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  • FIRST POST
    • Reb2016
    • By Reb2016 6th Jun 17, 10:30 AM
    • 154Posts
    • 365Thanks
    Reb2016
    Don't want to spend my life in debt
    • #1
    • 6th Jun 17, 10:30 AM
    Don't want to spend my life in debt 6th Jun 17 at 10:30 AM
    I've finally had my lightbulb moment, I found myself last week applying for a consolidation loan, thankfully I was turned down, and this got me to take a proper look at my finances. I worked out that I could pay back all my debt by Aug 2020, possibly even earlier depending on work bonuses. The loan I was looking at was 10 years, I would have paid back so much more interest and risked my house as it was a secured loan. I am now really glad that I was turned down.


    So now its time to really get this all sorted, I don't want to spend my life constantly in debt, so I am starting this diary to keep myself focused.


    So far, I have checked my SOA and noticed my Broadband contract was about to come to an end and go up by £10 a month so I have contacted the provide and now have another 12months on the same rate.


    My mobile contract is a high cost by comes to an end in Feb next year so I will change that to a pay as you go contract, as I really don't use my phone much at all.


    I have started having a clear out, and have sent some books, DVDs and CD's to a buy your books place which will give me £52, this will be used to make the final payment for some dental treatment I have coming up, instead of me doing my usual and putting it on a credit card.


    I have also listed some items on ebay so fingers crossed there. I shall continue the clear out and see if I can come across anything else.


    Reb
Page 1
    • Reb2016
    • By Reb2016 6th Jun 17, 9:59 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    • #2
    • 6th Jun 17, 9:59 PM
    • #2
    • 6th Jun 17, 9:59 PM
    So, I've just reached £50 on yougov surveys that should arrive in my bank account in the next few days and will go straight onto my highest interest rate card, so that should really help.

    I also have a couple of bids on eBay items so a little more coming in from there.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • jamie2017
    • By jamie2017 7th Jun 17, 1:07 AM
    • 23 Posts
    • 62 Thanks
    jamie2017
    • #3
    • 7th Jun 17, 1:07 AM
    • #3
    • 7th Jun 17, 1:07 AM
    How do I do these surveys, welcome to the board btw. I am new here too! Also had my LBM
    LBM: £29517.61 June 2017 DFD: DEC 2021 Total Paid 76.80/29517.69
    Barclays 76.80/13267.92 Loan: 0/8649.69 MBNA: 0/7600
    • Reb2016
    • By Reb2016 7th Jun 17, 6:34 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    • #4
    • 7th Jun 17, 6:34 PM
    • #4
    • 7th Jun 17, 6:34 PM
    Hi Jamie
    The you gov one can be found at www.yougov.co.uk the surveys don't take long, it does take a while to build up enough points for £50, takes me about a year, so not a quick way to make money, but every little bit helps.

    Got a few bids on some of my eBay items, so hopefully will soon have a little more to throw at the debt. Two auctions finish tomorrow and the rest on Sat.

    I'm keeping a spending diary this month, I want to see how much I spend without thinking, so that I can see if I can make some cutbacks.

    Going to go and look at some other diaries now for inspiration.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Reb2016
    • By Reb2016 8th Jun 17, 7:32 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    • #5
    • 8th Jun 17, 7:32 PM
    • #5
    • 8th Jun 17, 7:32 PM
    Sold a couple of things on eBay today, so that's a little more towards debt payment.

    I've also spent a bit of time on my budget, and realised I had forgotten about the 0% deal ending on one of my CC soon, so that means my debt free date has changed to Oct 2020, so my first mission will be to bring that back to Aug 2020, I think it's doable.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • joedenise
    • By joedenise 8th Jun 17, 8:06 PM
    • 4,676 Posts
    • 34,704 Thanks
    joedenise
    • #6
    • 8th Jun 17, 8:06 PM
    • #6
    • 8th Jun 17, 8:06 PM
    Don't know what other survey sites you do but Populus Surveys is one I use. It's another one which only pays out at £50 which takes some time to get to but the surveys are usually worth £1, £2 or £3 each and only take 5-15 minutes each. I think it probably takes me around 8-9,months to get to payout.

    Another thing I do is Tesco Home Panels. It doesn't pay out in money but can save you a few pounds on your household shopping by giving you freebies to try out and then review. I've had things from toothpaste to clothes to use and review. The best ones being a jacket for me and another for DH, both of which we are still using 2 years later! Definitely saved me some money as we both needed new coats at the time we got them.

    I suspect other supermarkets do something similar.

    Good luck.

    Denise
    • Reb2016
    • By Reb2016 9th Jun 17, 9:13 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    • #7
    • 9th Jun 17, 9:13 PM
    • #7
    • 9th Jun 17, 9:13 PM
    Thanks for those, I will take a look.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Reb2016
    • By Reb2016 11th Jun 17, 9:41 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    • #8
    • 11th Jun 17, 9:41 PM
    • #8
    • 11th Jun 17, 9:41 PM
    Had a good weekend, sold quite a few things on eBay so will be able to make an extra payment. I've worked out which is the credit card with the highest rate of interest and at will be the one I will make overpayments on the balance is £345 and the interest rate is 59.92% so the quicker it is cleared closed the better.
    I've also signed up for a few more survey sites, although it's not huge amounts of money every little bit helps.
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Reb2016
    • By Reb2016 21st Jun 17, 12:29 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    • #9
    • 21st Jun 17, 12:29 PM
    • #9
    • 21st Jun 17, 12:29 PM
    So things are going well, with the ebay sales I have managed to get my highest rate CC down to £255.00, I have some more things on there at the moment so fingers crossed. I will have a min of £135.00 to throw at it when I get paid next week, so should be rid of that one really soon.


    I have started to plan ahead and make a shopping list for next month, so that I don't go and just buy random items that I won't use, or don't need.


    I actually have enough money left in my food budget this month to see my through to payday, this is the first month in quite some time that I have been able to do that, it has convinced me of the need for a budget and shopping lists, and of course making sure I stick to the list.
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • another casualty
    • By another casualty 21st Jun 17, 11:49 PM
    • 3,035 Posts
    • 4,868 Thanks
    another casualty
    Wishing you all the best in your goals. You seem to have a great positive attitude
    • Reb2016
    • By Reb2016 28th Jun 17, 10:29 AM
    • 154 Posts
    • 365 Thanks
    Reb2016
    As it's pay day tomorrow I thought I would do a round up of the month.
    So I started at £13333.63 and am now at £13043.48 so have paid of £290.15 which is 2.1% of the total debt.


    I now have £245 left on the highest rate card and will be able to pay another £200 when I get paid tomorrow, leaving £45 so that's my target for the month, to get the extra £45 to get rid of this card. I have a couple more items ready for ebay and also some books and DVD's to send of to a sell your books place so this should be very doable.


    Lessons learnt this month, I still get tempted to spend, but as most of my spending is online I have started to save the item I want to buy, and have left it overnight to see how I feel the following day, in each case I have not purchased the item, as I have realised I really don't need it, so I will carry doing this.


    Food is an area I really am tempted to overspend, I have a very bad habit of comfort eating, that I need to combat for health reasons including weight loss, so I will be looking at ways to sort this.


    I had a dental expense this month, and instead of putting it on a card as I normally would, I raised the money be selling things on ebay and paid in cash, I'm really pleased with this as it stopped me from adding to the debt. I have now started an emergency fund so that going forward I have the money to cover things like this.


    I'm looking forward to July and seeing how much more I can get paid of.
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Reb2016
    • By Reb2016 30th Jun 17, 12:39 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    So I now have just £45.00 left to pay on my highest rate card, I've just sent some more books and DVD's of to a buy your books place. That will get me another £26.00 so just £19 to go, I am determined that I will get that card paid of before the end of July. I have a few more bits on Ebay so fingers crossed.
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Reb2016
    • By Reb2016 4th Jul 17, 11:44 AM
    • 154 Posts
    • 365 Thanks
    Reb2016
    so the books payout is on it's way to me, I have a bid on one of my ebay items, and have found a few more items to list, I have also found an old phone that looks like it will bring in another £20 ish amazing what you can find when you have a clear out, and it all soon adds up.
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Reb2016
    • By Reb2016 18th Jul 17, 12:14 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    I have now fully paid of my first card and have closed it, so no temptation to start spending on it again, the next debt to snowball is a small overdraft with a high interest rate the amount owing is 247.22 so shouldn't take too long.
    My debt free date is now 2 months closer due to my extra payments, I have a couple of items left to ebay so hopefully will be able to manage a bit extra this month to. I also have a weekend away at the end of August, I have already paid for the hotel, so it's just petrol money and eating out money, I have an amount already budgeted for this but will try and spend less than that amount then I can use the extra towards the debt.
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Reb2016
    • By Reb2016 6th Aug 17, 2:52 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    So just over 1k paid off in three months, so pleased, and I have got rid of another debt, a small but expensive overdraft with a bank account I wasn't using, so in addition to paying it off I have also closed the account so I'm not tempted to use it again. Next debt to tackle is £251 of the overdraft on my main bank account, my overdraft is currently 2250, and cutting it to 1999.00 will halve the overdraft costs, and will pay it a much lower interest rate than some of my credit cards, so I will focus on this next.

    I have also been moving some of the debt to the lower rate cards as credit becomes available, I'm doing this by paying for necessary expenses such as petrol and food on a credit card and then paying the amount budgeted for petrol and food to a higher rate card, I do this on the same day I use the card so I'm not tempted to use the money for something else. So far it's working well and helping me to pay of the higher rate debts quicker.
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Narola1976
    • By Narola1976 6th Aug 17, 3:17 PM
    • 93 Posts
    • 276 Thanks
    Narola1976
    Hi...you are doing ever so well. Well done. Will subscribe to your diary.
    HSBC CC £7150.15 - £6524.68 ~~~ Barclay Card £7894.74 £7846.32 ~~~ MBNA 1 £10382.67 - £10272.67 ~~~ MBNA 2 £7214.28 - £7062.94 ~~~Argos £202.05 - £100.05 ~~~ HSBC Loan £399.27 - £0 ~~~ Hitachi Loan £24.12 - £0 ~~~ Car Loan £14745.60 - £14008.32
    TOTAL £48012.88 - £45814.98 (Paid £2197.90 so far)
    • Rachel24
    • By Rachel24 6th Aug 17, 3:32 PM
    • 96 Posts
    • 340 Thanks
    Rachel24
    £1000 in 3 months is amazing! Have subscribed 😊
    • Narola1976
    • By Narola1976 29th Aug 17, 8:57 PM
    • 93 Posts
    • 276 Thanks
    Narola1976
    Hi Reb2016, just popping in to see how you are doing?
    HSBC CC £7150.15 - £6524.68 ~~~ Barclay Card £7894.74 £7846.32 ~~~ MBNA 1 £10382.67 - £10272.67 ~~~ MBNA 2 £7214.28 - £7062.94 ~~~Argos £202.05 - £100.05 ~~~ HSBC Loan £399.27 - £0 ~~~ Hitachi Loan £24.12 - £0 ~~~ Car Loan £14745.60 - £14008.32
    TOTAL £48012.88 - £45814.98 (Paid £2197.90 so far)
    • Reb2016
    • By Reb2016 31st Aug 17, 12:56 PM
    • 154 Posts
    • 365 Thanks
    Reb2016
    Hi Rachel24 and Narola1976, lovely to have you both along on the journey :-)


    So not as much paid of this month, as had a water leak from the Bathroom that needed to be sorted, all done now, and the really positive part is that I didn't use my credit cards, which is what I would have done before I started this.


    So I have updated my signature and now at 12431.21so moving forwards. I've also been able to pay of another account, it does feel good when I am able to close one, and my list of accounts goes down


    I have a few items for sale on ebay, this is my last lot of items, so fingers crossed they all sell.


    My Overdraft is with Halifax who have just changed their fees, however I've been quite lucky, just before they increase the fees, I switched a dormant account to them (I was being lazy and not ringing the bank to close it) and Halifax have confirmed I can't have the switching fee, as I've had it before, but instead they are giving me a free overdraft for 6 months which will really help. So as this will be the debt with the highest interest rate when they start changing again, this will now be the debt I focus on. The total overdraft is 2250.00, so will be interesting to see how much I can pay of this month to start to reduce it.


    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Narola1976
    • By Narola1976 31st Aug 17, 9:13 PM
    • 93 Posts
    • 276 Thanks
    Narola1976
    Hi Rachel24 and Narola1976, lovely to have you both along on the journey :-)


    So not as much paid of this month, as had a water leak from the Bathroom that needed to be sorted, all done now, and the really positive part is that I didn't use my credit cards, which is what I would have done before I started this.

    Ooh that's annoying but really well done for not using the cards. That is a major achievement!

    So I have updated my signature and now at 12431.21so moving forwards. I've also been able to pay of another account, it does feel good when I am able to close one, and my list of accounts goes down

    Yes it's great when not only the debt total goes down but you also have less creditors, that is also a big psychological boost

    I have a few items for sale on ebay, this is my last lot of items, so fingers crossed they all sell.

    I find Ebay so much work, I much prefer the Facebook groups. Today we sold golf balls for £6, and other bits and bobs. Took a bag of clothes as well and got £9. We are selling whatever we don't need and that isn't nailed down LOL. Just sold a table tennis board, or we will when they come to collect it. It does pain me tough when I think of what I paid for these things and then have to sell it for a fraction of the cost, but it's not doing any good just sitting there unused so anything we get is better than nothing.

    My Overdraft is with Halifax who have just changed their fees, however I've been quite lucky, just before they increase the fees, I switched a dormant account to them (I was being lazy and not ringing the bank to close it) and Halifax have confirmed I can't have the switching fee, as I've had it before, but instead they are giving me a free overdraft for 6 months which will really help. So as this will be the debt with the highest interest rate when they start changing again, this will now be the debt I focus on. The total overdraft is 2250.00, so will be interesting to see how much I can pay of this month to start to reduce it.

    Good luck with this, without interest for a period of time you can really make some dents into this one

    Reb
    Originally posted by Reb2016
    You are doing very well making great strides!
    HSBC CC £7150.15 - £6524.68 ~~~ Barclay Card £7894.74 £7846.32 ~~~ MBNA 1 £10382.67 - £10272.67 ~~~ MBNA 2 £7214.28 - £7062.94 ~~~Argos £202.05 - £100.05 ~~~ HSBC Loan £399.27 - £0 ~~~ Hitachi Loan £24.12 - £0 ~~~ Car Loan £14745.60 - £14008.32
    TOTAL £48012.88 - £45814.98 (Paid £2197.90 so far)
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