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
    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Jan 17, 5:30 PM
    • 527Posts
    • 3,145Thanks
    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 33
    • GeorgianaCavendish
    • By GeorgianaCavendish 29th Aug 17, 10:35 AM
    • 527 Posts
    • 3,145 Thanks
    GeorgianaCavendish
    Well done on increasing pension contribution. Your future self will thank you for it. Most tax efficient way of saving and getting free money from HMRC and sometimes your employer if they increase their contribution along with you.
    Originally posted by enthusiasticsaver
    Thank you! My employer is only matching up to 3% for now, but next year I'll move into the next age band on the scheme and they'll match up to 5%. I'll be increasing my contributions again accordingly!
    Working towards being debt free by 31st December 2019!
    • redofromstart
    • By redofromstart 3rd Sep 17, 8:30 AM
    • 859 Posts
    • 4,936 Thanks
    redofromstart
    Hope everything is ok with you?

    Penhaligon are doing an online fragrance profiler, with two EDP samples at the end. £5.50 p&p which is high but a good way to try.
    • Orange Ena
    • By Orange Ena 30th Sep 17, 10:27 PM
    • 1,254 Posts
    • 3,322 Thanks
    Orange Ena
    Hope all is ok with you
    CC Debt April 2015 - £6895.44 April 17 - £2500 Dec 17 - £560
    CHEFS challenge (Cruise Holiday Entirely Funded by Surveys) - £374.47
    Every penny is a prisoner
    • Hiddenidenity
    • By Hiddenidenity 30th Sep 17, 10:53 PM
    • 4,212 Posts
    • 26,521 Thanks
    Hiddenidenity
    From me too xx
    • JoJoC
    • By JoJoC 2nd Oct 17, 11:16 AM
    • 1,321 Posts
    • 4,319 Thanks
    JoJoC
    Another one hoping all is well with you
    CC1: £3804.52 / £3544.32 £300.20 paid | CC2:£5027.53 / £4781 £295 paid | Loan: £15,000 / £11,954 (£3,156 paid)

    July debt total: £23,832.05 | New debt total: £20,129 | Total debt paid: £3,703 (16%)
    *My debt busting and savings diary*
    • DrSpendLittle
    • By DrSpendLittle 2nd Oct 17, 11:40 AM
    • 213 Posts
    • 793 Thanks
    DrSpendLittle
    Me tooooooo!
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • EssexHebridean
    • By EssexHebridean 3rd Oct 17, 2:40 PM
    • 8,307 Posts
    • 44,245 Thanks
    EssexHebridean
    C'mon Georgiana - where are you! Hope all's good!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£758.45 (19/12/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • GeorgianaCavendish
    • By GeorgianaCavendish 25th Oct 17, 2:17 PM
    • 527 Posts
    • 3,145 Thanks
    GeorgianaCavendish
    Hi everyone!
    Sorry its been so long since I last posted, we had a death in the family and some other issues that took over for a while but I'm back now.

    It has not been a great couple of months for my debt busting for two reasons. Firstly, my husband lost his job due to a merger in the company. He's a contractor so not entitled to redundancy or anything like that. He has a new job now but there were two months when we fell back on using credit cards to cover some of our expenses, adding £670 to my debt total.
    Secondly, I'm doing professional qualifications which are sponsored by my employer. My employer has changed their policy on how the sponsorship works, they used to pay all expenses upfront but now they only pay 50% of the course fees, I have to pay 50% myself and then if (I mean when! ) I pass the course they will reimburse me. I had to enroll for the new academic year in September and pay £3000 up front. I financed this across several credit cards, some of it is interest free but some of it isn't ... My debt total has gone back up, knocking on £30,000.
    I'm waiting for my new credit card statements to be issued and then I will post an accurate breakdown in November.

    So, the positives .... if there are any? Well, yes, my husband has a new job I'm enrolled on my course and at some point in the future I will be getting that £3000 back . In the meantime, I've realised how important the Emergency Fund is and will have to address our lack of one asap.

    So I'm back, I'm determined to get a grip on my new financial position and get back in the MSE-mindset, particularly with Christmas just round the corner!
    Working towards being debt free by 31st December 2019!
    • Kittychick
    • By Kittychick 25th Oct 17, 6:03 PM
    • 232 Posts
    • 585 Thanks
    Kittychick
    Great to see you back! I know it must feel like a backwards step but I think there's a big difference between just spending wildly and not caring about the consequences and doing it as you have done.
    Good luck for the future x
    • DrSpendLittle
    • By DrSpendLittle 25th Oct 17, 8:31 PM
    • 213 Posts
    • 793 Thanks
    DrSpendLittle
    Welcome back!
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • Moneybutterfly35
    • By Moneybutterfly35 25th Oct 17, 8:54 PM
    • 16 Posts
    • 57 Thanks
    Moneybutterfly35
    Such a relief to see you back xxx welcome back lovely ��
    #583 (#244 EF challenge)
    • 117pauline
    • By 117pauline 25th Oct 17, 9:53 PM
    • 525 Posts
    • 6,241 Thanks
    117pauline
    It's good to see you back. I have always followed your diary as I am another Georgiana fan.

    I am sorry for your loss. Bereavement knocks the stuffing out and it can take a while to return to a more normal life.

    So you have done the really hard part to come back. Have you got a plan to take back control and how is the studying going?

    Have a good week
    Pauline
    Don't get it perfect - Get it going
    Better Than Before
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 25th Oct 17, 10:50 PM
    • 828 Posts
    • 3,704 Thanks
    wishingthemortgaheaway
    Nice to have you back.

    Sorry for your loss.

    Just think how much bigger the debt would have been had you not been debt busting prior to these events.

    Good luck with your journey

    Wish.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/£2,500
    • GeorgianaCavendish
    • By GeorgianaCavendish 26th Oct 17, 11:37 AM
    • 527 Posts
    • 3,145 Thanks
    GeorgianaCavendish
    Thank you so much everyone, its great to be back!

    Great to see you back! I know it must feel like a backwards step but I think there's a big difference between just spending wildly and not caring about the consequences and doing it as you have done.
    Good luck for the future x
    Originally posted by Kittychick
    This is true, I was a bit white knuckled checking my balances yesterday and it does feel disappointing but I am feeling a lot more accepting of where I am at the moment knowing where we fell down (lack of emergency fund) and that I got the cheapest finance available to me at the time for the course fees.

    It's good to see you back. I have always followed your diary as I am another Georgiana fan.

    I am sorry for your loss. Bereavement knocks the stuffing out and it can take a while to return to a more normal life.

    So you have done the really hard part to come back. Have you got a plan to take back control and how is the studying going?

    Have a good week
    Pauline
    Originally posted by 117pauline
    Thank you Pauline, I really appreciate your kind words and it is nice to hear from another Georgiana fan!

    My take back control plan is to firstly update my spreadsheet with the balance breakdowns and work out the most expensive tranches of debt so I can adjust my repayment plans.
    Secondly, I will redo the budget. I need to reflect the higher debt repayments and build in Emergency Fund payments. And it won't do any harm to look at where I can trim back expenditure.
    I also need to get back onto survey sites and applying for focus groups as I did quite well with those earlier in the year. I've got to switch over summer and winter clothes too (currently layering to a ridiculous extent!) so I will have a look through my wardrobe again to see if there is anything that can be sold on ebay etc.

    The studying is going pretty well so far. I'm only a few weeks into the course so it has been a little bit overwhelming at times, but I'm going to sit down with my syllabus and books this weekend and make a plan for the next 9 months.

    Nice to have you back.

    Sorry for your loss.

    Just think how much bigger the debt would have been had you not been debt busting prior to these events.

    Good luck with your journey

    Wish.
    Originally posted by wishingthemortgaheaway
    Thank you Wish! Its true, the idea of my debt being even higher than it was when I started this diary makes me feel quite queasy!
    Working towards being debt free by 31st December 2019!
    • redofromstart
    • By redofromstart 26th Oct 17, 3:59 PM
    • 859 Posts
    • 4,936 Thanks
    redofromstart
    Good to see you posting again, sounds like a highly stressful situation. We got into our original mess because my OHs contracting job got switched off with no notice so much sympathy from me.
    • GeorgianaCavendish
    • By GeorgianaCavendish 29th Oct 17, 6:07 PM
    • 527 Posts
    • 3,145 Thanks
    GeorgianaCavendish
    Good to see you posting again, sounds like a highly stressful situation. We got into our original mess because my OHs contracting job got switched off with no notice so much sympathy from me.
    Originally posted by redofromstart
    Thank you! It has been stressful and I'm still really angry at myself for the debt going back up (even though part of it is for a "good" reason and part of it was unavoidable).
    Working towards being debt free by 31st December 2019!
    • GeorgianaCavendish
    • By GeorgianaCavendish 29th Oct 17, 6:10 PM
    • 527 Posts
    • 3,145 Thanks
    GeorgianaCavendish
    TopCashBack Payout Problems
    Has anyone else experienced problems with TopCashBack payout recently? I keep getting stuck in a loop telling me that I need to provide payout details, but I have provided payout details (I've had about 20 payouts over the last year, all to the same bank account). I thought maybe a glitch with the records as I hadn't logged in for about a month, so I even re-entered my bank details & paypal details earlier this week, which took 72 hours to update on their system. Just tried to get a payout again but back to the "please add your payout details" error message.
    I have emailed them for more information .... Grr!
    Working towards being debt free by 31st December 2019!
    • debtaghh
    • By debtaghh 29th Oct 17, 6:33 PM
    • 1,012 Posts
    • 2,905 Thanks
    debtaghh
    I had a similar issue but it worked after the 72 hours ( it felt longer though so could have been )
    Debt 16th October 2017: Cc £49,987- family £37,561: total debt £87549

    Current debt: Cc £46,505 , Family £ 36,922 total debt £83,497

    Frugal living challenge # 10- £8000 presents/ food/ entertainment/clothes/shoes/haircuts
    • GeorgianaCavendish
    • By GeorgianaCavendish 29th Oct 17, 6:41 PM
    • 527 Posts
    • 3,145 Thanks
    GeorgianaCavendish
    MSE-friendly Christmas Tips
    OK, I can't quite believe that I'm writing this before Halloween but what are you all doing to ensure that you have a MSE Christmas?

    For me, the biggest change this year is that I'm actually thinking about Christmas in advance and putting a budget in place!
    Had a chat with my husband today and we decided that we won't give each other big Christmas presents but instead will put a little bit of money towards doing something together after Christmas (like a nice meal in January or similar). I need to discuss something similar with my parents and the in-laws too but haven't got round to this yet.

    Anyway, I'd love to hear your MSE ideas on this!
    Working towards being debt free by 31st December 2019!
    • GeorgianaCavendish
    • By GeorgianaCavendish 29th Oct 17, 6:42 PM
    • 527 Posts
    • 3,145 Thanks
    GeorgianaCavendish
    I had a similar issue but it worked after the 72 hours ( it felt longer though so could have been )
    Originally posted by debtaghh
    Hmm ... very strange! I wonder if their systems are having an overhaul or something. Really glad that it did work for you eventually I might try again tomorrow.
    Working towards being debt free by 31st December 2019!
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

4,341Posts Today

8,096Users online

Martin's Twitter