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  • FIRST POST
    • TeaRex
    • By TeaRex 6th Jul 17, 8:01 PM
    • 40Posts
    • 97Thanks
    TeaRex
    Been in debt all my adult life, this madness is going to stop!!
    • #1
    • 6th Jul 17, 8:01 PM
    Been in debt all my adult life, this madness is going to stop!! 6th Jul 17 at 8:01 PM
    Hello all!

    I want to start by saying I love reading all the diaries on here, it makes me feel so inspired and Im worried my ramblings will not be half as interesting but I can finally see an end in sight and just want to jot down my thoughts and keep really focused!

    So a bit of a back story, Ive been in debt for most of my adult life, Ive never been a saver, always a spender, if i saw something I would buy it no questions asked. I remember my first job at the age of 16 I spent my first wages on some (looking back now AWFUL) nike trainers from JD Sports and a denim hooded coat from New Look! This was just a taste of what was to come!

    Most of my loans went on cars, I had a personal loan for £5k when I was 19 to get a car, I took out car finance for £11k at the age of 22 to get a brand new car, I put deposits for my ex partners cars on my credit cards, took out a £7.5k loan at the age of 26 so my ex partner could buy a car, it is all so ridiculous looking back now.

    Despite all this, my ex partner and I managed to buy a house in 2013. We split up in 2015 and he moved out leaving me to pay for everything. I put the house on the market and the sale went through in Feb 2016. I moved in with my parents. At this time I have worked out that I owed £23643.

    Fast forward a year later, I have moved 180 miles to be with my new partner. We are currently renting a small flat. I haven't spent on a single credit card since my house sold. My current debt is £8461. I am currently trying to pay a minimum of 300 towards my debts per month. Since Jan this year I have paid off 3 of my credit cards and called up to cancel them which is such a good feeling!

    My debts are as follows
    1- Barclaycard - This has defaulted and I have an agreement with them to pay £1 per month for 12 months then I presume they will review this. I currently owe £4747 here and currently pay £20 per month. Hoping to clear my other debts while this is on a payment plan then up the payments on this final debt.

    2- Argos Card - This is open and up to date with payments. I currently owe £1614 on this and pay around £130 per month off of this.

    3- Lloyds Credit Card - This is an open account but they won't let me spend or do any sort of balance transfer. I currently owe £2100 on this and try to pay at least £130 off this one too.

    I just paid off a Bank of Scotland credit card this month, £190 cleared it completely so this money can go towards a different debt next month! Probably the Argos card as I get the most interest on that one!

    Think thats all I will share for now as this is probably a huge opening post and I don't want to run out of things to post on day one!!

    Thanks for reading so far, looking forward to words of encouragement and getting stuck in with the debt free wannabe community! Speak soon
    Last edited by TeaRex; 06-07-2017 at 8:05 PM.
Page 2
    • TeaRex
    • By TeaRex 13th Aug 17, 6:15 PM
    • 40 Posts
    • 97 Thanks
    TeaRex
    Well the £200 spend on food is not going well as we are two weeks in and there is only about £15 left. My partner and I decided to start a new diet plan, we are doing a low carb diet so been out to buy lots of meat for this. We were buying from a large supermarket but today we went to Lidl and stocked up as their meat is british and fresh and also cheaper it seems! So fully expecting to top up the pot but the fridge has never looked so full and the freezer is full of things suitable for the kids as well so hopefully this should last us a week.

    I haven't made any more debt repayments yet and probably won't now. Im on two weeks annual leave from work so won't need to get any diesel for a while, and Im awaiting another £60 expenses claim to be paid which will pay for the fuel to see my friends.

    Hope everyone is enjoying the sunshine
    June 2015 Debt - £23643 // Nov 2017 Debt - £1950
    Sealed Pot Challenge Member - 584
    • TeaRex
    • By TeaRex 2nd Sep 17, 11:21 PM
    • 40 Posts
    • 97 Thanks
    TeaRex
    Just wanted to update with this months figures

    £20 paid to my defaulted Barclaycard account (£4707 balance remaining)
    £209 paid to my Argos card (£1300 balance remaining)
    £185 paid to my Lloyds CC (£1800 remaining)

    It feels good knowing I only have £3100 of 'live' debt left to pay. The Barclaycard has obviously defaulted so I don't count it as a priority as its on my file until 2023 and Ill obviously have it paid off way before then! My main priority is to pay off the Argos and Lloyds so we can move and I can put that £400pm towards rent for a bigger place instead

    Aiming to get the £3100 paid off by end of March 2018 latest!
    June 2015 Debt - £23643 // Nov 2017 Debt - £1950
    Sealed Pot Challenge Member - 584
    • Newstart3
    • By Newstart3 13th Sep 17, 9:51 PM
    • 25 Posts
    • 32 Thanks
    Newstart3
    Hi TeaRex

    I've subscribed to your diary after reading your post on another thread. Sounds like we have loads of common! I'm also 30 & came on here for support after I split up with my partner and had my LBM (£20k) it's been a hard road so far but hoping to be debt free next year.

    Best of luck xx
    TSB £3,303, MBMA £4,315, Barclays £4,463, Argos £1,260, Mortimer Clarke CCJ £2,174, Lloyds CC £1534, Littlewoods £796, Next £510, Wonga £123, , Lending Stream 1 £130.87, Bensons for beds £1509, Lending Stream 2 £255.96, Lloyds CC £1,534, Total Jan £21,908, Feb £20,412 Sept £15,515 Debt repaid in 2017 = £6,393 TARGET DFD APRIL 2018
    • Lacherlich
    • By Lacherlich 15th Sep 17, 4:00 PM
    • 118 Posts
    • 157 Thanks
    Lacherlich
    Hey


    Also subscribed - similar age/ back story - and super determined to clear my debt now!


    However just at the beginning of mine so still £23k to go!!
    *£10,000/ £9,602 = Tesco Loan.*/ * £3186/ £3154= Tesco Credit Card.* / *£4541/ £4531=Barclay Card.* / *£1004/ £930 =HSBC Credit Card .* / * £2,150 / £345 = Owed to Family/Friends =* * £4,419/ £4,350 = Furniture for apartment *
    (Starting balance £25,000 owed in July 2017 - Now £22,839)
    • Newstart3
    • By Newstart3 15th Sep 17, 5:10 PM
    • 25 Posts
    • 32 Thanks
    Newstart3
    Lacherlich, good to know we're all in this together! I owed a similar amount about a year ago. It's amazing how quickly it starts to come down once you put your mind to it! Good luck xx
    TSB £3,303, MBMA £4,315, Barclays £4,463, Argos £1,260, Mortimer Clarke CCJ £2,174, Lloyds CC £1534, Littlewoods £796, Next £510, Wonga £123, , Lending Stream 1 £130.87, Bensons for beds £1509, Lending Stream 2 £255.96, Lloyds CC £1,534, Total Jan £21,908, Feb £20,412 Sept £15,515 Debt repaid in 2017 = £6,393 TARGET DFD APRIL 2018
    • TeaRex
    • By TeaRex 28th Sep 17, 7:16 PM
    • 40 Posts
    • 97 Thanks
    TeaRex
    Hi all, haven't been on here for a little while as been busy!

    The light at the end of the tunnel is getting closer! In fact its so close that I will be pretty much out of this hole by Christmas Day fingers crossed!

    Ive been paying 400pm off of my debts. I sold something I had of value but wasn't ever going to need or use for £800 so £700 of that went straight towards my Lloyds CC so I wouldn't be tempted to fritter it away. The other £100 has been withdrawn and put into my xmas savings pot. This will be the first year I don't put christmas on credit and Im thrilled! Im hoping have £500 in cash by November to cover presents and food etc.

    I also work on a 35 hour week salary basis but can do anything between 20-70 hours a week. As my work owe me a lot of hours I am taking an extra week off and then getting the rest paid to me, this should be around £700 extra after tax so this will also go straight towards the Lloyds CC.

    So these two lump sums plus my payments of £400pm will leave me owing around £100 by christmas. I will still have the Barclaycard debt but as this has defaulted, it is not a priority to up the payments massively. Ill probably increase it from £20pm to £50pm in the new year and then see what they say when it comes to review. I would start making £400 payments but we need to move to a bigger flat so would rather put my wages towards that instead!

    Good luck with your journeys
    June 2015 Debt - £23643 // Nov 2017 Debt - £1950
    Sealed Pot Challenge Member - 584
    • TeaRex
    • By TeaRex 31st Oct 17, 11:05 AM
    • 40 Posts
    • 97 Thanks
    TeaRex
    Another little update

    I currently owe £1950 on my Lloyds CC and Argos card. I have only paid minimum payments so far this month as we have seen a new house we want to try and rent. We are in a one bed flat and this is a three bed house so we are viewing it today.
    The only problem is that the fees and deposit will be around 2k to move in. Ive been so focused on paying down the debt, I don't have any savings apart from my xmas pot. So I may have to go cap in hand to my parents and offer to pay them back. The upfront fees seem so crazy when its only £700pm to rent!

    Im also worried that they won't rent it to us as I have the default on my file and my partner only works part time but it is deffo affordable. Just got everything crossed as it would be so amazing for us all to move into a bigger place and my partners kids can have their own rooms when they stay with us!

    Does anyone know how strict estate agents can be? Im planning to be honest about my default with them when applying, or is that a bad idea?
    June 2015 Debt - £23643 // Nov 2017 Debt - £1950
    Sealed Pot Challenge Member - 584
    • Newstart3
    • By Newstart3 31st Oct 17, 9:12 PM
    • 25 Posts
    • 32 Thanks
    Newstart3
    I think they can be pretty understanding, if you are upfront with them. Depends on the agent though x
    TSB £3,303, MBMA £4,315, Barclays £4,463, Argos £1,260, Mortimer Clarke CCJ £2,174, Lloyds CC £1534, Littlewoods £796, Next £510, Wonga £123, , Lending Stream 1 £130.87, Bensons for beds £1509, Lending Stream 2 £255.96, Lloyds CC £1,534, Total Jan £21,908, Feb £20,412 Sept £15,515 Debt repaid in 2017 = £6,393 TARGET DFD APRIL 2018
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