New Baby, New Start, BIGGG debts!!

Clariman · 28 April 2009 at 2:45PM

Keeping_Positive wrote: »

Have you done a SOA ?http://www.makesenseofcards.com/soacalc.html

Better still fill in the snowball calculator and it then lets you download the info into the SOA so two steps in one.

http://www.whatsthecost.com/snowball.aspx

Actually it's the other way round. If you fill in the SOA (as per first link above), you can then save that data and load it automatically into the NEW snowball calculator at makesenseofcards i.e. this one http://www.makesenseofcards.com/snowcalc.html

The whatsthecost one is excellent too, but doesn't integrate with the SOA Calculator - in either direction.

Clariman

posted_2 · 28 April 2009 at 2:56PM

The average apr on your debt isn't that bad, it's the size that is crippling - have you got anything you could sell, or maybe live with one car or cheaper cars for a while?

talisker78 · 29 April 2009 at 8:34AM

This is my problem i think, this is how I've got myself into this position - its the 'greediness' factor.

I'm not a hoarder or a collector of useless crap, i just like to do things and unfortunately doing thigs costs money. So, after all the lovely holidays and days/weekends/nights out, i'm left with a ridiculous debt and very little to show for it. That plastic snowlglobe from Vegas is about it!

We have two cars - mine is ten years old and is worth the same as a pair of socks. My wife's is four years old. Maybe we need to take some decisive action and ditch a car. It won't be nice to lose our respective freedom for a while but I have to face up to it and stop the 'I WANT IT NOW!' syndrome. Thats what is so hard to shake off.

Got paid today - woo hoo. Straight into the bank and straight out again in three days flat. Impressive.

I've decided to write to HSBC and complain about my APR. I wrote to Bank of Scotland card and got a very nice letter directing me to Payplan and CCCS, so I guess if I do have to go down the DMP route I have one creditor who appears amicable. One down, five to go!!

Karen_30 · 29 April 2009 at 9:33PM

Hi there,

Just been reading your diary and wanted to wish you lots of luck. I'm sure with a bit of hard work and determination, cut backs etc you'll be fine.

I'm on dmp but it was a last option following a pay cut :rolleyes:....they do work but if you can do it without ruining your credit rating all the better!

Have subscribed so will pop in to see how you are getting on. If it's any help, I got rid of my car in bid to pay off debts and it did help quite a bit. All the annual costs add up, maybe work out how much it would save you a year and see if it's worth it?

talisker78 · 30 April 2009 at 2:37PM

Thank you Karen_30, I do appreciate all the encouragement everyone gives.

How do you find your DMP has worked? Have you had creditors screaming down the phone at you and CCJs landing on your doorstep? Its something I'm looking at but only as a last resort.

Got three bizarre letters from Capital One this morning. I wrote them asking them to reconsider my APR. I'm not on an especially high APR but I was on 6.9% previously and they increased it to 9.1%. Basically they have ignored that request completely and want to put me on their own personal DMP. Not sure how that works, given that all other creditors usually have to agree to be on a similar plan to allow for even payments. So, basically I'm not too sure whether to take them up on the offer or not. They seem very amiable, which I was surprised at. Given me food for thought anyway.

Got my job interview date - 14th May at 11am. If I get this I might just be able to get by and pay my cards without resorting to a DMP. if I don't then I'll be crawling backto the CCs begging for mercy.

Getting nervous already!

talisker78 · 1 May 2009 at 7:02PM

Pay day seems a long time ago already!

Although by careful driving (apologies to anyone on the A428 who was stuck behind a black R reg Rav 4 today doing 50mph

) I'm already two days 'ahead' on my petrol allowance.

Long may it last.

Bank holiday weekend - I'm working all weekend for overtime. Probably a good thing, stop me going out spending. Decided today to repaint the bedroom. Got lods of paint in the shed so should use it up. What does everyone think of brown with red, blue, green, pink and white stripes?? Yes you're right, maybe not!

talisker78 · 5 May 2009 at 2:34PM

Last ditch attempt today to get a consolidation loan fell flat when Zopa declined me. I guess thats the end of that then!

I'm a bit dissapointed, I really thought i stood a good chance with Zopa as my credit rating is good, albeit it I just have a lot of unsecued debt. Feeling a bit down now.

Well, its back to the drawing board. My Debt free date is still way up at 2017. No chance of getting it down for a while.

I'll feel better in the morning. Just always a bad feeling when you get declined. Silly to get my hopes up really.

boredofbeingathome · 5 May 2009 at 2:54PM

Zopa is not the end of the world and it just means re thinking around the problem. What about reduced payments for a short while? As things will change after the baby is born. You will be able to claim Tax credits and your wife may want to go back to work so you will also be looking at claiming the child care portion of tax credits.
There will also be family allowance which will add another £80 onto bill. You also have to factor in nappies, milk and whatnot.

A DMP may be a good option as you could do a low start one and go from there, it depends how circumstances are going to change in the future. So whilst you are on a ltd income at the moment, this is more than likely to rise in the future.

There are allsorts of ways to raise your income and i see you already mystery shop, so maybe your wife can also do this with baby stores etc?

Good luck with it all and if it is any consolation my hubby has run up a huge amount of debt too and we are now in the 40k bracket. Mind numbing is not the word to describe it, but proactive thinking is the way to go.

talisker78 · 12 May 2009 at 10:12AM

Do you ever get to the point where you think you just can't get out of this?

Another month where I've paid only been able to pay the minimum on three cards with cash, the other two cards I did a minimum balance transfer to another card just to pay them. Barclaycard have now refused to do anymore balance transfers for me. Had a rather heated conversation with them this morning. I'm at the end of my tether.

I'm terrified on going down the DMP route. Is that silly? The idea of a possible CCJ just fills me with dread. I don't know how my work will react - I'm a civil servant and they prefer you to have a good record with money. Don't think they can fire me, but it wouldn't sit well. Too many worries.......

Goit a job interview this Thursday - possible promotion. Would be good if I got it, but I can't get myself into the 'zone' for the interview, I can't stop worrying about money. Does anyone else get that, where they spend the entire day just worrying and worrying?

talisker78 · 14 May 2009 at 2:15PM

Had Interview today for job promotion.

Poor guy, I just went in there and talked and talked and talked. Don't know how well that went down!

Here's hoping. This wont get me out the woods, not by a long shot, but would certainly make things a little easier with the baby on the way.

Should find out next week.....:eek:

New Baby, New Start, BIGGG debts!!

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