What a fudgewimple

AstroTurtle

laveugle wrote: »

Did you miss the part where I’d reduced the deficit by £500? I’ll take that cant/won’t and turn it into, you just watch me!

Jeez what I would give for a little positivity, you know “you go girl” or “you can do it”

And the answer to your question is 9.75 years at repaying £600 a month.

But I’m going to do it in 5, you just watch me.

Not to knock you off a high but we are all playing devils advocate hence why we aren't celebrating, because you have little to celebrate your saying £600 per month but your required to be £1,104 according to your SOA.

This is a long long game. I hope you can clear in 5 years but you dont even earn enough to do that, It's better to have a longer realistic goal than a short s**t one.

You still cannot afford to maintain your debt even with all the changes you have made let alone think about finding an extra £10,000 per year?

Big What Might Happen - To Remember

Your interest free periods will end and then interest will start hitting, you are at max credit so wont have anywhere to transfer them to. Start planning for this.

You mentioned you'll have to buy a new car in 2020. How? Cash or Credit because you have no cash and will probably be declined credit on affordability grounds. Start planning for this.

What if your husband is ill and can't work? What if you are ill and can't work?

While a goal of 5 years is great, be realistic and aim to be realistic so you stay on track.

The quicker you can get some leeway in your budget the better as you need a small rainy day fund so you dont plunge back into debt.


A dull reality is your dogs might not even be here by the time you have paid for them. It may take you 7,8,9 even 10 years to clear 52,000. You'r son will potentially be getting ready for Uni let alone dentist appointments.

Remember be realistic, set achieveable goals. Play the long game not the short game.

wishingthemortgaheaway

Just checking your revised SoA. If your income at the top is your net income. Then you don't need to include the childcare costs in your SoA as they have been paid gross.
Which would make you that much better off and iradicate the deficit intour current SoA.

Brookside88

I thought that, and if you haven't then you only need to take 160 ish off for vouchers as that's what it reduces your salary by

laveugle

Yes you are both correct. I basically used to take a drastically different amount of childcare vouchers every month so I've never worked out what my takehome pay actually is but I'll be taking the full £243 in childcare vouchers every month from 26th July. I did have a tax underpayment last year which is being reflected in this years tax code but I don't think its affecting it too much.

@AstroTurtle I have a deficit of about £135 which yes is still a problem, but also is one I think I can manage. It will be managed in 4 months time with OH's overtime (he has to be on call once a month at least) and I have a bonus coming in July and August (100% confirmed) so I can cover the next couple of months. Obviously the most ideal situation will be to not have to cover it with bonuses and to be able to use those settle debts or put into savings.

I know my 5 year target may be unrealistic but I like a challenge and I work best under pressure.

Interest free periods I have covered as well, I know what is ending on which cards and when. As an example I will have cleared my BarclayCard in the next couple of months with ebay and remainder of Bonus. That card has a 3 k limit on it, which I can use to cover the other barclaycard when it expires later on in the year. The rest of the cards have from 12 months to 24 months left and I should be able to shuffle around in anticipation for the HSBC one to expire. I'm clearing my debts by smallest first so I can snowball.

We have an emergency fund in a terramundi pot, it's got quite a bit in it and we add to it if I sell at a car boot or similar.

Clouds88

Hey, I stumbled on your diary by accident but I just wanted to add my bit.

I don!!!8217;t think getting rid of the dogs is a good idea. Can I ask why you won!!!8217;t consider bankruptcy? I haven!!!8217;t seen your new revised SOA but based on the first one, if you even wanted to keep your dog walkers you could easily add £100-150 onto your food budget and be really frugal and still pay the dog walker, they take into consideration all of your outgoings to live during the bankruptcy period, your clothes budget couldnhe higher too? And some money for emergencys? With such high debt, even if you got an IPA it lasts for 3 years- paying that £400 per months for 3 years will clear £14000 ish, going bankrupt will clear all of it.

Good luck with whatever route you take

laveugle

Clouds88 wrote: »

Hey, I stumbled on your diary by accident but I just wanted to add my bit.

I don!!!8217;t think getting rid of the dogs is a good idea. Can I ask why you won!!!8217;t consider bankruptcy? I haven!!!8217;t seen your new revised SOA but based on the first one, if you even wanted to keep your dog walkers you could easily add £100-150 onto your food budget and be really frugal and still pay the dog walker, they take into consideration all of your outgoings to live during the bankruptcy period, your clothes budget couldnhe higher too? And some money for emergencys? With such high debt, even if you got an IPA it lasts for 3 years- paying that £400 per months for 3 years will clear £14000 ish, going bankrupt will clear all of it.

Good luck with whatever route you take

I wouldn't be able to do my job if I was bankrupt and further down the line, the big money in my career path is in financial institutions so I'd rather try to stay afloat if I can.

I'm happy to pay what I owe back to be honest even if it is a slog.

Debtfreeforever

I love your tenacity in getting this paid off, I had even more debt than you and Im the only one paying it off.

Wishing you all the best on your journey!

middleclassbutpoor

laveugle wrote: »

Interest free periods I have covered as well, I know what is ending on which cards and when. As an example I will have cleared my BarclayCard in the next couple of months with ebay and remainder of Bonus. That card has a 3 k limit on it, which I can use to cover the other barclaycard when it expires later on in the year. The rest of the cards have from 12 months to 24 months left and I should be able to shuffle around in anticipation for the HSBC one to expire. I'm clearing my debts by smallest first so I can snowball.

I don't think you will be able to do a balance transfer from a barclaycard to pay another barclaycard off. You would need to hope for a money transfer.

laveugle

Debtfreeforever wrote: »

I love your tenacity in getting this paid off, I had even more debt than you and Im the only one paying it off.

Wishing you all the best on your journey!

Thanks

I keep finding myself online shopping out of boredom and so I've realised I need to keep busy so i don't have down time. I haven't bought anything but it's how it works, oooh I nee dthat (when I don't)

My house clearance is going well, I cleared the amex payment for this month with ebay and am now working on my HSBC payment of £160 which is due on the 12th.

SuperMoose

If I'm wrong I apologise but haven't you also posted as ohbumstoitall?

If not please do read their threads as you will find a similar story to yours and it may be helpful to you.