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  • FIRST POST
    • GrowingUp57
    • By GrowingUp57 19th Mar 17, 1:05 PM
    • 27Posts
    • 39Thanks
    GrowingUp57
    Got myself into a sorry old mess..
    • #1
    • 19th Mar 17, 1:05 PM
    Got myself into a sorry old mess.. 19th Mar 17 at 1:05 PM
    Hello! I'm doing a daily statement of all my debts and any movement to keep myself accountable every single day! Attempting to tackle one by one starting with the smallest and going up. I realise this may not be the best way to do it but psychologically I will like ticking them all of the list! So here is the sorry state of affairs:

    Loan - 8103
    Barclaycard - 3859
    Very - 1280
    Capital one CC - 735
    Nationwide CC - 476
    HSBC o/d - 350
    NW o/d - 150
    Family loan for buying house - 1000 (really 2000 but split with other half)
    Total - 15953 basically a years wage!

    I will do a proper soa at some point but at the moment setting out the debts is quite enough!

    Here's hoping this works
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 19th Mar 17, 1:11 PM
    • 4,265 Posts
    • 7,704 Thanks
    enthusiasticsaver
    • #2
    • 19th Mar 17, 1:11 PM
    • #2
    • 19th Mar 17, 1:11 PM
    Which debt are you tackling first?

    Do you know how the debt came about? I.e. Is it due to particular event (car, wedding, holiday, home improvements, redundancy or maternity leave?) alternatively is it years of poor budgeting and overspending meaning it has built up overtime with maybe debt consolidation once or twice?
    Countdown to early retirement on 21.12.17 3 months to go.
    • GrowingUp57
    • By GrowingUp57 19th Mar 17, 1:19 PM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    • #3
    • 19th Mar 17, 1:19 PM
    • #3
    • 19th Mar 17, 1:19 PM
    Hi there, the family debt and loan are both fixed monthly payments at £250 p/m and £231 p/m respectively so the family loan will gone by 1st July! So apart from those, I'm going to go for the credit cards first starting with the nationwide one, then the very account, then the overdrafts and then lastly i can plough overpayments on that loan!

    Years and years of poor budgeting, spending money I don't have and yes a couple of debt consolidations thrown in too, I would be able to tell you where it's all gone, trying to maintain a lifestyle I clearly can't afford!

    I've just turned 30, bought a house and got engaged all this year so really hit home that this needs sorting out!
    • GrowingUp57
    • By GrowingUp57 19th Mar 17, 10:48 PM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    • #4
    • 19th Mar 17, 10:48 PM
    • #4
    • 19th Mar 17, 10:48 PM
    Didn't really spend today had a nice walk with the dogs and then a bath but then went out for tea. Meal each with a drink in spoons £19.14, came out of the joint account so nothing added to debt
    • GrowingUp57
    • By GrowingUp57 20th Mar 17, 9:42 AM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    • #5
    • 20th Mar 17, 9:42 AM
    • #5
    • 20th Mar 17, 9:42 AM
    Today should be NSD as working all day, I work from home so big bonus spending wise although I did sacrifice a higher wage to do so! So breakfast, lunch and cups of tea all sorted for £0, going to get some mince out and have spaghetti bolognaise for tea, simple but have everything in and relatively healthy (I.e not processed) as diet hasn't been the best recently. Frozen chips and pizzas are much cheaper than fresh fruit and veg!

    Same story today

    Loan - 8103
    Barclaycard - 3859
    Very - 1280
    Capital one - 735
    Nationwide - 476
    HSBC o/d - 350
    NW o/d - 150
    Family loan for buying house - 1000 (really 2000 but split with other half)
    Total - 15953

    • GrowingUp57
    • By GrowingUp57 20th Mar 17, 10:05 AM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    • #6
    • 20th Mar 17, 10:05 AM
    • #6
    • 20th Mar 17, 10:05 AM
    Just looking at household bills. The annoying thing is I'm already really savvy with all this stuff, I shop around every year and always get the right deals it's just my personal spending that is out of control. Most of these are brand new deals I've shopped around for so I just can't see anyway of getting them down.

    Mortgage - 170

    CT - 112

    Sky - 69 (need top package due to working from home - this is actually with 50% off!)

    Gas and Elec - 75 (brand new tarriff with First Utility)

    Pet - 54 (I have 4 dogs and I pay for a top policy)

    Life - 30 (brand new through financial advisor)

    Water - 20

    Buildings - 19 (again brand new)

    Contents - 17 (already had this policy and it was £11 however moving and adding engagement ring bumped it up)

    TV - 12

    Netflix- 6

    Total - 584

    I pay 50%
    Last edited by GrowingUp57; 20-03-2017 at 11:39 AM.
    • kazwookie
    • By kazwookie 20th Mar 17, 10:12 AM
    • 9,267 Posts
    • 117,695 Thanks
    kazwookie
    • #7
    • 20th Mar 17, 10:12 AM
    • #7
    • 20th Mar 17, 10:12 AM
    Hi

    What the the % apr's for the cards?

    You need to find this out. Then try to move the largest % to the 0% deal cards, as it could be your are only paying off the interest and not the actual amount.

    Good luck
    Sun, Sea
    • GrowingUp57
    • By GrowingUp57 20th Mar 17, 11:37 AM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    • #8
    • 20th Mar 17, 11:37 AM
    • #8
    • 20th Mar 17, 11:37 AM
    Hi

    What the the % apr's for the cards?

    You need to find this out. Then try to move the largest % to the 0% deal cards, as it could be your are only paying off the interest and not the actual amount.

    Good luck
    Originally posted by kazwookie

    Thank you. I will find out and post all with APR's. What I do know is that none of them are 0% but my payments are covering some main payment aswell as interest.
    Starting Debt 19/03/17 - £15953 - Current Debt - £16635 = +682
    • GrowingUp57
    • By GrowingUp57 20th Mar 17, 7:21 PM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    • #9
    • 20th Mar 17, 7:21 PM
    • #9
    • 20th Mar 17, 7:21 PM
    Managed the NSD

    Chuffed with myself as made corn beef hash for tea with some potatoes that would have gone in the bin otherwise.

    Can't pay anything at all off debt until payday but at least I haven't added to it.
    Starting Debt 19/03/17 - £15953 - Current Debt - £16635 = +682
    • DCFC79
    • By DCFC79 20th Mar 17, 7:28 PM
    • 29,966 Posts
    • 18,978 Thanks
    DCFC79
    Do you really need the top package from Sky, dont think you do, you have Netflix.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • GrowingUp57
    • By GrowingUp57 20th Mar 17, 7:43 PM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    Sorry I can't seem to quote on my phone! It's mainly for the internet so I need the unlimited fibre broad band due to working from home so with that the deal we got (family and friends) automatically gave us all the TV too. So it really more about the internet than TV. Suppose I could always cancel the Netflix for the time being but one wonders whether it's really worth cancelling for the sake of £3 a month. I know it's bad but £3 a month isn't going to go very far at all!
    Starting Debt 19/03/17 - £15953 - Current Debt - £16635 = +682
    • DCFC79
    • By DCFC79 20th Mar 17, 7:53 PM
    • 29,966 Posts
    • 18,978 Thanks
    DCFC79
    Sorry I can't seem to quote on my phone! It's mainly for the internet so I need the unlimited fibre broad band due to working from home so with that the deal we got (family and friends) automatically gave us all the TV too. So it really more about the internet than TV. Suppose I could always cancel the Netflix for the time being but one wonders whether it's really worth cancelling for the sake of £3 a month. I know it's bad but £3 a month isn't going to go very far at all!
    Originally posted by GrowingUp57
    Oh yes you said you worked from home.

    Is that the cheapest it can be, you looked into BT ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Kitten868
    • By Kitten868 20th Mar 17, 8:33 PM
    • 816 Posts
    • 1,621 Thanks
    Kitten868
    just unlimited fibre broadband is about £30 a month including line rental.
    and yes £6 a month is £6 less that you owe and are paying interest on. so it all adds up.
    it sounds like you can tackle it. and yes you should do Apr order but i think ticking off creditors does the world of good for your motivation xxx
    Loan 1 £7100/£8000
    Loan 2 £5100/£5800
    Total £12200/£13800 12% PAID
    • GrowingUp57
    • By GrowingUp57 21st Mar 17, 9:12 PM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    Ok day today, had an interview and got a new job this is good because I hate my job at the moment as in 'every moment think about quitting' hate! Still from home which is good too!

    Little bit spendy, went to lunch with my best friend, spoons again so very reasonable £7.90 for a hotdog and a coffee and then a pint of Diet Coke, withdrew £10 out of the joint account for this and then went to card factory and bought 2 x Mother's Day cards (1 for my mum one for MIL to be) for £1 each. Pleased with myself as went to Tesco first and was going to pay £1.50 each which would have meant another card transaction.
    Went to B&M's as desparately needed: mop and mop bucket (4 dogs, mop filthy and wringer in mop bucket broke = stinky mop eww), bleach and toothpaste came to £13.36 altogether. Out of joint account which will need to be replaced payday as at the moment we won't have quite enough to cover main bills . OH gets paid from second job same day as I get paid therefore I think we can cover.

    Good news is debts have not moved!
    Loan - 8103
    Barclaycard - 3859 (over)
    Very - 1280
    Capital one - 735
    Nationwide - 476
    HSBC o/d - 350
    NW o/d - 150
    Family loan for buying house - 1000 (really 2000 but split with other half)
    Total - 15953

    Currently celebrating new job with champagne (present for engagement)

    Things can only get better
    Starting Debt 19/03/17 - £15953 - Current Debt - £16635 = +682
    • Cumbria lass
    • By Cumbria lass 21st Mar 17, 9:20 PM
    • 486 Posts
    • 1,225 Thanks
    Cumbria lass
    Well done on new job , onwards and upwards . Enjoy the champagne!
    Aug 2017 CC1 £3549 CC 2 £1000

    Debt Free Nov 2019: earlier if I have my way
    • Bobarella
    • By Bobarella 21st Mar 17, 10:13 PM
    • 10,473 Posts
    • 69,438 Thanks
    Bobarella
    Well done on getting the new job!
    " 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
    • GrowingUp57
    • By GrowingUp57 21st Mar 17, 10:16 PM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    Thank you Boberella and Cumbria lass!

    Will get there, baby steps!
    Starting Debt 19/03/17 - £15953 - Current Debt - £16635 = +682
    • GrowingUp57
    • By GrowingUp57 22nd Mar 17, 12:51 PM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    Worrying today have no idea what I'm getting paid at the end of the month yet but worked less hours so concerned I'm not going to meet minimums. Tough couple of months ahead, my credit score is important to me and I don't want to mess it up, thankfully we won't be looking at another house for at least another 3 years so hopefully enough time to get out of this mess
    Starting Debt 19/03/17 - £15953 - Current Debt - £16635 = +682
    • Biollante21
    • By Biollante21 22nd Mar 17, 1:10 PM
    • 55 Posts
    • 56 Thanks
    Biollante21
    Good luck with this
    I too see like to see things getting lower too and as such i have a DD set up for minimum payments to the CC and then make extra payments through the month
    This ensures that i'm paying the one with the higher interest off quicker but also see the figure owed going down on a regular basis
    Could be worth giving it a go as interest really does knock things upwards
    As someone else has said having Netflix and the full Sky package is a bit OTT and any money saved is better than nothing saved
    Going to subscribe to your post and cheer you along
    Months since overdraft used 5
    Get rid of credit card debt - £7900.00 (15/02/17) £7550 (23/02/17) £7250 (13/03/17) £6874 23/03/17
    Pay off Argos card by Xmas 2016 - 20/06/16 £1475.00 owed - 21/06/16 £1400.00 owed - 20/01/17 Paid off
    • GrowingUp57
    • By GrowingUp57 22nd Mar 17, 5:14 PM
    • 27 Posts
    • 39 Thanks
    GrowingUp57
    Thank you for the support, feeling a bit more positive

    You're right will talk to OH about cancelling NF! Also checked my interest rates and going to do the same, capital one at 22% needs to go first I reckon!!
    Starting Debt 19/03/17 - £15953 - Current Debt - £16635 = +682
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