick to 2 bills I know how much NEEDS to be in there)
3) Petrol Account - Set amount for each mth
4) Food Account - Set amount for each mth inc the odd take away or meal out
5) Savings towards next years Bills
6) Savings toward next years tax bill - I am self employed
7) My Pocket Money - clothes for work, nights out etc
8) OH Pocket Money - Night's out, Clothes,

Becks_in_Debt

Thank you sammy, I will be keeping everyone posted and I will let everyone know when I pay off a debt with the loan and the amount we got it for, Like i have said before that is why i have set this diary up, I know everyone will give me a kick up the !!!! if i start to slip, I dont plan to though, I am hoping it will be easier to manage this way, I hate having over 15 creditors to deal with every month, and all these stupid payments coming out.

Snaggles

It sounds like you've really thought it through, good luck with it, keep posting and hopefully you will be in a position to pay off chunks of your loan before long! And well done to your oh for starting to control his gambling too.

Dr_Hook

It certainly sounds like you have everything planned out and under control, and I can't fault your reasons for doing this. Ultimately it's a case of horses for courses and this sounds like it might just be the right solution for you.

Best of luck and I look forward to reading your progress!

Becks_in_Debt

Becks in Debt

SOA

Money In:

OH Wages .... £1,600.00
My Wages .... £1,000.00

Total Incoming .... £2,600.00

Money Out

General Bills
Mortgage .... £737.57
Council Tax .... £103.00
Water .... £33.24
Powergen .... (G & E) £150.00
OH Life Ins .... £33.37
My Life Ins .... £19.71
x2 Mobils PAYG .... £20.00
Nursery Fees .... £406.00
Car Ins .... £26.00
Sky .... £43.00
T.V License .... £20.00
Petrol .... £100.00
Food .... £250.00

Debts
Council Tax .... £25.00 (Arrears 2006/2007)
Housing Benefit .... £55.00 (from when I was pregnant - Over payment)
British Gas/Gas .... £12.00
British Gas/Electricity .... £12.00
Car Finance .... £23.43
Sofa Finance .... £5.20
A & L Loan .... £10.00
A & L Ac .... £5.00
Debenhams .... £11.00
Dorothy Perkins .... £4.00
Next .... £3.00
Studio .... £4.00
O2 (OH Contract) .... £10.00
B.T .... £3.00
Extra 2wards debt .... £250.00

Total Outgoings - £2,374.52

Total left over each Month - £225.48 (no idea where this goes, we never see it, should prob start doing a expense diary of everything that we spend to see where it goes)

Bestthingsinlifearefree

Hi Becks,

well done for posting the SOA

Could you get rid off or reduce the sky package ?

We got rid of the sports (which I liked) and the films (which Mrs Best liked) and reduced the package from something like £42 to £21. I thought we would miss them but we never did as we are either to busy, tired or managed to find lots of other football, films etc on the other channels to watch !!:rolleyes:

Best