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  • FIRST POST
    • LadyP01
    • By LadyP01 23rd Apr 17, 10:10 PM
    • 84Posts
    • 220Thanks
    LadyP01
    16,000 debt, turning regret into positive action.
    • #1
    • 23rd Apr 17, 10:10 PM
    16,000 debt, turning regret into positive action. 23rd Apr 17 at 10:10 PM
    So here i finally am, writting my debt free journey out for you all to read.
    I had my LBM back in febuary when i finally relised that my attempts to be debt free were failing me. I had just purchased alot of holidays and spent alot of money redecorating, i soon relised i was undoing all my hard work.

    When i relised something needed to be done this was my financial situation:
    Loan - 10,000 - only had 800 paid off
    Credit card 1. -2,900
    Credit card 2 - 2,600
    Overdraft - 40

    I decided to get a loan total out of 16,000 this was obviously a little more then i needed but i put i decided to borrow more to start an emergency fund from day 1 so that i avoided having to borrow on credit again.
    I cut off my overdraft so that is gone, so now i just have a 16,000 loan!!!!!!!

    This is now technicly my second month moving into my third month of debt busting and so far im really pleased with how hard iv worked. Iv decided to use a savings account to hold all my savings till september with the hopes of having 10,000 to make a dent in that loan on a repayment. Then i can pay off the final 6000 on a 0% credit card and continue paying it off interest free.
    My progress so far in my savings account is: 5,645.60

    I have a long way to go!!!! But i feel i have been doing some massive savings already to knock away my debt. I really want to be debt free in 2018 and im desperate to make this happen.

    I will do a spendings break down on here later i forget what you call it to show how im spending my money. Iv been coming up with lots of ideas to save myself money and get back into the black.

    Thank you for reading, hope i didnt go on to much... Need to keep this motivation going

    Quick update:
    Its now June and i have officially brought my debt total down to 9428

    Keeping motivated
    Last edited by LadyP01; 03-06-2017 at 11:36 PM. Reason: Update
Page 1
    • UncannyScot
    • By UncannyScot 23rd Apr 17, 11:19 PM
    • 726 Posts
    • 4,343 Thanks
    UncannyScot
    • #2
    • 23rd Apr 17, 11:19 PM
    • #2
    • 23rd Apr 17, 11:19 PM
    Hello, welcome
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • Bobarella
    • By Bobarella 23rd Apr 17, 11:37 PM
    • 10,454 Posts
    • 69,667 Thanks
    Bobarella
    • #3
    • 23rd Apr 17, 11:37 PM
    • #3
    • 23rd Apr 17, 11:37 PM
    Well done for all your hard work so far.
    " 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
    • LadyP01
    • By LadyP01 24th Apr 17, 7:13 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    • #4
    • 24th Apr 17, 7:13 AM
    • #4
    • 24th Apr 17, 7:13 AM
    Hi uncannyscot and bobarella thank you for stopping by for support.

    Officially in the last 5 days of the month and i have 15.56 left, i only need 5 for slimming world and im working all week so thats perfect. I do however need some lunch prep items and conditioner that i was holding off until next months budget but as i have some left over this month i might aswell go and get 5 worth or bits.
    As my journeys gone on iv been looking into frugality which for me is going to be the key to success. My debt has been mounted from stupidly spending on a life style that i cant substain. Im in my late 20's and i used to have a massive disposable income, no rent to pay no food needed, no phone bill etc so i developed a life style that i liked, lots of holidays, clothes and nights out. Fast forward about 5-8 years and now i have more bills (lots less the the average person my age but bills none the less) but my spending never changed.
    Iv made a decision to not buy any beauty products until i have used up everything i already own... And baring a few items i think i can last till christmas. Im using items more sparingly, iv also switched items like baby oil for body lotion. I have loads of body lotion left over from christmas so my goal is to use them up before the baby oil... Saving of 2 roughly every month...small but it all adds up.
    I also brought asdas own hairspray for 80p and use it in a mix with my stronger more expensive one i already had before i started this. Love the cheaper one it smells like raspberries and make my room smell amazing when i use it, also leaves a lovely shine. By using both hair sprays iv managed to not buy any for two months... Saving of about 3-5 per month.
    There my two savings im most proud of to reduce spending but by doing that across all beauty iv saved about 15 a month in products.

    Todays plan it to do a soa? So you can all see how im trying to get this debt gone... My debt free day is predicted at febuary 2022!! I refuse to still be in debt then, iv crunched some numbers and if i stay motivated i can make that may2018 even that date makes me feel quezzy.

    Be back tonight with my figures
    • LadyP01
    • By LadyP01 24th Apr 17, 9:42 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    • #5
    • 24th Apr 17, 9:42 PM
    Soa
    • #5
    • 24th Apr 17, 9:42 PM
    This is my soa? I think thats the right term.

    I earn 1536 per month

    Bills
    Pension------- 70
    Rent------------250
    Phone----------15
    Help to buy----200
    Loan-----------323.62

    Total_________858.62

    Direct debits
    Christmas-----50
    Presents-------35
    Holidays-------50
    Car stuff-------60
    Clothes etc----40

    Total_________1093.62

    Cash bills
    Petrol----------80
    Food-----------50
    Slimming/w---40
    Social----------100

    Total_________1363.62

    Left over to put towards debt_____172.38.

    In 5 months i will have a good savings pot to get that loan chuck paid off leaving me with 6000 left to pay.
    My clothes fund is to include hair cuts, shoes anything i may need for work or home. My plan is to try and not buy any clothes until i really cant wear anything i own anymore due to baggyness. Iv not touched this fund since starting this process so if it remains untouched i will put half of it in my debt repayment pot.

    Please feel free to give me some feedback and thoughts on the budget, its been tweeked a few times over. Lines i feel might get flagged is social, so this is eating out, meetings friends and activities to which i managed to cut this down to 40 and put 60 in the debt pot. Holiday is also one i imagine will get flagged. I booked them all before my LBM but i will need spending money so im saving a little every month so i have money rather then looking to borrow elsewhere for it.

    Looking forward to some feedback
    • enthusiasticsaver
    • By enthusiasticsaver 24th Apr 17, 9:58 PM
    • 4,674 Posts
    • 8,847 Thanks
    enthusiasticsaver
    • #6
    • 24th Apr 17, 9:58 PM
    • #6
    • 24th Apr 17, 9:58 PM
    Borrowing to save makes little financial sense so taking out a larger loan to keep some back in an emergency fund has cost you money unless the rate you are borrowing at is less than the rate you are getting for savings which is unlikely. Similarly having almost having 6k in savings whilst you have a debt of 16k is a mistake. Keeping 1k back for emergencies is sensible though but I would pay the rest off the loan now unless it is on a really low rate.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • LadyP01
    • By LadyP01 24th Apr 17, 10:29 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    • #7
    • 24th Apr 17, 10:29 PM
    • #7
    • 24th Apr 17, 10:29 PM
    Hey enthusiasticsaver thanks for the feedback... I took 360 out extra ok the loan fo create an emergency fund. I agree with your about financial sense but i felt i needed that cushion of unforseen circumstances to avoid me going backwards... Luckily i did as i had unexpected car troubles so instead of going into dispear i knew i could cover it qnd iv already put that money back.
    Im also thinking the same as u about the money i have saved so far, i didnt expect to have saved so much in just under 3 months, but im torn... Do i pay it straight to my loan? Or do i pay it off my loan and look for a smaller loan? Hence why iv given myself the 5 months for 10,000 as i know i can get 6000 0% interest but i know i cant get 10,000 at that rate.
    • enthusiasticsaver
    • By enthusiasticsaver 25th Apr 17, 6:20 AM
    • 4,674 Posts
    • 8,847 Thanks
    enthusiasticsaver
    • #8
    • 25th Apr 17, 6:20 AM
    • #8
    • 25th Apr 17, 6:20 AM
    It may be better to make big chunks of overpayments rather than one big one of 10k. Often there is a one month interest penalty for early repayment and this is less if the balance has been reduced. Have you checked this? Personally I would pay it off in chunks of 2.5k providing there is no charge for overpayments.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • LadyP01
    • By LadyP01 25th Apr 17, 7:04 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    • #9
    • 25th Apr 17, 7:04 AM
    • #9
    • 25th Apr 17, 7:04 AM
    Today should be a nsd, ill be at work and iv always made my own lunch.
    Tonights plan if i get time is to have a search at interest rates on 10,000 and check my eligability to see if its worth doing a pay off of the current loan and moving to a lower rate.
    Also need to make a shopping list i think i have about 2 days worth of lunch stuff left.
    • LadyP01
    • By LadyP01 25th Apr 17, 7:08 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Hey enthusiasticsaver, just seen your post. I will check the small print of my loan this evening and see what it says. Im sure theres no charge for paying overpayments as i checked but ill check over all the information.
    • LadyP01
    • By LadyP01 25th Apr 17, 9:21 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    So a NSD achieved today! Lunch list has been made, iv had a look around and i think if i get some jacket potatoes i can get another weeks lunch out of what i have.

    Also looked into the loan agreement and excellent advice, it seems i can make payments with no interest which is perfect and my apr % is based on the overall amount left to pay i believe so the more i pay off the lower the interest so i will be making a call and start making some payments.
    • LadyP01
    • By LadyP01 27th Apr 17, 5:49 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Another Nsd, thank god it will be payday soon. Tonight i need to sort my nudget for next month out and check i have everything in the right place for it.

    I personally am knackered, i could just go out and spend the last 10 i have on naughty food and just sit at home relaxing.
    Looking at the positives i guess... My petrol has lasted me an extra 2 days which i was worried it woudnt. And i still have money left after cutting me100 budget back and my50 food budget back. I think i went to far this month and i feel like i havnt done anything, this shows more as im getting increasingly annoyed at my oh for going out all the time as i feel iv not been anywhere, so weve made plans to go out this weekend so i can feel human again.
    • LadyP01
    • By LadyP01 29th Apr 17, 11:09 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Finally having a well earned day off. Feeling tired and alone on this mission. My OH is getting angry with me about saving money. Iv tried explaining the situation and how important it is to reduce our bills. He has his own bills but we both pay rent all bills included but im still trying to make an active effort to make sure that we keep the bill payers bills down as in all honesty we hardly pay enough to cover everything so i think its respectful to make sure were not being wasteful.

    I have a low budget for myself as im comited to paying off my debt. I just feel a bit awkward like im stood around saying i dont want to do this because of money or we need to cut that. I know he has debts of his own, pay day loans, credit cards the lot. Its not my place to tell him to go on a strict money saving budget like me as it has to be his choice. Its just he constant resistence to supporting me with my choices not to spend money that gets to me.

    Just feeling a bit alone in this debt busting journey.
    • DaringToDream
    • By DaringToDream 29th Apr 17, 11:28 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Hi Lady! Just dropping in to say hi and sorry to hear you're feeling alone in this. It can be really lonely when your partner isn't quite on the same page financially, and you're trying to save. Hopefully this forum will give you a lot of support. I've always felt really guilty spending money on myself, so last year set up a fun fund which goes towards things like date nights with OH which eases the guilt slightly and also doesn't impact on the debt busting coz it's all budgeted for. Ultimately everyone has their own LBM in their own time, so keep plodding along and you may well find OH comes on board!

    Have a lovely long week and enjoy a well deserved day off!
    • Bobarella
    • By Bobarella 29th Apr 17, 12:59 PM
    • 10,454 Posts
    • 69,667 Thanks
    Bobarella
    Finally having a well earned day off. Feeling tired and alone on this mission. My OH is getting angry with me about saving money. Iv tried explaining the situation and how important it is to reduce our bills. He has his own bills but we both pay rent all bills included but im still trying to make an active effort to make sure that we keep the bill payers bills down as in all honesty we hardly pay enough to cover everything so i think its respectful to make sure were not being wasteful.

    I have a low budget for myself as im comited to paying off my debt. I just feel a bit awkward like im stood around saying i dont want to do this because of money or we need to cut that. I know he has debts of his own, pay day loans, credit cards the lot. Its not my place to tell him to go on a strict money saving budget like me as it has to be his choice. Its just he constant resistence to supporting me with my choices not to spend money that gets to me.

    Just feeling a bit alone in this debt busting journey.
    Originally posted by LadyP01
    Sorry to hear you feel alone. It is very hard having to be the bad cop. He sounds like he doesn't understand just how important it is to get straight financially. You are not alone in that. I read all the time of people saying their other halves don't get on board for quite some time after the repayment battle begins.

    Do you know what is really important to him? Like a better car or a special holiday, whatever the thing is, and then use that to help motivate him? I.e stop doing X and we can have Y sooner.
    " 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
    • LadyP01
    • By LadyP01 29th Apr 17, 2:13 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Thanks daring to dream, iv been on your thread reading your journey this morning, i have a fund were supposed to take each other out once a month, tonight is my night to treat so iv booked a new restaurant in town that weve never tried before.
    I feel the same about the LBM its down to him to have that moment and make those choices himself but it does make me feel alienated when hes having a go at me about saving money.

    Hi bobarella, very little is actually important to him, for him hes not bothered about the big things, he would rather have nights out with the lads or takeaways etc. so cutbacks in the house on food thats premade and turning lights out etc is whats causing him to get angry.
    • LadyP01
    • By LadyP01 29th Apr 17, 5:14 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Im over myself from this morning! I have pampered myself all day for free and treated myself.

    Iv booked us a table for this evening and im getting dressed up and ready to treat myself to a nice evening out.
    • DaringToDream
    • By DaringToDream 29th Apr 17, 5:20 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Nothing like a lovely pamper to perk yourself up!! Have fun getting all glam and have a lovely night out!!
    • LadyP01
    • By LadyP01 30th Apr 17, 8:57 PM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Thank you, it was nice to go out for the evening, especially to drink. I was however still so tired by the end of the night.
    Last month before i started this thread i was hit with an unexpected bill for a tastecard. I was so angry at myself as i had forgotten about the fact id signed up for this a year before and it renews every year. No refunds could be given i was stuck with the card. I have however cancelled any renewal for next year.
    So i need to get my money back for this card... All 40 of it! We choose a place last night that offered a deal with the card and i saved 18 on our night out so getting there and were trying new places. It isnt ideal but its done so its what we do with it. The oh was very impressed so we will be visiting all these places from now on.

    Also went for a shop today and some coin persons i liked were in the sale down to 3 each. Iv brought myself a few to upgrade from my envelopes and coin bags to keep my cash organised. Pretty pleased with my purchase as i feel iv been doing this long enough that the cost wont be wasted.

    I need to sort out my money for this month. Even with the discount last night still set me back just under half my months budget. So need to get my money organised. next weekend we have a outting that im thinking of cancelling on due to money, the week after oh is going out so no spend for me and after that we have a holiday... Money to come from holoday fund already set up.
    • LadyP01
    • By LadyP01 1st May 17, 7:04 AM
    • 84 Posts
    • 220 Thanks
    LadyP01
    Having a look through my accounts last night and i checked my offers on a cc to see what they were offering. I can get 12,000 on 0% interest i also have 3000 standing by ready to call the loan company and pay off. That will leave a bit left to be paid off over the next two months. By leaving some to be paid off by montly payments it should avoid a fee for paying it off early.

    Task for may
    Pay off 3000 on loan.
    Accept offer for 0% interest
    Sort out bills for this month
    Research holiday so its as cheap as possible.
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