Let's try this again...

marcsshell

Started a diary a couple of years ago but then came off MSE. Managed to remember my log in details a few weeks back and have been lurking reading other DFD which has prompted me to start a fresh to hopefully clear off what we owe.

We currently have the following debts:
CC1- 568.35 0% until March
CC2-3055.19 0% until March
CC3-2017.40 0% until next year I think
Very- 928.98 various amounts 0% ending different dates this year
Loan-6232.17 think this is 12.4% Apr but will double check
Car on PCP- 12,000- could possibly be more need to check paperwork. Only got the car last month.
Mortgage 46,646.88 1.89% with 10 years 8 months left.

We have been making more than minimum payments to CCs.
Plan is to bank a cheque my dad gave us for 500.00 and pay this off CC1 and then pay the remaining balance.
Then DH will try and get a BT card to clear CC2 which will then Enable us to clear the catalogue and then get rid of that.
My dad has our credit cards and we will have to ask should we want them back for emergencies.

After reading other diaries I have set up SOs to pay 25.00 each into 3 accounts- 1 for car, 1 for house and 1 for emergencies. We also have a 200 one already set up to go into a general savings account.

Our main problem is "just nipping into the shop for bread/milk etc....." and then walk out 20.00+ lighter. Aiming to put a stop to this

PS sorry on a keyboard with no pound sign

JohnJ76

Good luck! sounds like you have a plan, but as I'm sure you have already seen there are a few balances there with the 0% soon to expire, keep those under tight control or your min payments will rocket.

Just nipping the shop... the downfall of many a saver. I do the shop run now because I'm great at just getting what we want ie a tight git! :-)

marcsshell

Thanks for your reply JohnJ.
Yeah the CCs due to lose 0% are our main concern. CC1 is in my name and CC2 in DHs. He has a 95% chance of being accepted for another 0% balance transfer card whereas my chances are really low.
I will clear CC1 with the 500 my dad gave us and fingers crossed DH gets a new card next month. If to not the ful amount needed then we will lower the DDs on CC3 and his new card to min payments and up CC2 DD to get that paid off quicker.
We know we are in it for the long haul but will get there.
I did look at another loan to consolidate but really dont want to go down that route as I know it rarely works.

Might try online food shopping which will stop us popping "treats in" but double up on bread and milk.

We have been in an IVA in the past and that was such a difficult time. Our finances are much much better but stupidly haven't saved so when we needed/wanted things just stuck it on CCs.

We plan to declutter our house and do a few boot sales now that we have a bigger car. Previous car was a Kia Picanto and we now have a Hyundai i40....not that much bigger in size :rotfl:

marcsshell

forgot we also have a 300 overdraft that we seem to be in every month. Will start decreasing this by 50 a month but if DH gets BT card will just change DDs to min payments and get rid off the OD in one go.

Aaleigha

If I were you to stop the milk and bread problem is to keep some cash at home for groceries and only take a fiver out with you so that is all you can spend anything else you see that you wanted put on a list at home and then reconsider next shopping trip and take the money out with you

I now only spend cash for some categories those are groceries dogs food and allowances

at each budget (really important) we withdraw the cash for those and only have that amount for the whole month

dogs is because we cook for our dogs so they need veggies bought

we started off with a 300 budget and thats only two of us - now we shop at lidl not sainsburys and went down to a 250 budget and this month so far we have £50 left with only a week left and at the moment I dont think we need anything any savings we make we pay into an emergency fund

but welcome to diary land I only started mine recently and that is like you after years and a couple of years missing

if you need help from people post your SOA and there are loads of really knowledgeable people who can help you

H

AliceBanned

Hi marcshell


Depending on what your current credit cards are, it may be worth phoning them and asking them whether they can offer you a deal. If/when you have paid down a reasonable amount ,some of them offer another balance transfer deal. eg HSBC offered me 1.99% BT up to my credit limit of £5500 when I had paid it down to £4000. So the £4000 is still on 0% and the added amount is 1.99% which is fine as I am transferring a much higher interest card to it. First Direct did a similar offer once I was making headway with my repayments, and they are part of HSBC.


They actually sent me a message with this offer but even if they don't sometimes they have an offer available to you. It is worth trying anyway before opening new cards.


I also have a Yorkshire bank cc which had BT 0% and thought I was at the end of my offer and paid it off, and when I phoned to check they told me I had a year of 0% purchases (which I had all along but had no record of) - so I am using that instead of purchases for groceries etc so that I can pay off my overdraft. It saved me applying for a separate 0% purchases card and adding another application to my credit file.


Others such as Tesco Bank advised me to close and reapply in 2 months as that was the only way I would get a new offer after I had paid it off.


I no longer use most of my cards as I want to pay it all off. I don't have the PIN numbers for them and deliberately never initiate using them so that they can't be used contactless for anything.

marcsshell

Will have to start leaving bank cards at home and use cash more.
DH gets paid on Friday and me next Monday. We also get our CB on Tuesday and my expenses on Thursday so our new budgets will kick in then.
Dad gave me the cheque last month but I didn't want to bank it as I know it would have been swallowed up with Christmas etc. Will pop it in the bank tomorrow if I get a chance to.
Going to try for as many NSDs as I can as well. Today has been one as I haven't been out the house today.
Tomorrow im back in work. I work on community but I am hoping to be in the office rather than do visits tomorrow as I have a range of 60 miles in the car lol. If I have any visits on I do have some money for fuel but would rather wait til I can fill it up.
Would like it to be a NSD but DD2 has Cross country which is £2 a session. Mad child that she is will still go running even in freezing temperatures. I on the other hand huddle next to a radiator waiting for her.

Aaleigha

do you do a written budget each month

I do income (each one added then add them up)

then all my fixed expenses (eg dd etc) and minimum payments on cc etc
then any less regular ones (for three monthly or yearly etc)

then I do all my others

so cash budgets of allowances groceries and dog food

then funds to move into another account but keep a record of amounts in each category so emergency fund, dog fund, car maintaince/tax insurance etc fund, fuel and any other categories you need
then I see what is left for over payments
look into a zero based budget - I never zero base a budget I like to leave 100 buffer incase I miss something

it is possible to sort this but do sit down and do some calculations - I do all mine by pen and paper I did use a spreadsheet but it didnt help me as much a physically writing it all down (sorry for the essay)

marcsshell

Well just double checked loan and it's actually 15.9% Apr. If I can get CCs sorted then I will aim to try and make over payments on this if allowed.

marcsshell

Aaleigha thanks for the reply.
I will try setting a budget each month.
Our wages vary each month and it could be by around 100 each a month.
Going to ask DH to leave his bank card at home as well.

Can't wait to get a boot sale done, DH on the other hand isnt so keen :rotfl: House is in serious need of a declutter and a lot of the stuff (toys DDs hardly played with) is in really good condition.
Need to get DDs to understand our finances and that they cant have everything they ask for. We have a 14 and an 11 year old. They don't get pocket money as they both have dance lessons. They aren't going to be dancers but love their dance family so we really don't want to have to stop them from going. Plus I know where they are :rotfl::rotfl: Think DD1 will only have another 2-3 years left as they all seem to leave around 16-17. She does want to get a little job but only being 14 no one wants to take on that young. Don't want her doing a paper round for safety reasons, plus she would end up getting me or DH to either do it or go with her and we work hard enough as it is.

marcsshell

Checked bank accounts today and they look a bit dismal.
Bill account is £299.30 overdrawn :eek::mad:
Shopping/fuel account has £79.14

DH gets paid tomorrow so bank balance will look much healthier for a little while.

Worked out that clearing the CCs and catalogue at current rate will take about 16 months but we will have some months when we should hopefully be able to pay more off.

Spoke to DH about not using bank card and leaving it at home which he agreed to but he hasn't left it at home yet.