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    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Jan 17, 5:30 PM
    • 531Posts
    • 3,100Thanks
    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 38
    • DrSpendLittle
    • By DrSpendLittle 5th Dec 17, 6:15 PM
    • 209 Posts
    • 771 Thanks
    DrSpendLittle
    I just rang them ... If I switched to Direct Debits the monthly payment would be £373.51 for 23 months So that clearly makes staying with PAYE the obvious option for me at the moment

    DrS, really good point about job security and committing to a long term DD repayment. I think that my job is secure but you never know, and if I lost my job I don't think I could find another £283 a month to cover the Student Loan repayment (let alone £373.51 )

    They did say that this figure is based on their estimate of my salary (which was quite a bit higher than my actual salary as they took my bonus into account). I could change this by sending them copies of my most recent payslips and a letter from my employer, but I don't really think there is much point in doing this at the moment.

    So I'm sticking with my original plan to see where I am in April 2018 once the 2017-18 repayments have been updated and then look at the situation again.

    Thank you for all your help with this! It was so helpful to have a sounding board to help me come to a rational decision, not an emotional one!
    Originally posted by GeorgianaCavendish
    Glad you got this sorted! Sounds like the original plan makes the most sense to you, especially the inducing monthly payment!
    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%)
    • DrSpendLittle
    • By DrSpendLittle 5th Dec 17, 6:18 PM
    • 209 Posts
    • 771 Thanks
    DrSpendLittle
    Fast forward to 2017 and because 'hmrc have adjusted your paye contributions to your student loan and you owe use £180' grrrrr hisss incompetence.

    Fortunately I was due a tax rebate due to Mat leave which paid the student loan bill and gave me about £30 to treat myself.

    The moral of this tale?? Don't trust slc or hmrc
    Originally posted by wishingthemortgaheaway
    Wish, that is madness! Glad it didn't work out too badly in the end for you.

    A salutary lesson for me and GC when we finally get around to making that last payment!
    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%)
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Dec 17, 9:49 PM
    • 651 Posts
    • 2,592 Thanks
    wishingthemortgaheaway
    Wish, that is madness! Glad it didn't work out too badly in the end for you.

    A salutary lesson for me and GC when we finally get around to making that last payment!
    Originally posted by DrSpendLittle
    It was crazy, I was really surprised at the amount they refunded me, and questioned it at the time. Why they didn't say 'this is subject to hmrc confirming paye payments' I do not know.

    I'm just pleased it's all behind me now. My student loan never bothered me, (and I hate owing people money) I think because it's was such a huge amount, payments taken from my salary since I graduated, and everybody says it's 'good debt' (not that there is such a thing) but when I saw the end coming it started to annoy me and I started mentally spending the money that was going to the SLC.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • JoJoC
    • By JoJoC 6th Dec 17, 9:49 AM
    • 1,280 Posts
    • 4,176 Thanks
    JoJoC
    HMRC are the bane of my life! I forever get letters from them telling them I owe them money, then on the flip side they tell me they owe me too much. I don't think I've had a single year that it's just been normal and no adjustments need to be made. Nothing has changed! i don't understand how you can't just get my tax right! Grr.

    Sorry for hijacking your thread for a rant

    I paid of my student loan this year and it's fantastic to have my whole wage to myself...well, minus the tax, the NI and the pension which eats up such a jolly great chunk of it.
    CC1: £3804.52 / £3554.32 £250.20 paid | CC2:£5027.53 / £4829.43 £245 paid | Loan: £15,000 / £12,369.24 (£2,631.76 paid)

    July debt total: £23,832.05 | New debt total: £20,752 | Total debt paid: £3,080 (13%)
    *My debt busting and savings diary*
    • GeorgianaCavendish
    • By GeorgianaCavendish 6th Dec 17, 11:25 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    A Minor Rant ...
    I've been 24p away from a £20 cash out on PA for aaaaages! Can't someone just run a survey for 24p reward so I can cash out!
    Georgiana, Duchess of Debt-shire's October 2017 Debt Totals: HSBC Loan £10,225.95 / MBNA £3301.93 / Barclaycard £9961.04/ Lloyds £3489.16 / Tesco 1 £897.50/ Tesco 2 £2327.82

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • JoJoC
    • By JoJoC 6th Dec 17, 11:38 AM
    • 1,280 Posts
    • 4,176 Thanks
    JoJoC
    Haha yes, it's so annoying when that happens, isn't it? Rant away!

    I was cashing out £20 every other week before the summer and now it's taking at least 6 weeks if i'm lucky! I just cashed out last week and I'm only on £2.44... LET ME DO SURVEYS PA!!

    I'll join in on the ranting
    CC1: £3804.52 / £3554.32 £250.20 paid | CC2:£5027.53 / £4829.43 £245 paid | Loan: £15,000 / £12,369.24 (£2,631.76 paid)

    July debt total: £23,832.05 | New debt total: £20,752 | Total debt paid: £3,080 (13%)
    *My debt busting and savings diary*
    • GeorgianaCavendish
    • By GeorgianaCavendish 6th Dec 17, 11:43 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    I know, its really slowed down for me too! I had one amazing week in October but practically nothing since then ... hurry up PA!
    Georgiana, Duchess of Debt-shire's October 2017 Debt Totals: HSBC Loan £10,225.95 / MBNA £3301.93 / Barclaycard £9961.04/ Lloyds £3489.16 / Tesco 1 £897.50/ Tesco 2 £2327.82

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • JoJoC
    • By JoJoC 6th Dec 17, 1:21 PM
    • 1,280 Posts
    • 4,176 Thanks
    JoJoC
    I wonder if more people are using it now so there's not as many opportunity? I check it about 5 times a day on a working day and most of the time there's nothing. Hmm... I was quite enjoying the thrill of it all adding up!
    CC1: £3804.52 / £3554.32 £250.20 paid | CC2:£5027.53 / £4829.43 £245 paid | Loan: £15,000 / £12,369.24 (£2,631.76 paid)

    July debt total: £23,832.05 | New debt total: £20,752 | Total debt paid: £3,080 (13%)
    *My debt busting and savings diary*
    • redofromstart
    • By redofromstart 6th Dec 17, 2:16 PM
    • 626 Posts
    • 3,552 Thanks
    redofromstart
    Dr Spendless was saying that they signed up and racked up £16 in an evening so it must favour new joiners.
    • GeorgianaCavendish
    • By GeorgianaCavendish 7th Dec 17, 10:26 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    Hmm, that would make sense. Annoying though! I need to find another survey site.

    I did get a 50p survey yesterday though, so when that goes through I'll have enough to cash out
    Georgiana, Duchess of Debt-shire's October 2017 Debt Totals: HSBC Loan £10,225.95 / MBNA £3301.93 / Barclaycard £9961.04/ Lloyds £3489.16 / Tesco 1 £897.50/ Tesco 2 £2327.82

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • GeorgianaCavendish
    • By GeorgianaCavendish 7th Dec 17, 11:12 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    Ooh, just had a £3 survey! I think it really depends on luck, ones like that come and go in the blink of an eye.
    Georgiana, Duchess of Debt-shire's October 2017 Debt Totals: HSBC Loan £10,225.95 / MBNA £3301.93 / Barclaycard £9961.04/ Lloyds £3489.16 / Tesco 1 £897.50/ Tesco 2 £2327.82

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • GeorgianaCavendish
    • By GeorgianaCavendish 11th Dec 17, 10:22 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    Minor celebrations today, I've managed to successfully batch cook for the past couple of weeks. Nothing earth-shattering, just chili, soup and casserole, but it is SO great to have some delicious food practically ready-to-go when I get home from work.
    Why didn't I do this years ago??
    Georgiana, Duchess of Debt-shire's October 2017 Debt Totals: HSBC Loan £10,225.95 / MBNA £3301.93 / Barclaycard £9961.04/ Lloyds £3489.16 / Tesco 1 £897.50/ Tesco 2 £2327.82

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • WannabeFree
    • By WannabeFree 11th Dec 17, 10:25 AM
    • 432 Posts
    • 2,954 Thanks
    WannabeFree
    Batch cooking gets me through the week .. oh and the slowcooker

    Did you get the snow?

    Have a lovely day x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • GeorgianaCavendish
    • By GeorgianaCavendish 11th Dec 17, 10:37 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    I'm still thinking about getting a slow cooker, I have this fantasy of waking up to creamy porridge or coming home to a delicious casserole. Of course, in this fantasy someone else does the prep and the washing up So I might continue with my old-school way of doing it and see how I get on.

    We did get snow yesterday! It looked lovely but has now completely disappeared
    Georgiana, Duchess of Debt-shire's October 2017 Debt Totals: HSBC Loan £10,225.95 / MBNA £3301.93 / Barclaycard £9961.04/ Lloyds £3489.16 / Tesco 1 £897.50/ Tesco 2 £2327.82

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • WannabeFree
    • By WannabeFree 11th Dec 17, 10:39 AM
    • 432 Posts
    • 2,954 Thanks
    WannabeFree
    google 'Dump bags' for the slow cooker. Takes batch cooking to a whole new level. I'm not that organised yet but one day!
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • GeorgianaCavendish
    • By GeorgianaCavendish 11th Dec 17, 10:42 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    Ooh I will!
    Thanks Wannabe, I feel like I'm discovering a whole new world
    Georgiana, Duchess of Debt-shire's October 2017 Debt Totals: HSBC Loan £10,225.95 / MBNA £3301.93 / Barclaycard £9961.04/ Lloyds £3489.16 / Tesco 1 £897.50/ Tesco 2 £2327.82

    And don't forget the Student Loan! £10,765.93 (April 2017)
    • GeorgianaCavendish
    • By GeorgianaCavendish 12th Dec 17, 9:54 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    Really enjoying rediscovering all the unread books on my the Kindle ( posted about this last week). I'm reading Wild by Cheryl Strayed at the moment, I was so absorbed by it that I nearly missed my station this morning!
    • EssexHebridean
    • By EssexHebridean 13th Dec 17, 12:03 PM
    • 8,232 Posts
    • 43,623 Thanks
    EssexHebridean
    Slow cooker is the way forwards for winter cooking in particular! I drag it out on a weekend, prep everything and throw it in, and then switch it on to run overnight (Economy 7 so cheap electric overnight for us!) and leave it to cool, through the following day before portioning up and eating the first batch for that nights meal. Yum! I love having home made ready meals.

    Did something similar the weekend just gone with a huge pan of roast veggies and a bit batch of cauli/broccoli/pasta cheese bake - looking forward to some of that tonight now!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£702.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Seasidegal58
    • By Seasidegal58 14th Dec 17, 8:38 PM
    • 1,191 Posts
    • 6,668 Thanks
    Seasidegal58
    Echoing EH and the slow cooker. I’m on Economy 7 as well and put it on overnight. It’s so convenient when you’re in work full time - and lush as well!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Save for New Kitchen!
    My debt free diary - " Paid off the £31,000 - BUT still scrimping!"
    • GeorgianaCavendish
    • By GeorgianaCavendish 15th Dec 17, 11:30 AM
    • 531 Posts
    • 3,100 Thanks
    GeorgianaCavendish
    Thanks for the slow cooker votes Is it good for porridge? I think it would be so amazing to wake up to ready made porridge.

    I'm really enjoying the fruits of my batch cooking at the weekend though. I've been having baked potatoes with batch-cooked chilli or stew for dinner, stick the potato in the oven for 30 mins and then start heating up the chilli/casserole etc. Even though it isn't a particularly quick cooking time, it is so good to have something that needs minimal attention from me, so I can multi-task with doing a bit of studying or a little bit of housework (or card writing/present wrapping this week). And so delicious and cheap! Excuse me while I have a brief smug-fest
    Georgiana, Duchess of Debt-shire's October 2017 Debt Totals: HSBC Loan £10,225.95 / MBNA £3301.93 / Barclaycard £9961.04/ Lloyds £3489.16 / Tesco 1 £897.50/ Tesco 2 £2327.82

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