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  • FIRST POST
    • Silver Queen
    • By Silver Queen 24th May 17, 3:16 PM
    • 247Posts
    • 1,372Thanks
    Silver Queen
    £15,000 to 0
    • #1
    • 24th May 17, 3:16 PM
    £15,000 to 0 24th May 17 at 3:16 PM
    Hi

    I have decided to re-join this forum so that I can stay motivated to bust my debt.

    A bit about me...I work full-time in central London which gets me about £1.4k per month.

    I owe £15,000 exactly on 0% interest. This is £13,500 to bank of ma and pa (started at £15,500 in October), which paid for my postgrad, and £2k of student overdraft.

    I pay £250 per month to my parents but I would like to start making overpayments.

    Frankly, until now, I have not really even thought about my student overdraft because it's on 0%. However, in June or July (not sure which - oops), it will reduce by £1k so I will need to pay it back ASAP.

    I live at home at the moment, although I will be moving out in September.

    My monthly expenses are food and £350-ish on a train ticket since I commute into London daily. I also pay £200 per month into a help to buy.

    Goals
    1. Pay back £1k into my overdraft by end of July, whilst continuing to make £250 repayments monthly.
    2. Save a £1k moving fund. I am trying to declutter and become more minimalist so that I don't have so much stuff to move, but there will be general moving expenses.
    3. This one is a bit ambitious - I would like to try to pay back all the monies owed to my parents by next year. The current agreement is that I would keep paying them £250 pa until 2021 but I really really don't want to do that, because...
    4. This one is long-term. Save £20k by 2021 so that I can be on my way to putting down a deposit for a house.


    I have started this diary because although I have been on the debt free journey for about three/four months, I have been noticing myself slipping lately, so hopefully this will hold me accountable!
    Last edited by Silver Queen; 08-01-2018 at 4:24 PM. Reason: incorrect loan balances!
Page 7
    • enthusiasticsaver
    • By enthusiasticsaver 29th Jan 18, 1:53 PM
    • 5,689 Posts
    • 11,243 Thanks
    enthusiasticsaver
    You do seem to be struggling a bit with the budgeting.

    Lending to your sister and OH probably wasn!!!8217;t the best move considering you are also in debt. Can they not access credit?

    You need an emergency fund and that overdraft gone. You will be charged for it a certain amount after graduation and they are not cheap.

    Lending from and to family members can be a nightmare. Loads of stories on this forum about relationships breaking up and people left with debt owing. No one thinks it will happen to them but personally unless you are married it is not a good idea to lend to each other. That is my cynical view having seen a lot of people who have had their fingers burned.
    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
    • Silver Queen
    • By Silver Queen 29th Jan 18, 3:29 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    If it is in any way advertised as a "month" rather than "to the end of the month" then I should hope that they do the decent thing and refund you. Fingers crossed anyway!

    As you say otherwise at the least get your moneys worth from it!

    I think that treat to yourself to reward you for the payrise (and for being brave enough to go in there and make your case for it too - well done you!) is a great idea particularly as it will actually cost you so little in actual money!
    Originally posted by EssexHebridean

    Thanks EH! Luckily for me, a very very nice and grovelly email resulted in me getting the £55 refunded back to me...phew!

    Hope you're doing well
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • Silver Queen
    • By Silver Queen 29th Jan 18, 4:02 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    You do seem to be struggling a bit with the budgeting.

    Lending to your sister and OH probably wasnít the best move considering you are also in debt. Can they not access credit?

    You need an emergency fund and that overdraft gone. You will be charged for it a certain amount after graduation and they are not cheap.

    Lending from and to family members can be a nightmare. Loads of stories on this forum about relationships breaking up and people left with debt owing. No one thinks it will happen to them but personally unless you are married it is not a good idea to lend to each other. That is my cynical view having seen a lot of people who have had their fingers burned.
    Originally posted by enthusiasticsaver

    Thanks enthusiasticsaver. The money lent to my sister was to help her with her stamp duty/solicitor's fees for the purchase of her first property, it has actually been paid back now (she paid it to my parents and my parents took the amount off the loan that I had from them for my postgrad). The money I lent to my OH was because he moved across the country, partially to be with me and partially to start a job closer to his career of choice. He did not/does not get paid very well so it was a struggle for him to save enough for the moving fees/deposit/first month's rent. He is now paying this back at £150 per month. I would rather incur a relatively small amount of interest rather than see my loved ones in trouble.

    I have a £2k overdraft and £1k of it became interest-charging in June last year, the other £1k of it will become interest charging in June this year. The reason why I borrowed from the interest-charging portion of it in November last year was so that I could buy a year's season ticket when I moved house, up front, which saved me £300 over the year. It has had the unfortunate effect of leaving me in the interest-charging portion of my OD (which I had naively hoped would not charge interest as this is what my friends have experienced) but the interest I have paid in total is less than £30, and I'm back firmly out of the interest-charging part of the OD. So overall it still saved me about £270.

    Sorry, that was very rambly! Hope it made sense
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • Silver Queen
    • By Silver Queen 30th Jan 18, 5:43 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    Not quite the end of the month yet but I thought I'd do a quick round-up anyway as I'm bored and can't imagine anything changing much or at all between today and tomorrow.

    Debts
    1. Parents loan 1 - £11,300
    2. Parents loan 2 - £250
    3. Overdraft - £1,000

    Total: £12,550

    Accounts
    1. Nationwide +£500
    2. Help to Buy £0
    3. Natwest (dormant account that I've resurrected) +£150

    Surveys
    1. Prolific £3.35
    2. Onepoll £25.25
    3. Populus £21

    Other
    1. OH owes me £1,035 and will pay me back £150 + £35 this month to start with.
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • Silver Queen
    • By Silver Queen 2nd Feb 18, 1:50 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    £250 paid off to the parental loan yesterday, my debt total is now £12,300. Inching closer to the sub £10k mark! Can't wait!
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • EssexHebridean
    • By EssexHebridean 2nd Feb 18, 2:48 PM
    • 8,479 Posts
    • 45,253 Thanks
    EssexHebridean
    Ooh well done - always exciting as a milestone heads into view isn't it!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£842.87 (12/02/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Silver Queen
    • By Silver Queen 3rd Feb 18, 3:31 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    A productive Saturday afternoon switching my resurrected bank account to a different bank for £125 bonus, which I should receive in April around my birthday! I will then stay with this bank for 6 months and most likely leave then as I'll get another £100 (plus I'm planning to switch to another bank that pays another £125 bonus...). Thanks MSE for the tip! Although I don't like that it's called "bank tarting" and will resolutely refuse to call it that
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • lonelyrat
    • By lonelyrat 4th Feb 18, 8:00 PM
    • 99 Posts
    • 310 Thanks
    lonelyrat
    Well done on the switching! Great minds think alike clearly Bank tarting really doesn't sound appealling. I feel we need to find something that sounds a bit nicer than that!
    Total Debt: 2602.81 / 7203.13
    Outstanding Debt: Santander CC 1650 - Virgin CC 750 - RBS Loan 102.81 - Very BNPL 100
    2018 Savings: 175/ 2500
    • Silver Queen
    • By Silver Queen 6th Feb 18, 3:51 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    I'm considering opening another bank account to do the Halifax switch as well, it looks like I don't actually need 2 direct debits from it (unless I want to earn the £3 per month...which I wouldn't say no to). Does anyone know whether a standing order counts as a direct debit in terms of switching accounts?

    Having a bad start of the week at work - just want to chill out and do nothing. Can't wait for the weekend already.

    I have worked out that I can pay back my parents an extra £300 this month, which would bring my debt with them to a nice round £11,000 total. Will pay them back the next time I see them.

    Started doing receipthog and shoppix after seeing someone on here talk about it. Seems interesting so far.

    Totals

    1. Natwes t (OD account -£1000
    2. Parental loan 1 £11,050
    3. Parental loan 2 £250

    4. Boyf owes me £835
    5. Onepoll £27.45
    6. Prolific £3.30 with £2.90 pending
    7. Populus £24
    8. Receipthog 185 points
    9. Shoppix 1580 tokens.

    Things are looking fairly decent. I'm thinking of setting myself a tough goal to be debt free, I'm so sick of being in debt! I want to move on with my life and start saving for a house.
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • EssexHebridean
    • By EssexHebridean 6th Feb 18, 4:24 PM
    • 8,479 Posts
    • 45,253 Thanks
    EssexHebridean
    Keep doing what you're doing, but just make extra bits of cash where you can and make savings where you can too - better to do that than to set an overly tough goal and burn out on it.

    If you really feel the need to do something towards your future goals right now, why not stash aside your survey money into that HTB ISA? You'd still be paying down the debt but also be starting to build a pot of savings and that might be just the boost you need to make you feel as though you're getting somewhere?
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£842.87 (12/02/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • lonelyrat
    • By lonelyrat 6th Feb 18, 6:36 PM
    • 99 Posts
    • 310 Thanks
    lonelyrat
    I work for a bank and we wouldn't count a Standing Order and I'm pretty sure other banks will be the same unfortunately. I just saw that Halifax incentive and thought about you and bank tarting

    Sorry you're having a bad week I always find a bad start to the week usually means a bad week in general for me. Fingers crossed you aren't like me and yours picks up

    Good news on getting the parent debt to £11,000 Getting close to 10!

    Let me know how you find Receipt Hog/ Shoppix. I keep meaning to download them and try but I'm quite lazy to be honest... It would take little to no effort but still somehow seems like hard work haha!

    I feel you with being tough on yourself. There's a little part of me that's annoyed at myself for Copenhagen. If I hadn't booked it I could maybe be debt free a month earlier... BUT can't change it now and I will very much enjoy it. Me and OH were looking at houses and flats today and it's making me feel more motivated I think. Still a very, very long way away but I imagine it's going to feel so good when your money is going to savings and your own future rather than just debt.
    Total Debt: 2602.81 / 7203.13
    Outstanding Debt: Santander CC 1650 - Virgin CC 750 - RBS Loan 102.81 - Very BNPL 100
    2018 Savings: 175/ 2500
    • Silver Queen
    • By Silver Queen 6th Feb 18, 8:26 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    EH - your idea about putting survey money into help to buy would be an excellent idea in an ideal world. But Iím a fickle person and the only reason why I do it is so I have Ďfreeí money to fritter - once that goes away I swear I will have no motivation to do them anymore


    Lonelyrat - donít feel bad about your holiday! Thereís no use feeling guilty about it because youíll just spend the whole time worrying and not enjoying yourself otherwise. You deserve this holiday and Iím sure you will have a fabby time
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • Silver Queen
    • By Silver Queen 8th Feb 18, 7:05 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    Well, my bad week has well and truly turned into an appalling week. Without going into detail, things have gone really t1ts up at work. Oh well. Move on.

    Another bank switch set up. Free money yay!

    Having to watch my spends carefully. I forgot lunch twice this week so I!!!8217;ve busted my food budget. Also need to get the sister to contribute more to the food budget as I!!!8217;m sure I!!!8217;ve paid for every food shop since Christmas, which is also busting my budget.

    Planned a 12 mile scenic walk on Sunday to make up for the fact that I!!!8217;ve done no exercise this week. Will be bringing picnic type foods along with us. Not sure what to make yet but off the top of my head I think we have the ingredients for homemade sausage rolls and falafel.

    I tend to either collapse in a lump or stress clean when I!!!8217;m stressed out. Aiming for stress cleaning tonight rather than just doing nothing and fretting all evening.
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • Silver Queen
    • By Silver Queen 9th Feb 18, 11:02 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    To cap off my amazingly terrible week, I left my train ticket on my train

    Fortunately it was registered in my name so I just need to pay an admin fee and get it re-issued.

    Still, not a great week has been had by me
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • lonelyrat
    • By lonelyrat 10th Feb 18, 1:02 AM
    • 99 Posts
    • 310 Thanks
    lonelyrat
    Sorry your weeks gone tits up I had a god awful day today and I'm concerned tomorrow will be more of the same. Do you work Monday - Friday? If so hope your weekend regenerates you for next week

    That's so rubbish about the train ticket! I lost mine a in June last year and I called up to get it reissued and the gentleman I spoke to said it would cost £10 This was back when I was swimming in debt and genuinely had no money... I was like I can't afford that! I told him to leave it and then I applied online for another smartcard with a different email address (not proud of myself but I really didn't have a spare tenner at that point!)

    Defo get your sister to chip in more with food. It really isn't fair you having to foot the bill so much. Could yous maybe try a kitty? Just a spare bank account or a jar or something in the kitchen that you both put a set amount of money in per month for food/ household bits? Me and my old flatmate did that and it was really helpful. The fact we both contributed the same meant there was never any resentment or anything.

    You are well and truly the bank tart queen btw! I love it.

    Your walk sounds like it will be lovely. I failed on the dog walk today. I had such a crappy day at work I just got in bed when I got home and napped. I feel like you're stress cleaning is a lot more effective than my stress napping!

    The fact that I napped is the reason I'm still up now bleugh I really did try and be good but when I feel down all I want to do is sleep. The dog was not impressed with me... She got up on the bed and just stared at me with her sad eyes so I just rolled over! Feeling quite guilty now Will make it up to her tomorrow when I get home.
    Total Debt: 2602.81 / 7203.13
    Outstanding Debt: Santander CC 1650 - Virgin CC 750 - RBS Loan 102.81 - Very BNPL 100
    2018 Savings: 175/ 2500
    • Silver Queen
    • By Silver Queen 10th Feb 18, 9:40 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    Sorry your weeks gone tits up I had a god awful day today and I'm concerned tomorrow will be more of the same. Do you work Monday - Friday? If so hope your weekend regenerates you for next week

    That's so rubbish about the train ticket! I lost mine a in June last year and I called up to get it reissued and the gentleman I spoke to said it would cost £10 This was back when I was swimming in debt and genuinely had no money... I was like I can't afford that! I told him to leave it and then I applied online for another smartcard with a different email address (not proud of myself but I really didn't have a spare tenner at that point!)

    Defo get your sister to chip in more with food. It really isn't fair you having to foot the bill so much. Could yous maybe try a kitty? Just a spare bank account or a jar or something in the kitchen that you both put a set amount of money in per month for food/ household bits? Me and my old flatmate did that and it was really helpful. The fact we both contributed the same meant there was never any resentment or anything.

    You are well and truly the bank tart queen btw! I love it.

    Your walk sounds like it will be lovely. I failed on the dog walk today. I had such a crappy day at work I just got in bed when I got home and napped. I feel like you're stress cleaning is a lot more effective than my stress napping!

    The fact that I napped is the reason I'm still up now bleugh I really did try and be good but when I feel down all I want to do is sleep. The dog was not impressed with me... She got up on the bed and just stared at me with her sad eyes so I just rolled over! Feeling quite guilty now Will make it up to her tomorrow when I get home.
    Originally posted by lonelyrat

    It makes me laugh that we're having one big conversation over two separate threads

    I hope your day was better today! I do work Monday-Friday fortunately so trying to recharge and completely ignore work over the weekend.

    Usually it's fine with my sister, it's usually spread evenly but because I went on holiday and then she went on holiday, and she's been seeing quite a few friends lately so not in for dinner, our routine has been thrown off a little. It is a bit annoying paying for the groceries but she charges me such a low rent for the area and pays for all the householdy bits, so I don't really mind paying a bit more for the groceries even though that wasn't the original deal. It just means I might have to reconsider my grocery budget!

    Re: the bank tarting (dear lord we need to think of a better name!) to be honest I'm such a miser that I just can't leave free money on the table

    I'm quite excited about this walk tomorrow, and now I have more incentive - I have to walk into the city to replace my train ticket! At least it means I don't have an excuse to just stay in bed all day, which I would love to do!

    The stress cleaning is a coping mechanism that I developed during uni...I used to just fall apart and refuse to do anything all day but I slowly realised that it just makes me more miserable. I clean because it makes me feel useful and is a good distraction.

    The napping thing definitely takes time! If you're used to it then sometimes you just need to, but maybe you could try tapering it out or setting an alarm so you have a shorter nap? That way you won't end up being awake all night and then tired the next day. No use beating yourself up about it anyway!
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • Silver Queen
    • By Silver Queen 11th Feb 18, 10:15 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    Went on my walk as planned, ended up walking 14 miles... it was lovely but my hip really hurts now, I think I overdid it

    Reaching that awkward middle of the month where nothing exciting happens financially. Hoping to do lots more surveys to help things pick up a bit.

    Iíve decided to take another look at my finances and hopefully increase my monthly food budget a bit as it seems a bit pointless to say Iíll spend a certain amount when my monthly spend is consistently higher.

    Hope everyone had a lovely weekend x
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • Silver Queen
    • By Silver Queen 14th Feb 18, 9:28 PM
    • 247 Posts
    • 1,372 Thanks
    Silver Queen
    My first £125 bank switch reward came in yesterday. Iím chuffed
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • lonelyrat
    • By lonelyrat 19th Feb 18, 10:39 PM
    • 99 Posts
    • 310 Thanks
    lonelyrat
    Woohoo on the bank switch! That's really quick for the cash that's awesome

    Glad the walk was good I do love a good walk, especially if you're on your own and can just listen to music. I used to find it really therapeutic. Now we live at OH's parents I don't walk as much as I'd like... He's insured on their car so we always just end up driving everywhere. I need to have more of a backbone. 14 miles is pretty epic! Hope the hip is feeling better.

    I've not been on prolific for a while. I think cos I've just cashed out I see how long it'll take me to get back up to £20 and it puts me off a little bit. Need to get back into the swing of it!

    Do you get paid at the end of the month? I'm always around the 19th (it varies slightly depending on weekends and stuff). I usually find the rest of the calendar month goes fine but then I'm absolutely skint as soon as the next month starts and I spend 2 weeks making no progress and not spending any money at all really.

    Good idea on upping the food budget. If you go over it it's probably better to edit it. Then if you find that you're under budget any extra money could go to either debt or treats. I'd be leaning towards treats but that's just me

    I clean because it makes me feel useful and is a good distraction.
    This. Cleaning is really great because I suppose you have a sort of sense of direction and purpose and then a feeling of achievement afterwards. There's something so nice about having clean surroundings as well. I'm going to try and stress clean rather than stress eat/ sleep which is what I currently do!

    Hope you have a good week and hope the issues you had at work have been resolved as well
    Total Debt: 2602.81 / 7203.13
    Outstanding Debt: Santander CC 1650 - Virgin CC 750 - RBS Loan 102.81 - Very BNPL 100
    2018 Savings: 175/ 2500
    • lonelyrat
    • By lonelyrat 19th Feb 18, 10:43 PM
    • 99 Posts
    • 310 Thanks
    lonelyrat
    Ohh just read you were going to take homemade falafel on your walk! Now all I can think about is falafel Yum! How did you make it? With chickpeas or fava beans? I want to make houmous and some falafel. I've been having a serious craving for a some sort of mezze. Oh I just love food!
    Total Debt: 2602.81 / 7203.13
    Outstanding Debt: Santander CC 1650 - Virgin CC 750 - RBS Loan 102.81 - Very BNPL 100
    2018 Savings: 175/ 2500
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