Joined 31.05.16

charlies_tribe

Good evening, Just popping in to return the visit and wish you luck on your journey. Well done on the shrinking overdraft and trying the AF month, it must be hard when friends etc. are all out drinking too.

Good luck, will keep stopping by.

Poor_Single_lady

Hi Charlie. To be honest I think your diary made me feel a bit guilty and quite rubbish. Like I am a bit useless and not very responsible but you are providing for 5 children.
And also I think your experience is quite similar to my mums which also makes me feel like I have let her down and she must never know.

A lady on another thread wrote about how she is putting a file together for her husband for all the financials in case anything happens to her and he doesn't know how all the finances work. I am going to do this and leave in my living room in case I get hit by a bus and all the debts are a bit of a shock. Well they will be anyway but maybe if I have written it all down then it will be easier to deal with. I know my mum will go mad.

Hopefully make it to old age and nobody need know.

Balance transfer credit card not yet arrived.
Not drinking is definately helping.
10 days to pay day
14 days to loan payment. £720
Focusing on loan, paying off the HSBC credit card each month and getting out of overdraft and staying out permanently.
No big furniture/flat purchases till next year (but I am looking at ideas for when I do have the money)

Have spent lots of time at home recently which has been really nice but I think my family and friends think I am a bit reclusive. But it is totally helping and next month is very expensive.
This week no expensive social but a work thing on Friday which will be free.
Not very much going on at all.

charlies_tribe

Sorry my post made you feel a bit rubbish, believe me we had debts before the children arrived, we've just added to them... a lot! At least you are facing them now so you wont have the worry if/when children come along, you can focus the money where it will be needed
My mum was always In debt too, still is, and only the other day I had the debt collectors ringing me asking for her (also had calls for 2 of my brothers) It made me realise I didn't want that for our children and that if we didn't sort it now it could be their phones ringing but trying not to let them suffer because of it.

You know, that's actually a great idea. If anything happened to me, DH wouldn't have a clue, he doesn't even know his own bank log on! Ideal with all the accounts and payments, he's just knows how to spend it. Maybe after this health scare I should put him a file together with everything in it.

Poor_Single_lady

Oh no sorry not rubbish. More that I am right to feel quite bad about this situation. I think it's a good thing!
1week and 2 days to payday. Getting closer now. Need to fabricate some plans for the weekend and remember them on Monday. Another quiet weekend planned which I am loving the thought of so much.
And one work thing on Friday to ensure without drinking.

coastalchick

hey psl - get you on the exhausted part and especially if you are studying - killer!!!

Quiet weekends are the best and I would kill for one right now x

Poor_Single_lady

I know this isn't really 100% MSE compliant but I am going to see if I can pay the loan off early only a few months but the thought of it hanging round till October is very depressing.
The balance goes down to £600 at the end of June. If I pay this from bank account (and worse case scenario go into overdraft)
Annually 600x18%= £108/12 months = £9 a month.
I am so fed up with being owned by this. I am giving it serious consideration.

GoingToDoIt

Hi PSL
I know what you mean and it's a big chunk going out every month.
Have you considered getting a second bank account? I have a "Bills" account and I don't use the cash card for it. I transfer enough for my direct debits to it every payday. So I don't think/feel the chunks of money coming out. I use the cash card on the account which has an overdraft ( just in case lol)

enthusiasticsaver

Poor_Single_lady wrote: »

I know this isn't really 100% MSE compliant but I am going to see if I can pay the loan off early only a few months but the thought of it hanging round till October is very depressing.
The balance goes down to £600 at the end of June. If I pay this from bank account (and worse case scenario go into overdraft)
Annually 600x18%= £108/12 months = £9 a month.
I am so fed up with being owned by this. I am giving it serious consideration.

Paying it off early through your bank account makes sense. Going into overdraft to do it doesn't. The loan is costing you 4% and if you go into your overdraft it will cost you 18% which is more than 4 times as expensive. I know you want shot of the loan but paying it off using other borrowing won't work.

coastalchick

i agree with GTDI, I do the same and have a "bills account" and a set amount goes straight in each month, also to cover those expenses that appear annually or quarterly (I work out what cost per month would be and whack that amount in). Really does make a difference as you know you can pay all your bills, plus doesn't feel like loads constantly coming out as you've effectively already hoofed it off. x

Verbatim

Also does the loan allow early repayment or will there be a penalty charge for this?
Agree with ES.