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  • FIRST POST
    • scotdebs
    • By scotdebs 20th Jan 16, 5:40 PM
    • 554Posts
    • 3,075Thanks
    scotdebs
    It's all fun and games until ...........
    • #1
    • 20th Jan 16, 5:40 PM
    It's all fun and games until ........... 20th Jan 16 at 5:40 PM
    You are faced with the possibility of losing your job Having lost count of the LBMs and diaries started its probably best to start with a quick recap using my guide of How to Get Yourself in Debt

    Step 1 - deny deny deny
    The main bulk of our debt was racked up years ago when we were earning ok but not fabulous money - but boy did we live the fabulous life style- dinners out, great holidays, gadgets - basically we denied ourselves nothing- never worried about the debt we had - life was good tomorrow would never come

    Step 2 - realisation, panic face the problem
    We moved house massively increasing our mortgage then it suddenly became a bit trickier to meet all the cc repayments so I did the sensible thing ..... Had a baby and went on mat leave for 12 months ( half of which was paid, let's not mention the other half). Then realised we couldn't meet card payments and pay normal bills and basically we were in the poo. This time I did face up to it - cut down on loads of house hold bills, food shopping,started living on a tight budget etc and started being able to make overpayment to some of the debts

    Step 3 - sod this it's too hard
    We now had both had decent pay rises which meant that we could services all the debt ok and still live well - and well I could alwaysmake an overpayment next month anyway ........

    Follow the above easy steps and you too could find yourself in debt to the tune of £43k

    So now faced with a very real prospect of not being in my current job this time next year and the thought of any package I do get going ALL on paying off debt breaks my heart ..... It's time to put on the big girl pants and face this properly paying off as much debt as I can within the next yr which means any package can be a proper buffer till I get another job or go towards something useful - if I'm very lucky and stay in my job then double bonus

    My next post will be a shameful listing of all current debts,........
Page 1
    • scotdebs
    • By scotdebs 20th Jan 16, 6:58 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    • #2
    • 20th Jan 16, 6:58 PM
    • #2
    • 20th Jan 16, 6:58 PM
    Deep breath here goes............. this makes for a very sorry read


    Card Balance % rate
    Capital 1 87 31%
    RBS Gold 256 6%
    turnkey card 256 14%
    Barclaycard (his) 282 28%
    Next 563 24%
    Very 720 0% all on buy now pay in 12 month and I am paying off the right
    M&S reserve 950 18%
    fraser card 959 30%
    M&S Charge card 1095 24%
    RBS him 1400 22%
    his BOS IF 2 200 0%
    my Bcard IN free 3629 0%
    mine BOS Master 5326 0% mostly 0% except $1k
    MBNA mine IF 6202 0%
    his MBNA 6911 0% and 14% part interest free and part interest
    Black Card 12193 14%




    Seeing it all in black and white like that is very disturbing - I may need wine
    • Kitten868
    • By Kitten868 20th Jan 16, 7:54 PM
    • 816 Posts
    • 1,621 Thanks
    Kitten868
    • #3
    • 20th Jan 16, 7:54 PM
    • #3
    • 20th Jan 16, 7:54 PM
    Hello,

    I'm here after my first LBM and I'm past the quick successes and into the long slog but still going
    You've got lots of easy wins on there! Enough to keep you going certainly! You're back and that's important. Here's to the first bit and some easy wins! X
    Loan 1 £7100/£8000
    Loan 2 £5100/£5800
    Total £12200/£13800 12% PAID
    • scotdebs
    • By scotdebs 20th Jan 16, 8:23 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    • #4
    • 20th Jan 16, 8:23 PM
    • #4
    • 20th Jan 16, 8:23 PM
    Thanks kitten - the quick successes should hopefully be taken care of by no council tax payments for the next 2 months and a works bonus next month AND...... Was browsing the topcashback website and spotted a 40 month interest free offer with Halifax (&£20 cash back) both OH and I were accepted and so have managed to shift £6600 onto 40 month interest free woo hoo with £49 cash back in the pipeline - don't have the energy to update the list of shame just now will do after payday when I clear some of the easy successes and hopefully the balance transfers are taking place - just need to keep taking positive steps in the right direction- look forward to seeing your debt signature come down too
    • Kitten868
    • By Kitten868 20th Jan 16, 9:39 PM
    • 816 Posts
    • 1,621 Thanks
    Kitten868
    • #5
    • 20th Jan 16, 9:39 PM
    • #5
    • 20th Jan 16, 9:39 PM
    Keep posting the list of yucky debts. It'll make it feel better pay day tomorrow so yes can't wait to update lol x
    Loan 1 £7100/£8000
    Loan 2 £5100/£5800
    Total £12200/£13800 12% PAID
    • chevalier
    • By chevalier 21st Jan 16, 2:30 PM
    • 7,740 Posts
    • 17,978 Thanks
    chevalier
    • #6
    • 21st Jan 16, 2:30 PM
    • #6
    • 21st Jan 16, 2:30 PM
    Well done on those easy wins. Don't forget to check your utilities and insurances to make sure you are getting those the cheapest too
    I want a job that is less than an hour driving away from my house! Are you listening universe?
    • scotdebs
    • By scotdebs 21st Jan 16, 5:37 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    • #7
    • 21st Jan 16, 5:37 PM
    • #7
    • 21st Jan 16, 5:37 PM
    Not so patiently awaiting pay day next week when capital one, next, fraser card and his barclaycard should be history which will feel so good to clear out 4 debts in one go - got to love the months you don't have to pay council tax ..........
    • crazy_cat_lady
    • By crazy_cat_lady 21st Jan 16, 7:13 PM
    • 3,327 Posts
    • 28,587 Thanks
    crazy_cat_lady
    • #8
    • 21st Jan 16, 7:13 PM
    • #8
    • 21st Jan 16, 7:13 PM
    Good luck! I still have another week until payday too and this month is tight. You sound determined
    Stick with the diary - it'll keep you on the straight and narrow. And join in with challenges.
    NSTSeptember #32 NSD 8/18 RYSAW17 #1 £1313.42 20p Savers #88 £1 a day for Xmas # DFD 6 Nov 15 - paid £28,447
    • scotdebs
    • By scotdebs 22nd Jan 16, 4:09 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    • #9
    • 22nd Jan 16, 4:09 PM
    • #9
    • 22nd Jan 16, 4:09 PM
    Happy Friday diary! Just had a txt message from barclaycard to say they have increased my limit which means I was able to take advantage of their 2yr 0% balance transfer off - a nice productive feeling whilst waiting for pay day

    One piece of advice I would give to anyone that is struggling is to make paying your credit card payments on time a real priority. A couple of years ago we we were really in the poo (see stage 2 of How to Get Yourself into debt) we had been late with a lot of payments not massively a few days or a week but as a result we could not get 0% balance deal for love nor money- now more that half of our debt is sitting on 0%

    Anyway nearly wine o'clock time
    • scotdebs
    • By scotdebs 26th Jan 16, 12:36 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    And it's pay day - hurrah time to update the list of shame for some items paid off and all the reshuffling to take advantage of 0% offers

    Rbs gold 256 6%
    Turnkey 256 14%
    Next 363 24%
    Very 720 0%
    Ms reserve £950 18%
    Fraser card 959 30%
    MS card 1095 24%
    Barclaycard 5029 0%
    bOS 5326 0%
    Mbna me 6202 0%
    Mbna him 4011 0%
    Halifax 6600 0%
    Black card 8493 14 %

    Debt at start £43k debt now £42.5k 1.3% paid off

    OHs pay day in couple of weeks time which will mean good riddance to the next account and the fraser card

    Now need to resist the usual "been paid" temptation to have a bit of a blow out...... And keep my fingers crossed that my company announces we are getting bonus this year
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • crazy_cat_lady
    • By crazy_cat_lady 26th Jan 16, 8:01 PM
    • 3,327 Posts
    • 28,587 Thanks
    crazy_cat_lady
    Yay! Long may it continue for you - that's brilliant that you've gotten down by 1.3% already
    NSTSeptember #32 NSD 8/18 RYSAW17 #1 £1313.42 20p Savers #88 £1 a day for Xmas # DFD 6 Nov 15 - paid £28,447
    • scotdebs
    • By scotdebs 1st Feb 16, 3:20 PM
    • 554 Posts
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    scotdebs
    So it occurred to me that just sitting about waiting for each payday is going to make this debt busting journey (& diary) just a tad uneventful.......
    I know that our biggest over spends are
    - grocery shopping
    - takeaways
    - meals out
    These 3 things are constantly the reason I don't make the maximum overpayment that we can each month so it's time to take them in hand. And so yesterday I wrote out a meal planner I then went the supermarket with.........a list
    This is bit of a first for me, I always used to find the thought of meal planning and knowing on Monday what I'll be eating on a Thursday a bit soul destroying. But I'm fed up spending a small mortgage on food and being mega disorganised and throwing together dinners.....
    So all I need to do know is go and find said planner so I know what I'm meant to be making tonight .......
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • scotdebs
    • By scotdebs 3rd Feb 16, 3:32 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    It's shuffle time again- the mbna card debt that I moved on to the 40 month 0% deal have just sent a letter offering a years balance transfer at 0% so another 8k about to be moved
    My credit card tracking sheet of balances, rates and when the transfers expire is turning into quite a work of art 😁

    So other news is that so far I have managed to stick to my meal planner so far this week - yes I know it's only been 2 days but that's a 100% improvement on my previous attempts

    This weekend I will stay out of shops and restaurants we had naughty meal out with the kids last weekend £78 and I will de clutter my wardrobe which will hopefully in addition to bringing me a zen like state of mind may offer up some items for eBay ????
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • brizzledfw
    • By brizzledfw 3rd Feb 16, 6:37 PM
    • 7,071 Posts
    • 34,194 Thanks
    brizzledfw
    Hi scotdebs...think our paths have crossed before..and the debt and income levels you mentioned on Forward Thinking's thread reminded me to check out your diary..

    Have subscribed and here to cheer you on your way.

    Lodgers, summer students, renting out our motorhome, Bay of E, YNAB and curbing my 'food and eating out' tendencies have made a huge difference to our money situation. Now both part time and I am freelance..couldnt have done that a few years ago and survived.
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    September '17 Savings Rate Goal: 33% [August 33%]
    Declutter 100 items before 30.09.17 35/100 ** LSDs Target 5 for September 02/05 **AFDs 09/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 5 for September 01/05 Trying to be a Frugalista
    • scotdebs
    • By scotdebs 3rd Feb 16, 9:49 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    Brizzledfw hello indeed think you subscribed to one of my earlier diaries/attempts at debt busting as you can see from my signature there was not a lot of progress in my time away from MSE
    But I'm back and within the next couple of months pretty much all my debt will be on 0% which is a big boost in getting the dastardly cards down - also company announces if we get a bonus tomorrow so keeping everything crossed - away to find your diary - I have some catching up to do
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • *snow*white*
    • By *snow*white* 4th Feb 16, 7:22 AM
    • 104 Posts
    • 726 Thanks
    *snow*white*
    Hi wishing you well on your journey.

    I know what you mean about meal planning I had always resisted it but since new year have been doing this and must say its been working a treat. Made shopping trips much quicker and less stressful no trying to think what will go with what and chucking stuff in the trolley.

    Subscribed and cheering you on
    "Little by little one travels far"
    • getmore4less
    • By getmore4less 4th Feb 16, 8:58 AM
    • 29,772 Posts
    • 17,800 Thanks
    getmore4less
    BE carefull as you go down the list at some point the BT fees will be more than the interest you save by just paying something off.

    You may benefit from a bit of feedback on a full SOA.

    The going out and spending, can you create a different distraction?

    If you don't have any TV package what about a NowTV box and a voucher for movies or entertainment(£20) and do a load of movies or a few box sets.
    • scotdebs
    • By scotdebs 4th Feb 16, 7:36 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    Welcome aboard Snow White I think the meal planning is just going to be a habit I have to learn to adopt - at the moment I'm not planning for weekend and just letting that be a bit more casual but without resorting to takeaways and meals out

    GM4Less good point on the fess but I do always check it makes sense for example the 8k I moved was at over 20% apr and I would never have paid that off in a year so have saved well over 1k in interest ( am ashamed to say with all this debt I actually work in finance ) . My SoA would send horror into the very heart of the MSE forum....... There is a lot of discretionary spend on there ( golf and gym membership, sky package etc) that we could in theory live without however we can also overpay by a decent chunk each month as long as I get control of the grocery shopping takeaways and eating out......... This was not the case when we were "in the poo" and everything did get cut to the minimum - I know that just wouldn't be sustainable for us
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • crazy_cat_lady
    • By crazy_cat_lady 4th Feb 16, 8:22 PM
    • 3,327 Posts
    • 28,587 Thanks
    crazy_cat_lady
    It's taken me quite a long time to get into the habit of meal planning, and I still slip up occasionally. But it is worth it, and does save money.
    NSTSeptember #32 NSD 8/18 RYSAW17 #1 £1313.42 20p Savers #88 £1 a day for Xmas # DFD 6 Nov 15 - paid £28,447
    • scotdebs
    • By scotdebs 4th Feb 16, 11:24 PM
    • 554 Posts
    • 3,075 Thanks
    scotdebs
    So the title of this evenings post is "don't get complacent"
    So having done my SOA identifying overspends, making some changes re spending habits etc etc and finding out I will get bonus I was feeling super confident that the cc debt days are numbered......... Then I read the 2 previous diaries I started on here. I recognised the same determination, focus, enthusiastic approach to debt busting I have just now - and how quickly that bubble burst - and every time - yes you guessed it folks- the debt has increased

    So yes financially in terms of income we are in the best place we have ever been but my own position is still very uncertain and now is the time to make changes in a lot of our habits........
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
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