Every debt this debt will go down

NeverendingDMP

Been absent for a few days and thought i should come back with my tail between my legs and fess up to the chaos that is currently my finances.
the quick summary is DH overtime shifts didnt make it to the general pot, hes now off sick, and we have no real savings left for our impending trip abroad. I had a money offer on my subprime card with 6 months 0% interest free. Ive been on the whats the cost website and seen the damage that would follow from that which was shocking by the way so ive not done it. I have instead been just as bad and taken a loan for our spends. Shocking rate of interest but no where near as bad as sub prime level. Its whats commonly referred to a the less of two evils. I Can make overpayments which will reduce interest/amount outstanding and the repayment is affordable. Im gutted but ive thought long and hard and this is a blip which i will get over.
With hindsight i would have kept job number 2 until xmas as i originally planned and done things like won the lottery. I dont enter but you get what i mean.
The positives are
My debt is far less than it was when i initially started this journey and technically speaking its still less than it was yesterday as ive just made a 5 pound overpayment on the loan to see if it was as straightforward as they told me it was.
There is a mini budget in place for our trip and im up to date with bills and childcare costs.
The negatives are obvious so lets not dwell.
Feel free to tell me off but dont be too harsh...pretty please.
Ill post later with figures and new targets. In the meantime i think i need to unsuscribe from all my credit alerts emails as they told me i was elligible for such things (my choice to act though)

NeverendingDMP

So the damage is done. 19970 owed. Lowers head in shame..
This includes the school photo money which i paid via c card to get in before the deadline. Ive not yet been charged but it will appear at somepoint ready to be re-paid. Otherwise cards at 0 and chopped up (apart from the one thats fee free abroad). Im partway through a monzo application so hopefully can use that whilst away and the abroad card as a back up. Hopefully that can get chopped on our return as well.
Immediate issue is lack of wages from DH in next wage due to sickness. Thinning down the food shop list as we speak. pasta bake is nice and cheap eh. I have an emergency fund but refuse to use it unless i really really have to. Hopefully hes back at work next so we will only be affected this month.

Lemon_Tree

I know you feel disappointed with having to take the loan but at least as you say you made the lesser of two evils choice and it was an informed decision. All you can do now is the best you can do whilst OH is off sick and try not to make the situation worse, sometimes that is the best you can expect.

[Deleted User]

Big hugs hun, what's done is done and it looks like you didn't do it lightly.

Hope DH is better soon.

Pmo2
xx

NeverendingDMP

Thankyou everyone. He will be fine and back next week. He will not be able to afford to give me his usual contribution to the house and that is what puts us in the pickle. I do try to have funds built up for this but everything seems to have come at once recently.
Ive finishe my monzo application to so card will be posted out soon. I like my bank account and it lets me have lots of little accounts to save linked to it but i can already see the appeal of monzo type accounts. I will load shopping money on when its all set up i think to practice with it before we go away.

NeverendingDMP

So ive made a couple of extra payments over the last few days to keep my debt going down. I was rounding of my bank account to the credit card but thats now at 0 so i wasnt sure where to send my extra to. So i sent 12p to the mortgage. Last of the big spenders eh.
I managed to do a really cheap shop and have 14 pounds left for top up shops till friday. Dh wageslip is due midweek so we will know the damage. Im feeling more positive today though so will find a way round it. Ive got 12 left in activity money till friday so with any luck that can be also saved for next months shortfall.

NeverendingDMP

I can make overpayments on the loan at anytime. It recalculates the balance but from what i can see it wont recalculate the balance including any reduction in interest unless i make an overpayment that is the same/bigger than the monthly one.
Im not sure if im explaining it right but im wondering whether to pay little and often or put aside and pay each time it hits that amount. Something to experiment with i suppose. Chridtmas first though x

NeverendingDMP

Monzo card has arrived. Must resist the urge to try it till i need to.

NeverendingDMP

Well i had a nsd yesterday just about. We went out last night to a local hall that had lit up its rooms and gardens for a free event. I had change in my pocket which i gave to the kids to make a donation. They couldnt get near the man with the collecting bucket though as it was so busy and then they started to let off cannons and muskets as part of a demo so we moved away sharpish and never got back to him. So no money spent. Not sure i got all the change back though. Slight hiccup with littles as there was a stall selling flashy things and youngest wasnt keen in us saying no but overall we had a good time.

Lemon_Tree

NeverendingDMP wrote: »

I can make overpayments on the loan at anytime. It recalculates the balance but from what i can see it wont recalculate the balance including any reduction in interest unless i make an overpayment that is the same/bigger than the monthly one.
Im not sure if im explaining it right but im wondering whether to pay little and often or put aside and pay each time it hits that amount. Something to experiment with i suppose. Chridtmas first though x

I'm overpaying mine little and often as interest is calculated daily so though it's literally pennies saved for each pound I overpay it will eventually help and be more than I'd get by saving it