Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • scotdebs
    • By scotdebs 20th Jan 16, 5:40 PM
    • 559Posts
    • 3,097Thanks
    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 6
    • scotdebs
    • By scotdebs 29th Aug 17, 2:38 PM
    • 559 Posts
    • 3,097 Thanks
    scotdebs
    So 14 months from my last post am I here to report that im debt free or well on my way to it..........hell no its bigger than ever *sighs and bangs head on wall many many times* I have noticed a pattern I come on here and start to get things under control then become complacent, then I stop coming on here realise that I have been a bit spendy and put stuff on the cards then stick head in sand until low and behold I owe even more than before.................away to update signature it wont be pleasant reading
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • Eager_Elephant
    • By Eager_Elephant 30th Aug 17, 10:10 AM
    • 4,130 Posts
    • 22,398 Thanks
    Eager_Elephant
    Welcome back debs.

    The debt might have gone up but at least you have come back to start afresh.

    Some people need more than 1 lightbulb moment before they truly start debt busting.

    Feel free to post again and all us lovely people will be here to support you.
    Ninja Saving Turtle No. 15 for November
    NSD - 1/15
    (up to 01/11/17)
    My Diary is here - http://forums.moneysavingexpert.com/showthread.php?t=2175629 (Eager Elephants Effective Everyday Excursion)
    • scotdebs
    • By scotdebs 30th Aug 17, 11:45 AM
    • 559 Posts
    • 3,097 Thanks
    scotdebs
    Thanks Eager E I have shamefully updated my signature to reflect the true horror. I really believe I am in here for the long haul this time as I will be getting made redundant in approx. 18 months. Whilst I'm likely to get a decent package and another job it will pay much less that this one - so need to reduce the amount of our salaries we are using to service debt significantly. Also I'm in my early 40s is this not the time in my life when I'm supposed to have my !!!!! together and be overpaying on my mortgage etc.


    Anyway enough of the pity party positive things I have done today - some balance reshuffling - all but £5k is on interest free until at least next summer so that £5k is my first target and I would like it gone for end of the year so that's the target - not easy when we have a holiday coming next month that I booked when I was still firmly head in sand mode, 2 big family birthdays and Xmas before the end of the year but I think I can dot it.


    Also went to Aldi for shopping last night and joined the grocery challenge again - food shop, takeaways and eating out are the biggest areas we overspend in.....


    Just trying to brace myself for the horror of trying to sell on ebay again
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • Chrystal
    • By Chrystal 30th Aug 17, 12:07 PM
    • 109 Posts
    • 617 Thanks
    Chrystal
    Hi Debs I've read your diary from the beginning and I'm sorry it's all come apart for you.
    I'm sure that if you take the advice offered on here you'll be able to get your act together and get your money sorted
    First thing to start thinking about is that 'big' family birthdays and Christmas don't HAVE to involve enormous outlay. I'm sure, if you ask, that people will be forthcoming with great ideas that don't involve loads of money

    Good Luck with it all - I've subscribed X
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • Eager_Elephant
    • By Eager_Elephant 30th Aug 17, 1:18 PM
    • 4,130 Posts
    • 22,398 Thanks
    Eager_Elephant
    You have got it down before debs and you can get it down again.

    Do you know where the increased debt has come from. I think last year you had got it down to £37k? Is it big expenses like car repairs/roof repairs/appliance replacements or is it just overspending generally?

    I think having a goal in sight is best, rather than saying I want to pay off my debts, you need something to aim for such as the redundancy - how nice would it be to get the redundancy money and actually have choices as to where it is spent/saved?

    How much extra do you need for the holiday?
    How much is Xmas going to cost? Work it out and then divide by 3 and make sure the money is put aside. I put £50pm aside for Xmas which covers DS and DD. we don't do presents for each other and family get a small gift each like pots of gold and that's it.

    Have you looked at your budget going forward and do you know how much you spend on everything?

    Once you have your budget and you know what you need to save into pots for non-regular expenses could you transfer the rest to debt straight away rather than thinking 'I'll just keep that in my account until the end of the month just in case' and invariably it gets swallowed up by some expense that seemed important at the time.

    I think food is a huge one for everyone - if you are spending £600pm then maybe set the target at £550 and then £500 rather than thinking you can get it to £200 straight away (well you might in month 1 if you are trying to use up things from the cupboard/freezer).
    Ninja Saving Turtle No. 15 for November
    NSD - 1/15
    (up to 01/11/17)
    My Diary is here - http://forums.moneysavingexpert.com/showthread.php?t=2175629 (Eager Elephants Effective Everyday Excursion)
    • scotdebs
    • By scotdebs 30th Aug 17, 4:55 PM
    • 559 Posts
    • 3,097 Thanks
    scotdebs
    Hi Chrystal and Eager E thanks for popping back am sure there are plenty that would be saying here she goes again .....


    Initially the debt was racked up by just generally having a good old time of it - then when the payments were more than we could handle everything like xmas, birthdays, car repairs ended up going on the cards. now we are both earning good money when I do my SOA there should be a healthy few hundred quid left over to throw at the debts some months it happens and some it doesn't. We now save for things like the car MOT, xmas etc and a small general savings pot. The overspend is mostly due to overspend on grocery shopping, meals out and takeaways.


    The redundancy has very much focused my mind as I want to do so much more with that money than just pay off cc debt


    Have set myself 3 short term targets as if I think of 18 months away it will just lead to further denial.


    By 31 Dec 2017 down to £43.5k reduction of 10.5%
    By 30 Jun 2018 down to £33.8k reduction of 30.4% ( I get a bonus in Feb so hence big reduction)
    by 31 December 2018 £26.9k reduction of 44.6%


    Any further is too far in the future.........
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • Eager_Elephant
    • By Eager_Elephant 31st Aug 17, 9:44 AM
    • 4,130 Posts
    • 22,398 Thanks
    Eager_Elephant
    I think those goals sound really good and achievable - no point setting a goal that you will never reach and it just disheartens you.

    Good luck with this new journey.
    Ninja Saving Turtle No. 15 for November
    NSD - 1/15
    (up to 01/11/17)
    My Diary is here - http://forums.moneysavingexpert.com/showthread.php?t=2175629 (Eager Elephants Effective Everyday Excursion)
    • Eager_Elephant
    • By Eager_Elephant 31st Aug 17, 9:52 AM
    • 4,130 Posts
    • 22,398 Thanks
    Eager_Elephant
    Its very spooky but yesterday I meant to recommend that you read TreadingonPlaymobils diary as she has a brilliant diary, they have a very good income and are used to a good lifestyle but now the budget is very tight and they are starting to turn things around and to stop running up debt.

    Forgot all about it in my mad rush to type a reply and I see you have found her diary - its definitely worth reading from the start if you have time.
    Ninja Saving Turtle No. 15 for November
    NSD - 1/15
    (up to 01/11/17)
    My Diary is here - http://forums.moneysavingexpert.com/showthread.php?t=2175629 (Eager Elephants Effective Everyday Excursion)
    • Chrystal
    • By Chrystal 31st Aug 17, 11:53 AM
    • 109 Posts
    • 617 Thanks
    Chrystal
    Hi Chrystal and Eager E thanks for popping back am sure there are plenty that would be saying here she goes again .....
    Originally posted by scotdebs
    Debs stop putting yourself down. There are loads of people on here who try, try and try again - numerous times- before they get it right. It's so easy to say ' to hell with it' when it seems overwhelming. The great thing about this forum is that nobody judges, everyone understands and tries to help.

    I agree that short term goals are easier to get your head around, and achievable. They also give you a massive sense of achievement when you get there. X
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • scotdebs
    • By scotdebs 1st Sep 17, 10:25 AM
    • 559 Posts
    • 3,097 Thanks
    scotdebs
    well not too much to report on the debt busting front - have reviewed all insurances, broadband utilities etc but I do that as a matter of course now so wasn't expecting it to throw up any big savings. Did a cash flow from now to next payday going to be tight with 2 family birthday including DS1 and that fact both our cars needed a new tyre last week but am determined that nadda will be going on to those credit cards and I do have a wee savings pot for this month as we always have extra expenses during this month so that's been raided.
    Went to the shops for butter last night and only bought butter !!! Its a first and I will take my debt busting miracles where I can find them.
    So just plodding on but will report in every few days to keep myself accountable - oh have meal planned for the weekend to avoid the takeaway temptation
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • brizzledfw
    • By brizzledfw 3rd Sep 17, 5:15 PM
    • 7,156 Posts
    • 34,729 Thanks
    brizzledfw
    Weyhey she's back.. sorry you're back cos of the debt, but great you're back iyswim

    My fatal flaws are the same - food and holidays and the nice stuff I guess... but gotta remain positive that we can get there. All of us. The focus of a sharp decline in income is a good one.

    Have a good week and keep posting!

    X
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • scotdebs
    • By scotdebs 7th Sep 17, 11:23 AM
    • 559 Posts
    • 3,097 Thanks
    scotdebs
    Hi Brizzle - back indeed and now remembering what a drag waiting between paydays can be.......... However despite September being a VERY spendy month this month I think I may get through it without resorting to the CC's have raided the £45 that was sitting in my topcashback account and £37 that was sitting in my bank account rewards account - that is the best £2 a month I pay I makes me about £300 a year :-)


    Doing well on the grocery challenge with 2 Aldi visits really making a difference - there are some things I just cant get there but I think the trick is to bulk buy those from Mr A via an online shop so Im not tempted to start picking up other stuff.


    Its bizarre I'm so motivated to slash this debt so that I can spend my redundancy package on something that will make a difference to us as a family, i.e. doing stuff round the house, a special holiday, discussion of a motorhome have even been mentioned - the thought of using it to pay off debt makes me want to cry as I'm unlikely to ever get a sum of money like that again. So when ever I have a wobble on wanting to buy stuff I don't need or going to Waitrose for my shopping just cause its nearer I just imagine all that dosh going to credit cards companies and give myself a good slap............
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • Chrystal
    • By Chrystal 7th Sep 17, 10:04 PM
    • 109 Posts
    • 617 Thanks
    Chrystal
    Hi Debs

    Can I ask which bank account rewards account you have? At the moment I seem to be going around in circles - not sure which is the best account for rewards, or how to use Topcashback properly!

    We used to have a motorhome and I loved it! Had to give it up when OHs disability became too much to cope with.

    I think you're doing really well on all fronts, so keep your eye on the prize and you'll get there. X
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • scotdebs
    • By scotdebs 8th Sep 17, 1:47 PM
    • 559 Posts
    • 3,097 Thanks
    scotdebs
    Hi Chrystal - Its the Royal Bank of Scotland Rewards account costs £2 per month and you get 2% cash back on 7 household direct debits so council tax, utilities, broadband, mobile phones etc it builds up in a separate account and then you can either take the cash or swap it for other "rewards" ie swap £45 for £50 Debenhams gift card. If you aren't based in Scotland then Natwest are part of same group and offer same type of account. I generally get about £14 a month back let it build up and that's almost an extra £200 for Christmas.
    Topcashback I really only use for things like switching insurance etc as that's where the biggest payouts are - so Ill use a comparison website to see what the best deals are and then Ill go onto topcash back to see if any of those suppliers have an offer and if they do I just click on the link in topcashback site and sign up. Also if you are planning to start an ISA or savings account there are some good cash back deals on there too. I also use it at xmas if Im buying from certain toy shops or website - Im not disciplined enough to check it everytime I buy something on line but if I did im sure it would soon add up. Just need to get in the habit ..... Hope that helps
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • littlemissbudgetqueen
    • By littlemissbudgetqueen 8th Sep 17, 2:44 PM
    • 33 Posts
    • 41 Thanks
    littlemissbudgetqueen
    Hi Debs - Good luck with everything! Will be subscribing to your journey.
    Car Loan: £14,000 - PAID ,Credit Cards:£5160.00 / £5154.49 Prof. Study Loan:£5390.07/ £8660.00,Argos Card:£245.00/£372.95, Mortgage:£66,000.00 (approx.) /House value£125,000.00
    Goals:
    £350.00
    /£20,000 Savings (ASAP - Sept 2019 at latest)
    LISA: £150.00 NS&I: £200.00

    Weight Loss: 1.5lb / 30lb
    • brizzledfw
    • By brizzledfw 8th Sep 17, 3:02 PM
    • 7,156 Posts
    • 34,729 Thanks
    brizzledfw
    Hi, hope its going well debs. Just a word of caution I am having huge problems getting TCB to pay out for larger sums arising from using them for insurances etc. Like a year of waiting in one case...so just be careful

    Have a good MSE weekend x
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • scotdebs
    • By scotdebs 8th Sep 17, 3:28 PM
    • 559 Posts
    • 3,097 Thanks
    scotdebs
    oh brizzle that's not good - think the longest I have had to wait is 3 or 4 months but worth having a look at the stats on the average payout time before committing for sure
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • brizzledfw
    • By brizzledfw 8th Sep 17, 3:31 PM
    • 7,156 Posts
    • 34,729 Thanks
    brizzledfw
    Yes think its usually 5 months so pretty hacked off. May be a letter to the insurance companies concerned soon as TCB seem pretty unconcerned.

    £153 plus another untracked transaction which I know I tracked through is the amount in question..
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • Chrystal
    • By Chrystal 8th Sep 17, 7:26 PM
    • 109 Posts
    • 617 Thanks
    Chrystal
    Thanks for the info Debs I'll look into it

    Brizzled that sounds like a right palaver, and very unfair, how do they get away with it! Surely if enough people complain they'll have to do something about it. Are quidco any better?
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • Scott_Weiland
    • By Scott_Weiland 8th Sep 17, 8:22 PM
    • 616 Posts
    • 1,500 Thanks
    Scott_Weiland
    Hi Debs

    Can I ask which bank account rewards account you have? At the moment I seem to be going around in circles - not sure which is the best account for rewards, or how to use Topcashback properly!

    We used to have a motorhome and I loved it! Had to give it up when OHs disability became too much to cope with.

    I think you're doing really well on all fronts, so keep your eye on the prize and you'll get there. X
    Originally posted by Chrystal
    https://www.topcashback.co.uk/GettingStarted

    do you use a smartphone chrystal?

    the best thing you can do is download the top cashback app on your phone, register for the site then login on the app. When you buy anything online search for the retailer.
    Debts 15981.64 total paid 2078
    Cashback Earnings YTD £166.90 Survey Earnings YTD £535.12
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

109Posts Today

1,547Users online

Martin's Twitter
  • I believe I can boldly go where no twitter poll has gone before https://t.co/HA0jC92gAK

  • OK I'm wilting to public pressure and there will be a star trek captain's poll at some point next week

  • I can get that. My order is 1. Picard 2. Janeway 3. Kirk. Too early to say where Lorca will end up (or would you? https://t.co/kawtCOe9RA

  • Follow Martin