New Life Pending.....

wishingthemortgaheaway

You sound so determined. I'm sure you will knock that debt far far away in no time.

girlatplay

Iwantanewlife wrote: »

Yes thats what i think i will do, however, i cant guarentee when that will be paid back to me. Therefore at the moment i think im just going to plan as if i havnt got it coming. Knowing me it will give me an excuse to be a bit more lapsed about the whole thing!!

Yes, absolutely :T (can't find a thumbs up smiley). In the meantime the interest is clocking up so doing what you can to get rid of it as quickly as possible is definitely the right way.

enthusiasticsaver

Iwantanewlife wrote: »

I actually do have £3.5k in savings, but i lent it to a family member when they were going through a tough time. I will be getting this back soon once the sale of the house completes. When that is back in my account, i think i wont feel as worried, although im really determined to keep up with the savings.

That is frustrating that you lent out presumably all your savings to someone else leaving you in a position of having to take out that awful loan? Worth noting for the future that whilst obviously this was well intentioned it left you very vulnerable.


Yes I agree with an early morning flight battling public transport with a 6 year old is not ideal.

Iwantanewlife

enthusiasticsaver wrote: »

That is frustrating that you lent out presumably all your savings to someone else leaving you in a position of having to take out that awful loan? Worth noting for the future that whilst obviously this was well intentioned it left you very vulnerable.


Yes I agree with an early morning flight battling public transport with a 6 year old is not ideal.

Absolutely, however, its all lessons learned. I still feel pleased that i could help somebody, who at the time was in much greater need than me. We live and we learn!

Iwantanewlife

Annoying email today. I will be deducted £70 this month from my salary, due to a car fine that i didn't even realise i had. Really frustrating because it means already im going to have to trim my budget for this month coming.

Oh well, looks like i will need to generate some more income to try and cover as much as possible. I will be selling my sons old Ipad, it will sell for £140 so that's good. I was going to throw all at the loan.

My son is staying with his Nan next week, so the next week meal plan is only going to have to feed me, so i am going to keep it really tight, also with our holiday the week after, i really am going to just stick to exactly what we need so we have no food waste. However, i do need some washing tablets and a couple of cleaning items which is annoying but a necessity! Now we are on this journey, do you ever feel like you just don't want to spend ANYTHING?! lol

enthusiasticsaver

Iwantanewlife wrote: »

Annoying email today. I will be deducted £70 this month from my salary, due to a car fine that i didn't even realise i had. Really frustrating because it means already im going to have to trim my budget for this month coming.

Oh well, looks like i will need to generate some more income to try and cover as much as possible. I will be selling my sons old Ipad, it will sell for £140 so that's good. I was going to throw all at the loan.

My son is staying with his Nan next week, so the next week meal plan is only going to have to feed me, so i am going to keep it really tight, also with our holiday the week after, i really am going to just stick to exactly what we need so we have no food waste. However, i do need some washing tablets and a couple of cleaning items which is annoying but a necessity! Now we are on this journey, do you ever feel like you just don't want to spend ANYTHING?! lol

Frustrating to be thwarted by a car fine but good news on the sale of the ipad.

You are in the early stages of this journey so yes it is often the way that people are keen to get on with debt busting and resent paying out for anything. However this hopefully will be a lifelong change of attitude so eventually this will settle down to you thinking less about money and what you are spending. I don't think any of us who watch our budget ever truly relax about spending though and are always looking for ways to cut back. Hopefully though the cutbacks eventually though are for a better reason than repaying debt. This morning I saved £75 by cancelling my anti virus computer software auto renewal and downloading a much cheaper version of the same software!! (All helps in my holiday fund

I hear what you say about being able to help someone in more dire need than you. It is very tempting if you have a good wage to think that the status quo will always remain the same but you only have to read a few diaries on here to know real life has a habit of throwing curve balls at any of us. Putting yourself in the position of having to take out what amounts to a payday loan because you lent all your savings (and assets as you don't own a house or car) with the very real possibility of never getting it back was not advisable but I think you recognise that now. As you say lessons learned and so on and hopefully in a years time you will be in a much better position.

Iwantanewlife

enthusiasticsaver wrote: »

Frustrating to be thwarted by a car fine but good news on the sale of the ipad.

You are in the early stages of this journey so yes it is often the way that people are keen to get on with debt busting and resent paying out for anything. However this hopefully will be a lifelong change of attitude so eventually this will settle down to you thinking less about money and what you are spending. I don't think any of us who watch our budget ever truly relax about spending though and are always looking for ways to cut back. Hopefully though the cutbacks eventually though are for a better reason than repaying debt. This morning I saved £75 by cancelling my anti virus computer software auto renewal and downloading a much cheaper version of the same software!! (All helps in my holiday fund

I hear what you say about being able to help someone in more dire need than you. It is very tempting if you have a good wage to think that the status quo will always remain the same but you only have to read a few diaries on here to know real life has a habit of throwing curve balls at any of us. Putting yourself in the position of having to take out what amounts to a payday loan because you lent all your savings (and assets as you don't own a house or car) with the very real possibility of never getting it back was not advisable but I think you recognise that now. As you say lessons learned and so on and hopefully in a years time you will be in a much better position.

Great news about the £75 :T where are you hoping to go on holiday?

Oh i know you are right, when i think back to all the bonuses and decent salaries ive earnt over the years, and what ive got to show for it (apart from clothes and shoes ) it makes me feel sick! Lesson is 100% learnt now. I have to say im really excited about the journey and what i can achieve. Especially when you read through other diaries and the achievements they have had!

Moneywhizz

That is really frustrating about the car fine, but at least you have a way to offset it with selling the iPad. Thats why it is essential to have an emergency fund because things like that could trip you up and send you back into debt if you have no savings behind you. You are probably at the stage just now of being completely obsessed with paying off the debt as quickly as possible and things like this are so annoying. When you are debt free and have money behind you, unexpected expenses can be met without such frustration. But I agree with ES, once good budgeting becomes a habit you never go back to reckless spending and are always looking for the best value for your money.

Iwantanewlife

Moneywhizz wrote: »

That is really frustrating about the car fine, but at least you have a way to offset it with selling the iPad. Thats why it is essential to have an emergency fund because things like that could trip you up and send you back into debt if you have no savings behind you. You are probably at the stage just now of being completely obsessed with paying off the debt as quickly as possible and things like this are so annoying. When you are debt free and have money behind you, unexpected expenses can be met without such frustration. But I agree with ES, once good budgeting becomes a habit you never go back to reckless spending and are always looking for the best value for your money.

Completely agree as always MoneyWhizz.

So i have re checked my budget today in preparation for pay day (15 days and counting!!) . It all seems to fit, so fingers crossed! If ive done the standing orders correctly, the bills will all come out on the 15th, and then the standing orders will take my money into my other account 'pots' for my living budget, leaving my main bank account clear. I will then live off the pots in the other account for the duration of the month.

I have also spoken to the loan company. Not only is their APR ridiculous, but as its not really a loan (see previous post lol) I am not sure exactly what the minimum payment is. They have informed me it is (AROUND?!) £62, and they wont send me a statement until the 5th Aug, 10 days before payment is due. Obviously all my spare money is going to be spent over paying this but i thought it seemed strange that they couldn't be a bit clearer on this?
Now I also spoke to CC3 (£185 balance) and my minimum payment is £4 with them. I have dropped that to minimum payment, just to attack the stupid loan with everything ive got as per the advice!

i think once next pay day is out the way, i will re print my SOA for you all so we can have another look and make sure im not missing anything! :j

Moneywhizz

Of course the loan company should able to tell you what your minimum payment is going to be but it is probably in their interests to keep you from being too well informed about their product and the way things are worked out. That is great about reducing the minimum payment on CC3 so that you can pay more to the loan. Although the interest rates on the cards are not great, it is so much better than the 89% apr on the loan. Did you approach your other credit card provider to see if they can offer you a better rate?