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  • FIRST POST
    • AspiringButAnxious
    • By AspiringButAnxious 30th Jul 15, 1:30 PM
    • 615Posts
    • 2,489Thanks
    AspiringButAnxious
    Battling Debt and Mental Illness — and (hopefully) Winning!
    • #1
    • 30th Jul 15, 1:30 PM
    Battling Debt and Mental Illness — and (hopefully) Winning! 30th Jul 15 at 1:30 PM
    Hi everyone

    I've been lurking on the Debt-Free Wannabe forums for ages and thought it was high time I joined in. I'm also hoping that having my own diary will motivate me to keep going — I've been reading some of the other diaries on here and feel inspired.

    About me: I'm 31, single, unemployed and living with my parents. Ain't life great? After many years of mental illness, I can finally see a chink of light at the end of the tunnel. I have depression and borderline personality disorder as well, but my anxiety is my biggest obstacle at the moment.

    I got into debt partly to fulfil a lifelong dream and get a BA and an MA. I lived at home while I was studying, but travel expenses and book buying take their toll. As did my chocolate bar habit and learning to drive... I was also prone to compulsive spending (still am, but less so since I have more of a handle on my mental health issues) and made many ridiculous decisions.

    The upshot is that I ended up owing several thousand pounds to my parents, over £6,000 on my credit card and a £2000 overdraft. I gradually reduced my debt a little, then was helped by a £2000 inheritance when my grandmother died. However, I was also struggling to keep a car on the road and my beloved dog died a couple of weeks before my grandmother, which was a horrible shock and led to me buying a new dog to give me a reason to live. I know that sounds melodramatic, but it's true. My old dog kept me hanging on during the dark times and I couldn't face life not only without her, but without any pet of my own.

    Anyhoo, I was struggling to pay £60 a month interest on my credit card and make overpayments every month. I slipped into putting more unnecessary purchases on the credit card because I thought "what difference will it make?" I had a LBM at the end of June 2015 and realised I needed to do something drastic.

    Since I couldn't get a loan to pay off my credit card, let alone what I owed my parents, I hatched a plan for my parents to take out an unsecured loan for £13,000, covering the £7000 I owed them and my credit card balance. I did the maths and realised it would take me 5 years just to pay off my credit card, without paying a penny back to my parents, if I continued as I was. If my parents took out a loan on my behalf, I could clear the whole debt in 6 years. My parents agreed that taking out a loan was the sensible option — especially as it would relieve them of being £7000 out of pocket. My credit card balance is Nil and, strangely, I'm not even tempted to spend on it.
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    • AspiringButAnxious
    • By AspiringButAnxious 12th Oct 17, 7:08 AM
    • 615 Posts
    • 2,489 Thanks
    AspiringButAnxious
    Thanks, tara Yeah, I've noticed the lack of funding! The organisation I volunteer for is called The Project and there's huge demand for more groups, but fewer and fewer grants available. In addition, I've noticed that while a lot of people voice support for people with mental health problems, relatively few of them put their money where their mouth is...

    Forgot to mention that I paid off my Very account yesterday, so the debt has officially transferred to being part of the loan from my parents. Also decreased my credit limit, which they had increased to £4850, so now it's £850. Part of me thinks I should just close the account, but it's handy to use the credit with. "pay in 6/12 months" offers, when I'm thinking straight and planning out my finances; trouble is, when my mental health plummets, I make bad choices. This way, I can minimise potential damage while keeping access to some credit.
    Rainy day fund — 580/500 Emergency fund — 1009/1000
    Loan — 200/19,300 = 1% Fun fund: 15 Credit card balance — 0
    • AspiringButAnxious
    • By AspiringButAnxious 18th Oct 17, 6:10 AM
    • 615 Posts
    • 2,489 Thanks
    AspiringButAnxious
    Paid last £30 off cc

    Transferred £10 to ff, which will be used for Xmas presents.

    Paid my mum £50

    Also ordered £30 Paypal from GTM this week, so that will also go into ff for Xmas savings

    Been a quiet week. I feel under the weather — think I have a cold
    Rainy day fund — 580/500 Emergency fund — 1009/1000
    Loan — 200/19,300 = 1% Fun fund: 15 Credit card balance — 0
    • AspiringButAnxious
    • By AspiringButAnxious 22nd Oct 17, 2:15 PM
    • 615 Posts
    • 2,489 Thanks
    AspiringButAnxious
    My mum totted up what I owe her and it comes to £19,300 — several hundred less than I'd assumed/dreaded. I'm determined to stay on top of it from now on, paying for everything I buy straightaway and chipping steadily at the debt, instead of adding and subtracting depending on my cashflow situation.

    I have a cold and feel a bit blah, especially after a busy few days, but not too bad in mental health terms. Trying to be more positive about my life and prospects, though it's difficult.
    Rainy day fund — 580/500 Emergency fund — 1009/1000
    Loan — 200/19,300 = 1% Fun fund: 15 Credit card balance — 0
    • AspiringButAnxious
    • By AspiringButAnxious 25th Oct 17, 8:25 AM
    • 615 Posts
    • 2,489 Thanks
    AspiringButAnxious
    Paid £40 off loan, which is 0.2% Seems like a pathetically small amount, but it's the first time in ages that I know a payment I'm making is reducing my overall debt, so that's good.

    Still feel blah. My hip hurts and my mood has dipped. Using my SAD lamp and staying active, but don't know if it's enough. Got a flu vaccination on Monday, so hope this winter won't be a repeat of last winter.
    Rainy day fund — 580/500 Emergency fund — 1009/1000
    Loan — 200/19,300 = 1% Fun fund: 15 Credit card balance — 0
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