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  • FIRST POST
    • scottishbrummy
    • By scottishbrummy 31st Mar 16, 10:46 AM
    • 45Posts
    • 105Thanks
    scottishbrummy
    Had my lightbulb moment!
    • #1
    • 31st Mar 16, 10:46 AM
    Had my lightbulb moment! 31st Mar 16 at 10:46 AM
    So yesterday I had my lightbulb moment. I need desperately to get rid of my debt - my mortgage repayment and loan will both bounce tomorrow - I get paid on the 8th so will pay both then, as well as a £160 gas/electric bill which is well overdue.

    It all started when I was a student, interest free overdraft (1800 - now maxed out) and too young and stupid to even contemplate paying it back. In September it will be 10 years since I got it, and since then I've added a credit card (1500 - also maxed out) and a loan (ironically to pay off the other two), which has 4200 left over 2 yrs 9 mnths.

    I'm hoping with the support of this forum I will be rid of my debt soon enough. I earn 22,200 a year and after tax I get about 1350 every 4 weeks.

    Wish me luck!!

    Official MoneySavingExpert.com Insert:

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    Last edited by MSE Andrea; 08-11-2017 at 9:20 AM.
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
Page 3
    • scottishbrummy
    • By scottishbrummy 24th Apr 16, 2:36 PM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    Sorry been so long!
    Sorry, not been on in almost a week! Up to £9 on valued opinions - hopeful to have £20 worth of John Lewis vouchers by fathers day! Have a longish journey to work and it's a great feeling to earn money whilst sat there on the bus!

    Fair point about water/haircuts/creditcard/charges etc.
    I've budgeted pretty well this month so shouldn't have any charges next month. This month my bank charges will be: £12 direct debits bouncing, £6 arranged overdraft fee, and £18 interest so £36 in total - just glad that from next month it will just be the £6 overdraft fee!

    My credit card minimum was £58. I didn't put these on my SOA but I did budget for them so I knew I would have enough in my account. When I've got my bonus from work the bulk of the credit card debt will be gone.

    Haircut wise I do spend £20 per visit. I know this is a luxury, but it's one of the few I have so I'm not giving this up and I don't go every month... they give you a free (I realise it's included in the price) beer while you're there!

    I've been bad this month and have got a taxi to work 4 times! It's only been when I've worked late shift (not home until 11.30) and then had to be in early (back in for 7) - if I get the bus it can take up to an hour to get there. Not often that I get a late into an early, and normally do get bus, but it's been a case of waking up and turning off alarm whilst still asleep then realising I have to be there in 30 mins and won't let myself be late!

    Got confirmation of my bonus through the post! £1100 before tax! Will really help get my debt down

    Sorry for the long post, but it's been almost a week and lots to update
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
    • scottishbrummy
    • By scottishbrummy 27th Apr 16, 1:03 PM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    So, it's been almost a month since my LBM and to think how stressed I was a month ago I'm in a very different place...
    Last month both my mortgage and loan bounced. They've both now been paid and I have enough left in my account for the loan, the mortgage having been rearranged to my next payday.

    I haven't put any extra money towards my debt this month because of the situation I was in last month, but because I'm now under control, I'll be able to put money next month.

    I've been much more frugal this month and although I'm now out of money to spend with over a week to go until payday I do still have a fridge/freezer full of food and I'm away all of next week at my parents so shall be ok.

    Valued opinions account is up to £10.25 so only another 25p to go until I get my first voucher!

    Thanks to this forum I feel like I'm finally on the road to being debt free - when I look back on how I've got here it's crazy!
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
    • Willowpop
    • By Willowpop 27th Apr 16, 1:19 PM
    • 820 Posts
    • 2,386 Thanks
    Willowpop
    Sounds like you're in a MUCH better place now... isn't it amazing how quickly it all feels better once you take control?
    You're doing super well...and next month you'll be in an even better place. Well done!
    PAYDBX 2016 #55 100% paid! Officially bad debt free...don't count my mortgage.
    Now to start saving...it's a whole new world!!
    • scottishbrummy
    • By scottishbrummy 1st May 16, 8:29 PM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    So happy! I finally got over the threshold for a voucher on valued opinions! £10 John Lewis voucher on the way that I can put towards Fathers Day.
    And, my rail vouchers arrived from my delayed train trip to London last month so will exchange those for cash tomorrow on my way to the airport!
    Off to stay with the parents for a week so should hopefully be a cheap week before payday on Friday
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
    • scottishbrummy
    • By scottishbrummy 15th Jun 16, 3:13 PM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    Happy Wednesday! Not been on here for ages! Kind of taken my eye off the ball a little over the last month and not paid off as much as I should have - I need to stay focused!
    Happy that my loan is now under the 4k mark, still a looooong way to go but it's getting there. Due to be paid off in October......2018 :s I'm going to really focus on getting rid of the credit card first, and I think I should be able to pay it off by Christmas if I try hard. I'd say earlier, but I've got a holiday to Italy in September and I want to be realistic. If I can get rid of the credit card by then, that'll mean I can start 2017 with just the 1800 overdraft and about 3300 left on the loan.
    I am determined that this debt will be gone!
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
    • bettyboo71
    • By bettyboo71 16th Jun 16, 10:02 PM
    • 256 Posts
    • 376 Thanks
    bettyboo71
    At east you are able to acknowledge that you have let things slip - we all do from time to time. Setting realistic goals is a good way to stay motivated. Stick with it and you will get there.
    • scottishbrummy
    • By scottishbrummy 16th Oct 16, 3:41 PM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    Well it's been 4 months since I last posted here and about 7 months(?) since I had my LBM!
    I'm in exactly the same position with my CC and my overdraft is lower only because of some birthday money I received... however, I'm being optimistic and at least I've been paying my loan installments (never getting another one!) and that's come down a lot.
    I'm also on top of my bills so everything is getting paid again. Makes a change from when I joined this forum and things were getting missed and I was having to make arrangements to pay - or even waiting for payday to pay everyday household bills.
    Now that I'm back under control I can start paying back the credit card. I've said it before I know, but I feel determined this time. I turned 28 this week and I'm determined that by 29 I won't have the credit card or the overdraft. This will take take at least 265 a month for the next year (interest not included), but I'm being positive and know that its affordable.
    I CAN DO THIS!!!
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
    • scottishbrummy
    • By scottishbrummy 5th Apr 17, 10:51 AM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    Has it really been over a year?? Well where am I now... I've been chipping away at my loan so now it's under £3000, I'm over my overdraft limit, however, I get paid the day after tomorrow so that will be reversed and won't ever happen again. I seem to find myself in the same position time after time, but never seem to do anything about it.
    I've not used my credit card since the end of november so that's good, and although I'm only paying the minimum amount it's coming down - albeit very slowly.
    I've not posted on here for a while now, but do still pop in to have a mooch around... there are lots of inspiring stories here.
    Wishing you all the best (bit of a rambling post, but that's me all over tbh!)
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
    • enthusiasticsaver
    • By enthusiasticsaver 5th Apr 17, 1:46 PM
    • 4,834 Posts
    • 9,129 Thanks
    enthusiasticsaver
    Overdrafts are one of the most expensive forms of borrowing (especially if you going over it regularly) and if you only pay the minimum on the credit card it will never be paid off. Even not using it you need ideally for it to be on 0% and to be paying a good proportion of it each month not just minimum payments. I don't think you have had your LBM yet.

    As an exercise of how much money you are throwing away in interest add up all bank fees and interest you have paid over the last 12 months. That sometimes helps it to sink in that debt is expensive.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • scottishbrummy
    • By scottishbrummy 3rd Nov 17, 2:10 PM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    Well itís been a while so time for an update...
    Still got 5183 owing of the original 7750 but that has come almost all from lon repayments.
    Iíve worked out that I can pay 75 a month towards the credit card (1426) until next October (2018) when I will have repaid the loan and can add on the 170 a month Iím paying towards the loan.
    Iím getting there albeit slowly...
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
    • tealady
    • By tealady 3rd Nov 17, 6:22 PM
    • 2,737 Posts
    • 3,235 Thanks
    tealady
    Hi
    Good on you, it is so easy to get into debt and so hard to get out (been there, got a wardrobe full of t shirts).
    Keep chipping away, if you want an inspirational post thenI would highly recommend the opening post in "Eleven years a slave"
    Just concentrate on the spoon, and remember that whatever you have to deal
    with chances are someone on here has faced it and can give 1st hand advice
    Proud to be an MSE nerd
    Judge people by their achievements, not by their mistakes
    • scottishbrummy
    • By scottishbrummy 6th Nov 17, 10:42 AM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    Well, today is no spend day number 4. I’ve just had the last of some mackerel for breakfast, got some pasta so tuna pasta sweet corn for lunch and then making chilli for dinner that will do tomorrow as well and fingers crossed a portion for the feeezer too. Hopefully can spend 0 tomorrow too which will be 5 days in a row! Will definitely need to go food shopping at some point though...
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
    • scottishbrummy
    • By scottishbrummy 3rd Dec 17, 11:21 AM
    • 45 Posts
    • 105 Thanks
    scottishbrummy
    Lodger arrives today!! Huzzah!! £70 a week instantly better off!!
    LBM - 30/3/16 - Someone save me from myself!!
    Overdraft: 1800/1800 - Credit card: 1426/1450 - Loan: 1957/4500
    Grand Total: 5183/7750
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