Small Steps Out Of Massive Debt!

PositiveBalance

GeorgianaCavendish wrote: »

Just wanted to give a quick update on my Student Loan repayments. I currently repay via PAYE, I've got an estimated 9 repayments left and I've heard that the Student Loan Company are not the quickest at stopping PAYE deductions (and even slower at returning overpaid money).
So, I called them a few weeks ago to ask to switch to Direct Debit repayments. I received a letter today confirming that the first Direct Debit will be taken in April. I'm not sure when the last repayment will be made via PAYE deduction (when I spoke to them they said that it "might be January or might be March") but I have asked payroll to let me know when they receive the Stop Notification from HMRC.

You know why this it? It's because they only update their records once a year! I was told this by a man who works at the SLC when I rang up to speak to them.


Once a year they get an update of your records and go back and calculate the interest payments etc. according to payments and what is still outstanding.


Imagine if banks were allowed to do that for loans/mortgages etc.! :mad:

GeorgianaCavendish

Homegrown0 wrote: »

I did the same as you GC as I didn't want to wait until the next financial year to receive my refund! The direct debit process was fine and I paid mine off about 2 years ago. Good luck getting to the end!

Thank you! It feels really good knowing that the end is in sight :j even if I do find the direct debit amount pretty scary :eek: It is within £5 of my PAYE deductions, but somehow it seems more "real" and therefore frightening being a direct debit ... maybe because I'm responsible for the payment rather than it being one of the mysteries of work's payroll department.
I think the positives outweigh the frightened feeling though, I can't be dealing with having to wait months for a refund of overpayments when I could be putting that money to better use against some of my higher interest debts!

PositiveBalance wrote: »

You know why this it? It's because they only update their records once a year! I was told this by a man who works at the SLC when I rang up to speak to them.


Once a year they get an update of your records and go back and calculate the interest payments etc. according to payments and what is still outstanding.


Imagine if banks were allowed to do that for loans/mortgages etc.! :mad:

It's so ridiculous, isn't it? :mad: I don't know why their online system is so basic either, I can update my figures with the amount I've repaid this tax year but it doesn't save anywhere and for it to count I need to phone them up and read the figures over the phone. So antiquated!

GeorgianaCavendish

Seasidegal58 wrote: »

That's interesting- I love Flavahan's as well. I buy their microwaveable porridge sachets to have breakfast at work. I'll have to check to see if Aldi sell their version in sachets.

Aldi do have sachets of the porridge but I don't know if they are flavoured or plain ... I should be going there between work and an appointment tomorrow evening (time permitting) so will have a quick look

GeorgianaCavendish

Not much happened on the debt front this weekend. I've been paid and am updating YNAB accordingly, and I'm doing a financial forecast for the next 4 weeks to see where any MSE pitfalls might be. On the social front, I've got my mum's birthday, FIL's birthday, brunch with my book club (sounds quite extravagant but there are only 4, and I'm hosting this month) and a friend's birthday meal towards the end of this pay cycle.
I've sorted my mum's present and I'm hosting lunch this weekend, I've meal planned and sorted everything for her cake, and talked myself out of adding little extras because they would be "nice" and my mum deserves spoiling. She does deserve to be spoilt, but I've found some MSE ways to do it

FIL birthday is a big one and he asked for dinner at a favourite restaurant as his present. The cost of dinner will be split between all the kids, and DH & I have been realistic with budgeting for this (a "big" celebration with all the extras) although it would be great if it turns out to be cheaper than we anticipate, we won't be devastated if we use all the money we've budgeted for it.

Book club brunch will be easy, just saving on the cost of teas and coffees in a cafe will be a big help! And I'll probably do something simple that feels a bit fancy, like pancakes and fruit salad.
Actually DH is the pancake expert in our house, so I will probably draft him in to act as chef :rotfl:

Our friend's birthday is another "big" one and another restaurant meal, but they've gone for a set menu offer that is very reasonable and this group of friends is always scrupulous about bill splitting so everyone only pays for what they have - so we will be able to do some "stealth budgeting" here with the drinks

In an ideal month, I wouldn't have so many big social engagements, but sometimes life works out that way and I'm trying to find the balance between financial responsibility and making our MSE activities sustainable in the long term. At least we both have a plan for this month and we're on the same team

Seasidegal58

GeorgianaCavendish wrote: »

Aldi do have sachets of the porridge but I don't know if they are flavoured or plain ... I should be going there between work and an appointment tomorrow evening (time permitting) so will have a quick look

Thanks Georgiana!:T

You've a full on few weeks, but as you say that's life some months - you've everything worked our nicely MSE wise though!

Homegrown0

I always find the expensive things come at once. Hopefully you get through it unscathed and can get back to normal.

GeorgianaCavendish

Seasidegal58 wrote: »

Thanks Georgiana!:T

You've a full on few weeks, but as you say that's life some months - you've everything worked our nicely MSE wise though!

I feel much more relaxed now that I know we have budgeted and allocated for the increased social activity this month. I know that a few years ago I would have just stuck added expenses on my credit card without thinking twice (as long as I had some credit available!) so am making progress

Homegrown0 wrote: »

I always find the expensive things come at once. Hopefully you get through it unscathed and can get back to normal.

Definitely the case in my family, beginning of the year and May/June are really birthday heavy. At least this year we have agreed not to do presents with most of our extended family so it takes A LOT of the pressure off.

GeorgianaCavendish

Brrr! It's freezing today! I wore my warmest coat and boots to work (the ones I can't usually wear on the tube because I get ridiculously hot) and still feel chilly. At this time of year, I really start to appreciate living in a super-heated rabbit hutch, our flat is lovely and toasty warm and we haven't needed to switch the heating on yet ... If you are feeling jealous, check back in 6 months for my endless complaints about living in a sauna and desperately wanting to move house The flat is routinely 10 degrees warmer than the outside temp, great in winter, awful in a heatwave :cool:

Originally, we wanted to move this year, but the situation with caring for our relative has pushed these plans back for at least another 12-18 months. So one of the things on our to-do list is to investigate fans and/or air conditioning units before it gets unbearably hot. DH thinks there are bound to be bargains available on ebay or gumtree at this time of year but I don't have a clue where to start researching. Let me know if you have any advice!

Adyb123

Hi Georgiana


I was in a similar debt a few years ago and know how much it weighs on you.


I was helped by he National Debt Line


They have great advice, tools and template letters to help you and it's all free. Don't forget to read Martins advice too!


Hope everything goes well for you


Adyb123

Seasidegal58

GeorgianaCavendish wrote: »

Brrr! It's freezing today! I wore my warmest coat and boots to work (the ones I can't usually wear on the tube because I get ridiculously hot) and still feel chilly. At this time of year, I really start to appreciate living in a super-heated rabbit hutch, our flat is lovely and toasty warm and we haven't needed to switch the heating on yet ... If you are feeling jealous, check back in 6 months for my endless complaints about living in a sauna and desperately wanting to move house The flat is routinely 10 degrees warmer than the outside temp, great in winter, awful in a heatwave :cool:

Originally, we wanted to move this year, but the situation with caring for our relative has pushed these plans back for at least another 12-18 months. So one of the things on our to-do list is to investigate fans and/or air conditioning units before it gets unbearably hot. DH thinks there are bound to be bargains available on ebay or gumtree at this time of year but I don't have a clue where to start researching. Let me know if you have any advice!

I live in a warm rabbit hutch as well! Great this weather - I do have the heating on though but not ramped up and it stays quite toasty!

Mind you it gets hot too in the summer like yours - thank you for reminding me to start thinking about a decent new fan before the summer kicks in!:T