Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Historybuff
    • By Historybuff 9th Feb 14, 4:24 PM
    • 656Posts
    • 4,710Thanks
    Historybuff
    Reeling from the Reality Check
    • #1
    • 9th Feb 14, 4:24 PM
    Reeling from the Reality Check 9th Feb 14 at 4:24 PM
    Well, I have finally faced up to the huge debt mountain I have to climb after years of denial when I was spending without thinking of the consequences.
    Paid for three children to go through university, supported them with living expenses etc. Husband took early retirement and a small part time job which paid him his spending money and I took on all the bills etc thinking I could keep our living standards up to what they had been before.
    Five years down the line after using credit to keep us going and helping youngest daughter start her own business, the shaky credit pile has started to fall down.
    Minimum payments can't be met and I know something has to be done about it.
    Foolishly I kept all the spiralling debt from my husband in an attempt to fool myself that it wasn't happening. It was the classic ignore the letters, hide them and don't open them and it will go away scenario.
    Well now my husband is taking his pension and I have to come clean about the debt situation. I have spent many many sleepless nights worrying about how to tell him and what will happen. I can't even tell him what all the money has been spent on because it has trickled away over at least ten years, escalating in the last five. Robbing Peter to pay Paul thinking it was under control, but it was not.
    He knows about the overdraft because he found out about it when he went to sort out about banking his pensions...it did not go down at all well. He has no idea of the scale of the other debts. I owe nearly double the amount of our first mortgage...it's really bad.
    I have today taken my first steps in trying to address the debt. I've worked out the actual amounts owing to every creditor and taken the decision to work with Step Change to move forward. Their straightforward advice means I have a plan to at least get started on. I've made moves to open a new basic bank account, cancelled the direct debits and cut up the cards. Tomorrow I will send in the DMP forms and talk to some of the creditors. A bit more thinking tonight about how and when to break it to my husband.
    I've had a massive wake up call, I know, but I do feel that taking positive action to address what is a huge problem and being able to accept it is a big step forward for me. My head is out of the sand and it's time to take control...hope it's not too late!


    If you haven!!!8217;t already, join the forum to reply!

    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by Former MSE Zorica; 03-06-2014 at 3:53 PM.
Page 57
    • Eager_Elephant
    • By Eager_Elephant 27th Apr 17, 7:00 PM
    • 4,355 Posts
    • 24,689 Thanks
    Eager_Elephant
    So roughly you have earned interest of 1.5% each year - you would get more in certain savings accounts but of course then you have no chance to win the million!!

    Apart from getting ill and being unable to work the other things are foreseeable so could you start saving money towards each of those things ready for when it is needed?

    I also don't think £25k is too much money to have in savings and if it gives you peace of mind that is all that matters.

    You are doing really well HB - such a change from when you first joined.
    Ninja Saving Turtle No. 34 for April
    NSD - 0/15
    (up to 2/4/18)
    My Diary is here - http://forums.moneysavingexpert.com/showthread.php?t=2175629 (Eager Elephants Effective Everyday Excursion)
    • Historybuff
    • By Historybuff 28th Apr 17, 8:27 AM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    Thanks, Eager. I'm really pleased with how the finances are going.
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • Historybuff
    • By Historybuff 11th May 17, 5:43 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    So, I came home today to a letter from PRA offering me a 50% discount on the amount owing if I pay up by a certain date. I was actually considering sending them a CCA request, so now am in a quandary as to whether just to pay the amount and be done with it rather than pushing my luck with the CCA.
    I'm tempted because then ALL the debts would be gone and I could just concentrate on the mortgage.
    I might give them a ring and offer a lower amount and see what they say. I'll sleep on it.
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • sweetpea26
    • By sweetpea26 12th May 17, 11:42 PM
    • 707 Posts
    • 4,657 Thanks
    sweetpea26
    Hi HB

    I would give them a call and see if they would accept a lower amount, if they don't then pay the 50%.
    • Historybuff
    • By Historybuff 14th May 17, 3:30 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    Thanks, Sweetpea. That's what I'm going to do.
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • Historybuff
    • By Historybuff 27th Nov 17, 12:41 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    So, didn't take the PRA offer, but I'm hoping they will reoffer soon. Things going OK with mortgage reduction. Will be below £40,000 owing by the end of January 2018.
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • sweetpea26
    • By sweetpea26 27th Nov 17, 8:16 PM
    • 707 Posts
    • 4,657 Thanks
    sweetpea26
    Great to see your post HB

    You are doing very well.

    Keep on going !!!
    • Seasidegal58
    • By Seasidegal58 2nd Dec 17, 4:32 PM
    • 1,921 Posts
    • 11,789 Thanks
    Seasidegal58
    Hello Historybuff. It’s very good to see you posting again. You have made a tremendous dent in your debt and you must feel like you are finally seeing the light at the end of the tunnel. Mortgage is also going gang busters as well.

    Well done!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 20/05/2018: £646.59
    MONTHS TO RETIREMENT: 35!
    My diary: “Paid off the £31,0000! BUT- still scrimping!”
    • Historybuff
    • By Historybuff 23rd Jan 18, 7:26 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    Feeling I have got a bit complacent on the direct debits and packages I!!!8217;m paying monthly for, so it!!!8217;s time for a money makeover again. Started with the Virgin package. Just got that down to £44.50 from £67 for the tv, phone and broadband bundle with upgrade of two new boxes and hub. Now going to attack the insurance payments.
    January savings have started well.
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • Historybuff
    • By Historybuff 24th Jan 18, 3:00 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    New rule from now on: Any money that goes into savings stays there until 2022. No more bailing anyone out at my expense.
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • Cumbria lass
    • By Cumbria lass 24th Jan 18, 3:58 PM
    • 1,795 Posts
    • 10,816 Thanks
    Cumbria lass
    HB have spent all afternoon reading your diary. You have really done a great debt busting job.

    I will be retiring in 2022 or at least going part time , I do 4 days now but would like to go to 3 if I can!!!8217;t or don!!!8217;t want to retire at 60.

    Keep going not long to go.
    CC1 £3475 May 2018
    • Historybuff
    • By Historybuff 24th Jan 18, 11:32 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    Hey Cumbria Lass, thanks! I'm struggling on with four days a week. I need to keep on until I retire, hopefully in 2020. Would like to go to three days a week, but think I'll have to keep going as I am now to make sure I have enough money in retirement.
    I'm going to stay strong on the savings though. I've given all my children a helping hand and am determined to save for me and my husband now. Looking forward to going off in the sunset in the camper van...
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • NoOneAround
    • By NoOneAround 25th Jan 18, 8:59 AM
    • 1,735 Posts
    • 8,426 Thanks
    NoOneAround
    Plans are all sounding good HB
    Beginning to wonder myself about retirement and at what point one stops giving children a helping hand! Other than house we have little else, and pension has been neglected while we were both self employed.
    Have Pra been back to you? In nov I got an offer from them for 45% discount then this week for 55% . Not in a position to take them up on it yet, wonder if it'll keep going down?!
    Keep the momentum up - the end is in sight
    NOA
    x
    Feb2014 Total unsecured debt £72,520>>01/06/16 £68166>01/02/17 £66,600=8.18%PAID
    Mortgage Jan14=209,800 Jan15=£200,300 Jan17£180,700>OCT17 £170,200
    Health/Fitness Challenges Priority#1 Stay Fit and healthy - whatever it takes
    Wombling Free Cash May2016 £51
    • Historybuff
    • By Historybuff 27th Jan 18, 6:05 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    Pra not got back to me yet. Will consider it if they send me a good offer, but think all funds are going to go off the mortgage for the time being. X
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • Humdinger1
    • By Humdinger1 31st Jan 18, 1:23 PM
    • 34 Posts
    • 120 Thanks
    Humdinger1
    Historybuff

    I've read through your whole diary from soup to nuts and have subscribed. What a wonderful job you're doing - it's so inspiring and I love the way you write. I agree with you that it's better to work fewer days if it means that you'll keep up the motivation to work for longer. I'll be cheering you on together with your other comrades. Humdinger
    • Historybuff
    • By Historybuff 31st Jan 18, 10:24 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    Thanks, Humdinger! Appreciate the follow. The more the merrier. This is a fantastic supportive forum and I!!!8217;ve been spurred on knowing people are listening to my ramblings. It helps to get it all out!
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • Historybuff
    • By Historybuff 26th Feb 18, 11:43 AM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    Mortgage now below £40,000! And have had some good news on the job front with some additional ad hoc work. All the extra is going to go off the mortgage. It's going down!
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • in need of direction
    • By in need of direction 26th Feb 18, 11:05 PM
    • 5,000 Posts
    • 28,791 Thanks
    in need of direction
    I love when my mortgage breaks a barrier.
    Mortgage at 01.01.14 £119,481.83 today £75,897.72, target £65,000 by 31/12/18 Offset fund today £227.27 target £5,500 by 31/12/18
    Emergency fund £0.7/5.5k & £200/200 cash.
    Current weight loss RUBBISH need to refocus
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • Historybuff
    • By Historybuff 28th Feb 18, 1:15 PM
    • 656 Posts
    • 4,710 Thanks
    Historybuff
    Snow day, so I've been getting my home paperwork in order. Just saved £52 on home insurance, £81 on breakdown cover and £120 on water bills - £253 on the yearly payments. Mortgage overpayment coming up...
    Feb 2014 to now
    Unsecured debt at highest £56,511/now £9,328 83% paid.
    Mortgage £85,342/now £36,869 56.7% paid
    2018 overpayment total - £709
    Mortgage and debt free by August 2020
    • Knit Witch
    • By Knit Witch 28th Feb 18, 1:22 PM
    • 3,429 Posts
    • 31,295 Thanks
    Knit Witch
    Snow day, so I've been getting my home paperwork in order. Just saved £52 on home insurance, £81 on breakdown cover and £120 on water bills - £253 on the yearly payments. Mortgage overpayment coming up...
    Originally posted by Historybuff
    Well done you!
    V3ry - £389.60
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,208Posts Today

7,076Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin