You cannot change what you refuse to confront.

Little-Miss_2

I'm back with a new user name as I couldn't access my other account, new user name and a new start!! I received fab support on here before and found it really motivating.

So why am I back?? Well I made great changes before and started paying little bits off our debt then my husband got made redundant. We have added to it but not too badly considering (we added £450), my husband also took out a payday loan which he told me about 2 days ago :mad: for £400 :mad:
A little about me I have 3 children the DS is starting secondary school in September and DD1 starts infant school. My DH is now on board with paying off the debt and is looking at ways to increase our income.
Our income should increase dramatically in the new year if everything goes to plan, until then the interim plan is (we all love a plan!!):D

1. Payoff payday loan (money should be available once bills are paid thanks to DH getting a bonus)
2. Small reward of a takeaway each time we have paid 10% off debt (£645)
3. Ensure DH leave cashcard home (I best hide his passport and driving licence aswell :rotfl:)
4. Sit down with DH and work out a full budget sheet each month.
5. The usual surveys, ebaying and carboots.

At the moment DH is hitting bonus at work so the money in is not too bad but on a flat month he may only earn £700 so we really need to set up an emergency fund he can go 3/4 months earning just £700. Petrol for him to get to work is approx £70 p/w :eek:. DH is looking for a new job with a company car and has a few interviews lined up so fingers crossed.
When DS starts secondary school he will be eligible for the free school coach as we live in a small village and the local school is 10 miles away this should save us between £100 and £150 per month.
We have also set up a trade account on ebay, we will give this a month and see how we go.
Off to set up my signature!

Little-Miss_2

Not a great start forgot to add on my husbands overdraft! So total debt £7850

killerpeaty

Hey little-miss, congrats on starting your debt free journey.

I have a few questions, which of course you do not have to answer if you don't want to. Why was the payday loan taken out? Is the loan unsecured? Assuming you do pay off the payday loan in one go, what will be your minimum payments each month? Do you know the APRs? Are you going to try snowballing or pay off the smallest debts?

[Deleted User]

Good luck and well done for making the initial steps sounds like a good plan.

Little-Miss_2

killerpeaty wrote: »

Hey little-miss, congrats on starting your debt free journey.

I have a few questions, which of course you do not have to answer if you don't want to. Why was the payday loan taken out? Is the loan unsecured? Assuming you do pay off the payday loan in one go, what will be your minimum payments each month? Do you know the APRs? Are you going to try snowballing or pay off the smallest debts?

Hi killerpeaty
I don't mind answering questions The payday loan was taken out as my dad was taken ill rather than my husband telling me I could not go help out (my parents live 100 miles away) he told me he had some money in his account which would cover travel and living expenses (he didn't he took the payday route :mad:)I was away for a month, my dad is still very poorly and on life support but I have returned home for the time being. All I know about the payday loan is that it is for £400 we will pay it before the interest starts hitting it. I assume it is an unsecure loan as my husband has nothing to secure it against other than his car. The credit cards will be next as they are high interest ones one is 25% and the other 30% we pay £20 p/m on each of these which is a few pound above the minimum.
Our minimum repayments on debt each month :-
£265 loan (credit union £15 of this is mandatory saving which they hold until loan is cleared)
£40 credit cards
£25 overdraft
Total on debt £330

killerpeaty

I'm so sorry to hear about your dad. Best wishes to you and your family. I know it doesn't help, but I was in a similar situation as so far as the distance ~90 miles and it being my dad. I spent all of my money (didn't get into debt by pure fluke) on getting home and paying for things like my phone bill (£70 extra that month :eek: ) and food (take-aways for 3 weeks). I regret none of it though, he was my dad, my family needed me and I needed them. You shouldn't regret it either! Now, your husband might want to have a little look at this article for future emergencies so it gives some neat advice about alternatives.

Do you know if you can transfer some of your CC debt? 30% is a rate I would expect for someone like me (23, no credit history). You might be able to get a cheaper card with 0% transfer.

* The non-hyperlinked version of the article above: http://www.money.co.uk/article/1007206-the-best-ways-to-borrow-when-you-need-money-fast.htm No affiliation with the site involved, I just like their articles.

Little-Miss_2

Thanks Killerpeaty I don't regret spending the money, I just wish my DH told me so we could have worked something else out.

We can't get 0% at the moment DH has missed the odd payments and I don't work, we are hoping as DH's work has increased we will be seeing bonuses for the next few months to get them cleared off we will close one and keep one which we will put something on each month and clear in full.

I think DD1 is coming down with something she has been a pain in the neck today crying at the smallest thing, I put her to bed at 8 and she has come downstairs 5 times so far grrr

MrsSmith2013

Hi Little-Miss, just wanted to say hello and welcome back! I too used to come on here as another name but couldn't get back into the old account and wanted a clean start!

I also love a plan - ha ha! It gives me something to work too and feels like I am actually making progress!!

Feelo your pain with DD coming downstairs... my DD is 6 and she has shouted down to us about every 5 minutes since she went to bed at 8, even woke her little brother in the process - Grr!!

Little-Miss_2

C0nsumer Puls3 sort of done for last week, I forgot the application don't work well on firefox so only added 2 shopping items which took 30 minutes:(. I will add the rest on next week and use chrome. I am nearly at £30 I will draw this "money" out in November for some of the children's pressies.
I haven't got away with a NSD today as we had a fostering meeting this morning and the social worker drinks squash we also needed bread and milk. I didn't buy anything else so a LSD.
I also rescued the cashcards from my husband before he disappeared for work so no unnecessary spends from him I will hide them later
DD1 and DD2 are playing nicely, DS's birthday present turned up earlier so he will be pleased when he gets home.
I stepped on the scales earlier and have lost 8lb :j:jstress seems to be good for my waist line I need to lose another 7lb for my BMI to be in the 20's again... so close now to being a size 12 again. So far in the last 12 months I have shed 3 and a half stone :T

Little-Miss_2

Just popped back on as a friend of DD1's mum just popped around with a bag full of clothes for DD2 very happy. I love living in a village.

Little-Miss_2

Well today has not been so good, it seems my husband has not had his LBM yet just a dim glow!
He has taken his cash card with him today so I asked him why and then mentioned I would like to log into all the online banking tonight to see what is happening. It seems he would rather move out than let me check so I have absolutely no idea what I am going to find if and when he gives me the log in details. We should have at least £400 spare this month and enough to buy all the kids uniforms...we shall see.