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    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Jan 17, 5:30 PM
    • 506Posts
    • 2,239Thanks
    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 14
    • Bobarella
    • By Bobarella 19th Apr 17, 6:46 PM
    • 10,465 Posts
    • 69,300 Thanks
    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!)


    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
    Originally posted by GeorgianaCavendish
    2 years is not that bad
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • GeorgianaCavendish
    • By GeorgianaCavendish 20th Apr 17, 10:43 AM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    2 years is not that bad
    Originally posted by Bobarella
    I was pleasantly surprised at how easy it was to change most of the big things, some of them didn't even want to see any proof of the change! I only just got round to changing my passport though ... mainly because I still had 5 years left on it when we got married and I didn't want to spend £70+ on changing it. It was getting to be too much of a hassle though so I finally got round to updating it a couple of months ago.
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • Bobarella
    • By Bobarella 20th Apr 17, 6:08 PM
    • 10,465 Posts
    • 69,300 Thanks
    Bobarella
    Yes don't blame you on the passport thing. Expensive things aren't they.
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • GeorgianaCavendish
    • By GeorgianaCavendish 21st Apr 17, 12:42 PM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    April Debt Totals
    Getting towards the end of the 27.6% rate on my Barclaycard I'm making an overpayment with my next direct debit that will clear that portion of the debt and minimise the amount of interest added to the 18.6% rate.

    My main priority from now on is paying off the MBNA debt to get rid as much of it as possible before the promotional rates end.

    Total debt (excluding Student Loan) is £27,798.33

    HSBC Personal Loan : £12498.33
    Interest rate 8.9%, 33 payments left

    Credit Card Balances

    HSBC £2340.1
    Interest rate 21.9%

    MBNA £1865.14
    Breakdown as follows
    £354.37 @ 10.9% (rate ends September 2017)
    £541.28 @ 10.9% (rate ends October 2017)
    £969.49 @ 10.9% (rate ends November 2017)


    Barclaycard £9,882.76
    £252.56 @ 27.6%
    £9,630.2 @ 18.6%


    Catalog £695
    Interest rate 17.9%

    Furniture Finance £517
    Interest rate 0%, 5 payments left
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • Bobarella
    • By Bobarella 22nd Apr 17, 8:30 PM
    • 10,465 Posts
    • 69,300 Thanks
    Bobarella
    Well done, keep going!
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • ada-or-ardor
    • By ada-or-ardor 23rd Apr 17, 1:10 AM
    • 131 Posts
    • 495 Thanks
    ada-or-ardor
    Am i understanding this right that you have paid off £8k in like 4 months?? Huge well done!!! You'll be in the teens before you know it!

    Ada
    • GeorgianaCavendish
    • By GeorgianaCavendish 24th Apr 17, 10:36 AM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    Well done, keep going!
    Originally posted by Bobarella
    Thank you
    Am i understanding this right that you have paid off £8k in like 4 months?? Huge well done!!! You'll be in the teens before you know it!

    Ada
    Originally posted by ada-or-ardor
    Thank you Ada! I have paid off £8124.83 since I started (typing that feels SO good! ) but this is because I was able to make a very large overpayment in March thanks to annual bonus, so I'll be taking smaller steps for the rest of the year. But it's all downwards!
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • GeorgianaCavendish
    • By GeorgianaCavendish 24th Apr 17, 2:10 PM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    Paperwork for name change on the old Virgin Money account has been sent off this morning and I've listed five more items on ebay. Every time I think I've come to the end of the ebay sales, I have another scan through my wardrobe and find another thing I can list

    Payday this week My tax code has been adjusted in my favour and it looks as though I'll be getting an extra £47 this month. Not quite on the same level as my March bonus but it is another respectable chunk that I can put towards that MBNA debt. I think I should be able to get the first tranche of that debt down to £250 in addition to the Barclaycard overpayment next week.

    I'm going to try something I saw on another diary and sweep the pennies on my bank balance over to my savings account at the end of each day (so if I finish on 40.67, I'll transfer the 67p over) and at the end of the month use that money for another MBNA overpayment. I cannot for the life of me remember where I saw this idea now, so thank you if it was your diary!
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • GeorgianaCavendish
    • By GeorgianaCavendish 25th Apr 17, 3:53 PM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    Another ebay sale of £13.50 today, I rounded it up a little bit and made an overpayment of £15.14 to the MBNA card to bring the balance down to an even £1850.00

    I was chatting about home fitness with some people at work and someone suggested kettlebells, I said that I didn't want to spend a lot of money, the whole point is to do something cheap and simple so that I stick to it but they kept banging on about what a bargain their set was ( a "bargain" at £109.99 ). I know in the past this kind of recommendation would have swayed me - maybe not into spending the whole amount but it would definitely give me "permission" to start spending money. Today literally all I could think was "how much better would £109.99 look coming off my debt?!". Progress!
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • Bobarella
    • By Bobarella 25th Apr 17, 3:55 PM
    • 10,465 Posts
    • 69,300 Thanks
    Bobarella
    Well done for seeing that change in your thinking. Also, I've seen those kind of weights in charity shops, where they cost about £5....
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • GeorgianaCavendish
    • By GeorgianaCavendish 25th Apr 17, 4:06 PM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    Well done for seeing that change in your thinking. Also, I've seen those kind of weights in charity shops, where they cost about £5....
    Originally posted by Bobarella
    That was the other thing at the back of my mind ... I'm sure there are loads of people that have bought the sets at £110 and then ended up throwing them away / giving to charity or putting on Gumtree, Freecycle etc. I will have to keep an eye out!
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • Lumanous
    • By Lumanous 25th Apr 17, 4:33 PM
    • 107 Posts
    • 259 Thanks
    Lumanous
    That was the other thing at the back of my mind ... I'm sure there are loads of people that have bought the sets at £110 and then ended up throwing them away / giving to charity or putting on Gumtree, Freecycle etc. I will have to keep an eye out!
    Originally posted by GeorgianaCavendish
    I've pretty much got a whole gym by finding things this way...freecycle, ebay (remember you can sort by price to cut out the expensive and you can see what's local - especially helpful for heavy fitness equipment...), shpock - lots of my pieces were 99p or £1 (obv paid more for some). Then years later I just sell on or pass as freebie to others.

    Definitely recommend, you do just have to look every now and then as people can list at any time and some of it is luck of the draw as to what is around at the time I just have to try not to get too carried away...

    I even got a free treadmill (slightly damaged but still worked fine) because someone couldn't be bothered to take it to the tip. I then passed it on to someone who could not stand but needed a treadmill they could use seated whilst in recovery
    Last edited by Lumanous; 25-04-2017 at 4:35 PM. Reason: added info

    No, my username is not a typo
    • GeorgianaCavendish
    • By GeorgianaCavendish 25th Apr 17, 5:08 PM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    I've pretty much got a whole gym by finding things this way...freecycle, ebay (remember you can sort by price to cut out the expensive and you can see what's local - especially helpful for heavy fitness equipment...), shpock - lots of my pieces were 99p or £1 (obv paid more for some). Then years later I just sell on or pass as freebie to others.

    Definitely recommend, you do just have to look every now and then as people can list at any time and some of it is luck of the draw as to what is around at the time I just have to try not to get too carried away...

    I even got a free treadmill (slightly damaged but still worked fine) because someone couldn't be bothered to take it to the tip. I then passed it on to someone who could not stand but needed a treadmill they could use seated whilst in recovery
    Originally posted by Lumanous
    Thank you for this info! I will definitely use that strategy to search on ebay and will add shpock to my list of sites to check My dad has been talking about buying an exercise bike (he's got a problem with his ankle which means he can't stand for long, his physio recommended an exercise bike) - I'll tell him to have a look too.
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • Lumanous
    • By Lumanous 25th Apr 17, 6:35 PM
    • 107 Posts
    • 259 Thanks
    Lumanous
    Thank you for this info! I will definitely use that strategy to search on ebay and will add shpock to my list of sites to check My dad has been talking about buying an exercise bike (he's got a problem with his ankle which means he can't stand for long, his physio recommended an exercise bike) - I'll tell him to have a look too.
    Originally posted by GeorgianaCavendish
    Just a thought on this one - not sure what would be better for your dad but you can get home recumbent exercise bikes too (the ones where you are more sat back in more of a chair rather than upright above the pedals). I got a good combo recumbent bike / rower years ago (2nd hand), they are more bulky but I specifically got the sit-back type because of joint injuries ( I know it depends on the type of injury but just in case). Might be worth him considering if that would be beneficial to him they are out there just a bit harder to find

    No, my username is not a typo
    • ada-or-ardor
    • By ada-or-ardor 25th Apr 17, 8:30 PM
    • 131 Posts
    • 495 Thanks
    ada-or-ardor
    Also for exercise equipment keep an eye out for L1dl and Ald1, L1dl were selling kettle bells for 7.99 the other week! They are really good for exercise stuff! (Kettle bells a great workout but I'd recommend a class or two first before branching out on your own, to learn some moves and safety - they can be pretty brutal!)

    Huge well done on paying off so much - a lot of it might be thanks to a bonus but a) think of all the interest you are saving and b) the old you might have spent almost all of that on nothing!!! You paid debt off with it which shows your commitment, so you should be very proud :-)

    Ada
    • GeorgianaCavendish
    • By GeorgianaCavendish 26th Apr 17, 10:10 AM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    Just a thought on this one - not sure what would be better for your dad but you can get home recumbent exercise bikes too (the ones where you are more sat back in more of a chair rather than upright above the pedals). I got a good combo recumbent bike / rower years ago (2nd hand), they are more bulky but I specifically got the sit-back type because of joint injuries ( I know it depends on the type of injury but just in case). Might be worth him considering if that would be beneficial to him they are out there just a bit harder to find
    Originally posted by Lumanous
    That is a really great idea, I think he would be more comfortable on a recumbent exercise bike
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • GeorgianaCavendish
    • By GeorgianaCavendish 26th Apr 17, 10:17 AM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    Also for exercise equipment keep an eye out for L1dl and Ald1, L1dl were selling kettle bells for 7.99 the other week! They are really good for exercise stuff! (Kettle bells a great workout but I'd recommend a class or two first before branching out on your own, to learn some moves and safety - they can be pretty brutal!)

    Huge well done on paying off so much - a lot of it might be thanks to a bonus but a) think of all the interest you are saving and b) the old you might have spent almost all of that on nothing!!! You paid debt off with it which shows your commitment, so you should be very proud :-)

    Ada
    Originally posted by ada-or-ardor
    Thank you so much! I keep thinking back to past habits and marvelling at how far I've come. I think a lot of this is to do with the number of times I look at my debt spreadsheet every day, it is a lot harder to indulge myself in reckless spending when I have such a clear idea of exactly how much debt I am in - right down to the last penny!
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • GeorgianaCavendish
    • By GeorgianaCavendish 26th Apr 17, 10:29 AM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    I "found" three more things to list on ebay yesterday and I sold two of them within a few hours so I'm really chuffed! I have paid another £40.66 off my MBNA debt. I'm revising my aim for May, I want to get that first MBNA tranche under £200 (currently £298.57).

    Also had a chat to my husband about a hotel we booked for 2 nights for an event later this year, after much discussion we decided that we would just go to the event on the day and not spend the weekend there. It would have cost us a lot of money (over half the cost of our Morocco holiday!) and frankly, we'd both rather save that money. I cancelled the booking yesterday and received the deposit refund back on my Barclaycard today. That means the most expensive tranche of Barclaycard debt is now at £103.56 and will definitely be gone with the May direct debit payment

    I'm going to hold off updating my April debt totals until the end of this month just in case I get another ebay sale. I do have a handbag to list so fingers crossed!
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 26th Apr 17, 11:00 AM
    • 39 Posts
    • 79 Thanks
    thegirlinthegreenscarf
    What on earth are you selling on eBay??? ;-)
    • GeorgianaCavendish
    • By GeorgianaCavendish 26th Apr 17, 4:08 PM
    • 506 Posts
    • 2,239 Thanks
    GeorgianaCavendish
    What on earth are you selling on eBay??? ;-)
    Originally posted by thegirlinthegreenscarf
    Clothes mainly! Plus a few pairs of shoes; some unused cosmetics/skincare bits that I received for Christmas but won't get round to using and a bunch of cookbooks.
    Georgiana, Duchess of Debt-shire's July 2017 Debt Totals: HSBC Loan £11,362.14 / MBNA £3318.34 / Barclaycard £6360.70 / Lloyds £3560 / Tesco £972.50/ Dreams £259

    And don't forget the Student Loan! £10,765.93 (April 2017)
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