Got myself into a sorry old mess..

GrowingUp57 · 19 March 2017 at 2:05PM

Hello! I'm doing a daily statement of all my debts and any movement to keep myself accountable every single day! Attempting to tackle one by one starting with the smallest and going up. I realise this may not be the best way to do it but psychologically I will like ticking them all of the list! So here is the sorry state of affairs:

Loan - 8103
Barclaycard - 3859
Very - 1280
Capital one CC - 735
Nationwide CC - 476
HSBC o/d - 350
NW o/d - 150
Family loan for buying house - 1000 (really 2000 but split with other half)
Total - 15953:eek: basically a years wage!

I will do a proper soa at some point but at the moment setting out the debts is quite enough!

Here's hoping this works :j

enthusiasticsaver · 19 March 2017 at 2:11PM

Which debt are you tackling first?

Do you know how the debt came about? I.e. Is it due to particular event (car, wedding, holiday, home improvements, redundancy or maternity leave?) alternatively is it years of poor budgeting and overspending meaning it has built up overtime with maybe debt consolidation once or twice?

GrowingUp57 · 19 March 2017 at 2:19PM

Hi there, the family debt and loan are both fixed monthly payments at £250 p/m and £231 p/m respectively so the family loan will gone by 1st July! So apart from those, I'm going to go for the credit cards first starting with the nationwide one, then the very account, then the overdrafts and then lastly i can plough overpayments on that loan!

Years and years of poor budgeting, spending money I don't have and yes a couple of debt consolidations thrown in too, I would be able to tell you where it's all gone, trying to maintain a lifestyle I clearly can't afford!

I've just turned 30, bought a house and got engaged all this year so really hit home that this needs sorting out!

GrowingUp57 · 19 March 2017 at 11:48PM

Didn't really spend today had a nice walk with the dogs and then a bath but then went out for tea. Meal each with a drink in spoons £19.14, came out of the joint account so nothing added to debt

GrowingUp57 · 20 March 2017 at 10:42AM

Today should be NSD as working all day, I work from home so big bonus spending wise although I did sacrifice a higher wage to do so! So breakfast, lunch and cups of tea all sorted for £0, going to get some mince out and have spaghetti bolognaise for tea, simple but have everything in and relatively healthy (I.e not processed) as diet hasn't been the best recently. Frozen chips and pizzas are much cheaper than fresh fruit and veg!

Same story today

Loan - 8103
Barclaycard - 3859
Very - 1280
Capital one - 735
Nationwide - 476
HSBC o/d - 350
NW o/d - 150
Family loan for buying house - 1000 (really 2000 but split with other half)
Total - 15953

GrowingUp57 · 20 March 2017 at 11:05AM

Just looking at household bills. The annoying thing is I'm already really savvy with all this stuff, I shop around every year and always get the right deals it's just my personal spending that is out of control. Most of these are brand new deals I've shopped around for so I just can't see anyway of getting them down.

Mortgage - 170

CT - 112

Sky - 69 (need top package due to working from home - this is actually with 50% off!)

Gas and Elec - 75 (brand new tarriff with First Utility)

Pet - 54 (I have 4 dogs and I pay for a top policy)

Life - 30 (brand new through financial advisor)

Water - 20

Buildings - 19 (again brand new)

Contents - 17 (already had this policy and it was £11 however moving and adding engagement ring bumped it up)

TV - 12

Netflix- 6

Total - 584

I pay 50%

kazwookie · 20 March 2017 at 11:12AM

Hi

What the the % apr's for the cards?

You need to find this out. Then try to move the largest % to the 0% deal cards, as it could be your are only paying off the interest and not the actual amount.

Good luck

GrowingUp57 · 20 March 2017 at 12:37PM

kazwookie wrote: »

Hi

What the the % apr's for the cards?

You need to find this out. Then try to move the largest % to the 0% deal cards, as it could be your are only paying off the interest and not the actual amount.

Good luck

Thank you. I will find out and post all with APR's. What I do know is that none of them are 0% but my payments are covering some main payment aswell as interest.

GrowingUp57 · 20 March 2017 at 8:21PM

Managed the NSD :j

Chuffed with myself as made corn beef hash for tea with some potatoes that would have gone in the bin otherwise.

Can't pay anything at all off debt until payday but at least I haven't added to it.

DCFC79 · 20 March 2017 at 8:28PM

Do you really need the top package from Sky, dont think you do, you have Netflix.

GrowingUp57 · 20 March 2017 at 8:43PM

Sorry I can't seem to quote on my phone! It's mainly for the internet so I need the unlimited fibre broad band due to working from home so with that the deal we got (family and friends) automatically gave us all the TV too. So it really more about the internet than TV. Suppose I could always cancel the Netflix for the time being but one wonders whether it's really worth cancelling for the sake of £3 a month. I know it's bad but £3 a month isn't going to go very far at all!

Got myself into a sorry old mess..

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