Debt free by 40 -- 19 Months and counting

Puzzcat

HI SS,


Congrats on the new bank account! I have to agree that since leaving behind my od when starting my dmp with a new bank account it is much easier to work with a positive balance. And as for your od, well they can't have what you haven't got and as long as you keep making some payments, fingers crossed they will accept that.


Keep going your doing fab.. :j

StressedSteph

Thanks Maddiemay & Puzzcat. I am ever hopeful xx


Morning,


I am hoping I have been abit canny with my banking and spreadsheet.


I have limited funds left in my account before the switch over, and as usual on and around the same day I have three bills coming out as well as the usual bank charges & interest that always catch me out.


So I have cancelled two direct debits. Its a shame that they won't figure in the automatic switch, but it will be better for me to call those two companies to explain whats happened and give them new bank details, rather than incur two more £8 bank charges.


Then I will pay in this weeks wages which hubby gets paid on the 20th, into the new account and then there will be enough money in there to pay those DD that were cancelled.


Just got to keep a close eye on 1 direct debit, that usually goes out on the 16th and the charges go out on the 17th. So just got to check that bill gets paid and then that is it for banking with B#rclays. :T.


Just got to hope I get the new bank details in time for hubby to update his work before they pay again. Phew its abit of a juggle, but I am sure it will pay off.


Not much else to report really, I spent hours last night, trying out different budgeting programs on line. I am trialling YNAB and Ms Money but both seems abit tricky to get the hang of to me. Going to perservere with YNAB, by watching some of their tutorials, but I don't hold out hope.
My little basic spreadsheet is ok, but it would be nice to be able for forecast a little easier and I am partial to the odd pie chart and graph, which I can't get the hang of in Excel .


Off to look at some diaries for abit before I start sewing again.


xxxx

debtfreewannabe321

Does your new bank account allow you to set up savings accounts alongside the current one so when you log on you can see them all? I have around 10 with my bank and have done since starting the DMP every pay day we transfer money across to one of them which is for bills. Like you I have 3 biggish bills due out after the 21st (last week before payday for us) so I put the money in this account then when I do my banking every day I check the pending bills and transfer it back across to the main the day before or on the day it's due out. It might not work for you as you're income might not all come in at once but thought i'd share.

I'd love to work out how to do a pie chart but even spreadsheets have me stumped and I have to use a template usually from online and change it a little. I'm useless with this sort of thing xx

StressedSteph

debtfreewannabe321 wrote: »

Does your new bank account allow you to set up savings accounts alongside the current one so when you log on you can see them all? I have around 10 with my bank and have done since starting the DMP every pay day we transfer money across to one of them which is for bills. Like you I have 3 biggish bills due out after the 21st (last week before payday for us) so I put the money in this account then when I do my banking every day I check the pending bills and transfer it back across to the main the day before or on the day it's due out. It might not work for you as you're income might not all come in at once but thought i'd share.

I'd love to work out how to do a pie chart but even spreadsheets have me stumped and I have to use a template usually from online and change it a little. I'm useless with this sort of thing xx

Hi DFW,


That's a good idea with the savings accounts. Will have to see if I can open at least 1 with S#ntander, as with my new budget I have factored in £40 per week going into savings (£20 towards Birthdays/Christmas and £20 for Emergency fund). Need somewhere to send that to and it can't be back to B#rclays . Will have to sort that out.


I think the spreadsheet I use now was a formula from someone on here, it basically just adds it all up as I go, but not much else. Still don't understand YNAB but going to wait until new bank account is open as can't really get it sorted until I start afresh.


Abit nervous in the back of my mind about what b#rclays are going to do when they realise that our weekly wage isn't going in the account. Guess I need to contact them and explain the circumstances and tell them I will be making a regular monthly payment to them. Expect it better I speak to them first before they get annoyed and demand the money back instantly.
I have always got the urge to hide and ignore it, but I am trying my best to face up to things, like answering the dreaded home phone etc.


xxxx

mizmir

As has been said - they can't have what you don't have - so hopefully they will be fine with a regular payment. The transition is always most stressful I think - once you get it all sorted you'll be able to move ahead stronger.

debtfreewannabe321

my main debt was with them. I stopped paying in my wages (I had money going in at that time) and all i got was a letter asking to call them to make a payment arrangement no threats or anything. Then I obviously went on the dmp so the cccs sorted it all out for me but they were quite nice after I spoke to them. If you don't speak to them though they ring, and ring, and ring and drive you mad!!! My debt was £4.5k on an O/D, £2k loan & DH had a £2k CC with them (the other debt was elsewhere) but the worst creditor we had was barclaycard by far, they wouldn't stop interest and they called all the time at the beginning, and the debt was for half of what I owed the bank overdraft xx

StressedSteph

mizmir wrote: »

As has been said - they can't have what you don't have - so hopefully they will be fine with a regular payment. The transition is always most stressful I think - once you get it all sorted you'll be able to move ahead stronger.

I guess you are right Mizmir, I do have the house etc, but I guess as its not a secured debt then they can't get at it. You are right, once I get past the transition I will be ok.
I have tried everything n the past to get away from this overdraft and never had the guts to do this. So glad I am doing it now. xx

debtfreewannabe321 wrote: »

my main debt was with them. I stopped paying in my wages (I had money going in at that time) and all i got was a letter asking to call them to make a payment arrangement no threats or anything. Then I obviously went on the dmp so the cccs sorted it all out for me but they were quite nice after I spoke to them. If you don't speak to them though they ring, and ring, and ring and drive you mad!!! My debt was £4.5k on an O/D, £2k loan & DH had a £2k CC with them (the other debt was elsewhere) but the worst creditor we had was barclaycard by far, they wouldn't stop interest and they called all the time at the beginning, and the debt was for half of what I owed the bank overdraft xx

Its so nice to hear from someone who has been through similar. I guess as long as they can see that I am going to honourthe debt and definitely pay them back over time then it's not worth them taking it further. Finger Crossed.


Thanks for your replies everyone, feeling abit less nervous now xxxx

maddiemay

Hi Steph

On the subject of keeping track of income and expenditure, have you come across Elaine, known as Memory Girl on MSE, she has a fantastic blog called mortgage free in three, some fantastic recipes and sound advice from a lady who has achieved some amazing things in her life and managed to clear a shed load of debt while bringing up two children on her own, and she is great fun too.

Yesterday she started (continued today) showing people how to create spreadsheets to be on top of exactly what and when things are happening on the financial front and budgeting for some of the stuff that you have said catches you out sometimes.

If you can find a minute have a look at this and the one for today

http://mortgagefreeinthree.com/2014/01/your-cash-flow-spreadsheet/

MM x

shinner

Barclays will be fine fingers crossed you will hear something about your charges also. When your new account is up and running you can phone or write to them maybe explaining once again how charges are were causing financial hardship and that you would like to set up a repayment plan and would appreciate it if they could freeze the interest. Xx

StressedSteph

maddiemay wrote: »

Hi Steph

On the subject of keeping track of income and expenditure, have you come across Elaine, known as Memory Girl on MSE, she has a fantastic blog called mortgage free in three, some fantastic recipes and sound advice from a lady who has achieved some amazing things in her life and managed to clear a shed load of debt while bringing up two children on her own, and she is great fun too.

Yesterday she started (continued today) showing people how to create spreadsheets to be on top of exactly what and when things are happening on the financial front and budgeting for some of the stuff that you have said catches you out sometimes.

If you can find a minute have a look at this and the one for today

http://mortgagefreeinthree.com/2014/01/your-cash-flow-spreadsheet/

MM x

Thanks for that Maddiemay, I will have a look, always in spearch on more inspiration. Cheap meals is something that I need to look insto more, and using up leftovers.
Will also check out her spreadsheets. Thank you xxx

shinner wrote: »

Barclays will be fine fingers crossed you will hear something about your charges also. When your new account is up and running you can phone or write to them maybe explaining once again how charges are were causing financial hardship and that you would like to set up a repayment plan and would appreciate it if they could freeze the interest. Xx

Hi Shinner,
I received a letter from B#rclays yesterday, stating that there was a request going through to transfer all my account information over the S#ntander. It read ok and was basically a "If you haven't requested this then please get in touch" letter.

All good so far. I am desperate for my bank card to arrive, because I can't apply for online banking until I have the long card number. Then I guess it will probably take 3-5 days for the little card machine to arrive etc, going to be tricky to manage the account in that period of time.
I have managed to get the bank account number and sort code to give to hubbys boss. So even if I can't look at the account, at least I know there is money in there to pay the direct debits as they go out.

Once the switch has successfully gone through, I will call B#rclays and see what I can sort out. The woman I spoke to last week seemed pretty reasonable and helpful when I was explaining how the charges were crippling us. For some reason I did'nt actually ask if there was any way of stopping the charges, but I guess they would'nt have said yes to that, whilst I was still incurring more and more. Once my account activity stops they might be more willing to see how serious I am about it causing me financial hardship. We will see.

xxxxx