Debt free by 40 -- 19 Months and counting

mfmaybe

Steph you are doing brilliantly.

I'm included to agree with the others on catching up with the mortgage. But how about a compromise. Put say 1/3rd of the mortgage payment away each of the next few months, so a bit less debt repayment, but still good, visible progress. Then, after 3 months make the catch up payment and you are back on track with both mortgage and debts?

mizmir

Looks like you are doing great Steph - well done! Sorry have been away from MSE - am planning to be back for April.

maddiemay

Hi Steph
Just popping head around door, hope that you and the family are OK and not suffering with one of these awful bugs that are doing the rounds.

MM
xx

StressedSteph

Hi all,


Sorry I have been abit absent recently. Had an incredibly busy time last week and the weekend and so far this week hasn't been much quieter.

We had abit of family financial disaster yesterday and I was too upset to talk about it until today.

Both of my children have cheap tablets that they play games on. They are both protected with passwords and are also restricted with the access they can have to the internet etc.

So I thought I had all bases covered with them. What I didn't take into account was my 9 year old son retrieving the passwords from our little password book and spending £282 on in App Purchases :eek:.

So yesterday was spent with me packaging up and listing anything he had of value in his bedroom. Xbox has sold and gone for £170, he had £11 pocket money and we were also selling some of his xbox games on Ebay that came to £38. He currently still owes us £91. I have also listed his electronic keyboard and Digital drum kit which if they sell will more than cover the outstanding £91.

I was just so upset yesterday. Sad for him, because I know he KNEW that it was real money but I just don't think he thought it through and realised just how many times he hit the BUY button :eek:. He was totally stunned when I showed him the list of purchases he did, and that his beloved XBOX had to go to help cover the amount he had spent.

He was so distraught, it was horrible to see. But it was a valuable life lesson we had to teach him, to also prevent it EVER happening again.

So as you can imagine my YNAB has been thrown into disarray with all these purchases pinging out of my account.

I have had to move £91 of our savings into my account to temporarily cover the un-expected spend until things sell and I can then return it to the savings.

Other than that family disaster, we haven't had much happening. No major bills paid, definitely no money to put to debts. I have put all Ebay sales into fill the deficit of what my son has spent.

Feeling abit more in control today, I was in a total spin all day yesterday trying to figure out a way to cover the £282 he had spent. KIDS!!!!

elfy1807

Wowzers!
I'm so shocked to read this post.
It amazes me that children so young can be so clever - especially when it comes to technology.
My boyfriend's niece is 3 and she's a whizz at playing on her nan's iPhone.
She knows how to use it better than her nan.

Not really sure what else to say, but I'm sure he's learnt his lesson.
A bit gutting that the debt busting has been put to one side, but hopefully it won't happen again.
I definitely support you in making him sell his stuff to pay the bill.
If you bail him out, he won't learn.

FinanciallyUnsavvy

Oh no!

Very sorry to hear about this set back Steph. Very pleased you - and your son - have dealt with it quickly though. It is a good lesson for him. Sad he has to see his beloved possessions go, but it sounds like he's let you sell them without much fuss made as he understands the severity of the money he's spent?

Glad you're feeling more in control today. Thank god for having your savings to cover the £91 though eh? I've no doubt you'll make that money back with the sales and be back on your feet in no time.

xxx

P.S. glad to see you posting again today!

maddiemay

Oh Steph, what a bu**er, as the others have said well done for dealing with everything so promptly and fantastic that you had the savings to dip into. I guess your DS has just received a lesson that, hopefully, will stand him in good stead for the rest of his life. He will have to start a savings pot for a replacement X-Box now. A couple of people that I know are still bailing their 30+ year old off-spring, because they have had everything too easily and won't get a grip on their finances, my siblings and I would have died of shame, if as young adults we had to run to mum and dad to sort us out.

ETA - not getting at anyone who has financial problems (stones and glass houses!), but the fact that we were brought up to sort our own muddles, like the people who are on MSE do.

I burst with pride at my niece (11) who has saved her birthday, christmas money and holiday earnings to buy herself an i-pad.

Onwards and upwards Steph, you will get there:A

StressedSteph

Thanks Elfy and Kim,


Felt very emotional about it all yesterday, so couldn't face posting.
Think it was a big mixture of disappointment, with him actually doing it, and also sadness for him as I knew his Xbox etc was going to have to go, and knowing that he kind of knew what he was doing but not to the extent of £282.


Shame he had to lose everything, but he had to learn . Bless him, he was playing with his Lego this morning as he has nothing else left

maddiemay

StressedSteph wrote: »

Thanks Elfy and Kim,


Felt very emotional about it all yesterday, so couldn't face posting.
Think it was a big mixture of disappointment, with him actually doing it, and also sadness for him as I knew his Xbox etc was going to have to go, and knowing that he kind of knew what he was doing but not to the extent of £282.


Shame he had to lose everything, but he had to learn . Bless him, he was playing with his Lego this morning as he has nothing else left

Being an adult is rotten sometimes isn't it? I just want to send him a hug. He will be alright though, kids are so resilient and as long as he knows you love him and it was his actions that were the problem not him he will be fine. Hugs to you too, it must have been so difficult, as you say varying emotions.:)

debtfreeoneday

Hi stranger, sorry been away so long with house move. It's a hard lesson for your son, but one I guess he has to learn. I dread having to make decisions like that for my two, but hope I'm strong enough to do it!


Well done on the debt busting, you are doing so well!