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  • FIRST POST
    • LadyP01
    • By LadyP01 23rd Apr 17, 10:10 PM
    • 92Posts
    • 234Thanks
    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 5
    • enthusiasticsaver
    • By enthusiasticsaver 22nd Aug 17, 10:04 PM
    • 5,164 Posts
    • 9,817 Thanks
    enthusiasticsaver
    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.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • bit by bit
    • By bit by bit 23rd Aug 17, 11:22 AM
    • 33 Posts
    • 106 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- 39 months to go.
    MFW 2018 #164 £50/£3200. Make 2018 in 2018 #30 £72.59/£2018
    Stash Busting 2018 0 projects as yet No Clutter to be Seen in 2018 Challenge: 6 bags of stuff plus 4 other items.
    • LadyP01
    • By LadyP01 29th Aug 17, 12:55 PM
    • 92 Posts
    • 234 Thanks
    LadyP01
    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
    • 92 Posts
    • 234 Thanks
    LadyP01
    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
    • 92 Posts
    • 234 Thanks
    LadyP01
    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
    • 92 Posts
    • 234 Thanks
    LadyP01
    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
    • 118 Posts
    • 419 Thanks
    Rachel24
    Hi
    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
    • 148 Posts
    • 469 Thanks
    Happierdays
    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
    • 92 Posts
    • 234 Thanks
    LadyP01
    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
    • 92 Posts
    • 234 Thanks
    LadyP01
    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
    • 92 Posts
    • 234 Thanks
    LadyP01
    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.
    • LadyP01
    • By LadyP01 25th Oct 17, 7:28 AM
    • 92 Posts
    • 234 Thanks
    LadyP01
    Nearly at pay day. I might just get through.

    Checked my credit score and it's up to 531 above my local and the national average so I'm happy with that.

    I am shattered Iv had so much going on I just need lots of sleep and relaxation.

    I also need to book loads of repairs for next month and complete Christmas shopping next month.
    Maybe I can get some of those jobs done this weekend.
    • Cherryfudge
    • By Cherryfudge 25th Oct 17, 2:08 PM
    • 1,082 Posts
    • 5,159 Thanks
    Cherryfudge
    Perhaps make yourself a list, if you haven't already, then prioritise so you know the most important things are done and any left undone are not the ones that will cause serious problems.

    Make sure you have some 'you' time on that list every day! If you're like me, you get to a point where you can't wind down eventually, which just makes everything worse.

    Keep chipping away at things and you'll get there! Well done on the credit score: that shows you're progressing.
    • LadyP01
    • By LadyP01 3rd Nov 17, 11:27 AM
    • 92 Posts
    • 234 Thanks
    LadyP01
    You time has been booked in! I have some time off for me and to do things I want to do and get myself sorted so thanks cherry fudge I will be doing just that.

    Pay day has hit and I’m ready to do November finances after I have sorted out lots this week. My paying off has been going down so time to get aggressive with everything.

    Ready to roll with everything now
    • Chelleby
    • By Chelleby 3rd Nov 17, 12:18 PM
    • 6 Posts
    • 14 Thanks
    Chelleby
    Broken - Makes me spend what I don't have
    I have subscribed to this site in the hope I can get some help, guidance and support . I have got myself into debt AGAIN.... after only my last debt of £10.000 being sorted just 18 months ago. HOW & WHY?????. I know why because of my depression which goes on and on, . How because although I was in debt with credit cards and store cards, because they were paid off for me the accounts were left open and new cards were sent out to me. In my head I knew this was wrong but thought just one little item of clothing or a pair of boots or shoes won't matter. I'll pay it back on payday. So to cut a long story short it spiralled out of control. I hid everything from my partner who had cleared my debt 18 months ago, (I pay back £400 a month). I was ashamed and scared so just racked up more debt , I am depressed and look to buying treats to cheer me up. But it doesn't work , believe me!!!
    He has since found out. I am broken and so he is. I am now having counselling fior my problems that go deeper , my depression stems from childhood. I am on anti depressants and my partner is standing by me and once again sorting my finances.

    Just want the pain to go away now
    Last edited by Chelleby; 03-11-2017 at 12:21 PM.
    • LadyP01
    • By LadyP01 6th Nov 17, 11:04 AM
    • 92 Posts
    • 234 Thanks
    LadyP01
    Hey chelleby,

    This site is amazing to keep your spirits up and yourself focused, I looked and you should start a thread so we can all pop by and support you. It’s scary and you feel so alone and silly for getting yourself into such debt but the truth is, just because people don’t talk about debt it doesn’t mean there not in it. I like to think that most people I know/speak to are probably in the same situation as me we just don’t all talk about it which is why this is such a great safe haven to talk about it all.
    I love that your partner is supporting you as that’s exactly what they should do to help give you strength on the days when you feel weak. It sounds like you have lots going on so just take baby steps and it will all work out and like I say make a thread as I’d love to be able to pop by and support your journey
    • Cherryfudge
    • By Cherryfudge 6th Nov 17, 11:49 AM
    • 1,082 Posts
    • 5,159 Thanks
    Cherryfudge
    Hi Chelleby,
    Just wanted to say welcome and LadyPO1 is right, if you have a thread of your own, people will come along who have been there themselves and found a way out. This is such a supportive board, with loads of helpful people and always a listening ear if that's what you need.

    If you are stuck for how to start a new thread, come back here and someone will talk you through it (I'd do it now but I'd have to look it up first and lose this reply. )

    Yes, new stuff gives a momentary lift but it isn't the solution... Not to say you should never have new stuff, just that it doesn't really make you feel better any more than eating extra or any of the other 'false friends' that mess our lives up.

    LadyPO1 is right about baby steps too. Even if it's just cancelling one store card at a time, making one more payment to your partner (who sounds like a good person btw ), going out for a walk when you feel like staying in... any little positive steps will help you become stronger and freer.

    Loads of good wishes to you: I'll keep a look out for that new thread and cheer you on. x
    • LadyP01
    • By LadyP01 6th Nov 17, 2:56 PM
    • 92 Posts
    • 234 Thanks
    LadyP01
    Iv done my finances today and paid another £200 off it needs to be more but I need to get all my repairs done first.

    I have a smashed I phone and I’m wondering wether to repair it and sell it on to make some money.

    Christmas prep is happening and I’m feeling chilled and organised
    • LadyP01
    • By LadyP01 6th Nov 17, 8:47 PM
    • 92 Posts
    • 234 Thanks
    LadyP01
    Great news today. The repairs I was expecting are going to cost just under £200. I had budgeted £600 for them so I’m delighted I can add some more to debt. I will use some of the money to repair my phone and add everything else to debt.

    I’m waiting on expenses to come back to me... just under £200. I’m hoping they come back this month. Note to self for 2018 budget... open an account for expenses and put a little away each month and use it like a buisness account as that can muck my debt repayment up when I have big months.

    I’m feeling relaxed... motivated... and back on things. It’s been great to see I have a life outside of work and who I am outside of work and that’s a nicer chilled person as I’m not tired. My work consumes so much of my life I really need to nail the work life balance although I’m not sure that will ever happen until I have children as I’m addicted to working.

    Christmas list is on the way as above fingers crossed by the weekend it will
    All be boxed off.
    • LadyP01
    • By LadyP01 9th Nov 17, 9:58 AM
    • 92 Posts
    • 234 Thanks
    LadyP01
    Quick update:

    I have completed another 3 people for Christmas and today hopefully I will have another 3 complete.

    Iv paid off another £350 to debt slowly getting there and I’m really happy with this months pay offs.
    A few more bargains and I can pay some more off.
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