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  • FIRST POST
    • WelshKitty85
    • By WelshKitty85 22nd Jul 18, 1:03 PM
    • 859Posts
    • 7,102Thanks
    WelshKitty85
    £29,303...Enough is enough!
    • #1
    • 22nd Jul 18, 1:03 PM
    £29,303...Enough is enough! 22nd Jul 18 at 1:03 PM
    So, Iíve had ďlightbulb momentsĒ before, but today Iíve reached breaking point. The realisation that we could lose everything, including a roof over the childrenís heads, has slapped me in the face. From £4844 of debt 18 months ago, we are now at an all time high of £29,303. Yes, we have things to show for it. Weíve bought a new house and immediately spent £12,000 on repair work and decorating (we had budgeted around £7,000 but lots of cracks had literally been papered over). We also have 3 cars on the drive (Iíll come back to this later). But Iíve had the realisation that we could lose it all in a heartbeat as weíre living beyond our means.

    Today is the day that things have to change. Iím off to brew up, cry into my cup of tea, then make a plan. Iíll be back...
    Enough is enough...
    £29,603 (22/7/18) £22,906
Page 12
    • WelshKitty85
    • By WelshKitty85 21st Oct 18, 8:32 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    Well my birthday is over for another year and I was treated like a princess. My best present had to be DD setting her alarm to wake up before DC3 so that she could see to him and I got a lie in. Clothes shopping was a partial success. I got 2 dresses, 2 skirts, (much needed) underwear, and a beautiful handbag & purse. I fell in love with a Ted Baker coat that DH was encouraging me to treat myself to, but at £200 I did the sensible thing and said no. Unfortunately, despite trawling the shops, I can't find another coat I like as they just don't match up. This does mean I've come in under budget though so have transferred the rest of my PPI refund to savings.

    The last DD has left my account and I've made a small overpayment so things now look like:

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard....................8813.29.....200... ....0
    Hitachi..........................10,375.71...226 .5.. .3.4
    MBNA...........................3731............50. ...... .0

    Debt total = £22,920

    Savings total = £1000.28

    I'm sooo pleased that we've reached £1000 in savings, but we will unfortunately have to dip into it soon to pay DHs car insurance. I've gone through the cc statement today as the balance is a bit higher than I've budgeted. We've spent £200 on groceries already and will need a small top up next week, so that will be slightly over budget. But fuel is way over budget already, currently at £179.73, but likely to go up before the end of the month. I think I will have to redo the budget to allow more for fuel and possibly a bit more for groceries too.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 22nd Oct 18, 9:29 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    Woohoo...I've just won 2500 SB on spin & win and was able to redeem £20 amazon vouchers
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 22nd Oct 18, 9:55 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    I've just made a small overpayment.

    Unsecured Debts
    Description....................Debt...........Mont hly.. .APR
    Barclaycard....................8800...........200. .. ....0
    Hitachi..........................10,375.........22 6 .5.. .3.4
    MBNA...........................3731............50. ...... .0

    Debt total = £22,906

    Savings total = £1000.28
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 26th Oct 18, 10:11 AM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    Oops I've not updated things for a few days...although there's actually not much to report. DC3 is poorly with croup so I haven't done much of anything. I've now got £25 worth of gift cards in amazon and am saving as much as possible in there to finish the Christmas present shopping. DH has just taken out car insurance and I need to sort home insurance. Once I transfer the money to cover these there'll be about £550 left in the savings account.
    Last edited by WelshKitty85; 26-10-2018 at 11:40 AM.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 27th Oct 18, 8:49 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    DC3 is much, much better today. I hate seeing him poorly so I'm very relieved to see him back to his usual crazy self.

    The house is freezing today! I forgot how cold the kitchen & dining room had got last winter and I'm worried about the children sitting in there to eat, do homework etc. We are waiting for a new radiator, but the plumber told us it would be a couple of weeks and that was 6 weeks ago! I've started looking for a new plumber today. In the meantime I've ordered some thermal curtains for the window and patio doors - only £27 for both, but I'll need to spend another £20 on curtain poles. I'm hoping it's might make the room a little bit warmer for now, then help to keep the heat in once we have the new radiator.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 31st Oct 18, 10:27 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    Happy Halloween! It's half term here. We've already had our fireworks display (ridiculously early as they are set off from the beach and therefore tide dependant). It was an amazing display. On Monday we went to a Halloween party organised by the local emergency services. It was all free but was absolute chaos! They clearly hadn't prepared for so many people to attend, but it got the children out of the house and away from computer screens for an hour or so.

    DC1 is staying at a friends house tonight, so DC2 had a friend over. They had a "feast" of witches fingers, spooky face pizzas, stuffed pumpkin peppers and cobweb cakes before gong trick or treating. DC3 got 2 bags of chocolate buttons, but DC2 has come home with a bucket full of various sweets and chocolates. I'm trying to teach him about finances and today's lesson is tax - because I took him trick or treating I've told him I'm charging mummy tax at a rate of 20% of his sweets .

    The new plumber turned up today, but clearly hadn't read my messages and didn't have the right tools for the job . He said he was going home to get them but didn't come back !! I've since messaged him and he says he's coming back tomorrow, but am I asking too much expecting people to let us know if they aren't coming back?
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 3rd Nov 18, 8:30 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    Urgh...feeling really deflated today as I've had to raid the savings. It's all been for planned expenses - DHs car insurance, new radiator, thermal curtains etc - but it's depressing to see the balance suddenly so low. I'll need to transfer more soon to cover home insurance and the plumber so I'm only expecting to have around £100 left in there. I have to keep telling myself that this is what the savings were for, to pay these big expenses upfront so I'm not payng them monthly over the year.

    In more positive news it's been another good week on SB and I've cashed out another £20 in amazon vouchers. Ive ordered a few small stocking fillers but still have £47.53 worth of vouchers left. I need another £80 for DDs birthday present. I'm not sure if this will be doable on SB before the end of December, but I'll give it a good go!
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 3rd Nov 18, 9:07 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    I've re-done my SOA as things have changed quite a lot since the first one I posted.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1390
    Partners monthly income after tax....... 600
    Benefits................................ 575
    Other income............................ 0
    Total monthly income.................... 2565


    Monthly Expense Details

    Mortgage................................ 799.3
    Secured/HP loan repayments.............. 240
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 146
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 57
    Telephone (land line)................... 23.75
    Mobile phone............................ 43
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 200
    Clothing................................ 0
    Petrol/diesel........................... 175
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 216
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 12
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 50
    Total monthly expenses.................. 2054.05



    Assets

    Cash.................................... 300
    House value (Gross)..................... 150000
    Shares and bonds........................ 0
    Car(s).................................. 20000
    Other assets............................ 0
    Total Assets............................ 170300



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 142000...(799.3)....4.59
    Secured Debt.................. 0........(0)......0
    Hire Purchase (HP) debt ...... 14888....(240)........5.66
    Total secured & HP debts...... 156888....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard....................8800......200...... .0
    Hitachi........................10375.....226.5.... .3.4
    MBNA...........................3731......50....... .0
    Total unsecured debts..........22906.....476.5.....-



    Monthly Budget Summary

    Total monthly income.................... 2,565
    Expenses (including HP & secured debts). 2,054.05
    Available for debt repayments........... 510.95
    Monthly UNsecured debt repayments....... 476.5
    Amount left after debt repayments....... 34.45


    Personal Balance Sheet Summary
    Total assets (things you own)........... 170,300
    Total HP & Secured debt................. -156,888
    Total Unsecured debt.................... -22,906
    Net Assets.............................. -9,494


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.


    Obviously DH's income isn't guaranteed but I've looked at what he has brought home over the last few months and this figure should be achievable. Anything over this will be a bonus.

    I hate that we are spending so much on fuel each month, but until circumstances changes (like DC2 starting high school next year and taking the free bus) then I just can't see how to reduce it. I'd like to increase our grocery budget slightly but I don't think that's feasible at the moment. However, DC3 will be getting weaned off formula milk and onto cows milk soon so that should give us £5 a week to spend elsewhere.

    I've not budgeted for things like car tax, insurance etc on the SOA, but as previously mentioned I'm putting aside anything I make from selling unused items, surveys etc into a savings account to be able to pay these in full when due.
    Last edited by WelshKitty85; 03-11-2018 at 9:11 PM.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • pidge04
    • By pidge04 4th Nov 18, 7:15 AM
    • 497 Posts
    • 1,391 Thanks
    pidge04
    Oh my! You've been doing so well with the Amazon vouchers!! Fantastic!
    Last edited by pidge04; 04-11-2018 at 7:45 AM.
    CC1 £2400/£422 CC2 £3000/£2269 CC3 £600/£0 LOAN £13,000/£5008
    • mark88man
    • By mark88man 4th Nov 18, 8:50 AM
    • 3,293 Posts
    • 6,873 Thanks
    mark88man
    Hello WK - love a good diary and this is a cracker!!

    Well done on your progress - we're all rooting for you

    Mark
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight - Fluctuating - less than I was more than I should be
    1/18: CC:11.5K@0% - Car Loan:17K@2.8% - Mort:145K@2.9%
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018-1H:£11K
    • WelshKitty85
    • By WelshKitty85 4th Nov 18, 9:53 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    Thanks so much for the words of encouragement. I'm finding it difficult to keep motivated at the moment as nothing exciting seems to be happening. 17 items listed on eBay, but nothing selling. Survey money getting swallowed up for Christmas presents. Budgets only just adding up. I'm not looking forward to living another 4 years like this. I know I need to snap out of it though, list the other 50 items I need to sell, crack on with the surveys, meal plan, batch cook...

    I've just been given 3 free coats for DC3 in the next few sizes and I've been promised a pile of books for DC2. DH helped me make a meal plan today. I cooked a roast dinner and have batched cooked a pie for tomorrow and another for the freezer. There's also lots of meat left over for the freezer.

    ETA its a year since we completed on our house purchase. We didn't get the best mortgage deal at the time but are fixed for another year. I'm hoping that when we are able to switch next year we may be able to save between £100-200 a month that will make our budget a lot more realistic.
    Last edited by WelshKitty85; 04-11-2018 at 10:00 PM.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • mark88man
    • By mark88man 4th Nov 18, 10:27 PM
    • 3,293 Posts
    • 6,873 Thanks
    mark88man
    I think it is the monotony of debt busting that is the real problem. Made worse if you regard the old way of spending/living as the norm.

    What we are all doing is rebaselining what is "normal", so you shouldn't begrudge not doing the stuff whilst secretly look forward to doing them again, you just need to accept and get past that the old ways were trouble.

    That does leave you with the problem of life being dull forevermore, but that's not true. Youbegin to just enjoy all the free stuff more, and over time you create an edge for yourself
    * less interest paid = more savings for you
    * better mortgage deal = more savings for you
    * more extra income / stable jobs = more savings for you

    Every now and again you can choose to spend the savings on a bit of extravagance, just don't over spend.

    Plus - having just gone back to ebay I 100% agree with you it is the most soul destrying thing out there. So stop for a while and try others - FB maretplace etc - they have disadvantages, but are a bit easier

    I'm not perfect by any means, and have been comfortable enough to tackle things slowly, but secretly I wish we had just gone for it - there is a law of constant pain - either you pay off the money quickly and have a lot of pain of each year or you pay it off slowly and have less pain but for far longer. Extremes are bad, but hindsight suggests you should be as aggressive as you can, and then every now and again (but in a controlled way) loosen off when it all gets a bit too much. Like a chippy tea or a road trip

    I don't mean to be patronising you've done so well, that's just how I see it
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight - Fluctuating - less than I was more than I should be
    1/18: CC:11.5K@0% - Car Loan:17K@2.8% - Mort:145K@2.9%
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018-1H:£11K
    • Treadingonplaymobil
    • By Treadingonplaymobil 5th Nov 18, 5:08 AM
    • 1,765 Posts
    • 18,164 Thanks
    Treadingonplaymobil
    I think it is the monotony of debt busting that is the real problem. Made worse if you regard the old way of spending/living as the norm.

    What we are all doing is rebaselining what is "normal", so you shouldn't begrudge not doing the stuff whilst secretly look forward to doing them again, you just need to accept and get past that the old ways were trouble.
    Originally posted by mark88man
    This is sooooo my trouble - I can't help look back to our old 'bad' ways with enormous nostalgia. Basically, life was a lot nicer back when we were happily in denial. And it's almost impossible to regard this new way as the norm and that old way as dead and gone for the foreseeable future. No sensible advice for you Welshkitty, but just wanted to say you're not the only one who finds it mind numbingly dull and depressing sometimes!
    £67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: £38,608 unsecured debt/£20,000 parental loan/£173,282 mortgage = £231,890
    debt on 1st Sept 2018: £12,221.27 unsecured debt/£19,940 parental loan/£191,003.72 mortgage = £223,165
    • WelshKitty85
    • By WelshKitty85 5th Nov 18, 8:35 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    Yes it's definitely the monotony that's the problem. I'd just like to be able to treat the children every now and then, and not worry about finding £14 for DC2s panto trip and £20 for DC1s performing arts uniform. We have never routinely overspent on day to day things, but it's the big purchases - £14,500 for home improvements last year, and £4,000 for DHs car - that have put us into debt.

    Speaking of cars, DH and I have been discussing getting me a new (used) car today as mine is costing a fortune to run. I'm tied into a pcp agreement on my current car but have found a few garages that would let me trade it in to pay off the pcp, then take out a new agreement. We're looking at cars of a similar value so monthly payments should stay the same, but something more economical that will use less than half as much fuel, and is free to tax. It's a lot to consider and I won't be rushing in to anything.

    DC3 and I are both poorly today with a sickness bug. I'm convinced he's picking up all these new bugs at childcare. Ive managed to get a few more surveys done, but overall have had a bit of a lazy day. I am feeling a bit more positive about things though and determined to get a plan of action in place. I've been looking around at mortgages and if we can overpay £1,500 in the next 12 months then our LTV will be below 90% when we come to remortgage, which will make a big difference to the interest rate. I think I need to prioritise this, whilst keeping in mind some of my 0% deals will be ending next year.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • Chrystal
    • By Chrystal 6th Nov 18, 6:14 PM
    • 508 Posts
    • 3,335 Thanks
    Chrystal
    Having a plan of action is a massive step forward. It tells you where you want to be and what you have to do to get there. Seeing things in doable chunks makes it much easier to deal with, and I'm sure you can achieve it.
    The good thing about DC3 picking up bugs from interacting with other children is that at least his immune system will have kicked in and hopefully things won't be as bad when he picks them up again.
    Hope you're both feeling better soon. X
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
    • WelshKitty85
    • By WelshKitty85 8th Nov 18, 8:07 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    I might just have a bit of good news. Some of you may know that I have a pcp agreement on my car. I'm 6 months in so can't hand it back at this stage. I pay £240 a month for 4 years, at the end of which I won't own the car, but will either have to pay a lump sum or hand it back. But I've found a garage that will to take the car off me and pay off the balance of the pcp, in return for me buying one of their (cheaper) cars. If it works out, my monthly payments will reduce by about £10 BUT I will own this car at the end of the 4 years. The new car will also be cheaper to fuel, tax, and insure.

    I had a missed call from the garage today though and saw it too late to call back. I'm now worrying that they were calling to turn me down for their finance and say they can't help me.

    I know £230 a month is still a big commitment, but I feel that this would be a step in the right direction, especially with the reduction in running costs and the fact I will own the car at the end.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 10th Nov 18, 3:54 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    It's looking like I'll be picking up my new car in the next week. We've rejigged things a little bit and my monthly payments will now come down to £209. Although, we're tempted to take out their service plan at £15 a month. Either way, my monthly payments will reduce. I'll also get a £10 refund from my car insurance and around £75 car tax refund.

    I sold £140 worth of items yesterday and spent £135 of it ordering DDs birthday present. Just a few small Christmas presents to buy now, but £50 amazon vouchers and £5 boots points should cover most of it.

    DC1 & DC2 have cloth advent calendars with little pockets that I want to fill. I'll put in some chocolate coins, sweets, maybe a few £s and 50p's, but any other (inexpensive) suggestions for a 12 year old girl and 10 year old boy would be much appreciated.

    I've set up a £75 per month overpayment for the mortgage to get us closer to the 90% LTV we want to be at when we remortgage next year.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • WelshKitty85
    • By WelshKitty85 12th Nov 18, 10:40 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85
    We had an awful weekend as my parents dog unexpectedly passed away. The children are heartbroken (as we all are really) and I'm feeling emotionally drained. It's been hard to concentrate on anything, but DD is performing in a big show at the end of the week and has rehearsals every night until then, so we need to get back to normality and focus on that.

    I'm setting myself a mini challenge for the rest of the month - I have £90 cash in my purse (& DD owes me £5) so I'm going to try and keep my grocery shopping under this amount. I'm not sure how realistic this will be but my mum bought some nappies and wipes for DC3 today and we won't need to buy any more formula for him so this will all help.

    DD finally gave us an idea of what she wants for Christmas so I ordered some items with my amazon vouchers. I have £28.38 left on my account and am close to cashing out another £10. I need another couple of presents and will check out the Black Friday deals, but anything that's left in my amazon account close to Christmas I thought I may place an amazon pantry order for some nice food over the holidays.

    We sold an old phone today for £50. Have a few more items listed for sale so they will hopefully sell and give our finances a nice boost.
    Enough is enough...
    £29,603 (22/7/18) £22,906
    • Starmummy
    • By Starmummy 13th Nov 18, 12:13 PM
    • 275 Posts
    • 1,251 Thanks
    Starmummy
    I really need to join you with the grocery challenge WK. I've let Mr Star take control this month and although not bad I'm feeling agitated at the lack of control (control freak ha ha)

    You are doing really well on the selling. I have two bags of stuff to go and I've just not bothered listing a single item.
    debt consolidated 16/8/18 £11,917.34/£12,618.12 (Total debt at LBM c..£19.5k)
    EF savings £650.06 House Deposit (LISA) £480.00/£12,000 4%
    • WelshKitty85
    • By WelshKitty85 13th Nov 18, 3:41 PM
    • 859 Posts
    • 7,102 Thanks
    WelshKitty85

    You are doing really well on the selling. I have two bags of stuff to go and I've just not bothered listing a single item.
    Originally posted by Starmummy
    It might seem that way but in reality my bedroom floor is covered in items that I've STILL not got round to listing. Must do better!
    Enough is enough...
    £29,603 (22/7/18) £22,906
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