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  • FIRST POST
    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Jan 17, 5:30 PM
    • 208Posts
    • 729Thanks
    GeorgianaCavendish
    Small Steps Out Of Massive Debt!
    • #1
    • 27th Jan 17, 5:30 PM
    Small Steps Out Of Massive Debt! 27th Jan 17 at 5:30 PM
    Hi Everyone,

    I'm so glad that I've found this website because I really need to get serious and DO SOMETHING about my debts. I thought that keeping a diary on this forum would keep me accountable.

    I have taken stock and I have over £35,000 of personal debt on loans and credit cards, which does not include my Student Loan (around £18,000 but I need to check the last statement). I have no savings at all and am living pay day to pay day. I have a pension, which is probably the only semi-financially responsible thing I've done in my whole life.

    I have always had a problem with spending money. I never knew when it was time to stop spending. The idea of a budget was a foreign concept. I'd spend until everything had gone, whether that was my wages, student loan payments or birthday money. I go through phases of pretending to be responsible and looking at debt consolidation, but what usually happens is that I don't close the old accounts so a few months down the line I end up spending money on the cleared card.

    I know that I need to sort out my spending and to take a brutal look at the state of my finances and what I spend money on. I need to stop seeing credit limits as targets to reach (!!!!) and start seeing them for what they are - invitations to get into debt!

    This is what I have outstanding:

    £13000 on personal loan
    £10500 Barclaycard
    £8000 MBNA
    £2500 HSBC
    £870 on catalog
    £800 left on furniture (this one is interest free, there are 9 repayments left)

    I've been reading the advice for newbies threads so this weekend I am going to go through my last bank & cc statements with a fine tooth comb to work out what I am spending money on, and I'm going to find out the interest rates on all my credit accounts.

    Thanks for reading and wish me luck!


    PS. My forum name is from a Duchess in the 1700s. She was so bad with money that after she died her husband found out she was around 4 million pounds in debt. Sadly I could imagine this happening to me if I had access to that much credit
    Last edited by GeorgianaCavendish; 07-03-2017 at 3:31 PM.
Page 13
    • buffo194
    • By buffo194 9th Apr 17, 5:00 AM
    • 11 Posts
    • 9 Thanks
    buffo194
    Brilliant diary this and I can see so many of your habits / spending patterns in myself, Started my own diary this month with over 23.5k worth of debt to get rid off and tackle.

    I have a huge collection of trainers aswell which have certainly contributed to the debt so alot will be being sold now to pay it back (over £700 made this week alone)

    Good luck with the progress and keep updating,
    Loan: £18,741.31 / Credit Card 1: £0 / Credit Card 2: £4541.71 / Parents: £300
    1st April total: -£23583.02
    • GeorgianaCavendish
    • By GeorgianaCavendish 10th Apr 17, 10:33 AM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    I know I am late to the party ha ha, but what an amazing diary!!! Well done GC!! Incredible progress!
    xx
    Originally posted by Lau0707
    Thank you so much Lau! Welcome to the diary, please do stick around - I've got a long way to go!
    Well done GC. How wonderful to be able to clear a chunk! Fantastic.
    Originally posted by Honeysucklelou2
    Thank you Honeysucklelou! It has given me a massive boost

    Brilliant diary this and I can see so many of your habits / spending patterns in myself, Started my own diary this month with over 23.5k worth of debt to get rid off and tackle.

    I have a huge collection of trainers aswell which have certainly contributed to the debt so alot will be being sold now to pay it back (over £700 made this week alone)

    Good luck with the progress and keep updating,
    Originally posted by buffo194
    Thanks so much buffo! I'm glad the diary has been useful, I will go and check yours out now.
    Great work on selling the trainers, it is nice to have a decent chunk of money to put towards the debt. I'm getting to the end of my ebay selling now but it is amazing how much money you can make on certain things.
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • GeorgianaCavendish
    • By GeorgianaCavendish 10th Apr 17, 10:43 AM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    MBNA statement came today - my balance is now £1935.21
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • Lau0707
    • By Lau0707 10th Apr 17, 11:03 AM
    • 34 Posts
    • 108 Thanks
    Lau0707
    Youve done amazing !!

    I have a 5,000 loan from Halifax to clear, a £710 credit card and a £1200 student overdraft. I have cleared 13k over the past year, but starting to feel like I'm not getting anywhere now

    I think I'm going to go through everything again for eBay, but unsure if I have anything left lol! xxx
    • GeorgianaCavendish
    • By GeorgianaCavendish 10th Apr 17, 11:11 AM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    The Spreadsheet
    I've mentioned my Debt Spreadsheet in passing but I thought it might help some other Debt Free Wannabes to expand on it.

    I've got a really simple Excel spreadsheet with all my debts listed. I've got a separate line for each interest rate that applies to each account (so e.g. MBNA had 3 lines and Barclaycard has 2 lines) and I break down the balance this way. I've plotted all my loan repayments in already so that there is an end date in sight (currently January 2020).
    This helps me in so many ways. On the days that I'm getting anxious about my debt or feeling demotivated about how slowly the numbers are going down, or when I'm having a hard time and am feeling the urge to go on a spending binge, it really helps to look at my spreadsheet and focus on the numbers going down. Being able to see the end date for the biggest debt reminds me that there is light at the end of the tunnel, even when it feels like I've got such a long way to go.
    Having each interest rate separated out (with a note on the statement and payment dates) makes me feel in control of what is going on with my finances, my credit card statements are no longer a mystery to me!

    You don't need to use a spreadsheet but I would strongly recommend that you keep a note of your debt totals somewhere so that you can look back and congratulate yourself on how far you've come.
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • GeorgianaCavendish
    • By GeorgianaCavendish 10th Apr 17, 11:20 AM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    Youve done amazing !!

    I have a 5,000 loan from Halifax to clear, a £710 credit card and a £1200 student overdraft. I have cleared 13k over the past year, but starting to feel like I'm not getting anywhere now

    I think I'm going to go through everything again for eBay, but unsure if I have anything left lol! xxx
    Originally posted by Lau0707
    Wow wow wow! 13K over a year is absolutely amazing, well done!

    I am still learning how to budget (and it is a challenge for me because I'm trying to change the bad habits of a lifetime!) but these forums have been so amazing and supportive, I feel like I've learnt so much in the few short months I've been a member here. I'd definitely recommend starting a Debt Free Diary if you haven't already, it really keeps me on track
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • mummytogirls
    • By mummytogirls 10th Apr 17, 3:50 PM
    • 4,992 Posts
    • 14,033 Thanks
    mummytogirls
    Afternoon GC,

    I love a good spreadsheet, I have one for all my bills and I colour off each bill once its gone out!! So sad but I love keeping it up to date!!

    Keeping going, you're doing so well xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £8020.30 - 16/04/17 - 65.38% paid off
    • crunch_time
    • By crunch_time 10th Apr 17, 4:24 PM
    • 890 Posts
    • 1,947 Thanks
    crunch_time
    Afternoon GC,

    I love a good spreadsheet, I have one for all my bills and I colour off each bill once its gone out!! So sad but I love keeping it up to date!!

    Keeping going, you're doing so well xx
    Originally posted by mummytogirls
    Omg mummytogirls I do this too ( colouring off things as they are paid)

    GC - love the diary! You are doing brilliantly! Xx
    LBM June 2014 £23,555 vs Now £0
    0% Credit card £2000/£2500
    Dresser (0%) £600/£600
    PAYDBX 2017 - #85 £12,675/£3100
    75% Paid!!
    • GeorgianaCavendish
    • By GeorgianaCavendish 10th Apr 17, 4:27 PM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    Afternoon GC,

    I love a good spreadsheet, I have one for all my bills and I colour off each bill once its gone out!! So sad but I love keeping it up to date!!

    Keeping going, you're doing so well xx
    Originally posted by mummytogirls
    Omg mummytogirls I do this too ( colouring off things as they are paid)

    GC - love the diary! You are doing brilliantly! Xx
    Originally posted by crunch_time
    I do the same thing with my debt spreadsheet, I have everything in red to keep a running total and once I've firmed up the payment for the month I'll change it to black I've also got my first, second and third priority debts highlighted in different colours
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • GeorgianaCavendish
    • By GeorgianaCavendish 13th Apr 17, 10:57 AM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    Another eBay sale of £18 yesterday, I'll be trotting off to the Post Office at lunchtime.
    I've got a handful of items left to list, so I'm going to do that early tomorrow morning and hope to get some interest over the Bank Holiday weekend.

    Got a quiet one planned this weekend, the only things on the agenda are spring cleaning and DIY (how exciting, I hear you say ). My big goal for this weekend is to de-junk the living room enough to be able to comfortably use it for yoga and Insanity DVDs.

    Have a great Easter break everyone!
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • GeorgianaCavendish
    • By GeorgianaCavendish 15th Apr 17, 12:36 PM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    Another £40 from ebay today. I'm going to use ebay money to make an overpayments on my MBNA debt. I really need to clear as much as possible from my balance before the promotional rates end and I go back up to the whopping standard rate.
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • Lau0707
    • By Lau0707 18th Apr 17, 10:48 AM
    • 34 Posts
    • 108 Thanks
    Lau0707
    Keep going! These are fab!! Well done x
    • GeorgianaCavendish
    • By GeorgianaCavendish 18th Apr 17, 12:38 PM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    Made an over payment of £56.69 to the MBNA balance today (eBay profits) - taking the balance down to £1865.14

    I remembered that I have an old savings account with Virgin Money (just under £25, nothing too exciting). The account is in my maiden name and annoyingly, I need to do all the paperwork to change the name on the account - they won't let me just close it. Oh well, a small amount of inconvenience is worth it for £25
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • JoJoC
    • By JoJoC 19th Apr 17, 10:52 AM
    • 828 Posts
    • 2,395 Thanks
    JoJoC
    Sounds like you're doing well on the old eBay front - what are you selling, if you don't mind me asking? What's going well? I need to get into my cupboards and clear!
    Mummy of two boys - Working hard to make better financial choices!
    *My debt busting and savings diary*
    • Bobarella
    • By Bobarella 19th Apr 17, 11:45 AM
    • 10,354 Posts
    • 66,404 Thanks
    Bobarella
    How annoying about the faff with names!
    "You're not rich until you have something money can't buy."

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £53.06 2016-£62.28 2015- £84.20)
    RYSAW17 £1530.12 2016 £2,535.16 2015 £1027.20
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 19th Apr 17, 12:48 PM
    • 16 Posts
    • 16 Thanks
    thegirlinthegreenscarf
    Hi I have a question about giving up audible, as I too have an audible a/c.
    Do you still have access to the books you have purchased after you cancel?
    Its £8 a month I could live without. Also, I would love to hear more about budgeting for gifts etc.
    I am a terrible over spender.....
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 19th Apr 17, 12:49 PM
    • 16 Posts
    • 16 Thanks
    thegirlinthegreenscarf
    Have you closed it yet? Could you maybe use that account as your emergency fund and add to it, rather than cancelling it?
    • GeorgianaCavendish
    • By GeorgianaCavendish 19th Apr 17, 2:55 PM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    How annoying about the faff with names!
    Originally posted by Bobarella
    I know, they are the most pedantic about paperwork too. This is the last thing though (only taken me 2 years to get round to changing everything!)

    Have you closed it yet? Could you maybe use that account as your emergency fund and add to it, rather than cancelling it?
    Originally posted by thegirlinthegreenscarf
    I've already got an emergency fund started in a new current account with my main bank, but it is a good idea to have it with a different bank. I might switch that one and see if I can get any bonus money
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • GeorgianaCavendish
    • By GeorgianaCavendish 19th Apr 17, 3:00 PM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    Sounds like you're doing well on the old eBay front - what are you selling, if you don't mind me asking? What's going well? I need to get into my cupboards and clear!
    Originally posted by JoJoC
    Ebay has been a bit of a revelation, I didn't realise that there was such a market for second hand clothes on ebay. I've been selling Phase Eight and Boden dresses that no longer fit, plus a few jackets, shoes and handbags. I also managed to sell a couple of bottles of perfume that have just been sitting on my dressing table for the past two years, they took a bit longer to sell because I had to do local pick up on them (post office restrictions). Get into those cupboards, you won't regret it!
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
    • GeorgianaCavendish
    • By GeorgianaCavendish 19th Apr 17, 3:21 PM
    • 208 Posts
    • 729 Thanks
    GeorgianaCavendish
    Hi I have a question about giving up audible, as I too have an audible a/c.
    Do you still have access to the books you have purchased after you cancel?
    Its £8 a month I could live without. Also, I would love to hear more about budgeting for gifts etc.
    I am a terrible over spender.....
    Originally posted by thegirlinthegreenscarf
    You still get access to the books you purchased before cancellation, I thought I'd miss Audible the most but I've got really into podcasts so haven't had a chance.

    I've been really strict with myself about gift budgets and set a limit of £25 per person for close family and £15 for cousin's kids etc. I do feel a bit guilty about this because I'm a big over spender and I love buying gifts but I have to keep telling myself that being overly generous is putting me in more debt. And I've had four birthdays to buy for in the last couple of months and no-one has been upset with the less expensive gifts.
    I think the biggest test for me will be Christmas but hopefully I'll pick up lots of tips on these forums to see me through!
    Georgiana, Duchess of Debt-shire's April 2017 Debt Totals: HSBC Loan £12,498.33 / Barclaycard £9,733.76 / MBNA £1800.00 / HSBC Card £2340.10 / Catalog £ 695 / Dreams £517 / Holiday £0

    And don't forget the Student Loan! £15,199.37 (April 2016)
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