A Ditherer's Diary (again)

Naomim

A very quick update. I have finally built up the courage to look at the credit card balances.

It's £33,220.42. Not much is on 0% and I have no balance transfers available.

I'm about to log onto the snowball calculator and see what's on there.

Naomim

well that was depressing. Apparently it's going to take me 100 years and cost £199k in interest... That can't be right?

enthusiasticsaver

Naomim wrote: »

well that was depressing. Apparently it's going to take me 100 years and cost £199k in interest... That can't be right?

Are you just paying minimum payments?

enthusiasticsaver

Naomim wrote: »

Yes, 10 is grounded, all electronics removed until further notice, she's been told to read more books between now and Christmas. I've taken £60 of her £80 savings and told her she has to do more chores to "earn back" the debt. An expensive lesson for both her and us! The problem is, I don't want her to stop playing the game once she gets electronics back. She's spent £600 I don't want that wasted! rock and hard place spring to mind.

Naomim

Surely the £600 is already wasted? What is the benefit in kids playing these games?

Naomim

enthusiasticsaver wrote: »

Are you just paying minimum payments?

Yes, I can't pay any more at the moment. I've decided any extra money I make from surveys or selling will go as over-payments to the credit cards. It might only be a few £ each month but should improve the balances.
I've also started putting money into Monzo pots each payday to budget for the dog food, petrol & monthly personal spends. Anything left over at the end of the month will also sweep onto the credit cards.

enthusiasticsaver wrote: »

Surely the £600 is already wasted? What is the benefit in kids playing these games?

It is wasted in sense I don't have it any more but not wasted as it's on the game she plays so she will make use of it in the future. (if she's ever allowed electronics back. There is no benefit to the games really, but sometimes kids do things for enjoyment

Naomim

enthusiasticsaver

If you are only paying minimums that is why the DFD is so far away and the interest so high. Paying even a small amount above minimums will make a difference. Have you considered a DMP?

StartingAgainAt29

Hi Naomi, sorry to see you've had a time of it recently! My brother did similar with a game, he snuck into my mum's bedroom while she was having a nap one day and took her purse...spent £200 quid on two cards. Santander wouldn't give the money back (annoyingly the card my bro spent the most on!) but barclays did. He was in deep doodoo for a long time :rotfl: Passwords and kids with these games are so dangerous, and they don't even make it seem like it's real money being used - like, oh buy these lovely shiny rubies so you can get to so and so level, but to get the rubies just pay £x! I have to stop myself on a game I play, £1.99 here and there because I'm frustrated with a level is dangerous and downright stupid!

How are you finding monzo? I got one when I was saving for the flat, and it's been a godsend for me. I love the pots and how it divides my spending, I use it for all my everyday spending and groceries, all DD's come out of a seperate account.

My mum and step-dad also had a hell of a time with a rogue builder. It's disgraceful that people can play God with people's lives like that, not on at all. Hope you get your £10k out of him!

enthusiasticsaver

Naomim wrote: »

It is wasted in sense I don't have it any more but not wasted as it's on the game she plays so she will make use of it in the future. (if she's ever allowed electronics back. There is no benefit to the games really, but sometimes kids do things for enjoyment

Naomim

Can you ban the in app purchases completely or make her buy the full game from her pocket money/Xmas/birthday money when she has done penance for the unauthorised spends?

Naomim

enthusiasticsaver wrote: »

If you are only paying minimums that is why the DFD is so far away and the interest so high. Paying even a small amount above minimums will make a difference. Have you considered a DMP?

I have considered it but would like to try for a few months with my new budget plan to see how I go. I have some plans for overpayments and I'm working on the YNAB principle of every penny has a job
.

StartingAgainAt29 wrote: »

How are you finding monzo? I got one when I was saving for the flat, and it's been a godsend for me. I love the pots and how it divides my spending, I use it for all my everyday spending and groceries, all DD's come out of a seperate account.

My mum and step-dad also had a hell of a time with a rogue builder. It's disgraceful that people can play God with people's lives like that, not on at all. Hope you get your £10k out of him!

I'm liking Monzo although probably not using it as fully as it should be. I've kept all my direct debits in my normal current account and transferred everything else out into Monzo pots. It's split Dog Food, Petrol, MrM personal cash, my personal cash. So far so good. Today I spent £49 on petrol so paid out of my current account then transferred it over from Monzo. I need to keep a spending diary of my own personal spending to see where this is going.

enthusiasticsaver wrote: »

Can you ban the in app purchases completely or make her buy the full game from her pocket money/Xmas/birthday money when she has done penance for the unauthorised spends?

Unfortunately it's a free to play game but has in-app purchases.:(

Naomim

Naomim

Putting this here so I have it all in on place. This is the list of my credit cards and interest paying debts.

MBNA 1 £2001.67 @ 20.93%
MBNA 2 £4797.15 @ 0% until 22/10/21
MBNA 3 £4494.41 @ 0% until 12/05/20
MBNA 3 £2712.91 @ 3.2% until 12/20/21
Barclaycard £4076.00 @ 0% until 01/02/20
Barclaycard £7778.05 @ 21.04%
Tesco £7402.33 @ 15.75%
Next £124.15 @ 23.9%

So my first priority is the Next account. Not only does it have the highest interest but is also the smallest debt.

My plans for overpayments are:
1) at the end of every month anything in my Monzo pots will get swept to credit cards.
2) Make money doing surveys if I can
3) Sell items on eBay or FB.

I currently put money by for both kids residential trips net year. When these are paid, the money will sweep onto credit cards. Once the NEXT account is paid that will also trip over to the other credit card debts.

It's a start. I have been thinking of a DMP but would really like to try and tackle this myself and pay it off in less than 100 years! :rotfl:

Naomim