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    • LadyP01
    • By LadyP01 23rd Apr 17, 10:10 PM
    • 73Posts
    • 203Thanks
    £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 5
    • enthusiasticsaver
    • By enthusiasticsaver 22nd Aug 17, 10:04 PM
    • 4,443 Posts
    • 8,267 Thanks
    Don't measure yourself against others. It makes no difference whether your friends are married or own a house or whatever. Just focus on what you can do. You are paying down your debt and learning to live within a budget and saving for things rather than paying on credit. It is worrying your OH is not on board but we cannot change attitudes to money. I would just reiterate what others have said. Don't take out joint debt or joint accounts with him if he is irresponsible with money. It will affect your credit record and some day you might want to buy a house.
    Countdown to early retirement on 21.12.17 2 months to go.
    • bit by bit
    • By bit by bit 23rd Aug 17, 11:22 AM
    • 9 Posts
    • 35 Thanks
    bit by bit
    I just read through your whole diary and am so impressed. I cleared my debts a few years ago and am now paying off the final one, the mortgage. My husband's finances are separate to mine and he has a separate mortgage I have nothing to do with. It has taken three years for him to look at his finances the way I did with mine. I just cheerfully mentioned it every time I paid something off or how much I had saved on interest as I made an over payment. All the best to you both on this journey you are on. Keep this up and your debt will be gone by spring.
    Wife, mother, gardener, nurse, cancer survivor. Aiming to retire at 55 in March 2021- 43 months to go.
    • LadyP01
    • By LadyP01 29th Aug 17, 12:55 PM
    • 73 Posts
    • 203 Thanks
    Thank you bit by bit! That means a lot. I just need to be doing it for myself and motivating myself!!!!!!

    And your right enthusiasticsaver I try and not measure myself against other people but I do worry about time running out.

    I got paid about 4 days ago and iv not done my budget so big slap on the wrist for me. My life has been so hectic with work but I must tackle it asap. I have u expected family coming which means doing things. I decided that I would do stuff and enjoy myself in moderation but I'll need to be tighter with myself in October and my food budget this month also needs to be tight to compensate.

    I seem to be going through petrol like there's no tomorrow aswell so I also need to start watching that and check I'm not speeding everywhere. I have a theory I think it's linked to the hot days and driving around with both windows open... maybe atleast shut one.

    This week needs to be a big clean and organise and get my life on the track I like it to be. I dislike it when I'm not being organised.
    • LadyP01
    • By LadyP01 8th Oct 17, 10:10 PM
    • 73 Posts
    • 203 Thanks
    It's October already! I have been gone for over a month!!!!!! It's been so busy and needless to say the money saving became a bit of a back burner.

    As an overview for September... it was a hard month, we had family down and we treated ourselves to a lot of things but I did reduce my petrol for the month and took holiday at s/world so I saved some money. Also used offers where I could. Overall I did over pay on debt so that was also a plus but it did get a bit out of control on little things.

    October budget now. I have paid off £600 towards debt for the month. This should be more like £900 but I have some expenses I need to pay out before I get them back so Iv kept them in my account so I can keep track. Iv also paid out for a weekend away! It was a great deal two nights for £42 so that was £21 each for a two night stay! It's only an hour away and there's a spa etc to use on site and we tend to like to chill and watch tv in the room and shut the world out so pretty cheap. This is for our anniversary where we decided not to go on the big expensive holiday costing over £1000 so I think £21 is a nice compromise. We would likely spend more then that going out for the day doing something for our anniversary like a train into London etc. My room for two nights it's already cheaper then a train to London so I'm obviously counting it as a saving.

    Other then that I have given myself an imaginary slap as I need to focus more! My debt total is down to £6873.60 from £16,000 a great start and a great journey I just need to remind myself of how much I have done and how much more I can do.

    I'm never sure about selling on eBay and if the return is worth it for dvds etc? After postage and packaging am I not better off just going to cex?

    Christmas is around the corner. Iv boxed off loads of people with some gifts along my way when I see them leaving my Christmas money more available for finally bits I need to jump on here and update more often and remind myself I'm actually saving! Let the wrapping begin.

    Lastly work has been insane! Partly why I'm never on here. I need some me time I need to prioritise myself and I need to take a step back. I get paid so little for the work I put in. I'm the lowest paid for my job bracket in the country! I need to ask for a pay rise or move on next year. To much happening that's great this year and I would never leave a company like that especially not one I love so much but at the same time I can barely afford to live and I deserve more for myself.

    Rant over... I'm back and I'm still on my money saving journey.
    • LadyP01
    • By LadyP01 11th Oct 17, 8:57 AM
    • 73 Posts
    • 203 Thanks
    Good day yesterday, everything can be claimed back on expenses so technically a no spend day as I didn't spend any of my own money.

    I have a birthday dinner tomorrow that Iv planned £40 for it's a family dinner so no chance of not going but I'm planning on keeping the expense low. I have stuff this weekend but stuff that's all in the budget, just need to keep it low.
    • LadyP01
    • By LadyP01 14th Oct 17, 11:27 AM
    • 73 Posts
    • 203 Thanks
    This week wins!

    Had a family birthday... budgeted £100 for this and have been saving a little every month for it but I managed to get everything I wanted all for £38.
    We are going out to which I need to pay dinner for both of us but we like a cheecky Nando's so it's not the ritz.

    I am toying with seeing a show it's £70 and Iv nearly booked 3 times but changed my mind as I need to be saving money I hope they don't feel let down with just a day at the shops and dinner.

    Iv saved £100 on my annual car insurance. I budgeted for £350 and it's down to £230 so again that's £100 saving but I need some work doing on my car so that money will be going towards that.

    Iv also found out I have a bonus being processed for my pay this month! Is small but it will help make a dent in my debt.

    Fails this week

    Iv spent a lot on food for work... need to talk to someone about claiming this back.

    My expenses havnt come back!!! Nightmare and I have another claim to go in and then this week I need to spend more money on expenses so that's going to leave me massively out of pocket.

    I need some new clothes something to make me feel good again but I needs to be cheap!! So I'm on the look out.

    Also this morning I was going through my papwork and I found my original £16,000 loan agreement. I can't believe that was only in February this year and that I'm already down to under the £7000 mark. I really think I can do this and I'm so determined Iv been getting down about debt and will I ever be free of it forgetting how far I have become. I need so much new stuff like a new car as mines starting to die and I know it's on borrowed time but I want to be debt free first and then maybe save for a few months and buy a new car with the money remaining debt free. Just not sure where it ever ends
    • Rachel24
    • By Rachel24 14th Oct 17, 4:04 PM
    • 87 Posts
    • 281 Thanks
    I’ve just read your diary and subscribed. You’re doing amazing, can’t believe you’ve paid off so much! Definitely try and get a pay increase sorted not only will it help towards debt but it’ll help when you look for a mortgage how much they’ll offer you. How is your OH now with paying off his debt? Is there anyway you can make him give you money each month then at the end of the month you can put it to his debt? I know it might seem childish but it’s an idea and means he can’t waste it if you have it.
    Just think if you can get your debt below £6000 by December then you’ll of paid off £10000 in 2017!
    • Happierdays
    • By Happierdays 14th Oct 17, 6:19 PM
    • 144 Posts
    • 393 Thanks
    Just popping in to say wow! I echo what Rachel24 has said - amazed at what you have paid off in a short space of time
    Hope oh is more on board now too.. my oh is getting there but I know he just thinks I'm a tight wad! Not sure he realises that all this debt busting will eventually mean a better life!
    Good luck x
    • LadyP01
    • By LadyP01 14th Oct 17, 11:31 PM
    • 73 Posts
    • 203 Thanks
    Hey Rachel24 and happierdays thanks for your messages.

    Unfortunately the oh is not doing so great. He's struggling a little and it takes me to wrestle him down and organise finances to get them straight. It was becoming a strain so I let him do it himself for a month and by the end of the month he had to borrow again so I'm hoping he realises how important it is. I'm trying with him but I can't spend the rest of my life telling a grown man he shouldn't be going out spending money it's just so difficult.

    I did have a little spending spree today. I got some items in the sale and some cheap heels that I'm really happy with. I don't feel comfortable going out in the evening and have become abit of a hermit because I dnt feel I have anything fresh and new to wear. There was lots of things I liked but I only got things that were discounted and made up one whole outfit to go out rather then lots of things that needed extras to be purchased. I feel a lot better knowing I can go out and see friends and not feel frumpy or old.

    I did get two free coffees today and a free lunch so that was a win and that money paid for my shoes

    Tomorrow I'm off but I'm thinking we can go somewhere free and fun and then come home and chill.

    I found some more Christmas gifts aswell today so hopefully I can get wrapping with what I already have and see what else I need then I can have a look around for some discount vouchers for those items and get it all cheaper. So far Iv boxed off lots of people and Iv not spent a penny out of the Christmas fund.
    Last edited by LadyP01; 14-10-2017 at 11:34 PM. Reason: Spelling
    • LadyP01
    • By LadyP01 16th Oct 17, 8:38 AM
    • 73 Posts
    • 203 Thanks
    Nearly went off the rails yesterday spending! I didn't and I put everything back but it nearly happened. Shows how unfocused I have started to become. Soon I'll be out of money anyway so I won't be able to do anything.

    I have two lots of expenses to chase up so they will be jobs for today.

    Might even have time to wrap some gifts finally
    • LadyP01
    • By LadyP01 21st Oct 17, 11:04 AM
    • 73 Posts
    • 203 Thanks
    Okies week, under budget on all the events I had planned... still have £15 left from them which means I can do something else before pay day should I get invited out anywhere or I'll stay in and put that money towards petrol next month.

    Paid for my car insurance in full. Only £237. I opted for one that was £10 more because Iv had good experiences with that company and it's been years since they have been cheap enough for me so I'm happy and confident that I'll get a great service with them. All paid out right with the money Iv been putting away since February.
    However I am low on money for car maintenance, I'll need to do a bigger top up next month as I think my car needs some serious work done to it.

    Iv started wrapping and completed all the gifts I already have so that's a tick off the list.

    7 days till pay day lets hope I get there in the plus rather then on the line.
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