My Smug Marrieds Shiny New Diary - Get Our Debts Sorted Before 2018

lincs1205

Evening all, I haven't been on here for ages unfortunately as have been mad busy with work doing overtime to try and get some of these debts under control. Since I started cutting back I have paid off £732 in 3 months if I can do that in 3 months what can I achieve in 6 or 9 months. Christmas is looming and I have been quite strict with myself as opposed to treating my nearest and dearest to expensive gifts I have set a limit on each couple I was going to treat my mum to £140 spa day instead I am going to get her a voucher for a nice facial and upper back massage with a limit of £40, my brother and sister in law I'm spending £60 on them and probably £40 for my nephew and £20 on my grandparents and best friend and her hubby. I'm not going to the works Xmas do but I am going out with hubby for a meal that's £20 per head in December.

lincs1205

Afternoon all, can't believe I haven't been on here since early November. Where has the time gone?, I have balance transferred the amount from my B#S card to my barclaycard as they were offering 0% balance transfer until next September and B#S was going to jump to 18.9% as from January so wanted to get rid and I will close that card once it has cleared their end. We went to our mortgage appt on Friday and part of the interest rate has gone down to 3.99% from 5.19% we can hopefully get the rest of it down next year when 3 parts end at that rate. I have stuck to my guns of only spending what I said I was going to on my family and friends and we are nearly sorted for Xmas yay. Working this evening then 3 days off. Hope everyone is well.

kirtsypoos

lincs it sounds like you are still doing really well, sticking to a budget around Christmas isn't easy, especially the first year of full on debt busting!

lincs1205

Ah thanks Kirstypoos, it hasn't been easy I have to admit, when I think back to last year I put so much on credit cards this year I haven't put any on there. I've still got my grandparents to buy for and all they want are gardening vouchers and giving my brother money. It does make it a bit easier with dh working for a supermarket. By the end of the year I will be under the 12 grand mark so very happy with that, not expecting to get a fantastic wage this month as I haven't done as many extra shifts as I would normally but Xmas is more or less sorted anyway. Hope you're enjoying the new house.

lincs1205

I now have 3 savings accounts open all of those with Nationwide only for small amounts to start with as not expecting a particularly good wage this month and January is a long month. Payday is Christmas eve can't wait although nothing is going out until the 30th Dec. Right off to go and make a bolognese.

lcc86

Can I ask if you had to pay a fee to renegotiate your mortgage interest? Mine is due in June next year (long way away I know) but I'm already in a tizz about fees and whatnot.

lincs1205

Hi Icc86,
No we didn't have to pay a fee but that's because we've decided to stay with halifax, lots of factors. Number 1 the mortgage has 5 sub accounts with the main bulk of them due to finish on a particular interest rate next year, number 2 mortgage is in dh sole name and will cost to much to add me onto it, number 3 they would look at us as a whole and do a whole credit search based on us both. Lots of luck it's a minefield out there.

diamonds

Good going lincs1205!


Only one teeny bit of observation though, your servicing your partners debts with minimum payments...really need to nip that in the bud, educate him in how you are doing it with your debts, if you have kids/dependants and he was left solo it looks like he would struggle to keep the mortgage up and roof above the heads. As you said earlier about unopened bank and loan letters, you must make him interact with what you are doing to educate him how to handle 1) money 2) service debts to his gain over the lenders.


The fact you are married means his debts are yours too, esp the mortgaged property, show him how you do it not just tell him what you are doing/how much you cleared each month


Oh and if he works for a supermarket -takeaway?- get him to find out what time his shop does the reductions, I pay peanuts to eat like a king most the week for a ten minute walk to Tesco

lincs1205

Hi diamonds , many thanks for your comments. Since we got together I have been though our joint account together and showed him all the direct debits that he had that he was no longer using but was paying for ie cupid.com , match and card protection services. We also negotiated our sky package down well he did with guidance from me as all our utility bills are in his name but as you say we are now linked financially. We don't have any dependants and we don't plan on having any but I appreciate what your saying. It's been hard work getting him on board but he doesn't use his credit card to the best of my knowledge and although we are only paying the minimum on his debts at the moment they are my next plan of attack. I think when he's had previous partners they've been happy for him to pay. He tends to let me take the lead on the banking side of things but I do reiterate that it his responsibility as well not just mine. We both came from the same sort of backgrounds where our parents never talked about money but his dad is all to happy to ask us for a loan and then take ages to pay it back. I have put my foot down with regards to this and Dh knows there will be dire consequences if he lends them money without talking to me first. It is difficult saying no to family but we have our own priorities.

diamonds

lincs1205 wrote: »

Hi diamonds , many thanks for your comments. Since we got together I have been though our joint account together and showed him all the direct debits that he had that he was no longer using but was paying for ie cupid.com , match and card protection services. We also negotiated our sky package down well he did with guidance from me as all our utility bills are in his name but as you say we are now linked financially. We don't have any dependants and we don't plan on having any but I appreciate what your saying. It's been hard work getting him on board but he doesn't use his credit card to the best of my knowledge and although we are only paying the minimum on his debts at the moment they are my next plan of attack. I think when he's had previous partners they've been happy for him to pay. He tends to let me take the lead on the banking side of things but I do reiterate that it his responsibility as well not just mine. We both came from the same sort of backgrounds where our parents never talked about money but his dad is all to happy to ask us for a loan and then take ages to pay it back. I have put my foot down with regards to this and Dh knows there will be dire consequences if he lends them money without talking to me first. It is difficult saying no to family but we have our own priorities.

I read such, keep pushing him to try to tackle though. You are doing great though

As for family I used to spend hundreds a month being a free taxi, when I was ill none of them even offered help let alone popped in - same as you it has to be you as priority not them, dont know if this would help... I have a second credit card of my dads for emergency use, my use only - it has a £8000 limit but I use it I pay it back and only when I'm caught short like a missed train etc


I dont know your partners dads financial situation nor credit worthiness, but perhaps a credit card your other half uses only to give his dad a loan and you stipulate its on a credit card so his dad has to pay the interest occurred and also a minimum payment per month set by you both/partner ?

Simply you and your partner as you know are in a dire state of financial affairs which you alone seem to be taking order of and you cannot be lending 'cash' out either your bank accounts to your own detriment of paying out your debts longer than you need to be.

Fair is fair, if his dad is desperately in need of the loan he will except it cant be cash from your marriage and he is liable to pay a set amount each month and the interest and all charges incurred by the borrowing of money on his sons credit card, with a maximum he can borrow also in place. Sounds like poor financial management like many families is a family trait passed down the line, which the education/financial system has a lot to answer for.


Sorry if this sounds in any way harsh its not meant too, but I'm talking from experience of debts and family myself and taking ten years to clear mine to this debt free place I am now, interest free credit for me ongoing