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  • FIRST POST
    • One-step-at-a-time
    • By One-step-at-a-time 12th Feb 18, 8:05 PM
    • 148Posts
    • 483Thanks
    One-step-at-a-time
    The future is what you make it
    • #1
    • 12th Feb 18, 8:05 PM
    The future is what you make it 12th Feb 18 at 8:05 PM
    Newbie here. In December 2016 I had my lightbulb moment when a travel insurance payment got declined. The DIY financial review I did at that point scared the living daylights out of me.

    CC1 - 20300 @17.9% (maxed out)
    CC2 - 10500+ 60% @12.9%, 40% @6.9% for its lifetime
    CC3 - 6000+ @18.9%
    CC4 (hubby) - 13k @7.9% (I'll not be documenting his progress here as we're each dealing with our own)

    I know exactly how it got that bad. Hubby lost his job shortly after we got our mortgage, followed by periods of ill-health (luckily not coinciding) for both of us, and some (with hindsight) really bad decisions (mostly made by me). Because we never missed a payment on anything, the enormity of the debt was ignored.

    In Jan 2017, pretty much as a knee-jerk reaction to the numbers, we decided to try to remortgage. It was a shock to us to be turned down, but we are both glad it happened, as it made us realise that consolidation was not a good idea and we had to tackle the problem at source.

    Fast-forward a year and a bit, the unsecured debt has been reduced by 7k, and thanks mostly to balance transfer ping pong, only 5.5k of it is left at a high rate, with the majority being at 0% or 4.9% for at least the next couple of years. I have not used a credit card for 14 months, minimum monthly repayments are down to less than £700 per month, and I'm snowballing repayments onto my highest rate card.

    The last year hasn't been smooth. It started with a drop in income of 5k when my second job folded last January, literally days after the remortgage was denied. Then we had car repairs in the high hundreds, followed a few months later by having to scrap the car and find replacement transport (I can do without a car, husband needs one to work), and more recently I had an injury and health scare with some out of pocket medical expenses.

    And honestly, we did not cut our spending as much as we could have; it took time to adjust to doing things more mindfully. But on the whole, we really surprised ourselves with how much we were able to claw back in a year. The plan for 2018 was to double down on our efforts, completely splat the debt from the highest interest card and start work on the next one, and aim to clear at least 2k more than the previous year. So far, so good!

    Then came the plot twist. Right now I am on the verge of having to take on an extra huge lump of debt which will put us back to square one with cherries on top. No details here other than to say that it is entirely my fault, and is the result of really bad handling of a situation several years ago. The whole thing was totally avoidable and I am disgusted with myself that I allowed it to happen. I will know the true horror within the next two weeks, but if *lucky* it is likely to cost me £400 per month until it has gone. So within a few weeks, the best case scenario is that we will be back where we started with an additional few thousand of unsecured debt on top of our starting point.

    We have nobody but each other to talk to about it, so really I'm writing this to get it off my chest and give my husband a rest as it is largely my fault we are in this mess! I am treating the last year of debt repayment as the trial run. We have already made lots of cutbacks, but there ia a lot more we can do - I do need to redo the SOA as it has been a year since I last attempted one.

    Currently the stress of the incoming additional debt and the uncertainty over how that is going to pan out is ruining my sleep and concentration, and I am lucky if I go a couple of days without having a fairly big wobble. I need to keep telling myself that we have a year of successful debt tackling under our belts and that although daunting, it is doable. Anything is doable, I just need to keep focus.
    Highs, lows and inbetweens will be documented here. I will be keeping tabs on everything except my OH CC on here.
    Last edited by One-step-at-a-time; 07-05-2018 at 11:34 AM. Reason: same name as another thread
Page 5
    • One-step-at-a-time
    • By One-step-at-a-time 7th Mar 18, 9:57 AM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    Shopmium currently has free Nutella as a welcome offer - I have a referral code https://www.shopmium.com/uk/referral/zy76h if you fancy using it!

    The bars are nice, but small! Definitely one to use an offer on and not go full price.

    After pizza last night I was feeling a bit lethargic, but I sorted the ebay listing out then got out my ancient sewing machine and re-threaded it to improve the odds of doing something with it this week. My eyesight is really not what it once was - with reading glasses I just about managed, but I will need to invest in a magnifier at some point as all the small crafty things I do are starting to get trickier. I am due for a free eye test through work, though, so it may be time to sort that out.

    No plans for today other than not spend money!
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • strawberryfield2233
    • By strawberryfield2233 7th Mar 18, 11:01 AM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    Thanks for the referral, I already have shopmium but hubby doesn!!!8217;t and likes nutella so will let him know!!
    Sympathise with the eyesight, not fun when you realise you are getting older!! Quite often I used to look out the kitchen window and think the window is sort of misty so can!!!8217;t see the birds/garden clearly and now I realise it was my eyesight :0 !! TC
    • One-step-at-a-time
    • By One-step-at-a-time 7th Mar 18, 1:39 PM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    Well, today can officially do one. We are about to go through a short-notice (1 month consultation) company-wide restructure. Jobs are going in my department. Nobody in the whole place is safe. I do not have any words that would not result in me being booted from this forum for inappropriate language.
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • strawberryfield2233
    • By strawberryfield2233 7th Mar 18, 2:45 PM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    So sorry to hear this, hope your ok, makes me hopping mad when I here the word restructure its all b!%#ocks. Hubby is going through one atm so sypathise his role will change. Hope that you are ok and have a job at the end of it all. I am sure its all a shock, just typical life always has a way if throwing curveballs.
    Tc bigs hugs
    • One-step-at-a-time
    • By One-step-at-a-time 7th Mar 18, 4:53 PM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    Thank you. I am just really furious because the way they have gone about it is pretty unpleasant. I was turned down for redundancy before so *may* be safe, but obviously there are never any guarantees. There will be no leaving things to fate though - nobody has got much done this afternoon and I have already found several jobs in the sector that I will be applying for, no matter what happens next. Who knows, this curveball may have a best case scenario of redundancy pay and a new job. May as well be optimistic/determined!
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • strawberryfield2233
    • By strawberryfield2233 8th Mar 18, 9:24 AM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    One-Step - Determined and Optimistic sounds like a good attitude to me. Fully agree that its good that you are applying for other jobs too and being proactive whatever happens, fingers crossed. My hubby sometimes says when it goes pear shaped its ‘tin hat time’ at work and just got to get on with it. He is finding it very difficult at the moment, wants to know whats happening to his job role but has to dig deep and be patient as getting no proper answers and its very hard to be patient, things happen for a reason and it will all work out. I met my husband after he was made redundant and moved to my office, would never have crossed paths otherwise so sometimes something positive comes out of something stressful. TC
    • One-step-at-a-time
    • By One-step-at-a-time 8th Mar 18, 12:42 PM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    Thanks strawberryfield

    After sleeping on it and going back in today, I am a lot...happier is the wrong word, but more calm, and going into problem-solving mode again. The grapevine is already reporting a number of people asking for figures for voluntary on the back of this, so there may well be scope for redeployment or rejigging of roles to make it work for those that don't want to go. We are in for a rough time for a while, though. In the meantime I will carry on as normal.

    Today, normal consists of checking all my accounts (I am waiting on one CC statement to get my balance transfer expiry dates & amounts updated), deciding whether to chuck another teeny overpayment at a card or wait a few more days, renewing my attempts to sell things, and trying to ignore the little chocolate-demanding monster that has taken up residence in my head today!
    Last edited by One-step-at-a-time; 08-03-2018 at 4:20 PM.
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • strawberryfield2233
    • By strawberryfield2233 8th Mar 18, 12:51 PM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    (. I think you should be allowed a small treat today !! )
    • One-step-at-a-time
    • By One-step-at-a-time 8th Mar 18, 4:20 PM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    A chocolate fudge cake the size of my head is small, yes?

    Hmm, I think I actually have enough ingredients in the cupboard. Chocolate frenzy will occur post-baking
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • Toni'sfriend
    • By Toni'sfriend 8th Mar 18, 4:50 PM
    • 1,246 Posts
    • 12,130 Thanks
    Toni'sfriend
    Glad you're sounding positive. Explore all your options and make sure you know your rights.

    And, go on, have the cake.
    • strawberryfield2233
    • By strawberryfield2233 8th Mar 18, 6:19 PM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    A chocolate fudge cake the size of my head is small, yes?

    Hmm, I think I actually have enough ingredients in the cupboard. Chocolate frenzy will occur post-baking
    Originally posted by One-step-at-a-time
    ......... I like your thinking although your sizing seems a bit off... small is at least 14 Inches
    • One-step-at-a-time
    • By One-step-at-a-time 8th Mar 18, 9:22 PM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    After consulting the cupboard and fridge we made a chocolate sponge with creme fraiche and strawberry jam - not quite what was planned but very nice with a bucket of tea

    Sourdough starter day 4 update is good - lots of bubbling going on. On target for baking my first loaf at the weekend.

    Currently less than £95 away from breaking the 30k CC barrier! I have three weeks to make it happen.
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • strawberryfield2233
    • By strawberryfield2233 8th Mar 18, 9:36 PM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    Cake sounds delicious
    Be interested to hear how you get on with the bread, I am sure the house will smell fab when it is baking.
    As for breaking the 30K barrier you are soooo
    Close TC
    • One-step-at-a-time
    • By One-step-at-a-time 9th Mar 18, 10:55 AM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    Good morning!

    Strawberryfield - I hope your hubby s restructuring works out in a way that is beneficial to him. These things are rotten! Half of my department has gone to a meeting with senior management this morning, our turn (different site) is on Tuesday. This consultation period is not going to get wasted!

    I made a phone call this morning which has got me one step closer to debt-related peace of mind. There is now a payment plan in place for my new lump of debt. I managed to save enough over the last couple of months to pay £1500 upfront, and the balance including 3% interest is £516.09 per month for 12 months (signature updated with correct totals). I could possibly have got it spread over 15-18 months, but honestly at this point I prefer to just tighten my belt more to get shot of it, and the shorter period means not having to argue out income and expenditure. I should get a letter within the next week to sign it off and then I can just get on with things.
    We had already got £500 worked into the budget, and the extra £16.09 can come out of the grocery budget (where the most wiggle room is) until my interest free credit payments end in July and I have another £72 per month available to reallocate.

    £10 more has been thrown at the Halifax card - now £85 to target!
    Last edited by One-step-at-a-time; 09-03-2018 at 12:48 PM.
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • One-step-at-a-time
    • By One-step-at-a-time 9th Mar 18, 12:47 PM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    Peace and quiet and time to plan for the next few days

    I decided to postpone my craft stall date to next month - as well as the awful weather forecast this weekend I have been trying to fight off a cold this week, and this morning it has headed chestwards. I really don t fancy my chances of staying upright for the whole day! There is no cancellation fee and we have rescheduled dates pencilled in. In the meantime I will list some of the stuff to sell online as I have plenty of time to make more things now, and would rather try to keep up the money-raising momentum.

    My to-do list now consists of:
    - Blasting away the lurgy with lots of chilli and garlic
    - Photographing my stock to put online
    - Contacting the three friends who said they would come and see me at the market to make sure they don't have a wasted trip
    - Checking domain name renewal dates and cancelling auto-renew on the ones I want to phase out
    - Update photography website
    - More ebay listings and revise prices on all the unsold stuff
    - Negotiate furniture rearrangement with hubby (I want to move his hardly-ever-used rowing machine to the spare room and put the computer desk from the spare room back downstairs where it has a view of the garden)

    That s as ambitious as I want to be right now!
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • strawberryfield2233
    • By strawberryfield2233 9th Mar 18, 2:43 PM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    Hello One-Step, Hope you feel better soon, pesky colds, son started with one too, roll on the better weather when all these bugs can go somewhere else! Hot water bottle and warm (full sugar ) Ribena is always good when feeling pants.
    Glad you have got your payment plan sorted for the extra lump, at least you have a figure to work to now and hopefully that 12 months will go quiokly and then the extra lump can be gone.
    Sounds sensible re the fair, best do when better and with extra stock.
    Hope Tuesday is not too bad and they don’t annoy you anymore than they already have.
    Thanks re hubby, was supposed to be a day off today but have been busy doing odd things for other people in amongst a shop.
    £85 left to your first target is good going
    TC
    • Drawingaline
    • By Drawingaline 9th Mar 18, 7:57 PM
    • 425 Posts
    • 1,429 Thanks
    Drawingaline
    Wow you have been going through it! But you sound so upbeat about it all, and your chocolate cake sounded lush. Quite jealous!
    • One-step-at-a-time
    • By One-step-at-a-time 10th Mar 18, 11:43 AM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    Hello Drawingaline!

    I have a much better time of it when I can focus on the positives; there have been some pretty major wobbles with anxiety over the last few months thanks to a few setbacks in quick succession, but I am getting it together now - enough to be able to cope with the work situation, hopefully!

    Today the cold is in full dramatic leaky flow, so postponing the craft stall feels like it was a good move. No plans to attempt to leave the house today, so no danger of spending money, and photographing things to sell is about one more coffee away. If I get a move on I can do a Mothers' Day flash sale and hopefully get a few bites

    Now £73.28 to go to sub-£30k cc target
    Last edited by One-step-at-a-time; 10-03-2018 at 2:55 PM.
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • One-step-at-a-time
    • By One-step-at-a-time 11th Mar 18, 9:38 AM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    A fairly productive day yesterday despite the stupid cold - no sales as yet, but everything new and crafty is up for sale, and the first loaf of sourdough was a big hit.

    Last week's ebay listings end today. I'm not hugely optimistic that anything will actually sell this time around so I will revise them all before relisting and see if I can put a few more things up.

    This morning I have set an email reminder for my Amazon Prime so that I can end the subscription (it expires at the start of April and there is no payment method attached so it shouldn t auto-renew, but no harm in using the belt & braces approach). It most definitely will not be needed this year.

    I had £8.40 in my PayPal account, so I bumped it across to my current account and rounded it up to knock another £10 off the Halifax CC. Now only £63.28 left to find before the end of the month!
    Next target: £2263.06 will see the £10k paid mark reached on the cc debt. I'm aiming to get there by September (by which time I will also have wiped 3k off the other debt blob).
    Last edited by One-step-at-a-time; 11-03-2018 at 9:45 AM.
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: £700/£1000
    Credit in use: 67% DFD: July 2021
    • strawberryfield2233
    • By strawberryfield2233 11th Mar 18, 10:37 AM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    One-step- hope you feel better soon, can see you are making good progress despite the cold, well done Tc
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