YNAB...ing my way to freedom!

Sarahwithlove

Is there no way to avoid defaulting on your payments? Just thinking of damage its doing to your credit score. But I'm guessing a DMP will also do damage? Afraid I don't know enough about them as fortunate enough to have not needed one. 

SuperFrank88

Sarahwithlove said:

Is there no way to avoid defaulting on your payments? Just thinking of damage its doing to your credit score. But I'm guessing a DMP will also do damage? Afraid I don't know enough about them as fortunate enough to have not needed one. 

Hi Sarah,

Well I simply can't afford the minimum payments anymore because the interest is so high I also cant trust my creditors enough to allow me to start a DMP now and then come 5 years down the line they decide to default me then which would mean my credit file is ruined for a further 6 years, so 11 years from now. At least if I do it now then 6 years from now (whenever they default) they will drop off my file. Does that make sense? That is the advice I have picked up from this site anyway, but I suppose it is one of those situations where there is really no right answer. As always with money there is risk involved. I am just putting myself first by doing the least amount of damage to my credit file in 6 years time. Plus it is giving me time now to stash away a nice emergency fund which is vital because I obviously have not got access to credit anymore.

Sarahwithlove

OK fair enough. I thought a DMP was to stop them defaulting you? You have to do what you think is best for you. Can only wish you luck and hope you get it all sorted. Have you been to somewhere like CAB or stepchange for advise as well? Just thinking of all the added fees you get from defaulting. 

SuperFrank88

Sarahwithlove said:

OK fair enough. I thought a DMP was to stop them defaulting you? You have to do what you think is best for you. Can only wish you luck and hope you get it all sorted. Have you been to somewhere like CAB or stepchange for advise as well? Just thinking of all the added fees you get from defaulting. 

No, they are more likely to default you while you are on a DMP because you wouldn’t normally be making the required minimum payment. That’s what I’ve read on the Stepchange website. What are the default charges? I haven’t heard about these. Will look into it. Thanks for the heads up

BlytheDoll

Great that you were able to pay the car insurance off in one go, this is where you now should be putting away a little each month, so that when this time next comes around you will have the full amount again.

Great aswell if you can fit those brake pads yourself to save you a few pounds, it always seems so much when cars need repairs, as you say the labour is as much as the parts.

Have you thought about looking at budgets and expenses as a couple, rather than an individual, I am not sure about your situation, but was wondering if you could share everything.., save together.. pay the debts together.. I remember reading about how you recently shared the information with your partner about the debt, I bet now looking back you realise that it was the right thing to do, and you must have felt so relieved?

Hows the gym this week? Hope you have had a good week so far..

Blythe

SuperFrank88

BlytheDoll said:

Great that you were able to pay the car insurance off in one go, this is where you now should be putting away a little each month, so that when this time next comes around you will have the full amount again.

Great aswell if you can fit those brake pads yourself to save you a few pounds, it always seems so much when cars need repairs, as you say the labour is as much as the parts.

Have you thought about looking at budgets and expenses as a couple, rather than an individual, I am not sure about your situation, but was wondering if you could share everything.., save together.. pay the debts together.. I remember reading about how you recently shared the information with your partner about the debt, I bet now looking back you realise that it was the right thing to do, and you must have felt so relieved?

Hows the gym this week? Hope you have had a good week so far..

Blythe

Hi Blythe,

I hope you’ve had a great week so far? I love your posts on my diary, it feels like you’re keeping me in check and I’ve got someone to stay accountable to. Please let me know if you start your own diary because I would love to follow.

 I definitely will be putting £35 a month into my Monzo ‘Car insurance’ pot ready for next year. 

My OH and I split all the bills 50/50 and we pay a standing order into a ‘bills’ account every month. My OH is starting her full time nursing degree in March but will continue to work as a health care support worker one shift a week to keep her contract and also her 2 years service. I definitely will not have her pay a penny towards my debt because 1) it is my debt and I got myself in this mess so I will get myself out of it, and 2) she (me included) will be living very frugally from next month because she will be a full time student. 

It definitely was the right thing to do and I am so glad that I did eventually tell her the truth, and also my plan to get it sorted.

The gym is going great, I had a circuits class this evening straight after work. OH was working until 7:30pm so I went on my own and really enjoyed. It was only a 30min class but boy did I get a good sweat on. Came home and made us Chicken breast that had been marinading in the fridge all day, with home made sweet potato fries and peas. Super tasty.

Friday is a busy one for me, work 6am-12pm then dash off to uni until 7pm. Will definitely sleep well tomorrow night.

Frank  

Sarahwithlove

That's understandable that you don't expect her to pay towards your debt. Would have been different if you had both built it up. Sounds like being frugal will be good for both of you as being a student isn't cheap. 

SuperFrank88

Sarahwithlove said:

That's understandable that you don't expect her to pay towards your debt. Would have been different if you had both built it up. Sounds like being frugal will be good for both of you as being a student isn't cheap. 

Hi Sarah,  

Coincidence that you comment on my diary just as I’m reading through yours. I’ve subscribed too

 I also lost my mum suddenly in 2016. I thought I was getting through it but the people closest to me have recently told me that I am still ‘not right’. Suppose we all grieve in different ways and at different times, I obviously haven’t yet. 

Anyway, will keep In touch on both our journeys. Good luck. 

Frank

Sarahwithlove

SuperFrank88 said:

Sarahwithlove said:

That's understandable that you don't expect her to pay towards your debt. Would have been different if you had both built it up. Sounds like being frugal will be good for both of you as being a student isn't cheap. 

Hi Sarah,  

Coincidence that you comment on my diary just as I’m reading through yours. I’ve subscribed too

 I also lost my mum suddenly in 2016. I thought I was getting through it but the people closest to me have recently told me that I am still ‘not right’. Suppose we all grieve in different ways and at different times, I obviously haven’t yet. 

Anyway, will keep In touch on both our journeys. Good luck. 

Frank

I don't think it's something you will ever be right again from. I had a bit of a mini breakdown last year and had 8 weeks off work but it did me the world of good and now I can talk about her without wanting to burst into tears every time. But there are still times I wish I could just ring her up and hear her voice again. I did a dear mum letter a few months back and it really helped me to get everything off my chest. 

SuperFrank88

Weheey my diaries 100th post! Here's to the next 100,
Happy Valentine's to you all    OH & I agreed that we would not be sucked into the marketing ploy this year because we love each other everyday so don't need to waste money we haven't got on tat! 
Today went better than expected. Work went really quick this morning. Then it was off to uni for the afternoon. Had a presentation to do today which is not one of my strong points. I am quite a confident person and will talk to anyone, but put me at the center stage with all eyes on me and my palms don't half get sweaty! But hey ho it's done now. Nothing exciting tonight, made a 3 bean chilli in the slow cooker overnight so we will have that with some rice when OH get's in from work.

Was meant to be going to bootcamp at 7:15am tomorrow morning before picking DD up but her mum text me earlier to say she will be staying home because she has picked up a sickness bug. So OH & I will have a little lie in and have booked on to the 9am circuit class instead. Can't wait

Hope you all have a great weekend and Dennis doesn't cause too much chaos!

Frank