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shellslife

Narola1976 said:

You are doing extraordinarily well. Well done.

Thank you. I can’t believe that I have managed I have managed to pay off over £2,000 in just over a month (original CC5 balance was £1246 end of May before I started the diary). The mortgage holiday has helped a lot as has the refund from DD2s trip but this has meant that direct debits for the other CCs can be increased.

We must also have over £700 in my emergency fund box now.

WinterWarrior

Maybe you could show them how much they could get for the same price....like the N*oom adverts where they show you can eat a billion things for the calories of a ‘insert your favourite bad food here’. One box of sad white trainers ... or an entire outfit and change 😬

shellslife

Suzanne54321B said:

Maybe you could show them how much they could get for the same price....like the N*oom adverts where they show you can eat a billion things for the calories of a ‘insert your favourite bad food here’. One box of sad white trainers ... or an entire outfit and change 😬

Might just do something like this although knowing her she will probably think that we will still be spending that much money on her lol.
I did show her our debts just before and she got a bit of a shock. I said to her that when we say we can’t afford to get her something then we mean it. She seems to be more accepting of things now.

I have just made a £100 payment off CC2 which takes it under £6,000.

WinterWarrior

Well done, that’s such a good idea....I never understood how long my poor dad had to work for the food on the table, etc. Money was very taboo and we never knew how much he earned (not a lot I don’t think). I’d probably be better with finances now if I’d had some inkling of what it takes to live well without credit. 

Fab news on the card payment! 

enthusiasticsaver

Well done on getting rid of CC5 and the catalogue and building emergency fund to £700.  You have done well in such a short time.  CC2 is 19.1% so that is a higher rate than the loan and if I remember rightly the CC1 and CC3  are 0%?  What rate was the CC4 as I think that has the smallest balance doesn't it? Which debt are you targeting next? 

shellslife

Suzanne54321B said:

Well done, that’s such a good idea....I never understood how long my poor dad had to work for the food on the table, etc. Money was very taboo and we never knew how much he earned (not a lot I don’t think). I’d probably be better with finances now if I’d had some inkling of what it takes to live well without credit. 

Fab news on the card payment! 

I think a lot of people seem debt problems could stem back to not knowing about money and family finances. I know it wasn’t discussed at all in our house as I was growing up. DH actually came into our relationship in debt due to his mother getting him to sign for provident type loans in his name for her that she never paid back. 

shellslife

enthusiasticsaver said:

Well done on getting rid of CC5 and the catalogue and building emergency fund to £700.  You have done well in such a short time.  CC2 is 19.1% so that is a higher rate than the loan and if I remember rightly the CC1 and CC3  are 0%?  What rate was the CC4 as I think that has the smallest balance doesn't it? Which debt are you targeting next? 

Thank you. Just added up emergency fund and it is £690 so doing ok with that one.
I will get DH to sign into his account for CC4 and find out the apr. If it is similar to CC2 then which one would be the best to clear 1st?

enthusiasticsaver

shellslife said:

I will get DH to sign into his account for CC4 and find out the apr. If it is similar to CC2 then which one would be the best to clear 1st?

I would tackle the card with the smallest balance if the apr is similar on both.  It usually helps motivate people as the debts are paid off so obviously it takes less time to pay off the smaller balance. 

shellslife

Well just got DH to go into his Cc account (CC4) only to discover that I didn’t setup the direct debit last month when I thought I did. DH is convinced that I did as well 🙁 So that’s a £12 late payment charge on the account. I have now set up the direct debit so it won’t happen again. This months minimum payment is £177. I have just paid £300 off it as well which is the extra pay that I got from work this month. I normally pick up between £1350 & £1450 depending on what shifts I do (more for nights and weekends) and this month I got £1700. 

I have also found out that this CC has an apr of 29.9% so this is the one that I will be concentrating on with my weekly pay when I do extra shifts.

shellslife

Morning.
Just logged onto CC5 to see if it was at 0 and I’m glad that I did because the interest had been added. Just paid the £9.26 so this is definitely cleared.
I did get a bit disheartened last night as I was trying to work out how long it would take to clear the debts and it would take at least 3 years. This doesn’t include the interest being added to the accounts and it is hoping that our holiday gets cancelled so we can get a refund.
I will try and get as many many extras in work as I can without killing myself in the process. 14 hour shifts on your feet is hard going especially for someone who is overweight.
DH does pay into a tontine at work. He has £100 a month come straight out of his wage which goes towards Christmas. He has done this for years, we try and increase the amount each year by £10-£20 a month as his wage varies we don’t miss this money and it has really helped. We don’t spend all of that money on presents etc. A lot actually gets wasted. I will have to make the effort this year to use some of it to pay off the credit card.