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  • FIRST POST
    • Historybuff
    • By Historybuff 9th Feb 14, 4:24 PM
    • 657Posts
    • 4,717Thanks
    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!


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    Last edited by Former MSE Zorica; 03-06-2014 at 3:53 PM.
Page 58
    • Historybuff
    • By Historybuff 4th Mar 18, 10:37 PM
    • 657 Posts
    • 4,717 Thanks
    Historybuff
    Really trying with the savings from this month. Have decided to only shop for what is needed each day for food with a list rather than going round the supermarket and filling up the trolley. We have bursting freezers with loads of food that needs eating up. And we will use the cheap shop that sells food close to its use by date more often.
    Feb 2014 to now
    Unsecured debt at highest 56,511/now 9,328 83% paid.
    Mortgage 85,342/now 34,267 59% paid
    2018 overpayment total - 2,281
    Mortgage and debt free by August 2020
    • Cherryfudge
    • By Cherryfudge 5th Mar 18, 12:44 PM
    • 1,757 Posts
    • 9,629 Thanks
    Cherryfudge
    Have you seen XSpender's thread about using up freezer and kitchen cupboard contents? Lots of good ideas there especially for those baking ingredients that accumulate when one's back is turned.
    MFW #30 Paid off 1,622.77/3770 as of 4/5/18
    • Historybuff
    • By Historybuff 20th Mar 18, 12:31 AM
    • 657 Posts
    • 4,717 Thanks
    Historybuff
    I!!!8217;ve worked out roughly that about 52 is one day off the mortgage. So I shall be counting down the days with every 52 overpayment.
    Feb 2014 to now
    Unsecured debt at highest 56,511/now 9,328 83% paid.
    Mortgage 85,342/now 34,267 59% paid
    2018 overpayment total - 2,281
    Mortgage and debt free by August 2020
    • Historybuff
    • By Historybuff 27th Mar 18, 9:46 PM
    • 657 Posts
    • 4,717 Thanks
    Historybuff
    572 overpayment on mortgage so far = 11 days off!
    Feb 2014 to now
    Unsecured debt at highest 56,511/now 9,328 83% paid.
    Mortgage 85,342/now 34,267 59% paid
    2018 overpayment total - 2,281
    Mortgage and debt free by August 2020
    • sweetpea26
    • By sweetpea26 28th Mar 18, 3:20 PM
    • 707 Posts
    • 4,657 Thanks
    sweetpea26
    thats great progress HB

    well done
    • in need of direction
    • By in need of direction 30th Mar 18, 4:30 PM
    • 5,068 Posts
    • 29,440 Thanks
    in need of direction
    How do you work out your per day calculation?
    Mortgage at 01.01.14 119,481.83 today 75,268.93, target 65,000 by 31/12/18 Offset fund today 247.27 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 30th Mar 18, 5:26 PM
    • 657 Posts
    • 4,717 Thanks
    Historybuff
    It!!!8217;s just a rough calculation INOD. I just divided the monthly payment by 31. Actually, when I just did it again it came to 36! So I overestimated when I did it before. It just gives a bit of motivation to overpay.
    Feb 2014 to now
    Unsecured debt at highest 56,511/now 9,328 83% paid.
    Mortgage 85,342/now 34,267 59% paid
    2018 overpayment total - 2,281
    Mortgage and debt free by August 2020
    • Historybuff
    • By Historybuff 3rd May 18, 3:15 PM
    • 657 Posts
    • 4,717 Thanks
    Historybuff
    Just a quick update. I've got back into selling my surplus stuff on ebay. 40 made this week to pay off the mortgage. Small steps, but all going in the right direction.
    Feb 2014 to now
    Unsecured debt at highest 56,511/now 9,328 83% paid.
    Mortgage 85,342/now 34,267 59% paid
    2018 overpayment total - 2,281
    Mortgage and debt free by August 2020
    • Historybuff
    • By Historybuff 1st Jun 18, 6:47 PM
    • 657 Posts
    • 4,717 Thanks
    Historybuff
    Just had to share. Came to the end of my mobile phone contract, so looked for a SIM only deal. Got a great deal from EE for 25 a month less than I had been paying before! Result.
    Feb 2014 to now
    Unsecured debt at highest 56,511/now 9,328 83% paid.
    Mortgage 85,342/now 34,267 59% paid
    2018 overpayment total - 2,281
    Mortgage and debt free by August 2020
    • Cherryfudge
    • By Cherryfudge 1st Jun 18, 7:23 PM
    • 1,757 Posts
    • 9,629 Thanks
    Cherryfudge
    Well done! Definite win
    MFW #30 Paid off 1,622.77/3770 as of 4/5/18
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