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Starting again with debt....again!

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Starting again with debt....again!

edited 30 November -1 at 1:00AM in Debt Free Diaries
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sashybosashybo Forumite
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edited 30 November -1 at 1:00AM in Debt Free Diaries
Hi all, this is my first diary thread here in around two and a half years. We were well on our way to debt freedom when life took over...again.

As a bit of background, am now 30 and married with two cats. We previously got into a lot of debt when we bought our first flat when we were 20 & 21 (around £25000) and had to go on a DMP.

We finally paid this off after 8 years and got married a year after that (all paid for, no debt :beer: ) but then we wanted to sell our flat (our second flat). You guessed it, we were now in negative equity as bought at the height of the market. :(

My DH's parents were kind enough to gift us the money for a deposit for a house but we had to take out 2 loans to cover the negative equity when we finally sold the flat. We had managed to save enough to cover estate agent & solicitor fees etc.

So now we were in a brand new house with a big new debt so what did we do? Went & spent more money so that we had new credit card debt & were in the overdraft up to our eyeballs. :o but it was all for the new stuff we "needed" for the new house.:cool:

We have now given ourselves a stern talking to (again) and sorted ourselves out. I took a cash transfer from my credit card to the bank account to clear the overdraft. CC is on 0% for 9 months so now paying this off plus the two loans. The additional credit card debt was balance transferred & is now almost paid off (250 to go).

So now we need to not go into the overdraft, stop silly spending and pay off the debts as quickly as possible. I have re-joined the PAD thread as it previously motivated & inspired me. I feel that I need some accountability because it's so easy to slip into old spending habits even when you really don't want to and really can't afford to.

We are both working and bring in a decent combined income so we need to sort the debt out again. I really want to get rid of it and not be in the same cycle forever.
Success is not final, failure is not fatal: it is the courage to continue that counts.

PAD started 27/01/09 - £15,319 extra paid off debt.
Total Debt paid off £66,624 Car loans £13,833 Garage conversion £6,077, O/D 0% BT £1,940.

Debt Free Diary to try & keep spending in check.
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Replies

  • sashybosashybo Forumite
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    Off work at the moment with a horrible cold, just feeling very drained & it's absolutely freezing outside. Used up my energy this morning sticking the ingredients for a sausage casserole in the slow cooker for dinner. Will get DH to make mashed potatoes later to go with it yum.

    Now resting on the couch with one kitty and a blanket so nice and warm. The other kitty is being anti-social in his bed - selfish cat should be loaning his warmth to me! :D
    Success is not final, failure is not fatal: it is the courage to continue that counts.

    PAD started 27/01/09 - £15,319 extra paid off debt.
    Total Debt paid off £66,624 Car loans £13,833 Garage conversion £6,077, O/D 0% BT £1,940.

    Debt Free Diary to try & keep spending in check.
  • liltdiddyliltliltdiddylilt Forumite
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    Hi sashybo. Welcome back to the forums & happy new diary. I am sure you will bust through the debt in no time!

    Congratulations on the new house! Property is worth having. I too was in negative equity and my ex & I have been split for 6 years now... :( still both have the mortgage around our necks as he is a lying selfish scrote, and the house stands empty whilst he swans around, but each to their own, he may owe me thousands but he at least pays the mortgage each month and keeps me from being chased by serious bailiffs. :D

    Hope you don't mind if I subscribe and pop in every now and again :) I'd like to see your progress!! :D
    Virtual Pot #25 £0.00/£350.00
    A black belt only covers 2 inches of your a$$ - You have to cover the rest yourself - Royce Gracie
  • sashybosashybo Forumite
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    Hi Lilt, thanks for dropping in and for your support.

    My DH keeps saying the loans we took out for the negative equity are "good debt" as it meant we could buy our house (which we both love) but at the same time it's still debt and I want it gone! It just feels like one step forward and two steps back in some respects.

    Sorry to hear about your ex and the negative equity - it's a horrible feeling. We lost around £25k value on our flat within 7 years. :eek:
    Success is not final, failure is not fatal: it is the courage to continue that counts.

    PAD started 27/01/09 - £15,319 extra paid off debt.
    Total Debt paid off £66,624 Car loans £13,833 Garage conversion £6,077, O/D 0% BT £1,940.

    Debt Free Diary to try & keep spending in check.
  • liltdiddyliltliltdiddylilt Forumite
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    You're welcome, and your DH could have a point. It is allowing you to live your dreams and you are going the right way about getting rid of it. Focus on keeping the interest as low as possible, which means being good, no overdrafts or CC's for spending, live within your means and pay what you can to the loans. If you can afford to put some aside, then do so. The loan companies might accept a settlement eventually... :)

    My negative equity was £20k within 6 months of buying.. and the mortgage was only £80k. It would cost me another £20k to buy out of the mortgage now through fees and solicitors etc. It is finally out of neg equity, but as I said, standing empty and my ex and I no longer speak so it is just a noose really. I have my head in the sand on that one... :D it is a horrible feeling to find something is not worth what you paid for it. Another reason I will never buy a brand new car ever! :eek:
    Virtual Pot #25 £0.00/£350.00
    A black belt only covers 2 inches of your a$$ - You have to cover the rest yourself - Royce Gracie
  • Eager_ElephantEager_Elephant Forumite
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    Hi sashybo


    Glad you have come back and started a diary - I love my diary and need to post more often instead of reading:rotfl:


    Good luck with clearing the debt:j
  • sashybosashybo Forumite
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    Have been quite lazy today so far but must be needing the rest so am just going with it for now. Am cuddled up in bed with my iPad mini and the two kitties, browsing MSE.

    Plan to get up and have a shower soon and then stick a washing on. Will then see how my energy reserves are doing. DH is working early shifts this week so should be home around half 3ish. I got some chicken breasts out of the freezer last night so will do something with them for dinner. I was thinking of a chicken & broccoli bake but also have a jar of Thai red curry sauce in the cupboard so that's another option.

    Hi again Lilt thanks for your reply. Scary negative equity. :eek: The credit card balance is around £2250 (£250 BT & £2000 cash transfer - both 0% until September). Both loans are interest bearing over 5 years (first year up in April) so am overpaying every month to both, usually only £10-£25 each but better than nothing I guess. So we have a set amount going to the CC to clear it by Sept plus PAD's & any cash made through online surveys as well. Although the extra survey money should probably come off one of the loans as paying interest on those.

    We are both paid 4 weekly so the date changes every month & it can make it difficult for the bills & DDs. We got into a mess with the O/D by not watching what we were spending vs when bills & wages were due. My DH was getting a bit carried away & just thinking it was money he could spend. :(

    So no more of that, he's had a talking to and done the appropriate puppy dog eyes at me. I actually gave him a fright & he started selling his old tech stuff online to make a bit of money. :D He's very into tech & computers so always has a lot of "stuff" lying about that's not always needed. :cool:

    Hi EE, good to be back, I just need to try and keep updating as it does help to keep me on my best behaviour as don't like to post when I've been bad. :o
    Success is not final, failure is not fatal: it is the courage to continue that counts.

    PAD started 27/01/09 - £15,319 extra paid off debt.
    Total Debt paid off £66,624 Car loans £13,833 Garage conversion £6,077, O/D 0% BT £1,940.

    Debt Free Diary to try & keep spending in check.
  • sashybosashybo Forumite
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    Feeling a bit mopey today, maybe because still feeling a bit ill so this post will be off-topic. :( Made the mistake of watching The Snowman & the Snowdog on Christmas Day and cried the whole way through it. It was the wee old dog dying that did it, just reminded me of the two cats we lost last year I think.

    One of them is my avatar for this site - she was a wee beauty and only 12 when we had to put her to sleep. She had breast cancer as had been a breeding queen before we got her at 7yo(she was a lilac point Siamese).

    We had an operation to remove the lump but the cancer had already spread. The op gave us nearly another year with her so was well worth it, in the last few weeks she told us when it was time as she was no longer her happy, noisy, greedy self. The night before she came into our room and slept between us for most of the night, good as gold. Then she went back to her bed with her two cat companions and cuddled.

    We both took her to the vets and cried our eyes out while she went to sleep for the last time, my DH had his hand on her head and he was the last thing she saw. That was good because she always loved him best.

    Our remaining cats were lost and pined for her. They looked for her everywhere. :( Our remaining female had never been without her since kitten hood and within 6 months she died. She had kidney problems we didn't know about & it was very sudden. She had never been the same since her companion left her & it broke our hearts to watch her search, I think she had a broken heart. She had to be rushed to the vets & was so ill we couldn't be with her at the end. I often worry that she thinks we abandoned her at the end & hope that she didn't know we weren't there.

    We were left with my now 6yo Siamese boy on his own and he was NOT happy, was really pining for the ladies he had been with since he was a kitten.

    We got a British short hair kitten as a companion & boy is he trouble! He will be 1yo in January and I know my Siamese boy is grateful for the company but I think he wants to strangle him a lot of the time as well. :rotfl:

    I don't know where that all came from, just wanted to get it out. You can't say a lot of this stuff to people because they think you're mad and "It's only a cat".
    Success is not final, failure is not fatal: it is the courage to continue that counts.

    PAD started 27/01/09 - £15,319 extra paid off debt.
    Total Debt paid off £66,624 Car loans £13,833 Garage conversion £6,077, O/D 0% BT £1,940.

    Debt Free Diary to try & keep spending in check.
  • sashybosashybo Forumite
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    Well after that cheery post I'm back again. Finally had a shower & feel a bit better. Have stuck the towels in the wash & they can go into the tumble dryer when they're done. Have a huge pile of ironing but can't really face it just now.

    Think we are opting for the Thai red curry sauce with the chicken I defrosted. Will order coconut rice & a starter from the local Thai restaurant to take away and that makes it feel like a wee treat but not as bad as a full takeaway.

    Remembered last night that two friends turn 30 in January - one at the start & one at the end of the month. Have ordered some art store vouchers for the first birthday & also spotted a pretty arty bag in the Joe Browns sale I think she would like. Hopefully I'll get the stuff delivered before I see her. Will keep an eye out for any bargains for my other friend but at least have more time to look around for her.
    Success is not final, failure is not fatal: it is the courage to continue that counts.

    PAD started 27/01/09 - £15,319 extra paid off debt.
    Total Debt paid off £66,624 Car loans £13,833 Garage conversion £6,077, O/D 0% BT £1,940.

    Debt Free Diary to try & keep spending in check.
  • Eager_ElephantEager_Elephant Forumite
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    ((sashybo))


    It's always so sad when a cat goes to rainbow bridge - we nearly lost one of ours a few months ago. He had acute kidney failure (from some sort of poison) and they didn't know if he would make it - they managed to save him and now he has chronic kidney failure.
    He will be due a retest in January to see whether his kidneys have recovered enough for him to stop the medication and special cat food. He is only 5years old so fingers crossed it has worked.


    We have 4 cats at the moment (1 is a kitten and she is a nightmare!!)


    Sometimes a good cry is just what's needed - I always think that it's better out then in.
  • sashybosashybo Forumite
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    Thanks EE, yes we both found it very hard as they were such little characters & were also the first pets we had together. My poor DH misses our oldest cat greatly as they were particular friends.

    Our new kitten is also a character but took some getting used to as he's not an Oriental and has a completely different temperament. We're hoping to adopt an older female at some point in 2015 as our Siamese is still missing his ladies.

    That is so scary about your cat, you must have been so worried. I hope his retest goes well & his kidneys have recovered. What is it with kittens, my current one is determined to kill himself & take me with him!!

    We had to take our remaining Siamese to get his teeth cleaned about 6 months ago & we took the optional blood test in case there were any kidney issues. His bloods weren't quite right and we thought we would lose him as well. He was on antibiotic tablets for a couple of months which was NOT fun! My DH ran off every time the tablets had to be given (one and a half twice a day) & said the cat likes you better, you can give them to him! :eek: Poor wee guy, eventually we had a routine where I held him like a baby against me & popped the tablets down his throat & he was good as gold. Think he got resigned to it!
    Success is not final, failure is not fatal: it is the courage to continue that counts.

    PAD started 27/01/09 - £15,319 extra paid off debt.
    Total Debt paid off £66,624 Car loans £13,833 Garage conversion £6,077, O/D 0% BT £1,940.

    Debt Free Diary to try & keep spending in check.
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