SAH Mum on a Mission

too_much_debt

Thanks for all the replies, they are greatly appreciated!


I worked out my current debt totals a few days ago so here goes.


Cap1 972.99 £27.60 20.83%


Asda Money 1055.24 £26.21 24.9%


M&S 1500 £37.61 20.9%

New Day 2157.66 £54.28 18.16%

Lloyds 2745.14 £77.78 29.9%

B/card 9750.00 £221.89 6.9%


I know the interest rates on 5 of them are high but I am a SAHM and cannot get any balance transfers. The Lloyds, M&S and Newday are closed accounts.

These are my debts. I always round up the minimum payment to the nearest £ or 50p. I always pay my credit card bill when the statement is generated saving a bit in interest eg. estimated interest for my Asda was £21.11, actual was £19.75.

I have some items to list on Ebay but am waiting until tomorrow to see if there are any final value fee offers. Earlier this year I sold an item that I had bought as a present for my daughter but she no longer had an interest in this item, I listed it for a start price of 99p with free postage and it sold for £50. Now Ebay is chocca with these items and they selling for less than the original price so I sold at the right time.

I am a member of the Sealed Pot challenge and have been for 5 or 6 years so am trying to save as much in my tin towards Xmas.

I have £4.69 in Paypal as I sold something earlier this week and am waiting either for feedback or until a week has passed before I transfer it to my bank and pay it off a credit card (I normally make overpayments to the Lloyds or the Capital 1).


Think that is enough for todays post. This will be a very long journey but need to do it for my girls.

too_much_debt

Tried to spread out the debt amounts but it keeps jumping back to how it is in the post - so annoying!!!

redofromstart

I hadn't thought of that with the pay as soon as you can rather than the due date to reduce the interest - a cunning plan!

too_much_debt

Haven't listed any eBay stuff yet as someone posted there was a 50% off final value fee offer, I didn't get the offer on my account so am waiting until tomorrow to see if I get any offer.

Does anyone know about scrapping cars please? I have a 7 seater to get rid of and I'm sure there are rules now about scrapping. Thanks!

My Asda card statement has been generated so need to pay the minimum payment later.

Hope everyone is having a good bank holiday weekend!

TMD

wishingthemortgaheaway

Hi TmD
My hubby scrapped a car last week,
He rang the yard we'd used previously and they collected the same day. There's a bit of the v5 you both need to fill in and then you need to post a bit back to DVLA

too_much_debt

wishingthemortgaheaway wrote: »

Hi TmD
My hubby scrapped a car last week,
He rang the yard we'd used previously and they collected the same day. There's a bit of the v5 you both need to fill in and then you need to post a bit back to DVLA

Thanks for your reply! Have done a search and it says that scrapping a car and being given cash is against the law (EU rules apparently!!). Will have to investigate further.


TMD

too_much_debt

Have listed three things on Ebay so far (10 in total now), am having to do it on my phone and then go on the computer to do minor changes, my computer is old and goes slow so I upload and revise on my computer.


Have rounded down bank account and paid £1.56 to Capital One. Got to make Asda payment tomorrow morning and then keep an eye for when the other statements are generated.


Have bought everything for the girls for going back to school, eldest two are making do with the jumpers and school shirts from last year, both have new skirts, stationery, bags, shoes, trainers. DD3 is still at primary she has new skirts, polo tops, pe tops and trainers.


Am looking forward to them going back to school but feel sorry for them too after so much time off. Not looking forward to doing the school run for DD3 as we don't have a car anymore so have to walk.


Hopefully will get some sales on Ebay this week.


TMD

Hiddenidenity

too_much_debt wrote: »

Thanks for your reply! Have done a search and it says that scrapping a car and being given cash is against the law (EU rules apparently!!). Will have to investigate further.


TMD

Assuming you're in the UK? We have scrapped a few cars over our time and never heard this. We've always called round the scrap yards, gone with the best price and had it collected/received payment at the same time.

wishingthemortgaheaway

too_much_debt wrote: »

Thanks for your reply! Have done a search and it says that scrapping a car and being given cash is against the law (EU rules apparently!!). Will have to investigate further.


TMD

We were given a cheque when he came to collect.

enthusiasticsaver

Paying only minimums when the interest rates are so high means it unlikely the debts will ever be paid off or will take decades. The Lloyds one for example presumably has around £68 interest paid on every month so the debt is decreasing by around £10 per month.

Now your children are older are you looking for work as the best way to address this is to pay considerably more each month by upping your income? If going out to work is not an option then increasing income by ebaying (as you already do), surveys and mystery shopping may help.