Debt Crisis or Not?

GeorgeUK

Looks ok to me. Just wondered if you could repay more on the loan at a later date once you get rid of the debt on the cards. Before you were paying 192 on the loan and 135 on the cards. Try to use the snowball calculator to make sure you keep in the right direction and attack the higher APR's first.

You could try using the hippo's in the cistern to save money and also make sure things are turned off rather than on standby. Some other may be able to advise of what you could try, but it looks like you've got a solution. Just keep chipping away at it and you should be fine.

Jacks_xxx

:wave: Hiya sweetie,

We are doing our own DMP which basically means that we have asked all our creditors to freeze the interest on our loans for a while.

Most of them agreed because if we go into a CCCS / Payplan DMP, go bankrupt ot enter into an IVA they would get drastically reduced payments - if anything - anyway.

A couple of our creditors refused to play ball, but most of them did.

Have you played with the Snowball calculator yet?

It's essential if you're going to pay the debts off as fast and as cheaply as possible.

I also recommend that you fill in all your info at

https://www.cccs.co.uk/debtremedy/(nbsycknhzamadu3b05ay353s)/Start.aspx?hp=1

It gives you a new perspective, and you get a booklet of recommendations at the end.

I also think that you could reduce your supermarket bill quite a bit if you worked at it.

And the mobile phone? If you threw that £25 at the debt instead you'd be debt free months if not years earlier.

With a few cuts in the supermarket bill and dumping your mobile phone you don't have a shortfall and you could be debt free in as little as 2 years (maybe even less!)

The first time we used the snowball it said we'd be debt free in 2028, but we sold our cars, dumped our phones, cut back our spending and we're looking at March 2009 now - although I'm still working on getting that down to something with a 2008 in it!

It can be done honey, but it's hard work at first.

Love Jacks xxx

Chezza71

consultant31 wrote: »

I hope things work out for you. The only thing I can see with your SOA is that you seem to spend quite a lot on food for just you and one child.

Take a look at the Old Style Board where you'll get some brilliant ideas on how to save money on food and cleaning items.

I get a lot of our food for half price by going to the local shops early (half an hour after they've opened). At this time they've usually been round the meat and fridges and taken off everything due out that day and cut priced them. Lots of it is stuff you can take home and freeze to use when needed. I save a fortune that way and can feed me and DH for much less than you're spending (and we eat a lot )

Do you have a water meter? We have one which cut our water bill by half straight away. I admit to hate wasting water and never leave a tap running etc. I have a 2 litre bottle full of water in each of our toilet cisterns which saves loads every time we flush. I believe we should all be careful with such a precious resource anyway and being so can save a packet.

Could you get a better deal on your home phone, broadband and mobile together? We had a flyer through the door last week offering all three for about £19 I think it was, though I can't remember who with (memory loss due to old age )

£60 was quoted to me by a debt management company. I don't think I will spend that much and hope to save/pay off debts with what I don't spend.

No I don't have a water meter - wish I did as I'm sure I'm paying what a family of 4 would do. Shame uswitch doesn't cater for water companies.

I will definitely looking into the phone/broadband/mobile combo. I'm with 3 - my contract runs out at the end of June 2008 - would I have to pay a "fine" if I pulled out early? Virgin (who I am with for internet) do all 3 for £30 which would be a saving of £25!

Chezza71

GeorgeUK wrote: »

Looks ok to me. Just wondered if you could repay more on the loan at a later date once you get rid of the debt on the cards. Before you were paying 192 on the loan and 135 on the cards. Try to use the snowball calculator to make sure you keep in the right direction and attack the higher APR's first.

You could try using the hippo's in the cistern to save money and also make sure things are turned off rather than on standby. Some other may be able to advise of what you could try, but it looks like you've got a solution. Just keep chipping away at it and you should be fine.

Hi George thanks :A . Not sure how I managed to pay that extra £135! Lots of moving money around - using savings & overdraft - not spending enough on the basics. I just want to be on the straight & narrow and not have to worry about it so much.

Chezza71

Phoned 3 this evening to find out how much it would cost to cut my contract with them ... £132! My contract runs til the end of June 08 so I think I will stay with them till then.

Have looked into getting Virgin internet and home phone combo. Not done anything yet. Pipex do an internet & phone for £9.99 a month and I'm already with Pipex for landline.

Had a phone call from a debt management group urging me to go with them. Very persuasive but I don't think this is the way to go for me. He claimed he could cut my repayment time to 2 years. When I asked him if Lloyds would have a shock if I went down this route as I have never defaulted, he changed the subject and I didn't get an answer.

Went to Tesco for a small shop - spent £15. I was going to get my son an advent calendar and one for myself as they were BOGOF but remembered that my Dad has bought one for him so that was £2 saved! He will also have an advent calendar at his dad's house - nobody needs 3 chocolate advent calendars!!

maddriver

I'd have to say that doing 'small shops' costs more, imho, much easier to budget if you do a big shop once a month. That way you have a list of what you need, and a better chance of sticking to it (especially if you shop online).

Ofc, I found it difficult at first to get to the point where I was able to do a once a month shop, and once I did I struggled to get above the minimum for free delivery, and went back to small 'top-up' trps to Asda.

I'd also second the recommendation of the 'Old school' forum, lots of money saving tips there!

Chezza71

Have sent off the paperwork for the Lloyds loan today. I read all the smallprint and I am able to make overpayments, which will be great once I've paid off the other bits and pieces.

Got paid today and didn't spend anything :-) apart from my internet d/d which went out today.

Counted up my pennies and I had £2 so have swapped them for a shiny £2 coin to add to my small collection.