Debt thread!

[Applecider]

Hey ladies hope u all well today!!

Had a day off today! Sitting at my table looking at my credit n store cards N overdraft! I've really let it slide I didn't realise to be honest! Not long bought a house never realized how much I put things on cards!!

Ok so thought I'd Start a thread of getting rid of this debt, even if its just me lol! Maybe share ideas on money making before our babies arrive! Or at least make it manageable!

I've asked work about maternity pay I get 6 weeks full pay, 12 weeks half pay plus SMP then after that it's just SMP. the good things about my work is that they have to said to make it easier they will share it out over the 6-9 months I'm goin to be off. I haven't decided yet to be honest but with outgoings at £900 at the moment this has got to change!!

I was going to get a loan to clear the debt but they cost so much to have, so I've just had a credit card interest free until may 2013 to cover half the debt and I can pay the minimum payment on this.

It's the rest I need to clear ASAP!!

Trying not to stress but very difficult. Looking to raise £3000 by march 27. Big target but Im goin to be positive I think I can do it!!

Xx

 

[Pickledonions]

i got a fair bit to clear too i think we all have these days lol

 

[NinjaKitty]

I've been there and done that with the getting a new house and cc debt. It's bloody expensive setting up a new house.

I reckon you've done the right thing by facing it and looking to make a plan.

Having this baby has helped us clear out and realise how much crap we have we just don't need. I've found a few high value items which will go first. After that I am ebaying and car booting the rest even if it's only worth 50p. You'll be surprised how much cash you can generate.

Also be harsh about outgoings like do you really need that gym membership for example. Getting your tv, Internet from one provider can really cut gown on costs too. Shop around and make sure you have the best gas/electric prices etc. There's really quite a lot you can do.

 

[Lilelephant]

We have debts of 21 grand on loans and cards so I know how u feel! We r slowly paying it of tho and we make sure we budget everything x

 

[Kezzamunster]

It can be done girls, motivation & determination will get you there

All I'd say is don't leave yourself short every month though & set realistic targets, it's easy to want to be debt free ASAP & using every spare penny to pay things off but having no money left for anything is horrid if you have months & months to get things paid

xxxxx

 

[Lilelephant]

I agree kez in out budget we have a leisure bit for things like cinema or going out for dinner lol

 

[Kezzamunster]

It's not only a struggle financial but can be a struggle emotionally & on your relationship to so you defo got a good plan hun, you have to allow yourself lil pleasures in life

xxxx

 

[nikki87]

i'm so glad there is a thread for debt! and as horrrible as it is im very glad im not the only one!!
i was starting to think it cant be done and i wouldnt be able to pay anything off.

How are you girls planning on doing it? my debt is very minimal compared to you MrsMC (im sorry!) !! but defo worth changing cc's over to interest free and paying back minimal till backa t work!!

 

[Lilelephant]

Lol most ppls us Hun lol we started off with over 35 grand

 

[hugsy]

Were in a similar strugle but what we have done now is set up all our bills on monthly DD so instead of having a big bill once every 3 months from each of them and not being able to pay them we pay a smaller amount every month so we know where were at, We also set them so everything rent and all comes out of the 1st of the month so by the end of that week we know that whats left is to live on so we then do a massive shop with lots of pasta rice tins of tommatoes for making sauces n freezer full of mean.
so even if we run out of money there enough pasta and rice etc to live on and in an ideal world we will now have some left to put into a savings account each month between now and baby arriving in March

With the long run plan being that when I am on maternity we will have the savings to use twords the bills.

Only time will tell if it works

Afraid i have no money making ideas so far but will defo be following this tread to see what other ideas you get

 

[Applecider]

Thanks for the replies and kezza I kno what u mean cause i always leve myself short n go back on the cards for petrol n food!!!

I think alot of ppl are in debt and mrsmc I wasn't far from ur total a few years back, I paid it off, went to oz for a year and it mounted up again when I got back!!

I'm gonna target £3000

What's everyone else's by their due date xx

 

[hugsy]

Were hoping to have 4 by March, well end of Feb realy cos im due first week of March

BUT We have had to get a new car this week and as no one would buy ours we had no choice but to trade in for a diff one n add another 2500 to our debts so might need to re jig it when i get the finance paperwork but if we get our 4K might just clear off that loan then

It is so stressfull but I think just planning ahead and being aware of it is the best thing so ya sound like ur on top of it from that point of view

 

[keepontrying]

Cut the cards up!
Swap the balance to 0% interest cards
Overpay on minimum payments each month by as much as you can!
Stop spending on anything other than essentials.
Cancel the home phone if you both have mobiles.
Cancel sky / cable tv
switch light bulbs to energy saving.
Turn things off at the plug sockets where possible.
Buy value range food, shop at greengrocers / farm shops or even these asian places for £1 per bowl of fruit and veg (i have loads of these near me)
Dont buy anything for house of baby till a lot nearer the time
Buy in sales.

Im lucky not to have any credit cards - it took me 10 years to get rid of mine! I cancelled my catalogues, only have a minimal overdraft so dont feel the pressure that way.
However my basic bills are around £1500 per month, im the breadwinner of the household and have been signed off sick.. so we are faced with having to rent our property out and moving into an annex at the inlaws.... we gotta do what we gotta do!

 

[titch]

look at things like car and home insurance. A lot of people dont realise that you can switch at any time, your company will give you a return premium. I got a fiver a month off my home insurance just cos I rang up and asked how much cancellation fee and return premium would be as Id found cheaper and they just dropped it to £15 per month instead of £20 Its well worth doing! Ive pretty much cut back every way I possibly can, I find the 'money saving expert' website fantastic! Such brilliant level headed advice. Could you claim back any PPI? And check your council tax banding... the list goes on with them!

 

[titch]

oh and a tab came off a pampers nappy, ( think I was a bit harsh with it) and I emailed a complaint and they sent me a £10 pampers voucher!! ) got another box of nappies for free!

 

[Sleepy sue]

Hi Hun
Everyones got debt. We are selling things ebaying clothes etc

music magpie just raised us £300

Sold motorbike

Good luck x x

 

[titch]

i need to go onto music magpie really, a job for next week.

 

[mustard]

Oo music magpie that's a good idea (it will create some extra space too, all our cds and dvds are in the soon to be nursery). I'm definately up for some ideas I have paid off most of my debts apart from the massive mortgage (and I think about £700 left on loan) but I really want to try to save up as much a possible before I go on maternity leave to make sure that I don't start racking up more debt on baby stuff and when my pay drops to SMP.

 

[GregorysGirl]

Keep on trying.....i totally agree with all ur ideas...we do all of those.
We hve no debt apart from a bank loan i gad for my car. there is about5k left on it...so wat im doin is payin my mnthly payment n ive sent up a monthly saver where im saving the same amount...so when i have enough saved t clear it...it will jst wipe the remaining n i wont have t pay an overpayment charge.
Another gooooood tip is....if your oh has been driving fof a long time like mine n has a large no claims..craig had ten yrs.
Then if uboth insure ur car with directline u can have his no claims reflectd onto ur policy. i saved 20quid a mnth...240 a yr. can also b done the other way round if uve been drivin longer.
Anothwr tip iz to set up a spreadsheet so u cn see ur debt reduce visually n actually see an end to it with a ptojected date. if ur sad like me u can always do a graph...lol.
We really have cut totally bk t save each mnth for junior but itll b aaaallll wrth it x

 

[l_maclean]

hey - this is a great thread. We're not doing too badly but with having a wedding and new house in the last year, plus some unbudgeted honeymoon expenses cos of DH's injury - our credit card is higher than I'd like.

I've kinda started having a nosey round the house to see what i can get rid of.

Just sent off two old mobiles to an online site - which should earn us about £100. Was having a clear out and found some old forgein notes - some of it just little amounts - but it totalled nearly £150.

Also had a clear out of jewellery - only realised recently just HOW much the price of gold is just now. I mean I knew it had gone up - but i took a charm bracelette to jewellers to get fixed and he told me its worth nearly £1000 just by weight - so i've searched for all the odd earrings and broken chains ive had lying around. Not worked out where the best place to take it is yet - but hoping it will be profitable.

A website I totally recommend is Quidco - you get cashback for buying from certain websites - including if ur changing some of ur utilities to save money.

We're also putting money away on a savers card in Asda - they add to it in time for xmas - might use it for stuff for bubs - or just normal shopping - but either way will lower some sort of bill in a few months.

xxx