First Steps to Solvency

warby68

All progress is progress.

In the month where your substance problem came to a head and you started to tackle it including 'confessing' the hidden spend/debt, you have made very good progress just sticking to the core plan for the rest of it. You really have. 
I don't blame you for putting off the decision on the BMW - some things are worth putting on hold while you get your headspace better. To my mind, managing this early period of getting clean the best way you can trumps a lot of other things. 

Business moving forward is very good progress too - coming out of your self-confessed period of treading water before you've fully fixed the reasons for stagnating is also to your credit. Many people would have had businesses in worse states than yours with the personal problems you're dealing with. Business moving forward is the key to it all on the financial side so keep a disappointing month on personal finances in context - the foundations for future income are building as well as managing the business in a less stressful (sometimes coke-fuelled) way which all circles back to the prospect of a better personal life in future.

getmore4less

Liking the work progress, getting others involved should help with perspective of schedules and budgets. 

Fan of the purchase cards to save those BT fees.
No point throwing away 2%-3%

You only get one shot on how much of normal spends can float though more months at 0%. worth a cash flow analysis to look at card timings

Freeing up some credit may help with access to those deals, always worth asking if they have a decent purchase offers before cancelling. 

enthusiasticsaver

alt80 said:

Feb-21	Balance
Barclaycard	£    6,320.00
M&S	£    1,185.00
Sainsburys	£    6,450.00
MBNA	£  11,080.00
	£  25,035.00
Overdraft	£    2,420.00
Total	£  27,455.00

Dealt with the debt spreadsheet and worked out where I am for February. Not great counting the bank overdraft - the cards will all be minimum payments this month and all surplus for holidays/ emergency fund etc etc will not be transferred from current account to be able to end the month with the above overdraft balance. Been dreading this for days as I know why I am where I am with this. Hoping for some sales but can't count on that. 

I haven't cancelled the BMW. Can't face it at the moment - know I'm not helping myself in a lot of ways but I just can't face seeing it go right now. 

When do those deals on the cards finish? Dealing with the overdraft first (apart from first £1k) sounds like it makes sense.  If you don't get rid of the BMW that will obviously slow down the debt repayment but I can understand that is difficult. 

Unless you can get some new 0% deals (if any of the expiry dates are close) I would ditch the unused cards.  I am not quite following about the BT fees.  Do you mean use your salary to clear the cards and then spend for everyday expenses on the card?  I thought you did that anyway with the Amex? Not many deals around with no BT fees these days especially for longer than 6 months. 

getmore4less

Balance transfer cards come with fees.

Pay back in full every month don't give enough cash flow. 

There are interest free purchase cards with no fees longest are about 20months

You migrate the debt over a few months of normal spends to clear a card before the 0% rounds out. 

stymied

Are you ok @alt80? I’ve grown used to you posting at least once a day so feeling slightly concerned by the silence...

ryanm8655

stymied said:

Are you ok @alt80? I’ve grown used to you posting at least once a day so feeling slightly concerned by the silence...

Was thinking the same but sure he’s fine :-)

Thinking of you dude!

ryanm8655

getmore4less said:

Balance transfer cards come with fees.

Pay back in full every month don't give enough cash flow. 

There are interest free purchase cards with no fees longest are about 20months

You migrate the debt over a few months of normal spends to clear a card before the 0% rounds out. 

Ahh I see. Sure that’s how I ended up in trouble debt wise but assumed balance transfer were the same at the time ha.

alt80

I'm not doing great - sleep being all over the place and a really bad day today getting caught up in the past. Not jeopardised progress and been with my family. 2 big walks but no other exercise, woke up at 3am this morning in a complete state after a really nice evening. Never going to be able to change the things I've done, people I've hurt and turn the clock back on the !!!!!! decisions I've made. Wish I'd come to my senses years ago, given the drugs up for good when I first told my wife I would and not allowed myself to get into debt for stupid stuff. Concentrated on business in a more balanced, less obsessive way and put my family a lot further up the chain than they've ever been. FIL thought I'd been on the chang earlier and was on some massive comedown - called him apologising for being a !!!!!! husband to his daughter, knows I haven't touched the stuff after speaking to wife, told me I need to stop holding myself to some kind of impossible high standard all I can think past 11pm doesn't take a lot to stay away from drugs, not get into debt for stupid stuff and treat my wife with some respect hardly holding myself to impossibly high standards lol.

Still not had a drink, wife had ordered sparking tea from F&M for last night - was really nice, worth trying if you're off the booze.

Struggling with the cards being stuck on their minimums for this month unless sales made tbh. I'm serious about sorting the debt.

dawnybabes

I know you don’t feel you’re making progress but you really are. 

alt80

Know where people are coming from re still progress etc even the mins coming off is better than this time last year. I do know that just disappointed in myself especially since seeing it in black and white and knowing I’ve put things backwards. Know I should be able to let the BMW go, would really help things financially and to start making some real progress on the debt. Quite angry with myself I can’t make the phone call. 

Also need to call about the cards Monday. Will see re purchase. 2 cards 0% runs out July so need to start planning for those - realised I can’t just rely on the sales.

Thanks re business. Things are looking good on that front. I’m being careful to try to be balanced about it could very easily let it consume me tbh working until stupid o’clock the other night not helped me to get back into good sleep habits either.