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  • FIRST POST
    • lucy-lou
    • By lucy-lou 12th Oct 16, 12:24 AM
    • 20Posts
    • 33Thanks
    lucy-lou
    Debt Free By 29!!!
    • #1
    • 12th Oct 16, 12:24 AM
    Debt Free By 29!!! 12th Oct 16 at 12:24 AM
    Evening all,

    I am new to all this but have been stalking the debt free wannabe diaries for a couple of days now and feel that after a number of years of believing I had had a light bulb moment (but never making any inroads into my debt) I finally realise I have to clear the debt I have to move forward with my life .... time to grow up!!

    I have been incredibly lucky over the past year I am a retail manager who got out of BHS 1 year ago (before the collaspe) and now earn 50% more but still haven't paid down the debt.

    I live with my parents so have no outgoing as such just fuel and normal car expenses. I know that my downfall is holidays (at least 5 per year) and socialising.

    I have had a help to buy ISA since December 2015 and pay in the full £200 each month and my parents gave me the £1000 to open it with (think otherwise they think I will never leave ). I pay no rent as long as I can show that £200 going into the ISA every month so can't change this to debt payments.

    So I turn 29 in 6 months and HAVE to be debt free by this date (March 2017) so that I can focus on saving additional money to buy a property of my own! I don't want to hit 30 still in debt and have no plans/way to leave home .

    So here goes my debts laid out:
    Barclayc@rd 1 = £976.90 @ 23.9%
    Barclayc@rd 2 = £1865.10 @ 0% till October 2017
    N@tionwide = £1156.45 @ 0% till April 2017
    Total = £3998.45

    Now for a plan!!!
Page 1
    • mobo1980
    • By mobo1980 12th Oct 16, 7:26 AM
    • 316 Posts
    • 1,647 Thanks
    mobo1980
    • #2
    • 12th Oct 16, 7:26 AM
    • #2
    • 12th Oct 16, 7:26 AM
    Hi Lucy-Lou !

    I cleared my debt and got my mortgage finally at 34 , best thing I ever did ! However debt is on the up again

    Good luck with the debt busting / saving

    Mobo xx
    • lucy-lou
    • By lucy-lou 12th Oct 16, 10:33 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    • #3
    • 12th Oct 16, 10:33 AM
    • #3
    • 12th Oct 16, 10:33 AM
    Hi Mobo,

    Thanks for the reply, it definitely helps to hear/read other people's success stories! Feel like most of my friends have already achieved home ownership so now realise I wasted so much money I should have saved. Anyway onwards and upwards.

    Lucy-Lou x
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • lucy-lou
    • By lucy-lou 12th Oct 16, 10:45 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    • #4
    • 12th Oct 16, 10:45 AM
    • #4
    • 12th Oct 16, 10:45 AM
    So....

    I have spent some time looking at my account and seeing what spare money I have until payday (2 weeks today not that I am counting!).

    I have kept myself £200 back to spend on socialising, beauty etc (£100 per week, not sure if this is excessive?).

    I am also going away on a european city break at the end of the month (just before payday and have kept back some money in savings to cover spending money whilst I am away - see I know holidays are my downfall!). I already piggy bank money for fuel into a separate account so all fuel costs are also covered. As a result I have paid off:
    £0 on N@tionwide leaving £1156.45
    £750.90 on Barclayc@rd 1 leaving £226
    £90.10 on Barclayc@rd 2 leaving £1775
    Total remaining £3157.46

    I am going to aim for a payment a day just to keep lowering those balances I will get there!

    Finding it so helpful to write all this down. Feel like I have to prove to you all and myself that I can do this!!
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • mobo1980
    • By mobo1980 12th Oct 16, 10:50 AM
    • 316 Posts
    • 1,647 Thanks
    mobo1980
    • #5
    • 12th Oct 16, 10:50 AM
    • #5
    • 12th Oct 16, 10:50 AM
    I know what you mean , I love reading peoples success stories on here very motivating !

    I wish I could turn back time to when I was 18 and not get that first loan , but it's all spilt milk now !

    You must be really looking forward to kicking the debts a** and starting the next chapter of your life It's amazing and well worth the hard work !

    Mobo xx
    • lucy-lou
    • By lucy-lou 12th Oct 16, 10:56 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    • #6
    • 12th Oct 16, 10:56 AM
    • #6
    • 12th Oct 16, 10:56 AM
    Right so having just completed my last post my OCD with numbers not being round kicked in!! Therefore I have just made my PAD for today!

    £6.45 on N@tionwide leaving £1150.00
    £1.00 on Barclayc@rd 1 leaving £225
    £0 on Barclayc@rd 2 leaving £1775
    Total remaining £3150.00

    This us much better! Can't wait for payday and for the debt to drop below £3,000.

    I will not spend on the cards, I will not spend on the cards!!!!
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • lucy-lou
    • By lucy-lou 12th Oct 16, 11:08 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    • #7
    • 12th Oct 16, 11:08 AM
    • #7
    • 12th Oct 16, 11:08 AM
    I only got my first credit card as we were targeted with how many we opened each week at work and we're 1 short one week and said I would do it think I was 20 at the time. I said I would never use it but a £5000 limit was far to tempting for someone so young. I knew I would have to pay it back - but thought it was so worth it for the reward vouchers I received - so stupid!!!

    Anyhow that's how I got into this cycle now to get myself out!! I haven't increased my balance in 2 years but it hasn't gone down either everything I pay off ends up going back on (holidays, gig tickets, nights out, clothes, presents etc) I must stick to my £100 a week and I will get there.
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • Chrism899
    • By Chrism899 12th Oct 16, 11:32 AM
    • 12 Posts
    • 2 Thanks
    Chrism899
    • #8
    • 12th Oct 16, 11:32 AM
    • #8
    • 12th Oct 16, 11:32 AM
    I'm 27 and have now had a mortgage for a year. Just over 4 years ago I had debts in excess of 15k, funnily enough they were from socialising and holidays, but I was young so didn't really care.

    Back to the point, I paid all my debts off with hard work, earning only 21.5k a year.
    And what might surprise you is I haven't been on holiday with the lads or the mrs for 4 years.

    It's all about priorities, crack on going on holiday and socialising but paying £1 off a credit card isn't going to get you anywhere very fast!
    • Fivebyfive
    • By Fivebyfive 12th Oct 16, 11:34 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    • #9
    • 12th Oct 16, 11:34 AM
    • #9
    • 12th Oct 16, 11:34 AM
    Good luck on your journey, you can do this!

    The ISA sounds great and liking the idea of your parents helping out by your Rent being paid into ISA instead. I might think about that with my kids when they are older.
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • lucy-lou
    • By lucy-lou 12th Oct 16, 11:38 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    The £1 was just an additional payment to round down my balance (I like round numbers). I had already paid £840 off this morning first!!!
    Not sure I will get to no holidays but cutting back is definitely on the cards.
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • mobo1980
    • By mobo1980 12th Oct 16, 2:18 PM
    • 316 Posts
    • 1,647 Thanks
    mobo1980
    Great start Lucy-Lou !

    Mobo xx
    CC1-£362.00
    CC2-£1620
    LOAN-£14,844.33
    TOTAL DEBT £16,826.33
    Then there's the mortgage
    • Katzen
    • By Katzen 12th Oct 16, 4:14 PM
    • 499 Posts
    • 1,604 Thanks
    Katzen
    Hello,
    firstly well done you for recognising this and nipping it in the bud. Secondly, well done for smashing so much off your cards in one go. I would suggest that perhaps you don't need to reduce holidays to absolutely 0, you just need to save for them first! If you can get £800+ off your cards in one fell swoop then I can't see why it would be a problem to put some in long term savings and have some in a 'holiday fund'? Life is for living after all, so long as you can afford the life you are living without debt then I say get on with it!
    Speaking from experience, houses and families and commitments are great but you will never regret an amazing holiday, so long as you don't end up in debt to get there.
    Good luck!
    Mortgage Outstanding Nov '16 £142,772.75

    Mortgage Additional OPs 2017 Target £4522.80/ Actual £65.00
    GC Dec £63.00/250
    • lucy-lou
    • By lucy-lou 13th Oct 16, 1:03 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    Hi Katzen,
    I don't feel I could ever have zero holidays but definitely could save for then and no longer need to pay on the credit card to pay for them.
    I will look into saving for holidays in the new year but this side of Christmas I want to get as much paid off as possible. I have already saved the cash I need for my trip in a couple of weeks so won't need anymore for trips for a few months.
    I don't regret any holidays I have been on as I have had some amazing experiences and made so many memories, and at least I know the debt was at least used for something memorable and I know where the majority of the money went.
    I think the mindset of life is for living got me into this pickle in the first place lol.
    Thanks for your support!
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • lucy-lou
    • By lucy-lou 13th Oct 16, 1:09 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    Good luck on your journey, you can do this!

    The ISA sounds great and liking the idea of your parents helping out by your Rent being paid into ISA instead. I might think about that with my kids when they are older.
    Originally posted by Fivebyfive
    Hi Fivebyfive,

    I have a friend whose parents charged her £250 a month rent once she got a full time job at 18. She didn't know but all the money she gave them they were saving for her and after 5 years at 23 years old they were able to give her over £15000 as a deposit to buy her first property! All the years she felt hard done by paying more rent than the rest of us were very soon forgotten about!!

    This is something that one day I hope I would be in the financial position to do for my kids (once I have some that is!)
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • lucy-lou
    • By lucy-lou 13th Oct 16, 1:13 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    So a friend has just transferred me £10 he owed me from a few weeks ago so that is another £10 paid off Barclayc@rd 1. Think I will chase up my other friend who owes me money too as that would be another additional payment.
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • monz
    • By monz 13th Oct 16, 9:38 AM
    • 1,936 Posts
    • 4,076 Thanks
    monz
    Well done xx
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016)
    Florida 2017 saving £2,698.95 (shd be £2,778.93/£80 short)
    Gym 0/15 Dec
    house deposit £3,500.02/10,000
    Xmas 2017 - 8/365 No.35
    • Fivebyfive
    • By Fivebyfive 13th Oct 16, 10:14 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    Hi Fivebyfive,

    I have a friend whose parents charged her £250 a month rent once she got a full time job at 18. She didn't know but all the money she gave them they were saving for her and after 5 years at 23 years old they were able to give her over £15000 as a deposit to buy her first property! All the years she felt hard done by paying more rent than the rest of us were very soon forgotten about!!

    This is something that one day I hope I would be in the financial position to do for my kids (once I have some that is!)
    Originally posted by lucy-lou
    Oh wow, I bet she was so pleased with that, what a lovely thing to do for your kids :-)
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • lucy-lou
    • By lucy-lou 13th Oct 16, 8:55 PM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    So I have logged on tonight to make my PAD. However, Barclayc@rd's app is not working correctly so have decided to build up my daily payments in one of my empty savings accounts so I can pay it of in one lump sum at the end of the month.
    So I have £8.18 ready and waiting to be added to daily and paid off on 25th October (day before payday)
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • lucy-lou
    • By lucy-lou 13th Oct 16, 8:57 PM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    I also chased the £45 my friend owes my for a ticket which she has said she will pay in a couple of days so that will be paid to Barclayc@rd 1 once it is received.

    Would love to get that card down to £100 by payday - going to give it my best shot!
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • ab_saver
    • By ab_saver 13th Oct 16, 9:51 PM
    • 210 Posts
    • 561 Thanks
    ab_saver
    Hello

    Just popping by (&subscribing) to say hi - and to let you know you seem to be doing great. There are certainly quite a few of us in 20s trying to get it all paid off and save for deposits!
    Pesky student overdraft gone _House fund: ~£300 / £10,000_£1000 emergency fund #208 - £15.45/ 1000
    NSDs Sept 6/7 Oct 19/18 Nov 17/15 Dec 1/12_ GC Oct: £15.62/40 Nov: £71.89/75 Dec £6.48/75
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