I’m taking control of my life, now.

boxofpaws · 15 January 2017 at 2:26PM

Hello lovely MSE-ers!,

I have been a user of this site for many years but created a new username on 3rd Jan because I had doubled the debt and I was so embarrassed!

So here I am, £40k+ in debt. The reasons (excuses) are many and varied, so I won't dwell on the past. However, our current situation is good, good income, happy marriage, nice home and we can really make good in-roads to this accumulated debt.

In the past, we have failed at debt busting, and I think it was down to the plan being too punishing and too complicated. This time, I will set us achievable targets and make it easy to hit them.

Thanks to anyone who has read so far, I will report back later with my plan.

Boxofpaws x

boxofpaws · 15 January 2017 at 7:09PM

Anybody who knew the old MSE might recognise the following format

Good things since I rejoined on 3rd Jan :j

Faced the amount of debt we are in.
Rediscovered MSE and the lovely, helpful people on it.
Cancelled the most evilest credit card.
Did a massive credit card shuffle to get everything on 0%.
Got the husband on board
Opened new account for 'contingencies'
Set up new SIMPLE payments on all credit cards
Logging all spends so that I can do an accurate SOA
Shopping online for groceries and meal planning
Got a refund from supermarket when I whinged at them
Paid off 2 overdrafts (so we don't have an overdraft now)
Worked out what all our annual bills are as well as monthly ones

Bad things

Our debt is at an all-time high. It’s something like £41k but will post the exact amount once all the balance transfer deals etc have gone through.

boxofpaws · 15 January 2017 at 8:14PM

Current credit card debt
Barclaycard £4,262.68
Lloyds £7,260.27
MBNA £7,831.10
Tesco £8,500.00

Loans
1 loan - £8300 outstanding
1 HP - approx. £4000 outstanding. Ends in June when I will probably have to pay ~£3k to pay it off. I don't want to take out another HP for a new car but not sure yet how I will pay the bubble. Its my next job.

Total £40,154

Blimey

Bobarella · 15 January 2017 at 9:03PM

Good luck BoxofPaws.

takingcontrolatlast · 15 January 2017 at 11:00PM

Good luck - I've subscribed - great news with the overdrafts and the 0% interest cards - that's 2 boxes ticked :j

My overdraft is currently £1700:o I don't think I can get a 0% card - I did do a search for one and it offered me a card with a creditor I currently owe money too!

You sound really focused

Best wishes

parsniphead · 16 January 2017 at 8:00AM

Debt is so difficult boxofpaws. Don't be too hard on yourself.

Two years ago I was nearly out of debt at the end of a DMP, just a few hundred pounds away. Now I have £7000 to sort out. The DMP helped but I obviously didn't learn to budget properly. I now use Everyd0llar and I'm finally getting somewhere.

0% interest cards are the way to go. At least your money will be paying of debt and not going to them as interest.

Good luck in your journey.

boxofpaws · 16 January 2017 at 7:27PM

Ooh visitors - how lovely! Thank you for popping in, I do worry that no one will post and I will look like Billy No-Mates.

Thank you for the encouragement Bobarella

Takingcontrolatlast, we got a good deal on the 0% by using the MSE weekly email and the current best offers. Have you tried that?

Thank you parsniphead. I feel a bit daft but I am trying to just focus on the positive, not the might-have-beens. I will look up everydollar later. I did once try YNAB, but I didn't really get on with it. I'm a spreadsheet kind of gal.

I will post back later

takingcontrolatlast · 16 January 2017 at 7:45PM

No I havent as yet - I just tried n*ddle and money superm*rket - but its on my to do list - thanks

boxofpaws · 16 January 2017 at 9:33PM

I haven't posted my great plan yet, have I?

Things I am going to do

Meal plan and cook from scratch.
Online shop mindfully.
Make my lunches.
Work really hard at my job to try to progress.
Allow treats. Going to the pub quiz, and fish and chips at the seaside.
Buy nice food, just don't waste it.
Question everything we spend.
Check annual bills and shop around.
Change any monthly policies to annual.
Try and use vouchers but only if I need the thing it’s for.
Give regular meter readings!
When I am asked to spend money on something, don't be afraid to say, 'its not in my budget' or 'I can’t afford/justify it'.

Things I am not going to attempt

Buy food that we don't quite like as much.
Completing surveys - if I have spare time I will spend it on my job.
Payment a day - it doesn't suit our payday/cashflow. cycle. I will pay money out as soon as we get paid, so it’s gone and can’t be spent on other things without if being a faff.
Do things that I find inconvenient.

Hats off to all the people who do surveys, and go out to the supermarket late at night to get the deals, or make a payment to a debtor every day. But when I tried them in the past, I found it hard work, and the husband thought he was being punished. I want us to not really notice we are repaying a load of debt.

I don’t know if that’s possible but I will give it a go.

Bobarella · 16 January 2017 at 10:13PM

Good decision, you shouldn't live in a way that makes you unhappy. You sound very focused.

Little--fish · 16 January 2017 at 10:28PM

Hi boxofpaws - it sounds like you've got a great plan together and well done on getting everything onto 0% - that's amazing and it will feel so much better that a chunk of your re-payments isn't going on interest.

I think trying to approach it the way you are, and understanding what will help you and OH stick to it in the long-run is a brilliant way to do it - I'm sure you'll be successful. And those treats that you allow yourself will make it more sustainable for the longer term.

Wishing you all the best of luck!

I’m taking control of my life, now.

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free