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    • Rachel24
    • By Rachel24 24th Jul 17, 11:33 AM
    • 99Posts
    • 366Thanks
    So much debt :-(
    • #1
    • 24th Jul 17, 11:33 AM
    So much debt :-( 24th Jul 17 at 11:33 AM

    I'm a newbie here. Been reading some of the diaries and it's got me motivated to do one myself. I just hope it'll kick me into doing something about all my debt. I need to do a proper calculation to see how much I'm in but I know it's over the £10,000 mark :-(
    I work full time but that doesn't stop me from overspending! I literally spent £55 on the white company website yesterday because there was a sale on and I don't even have the money for it just more on the credit card!
    I'll do my calculations at lunch and see how much exactly I owe.
    Any tips I would really appreciate :-)
    Also my partner has no idea the debt I'm in. He thinks I have £2000 and I'm just way too scared to tell him.
Page 3
    • abba1772
    • By abba1772 4th Oct 17, 9:05 AM
    • 4,032 Posts
    • 12,381 Thanks
    Hi Rachel

    Thought I would return the favour and have a wee read of your diary

    Your doing really well with tackling your debt well done on clearing one account, the momentum does go up and down with paying off the debt but just think of all the spare money you'll have once you've paid off all the debts off .........that's what I'm aiming for anyway xx
    NEXT TARGET HALIFAX CC WAS July 17 £3572.57 NOW £4531.19
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £6825.51 / £6000
    • DrSpendLittle
    • By DrSpendLittle 4th Oct 17, 10:45 AM
    • 209 Posts
    • 771 Thanks
    Hi Rachel, read your diary yesterday and wanted to drop by, wave hello and say super job for the positive work you’ve done so far. The first few months are tough as you’re changing behaviours and getting used to new restrictions in spending, but once you master your written budget and your routine, then it really begins to become second nature and takes care of itself.

    My main tips would be to put some money aside every month for ‘yearly spends’ like car insurance, Xmas, birthdays, clothes, car maintenance, dentist, holidays etc so they don’t knock you off course. Also, there are monthly things like toiletries, prescriptions, food, bills, entertainment, window cleaner etc that you will regularly need to account for - basically, look at you monthly wage and give each £ a job by assigning it to a ‘category’. I use YNAB which I really like. Others don’t like to be that prescriptive with their spends. But, debt slaying is about spending less than you earn and the only way to do that is to change the spending habits that have crept up over the years and introduce some new discipline and rules.

    Good luck, persevere and you will thank your later self in a year or so!

    Last edited by DrSpendLittle; 04-10-2017 at 10:47 AM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • Rachel24
    • By Rachel24 4th Oct 17, 1:52 PM
    • 99 Posts
    • 366 Thanks
    Thanks for all your responses ��
    I'm rubbish at updating my diary. I've got nothing on tomorrow night so will update my totals then. Managing to just pay minimum payments as so much on this month. Also now starting to think about Christmas and planning to cut back this year to save some extra pennies. Can't believe we're in October already! I have some goals I want to be at debt wise by Christmas hoping I can stick to them. Xx
    • Reb2016
    • By Reb2016 6th Oct 17, 9:19 AM
    • 165 Posts
    • 401 Thanks
    I know how you feel about it being October already, I can't believe how quickly this year has gone.

    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
    • Rachel24
    • By Rachel24 8th Oct 17, 9:07 AM
    • 99 Posts
    • 366 Thanks
    Bank of scotland overdraft - £150 - this is now £0
    Royal bank of Scotland overdraft - £400 - this is now £0
    Royal bank of Scotland CC - £4136.22 - this is now £4034
    Royal bank of Scotland loan - £7094.66 - this is now - £6701
    Mbna CC - £3704.63 - this is now £3650
    Next account - £919.57 - this is now £910
    Zopa loan - £1900.93 - this is now £1736

    Total paid off since end of July £1170

    I’m really happy with this, I’ve cleared off my overdrafts and my next thing I want to clear is my next account and tackle my royal bank of Scotland credit card as these 2 have such a high rate of interest. I now have my second job and I’ve got overtime right up to the end of the year which is great!

    I’ve had a lot on the last couple of months and will continue too with Christmas and all of my close friends are turning 30 and I have 4 close friends turning 30 between now and January. My main aim is to not spend on any credit cards again.

    By December I want to have the royal bank of Scotland cc in the £3000’s. Right away to catch up on everyone’s diaries :-)
    • DebtFreeDuo
    • By DebtFreeDuo 8th Oct 17, 9:15 AM
    • 622 Posts
    • 3,037 Thanks
    Well done on the payments so far, you're doing really well. Is there any chance you could move your credit card balances over to a 0% deal? I often get offers through on my cards for 0% balance transfers with a fee somewhere between 2.5-3.5% which is usually much cheaper than the interest I would end up paying.
    Loan:1780.49 2207.38 Car Loan:2039.22 2419.64 0% CC:984.98 1063.48 Overdraft: 860 Overpayment:1781 Total: 7445.69 DFD Dec 18
    SPC 586
    • Purplemumof2
    • By Purplemumof2 8th Oct 17, 9:16 AM
    • 5,288 Posts
    • 18,621 Thanks

    Well done on clearing the overdrafts, that'll make a huge difference.

    Everything's going the right way.

    Have a lovely day x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £7000.00 Cap 1: £457.35 BC: £5000.00

    AFD 0/10 NSD 0/10 LTW 0/10
    POAMAYC 2018 #?? PD £0.00/£4000
    20p Savers 2017 £2 Savers 2017 50p Savers 2017 SPC 11 2018 #003
    • Feral Moon
    • By Feral Moon 8th Oct 17, 6:24 PM
    • 2,748 Posts
    • 4,028 Thanks
    Feral Moon
    Well done!

    You put me to shame

    I started a post/diary here some months ago and did a SOA etc but rather than reduce my debts, they've actually increased
    • Reb2016
    • By Reb2016 8th Oct 17, 7:32 PM
    • 165 Posts
    • 401 Thanks
    You’ve done so well paying of all that amount since July, and you have some great goals in place

    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
    • Rachel24
    • By Rachel24 8th Oct 17, 7:50 PM
    • 99 Posts
    • 366 Thanks
    Thanks everyone :-)
    I’ve still got a long time to go but I’m hoping to have paid off £2000 by the end of December. I’m trying to be realistic and any more is a bonus.
    I definitely find making the odd payment of £1/2 and rounding down my bank account etc is really helping me.
    • reality_check
    • By reality_check 8th Oct 17, 8:58 PM
    • 699 Posts
    • 1,557 Thanks
    That's great, 2 debts gone, soon to be 3 as soon as Next is gone! £2,000 by Christmas from July is great! Do you have Christmas savings? I don't so just going to have to pay minimum in December and use that money for it...exactly what I done last year and said I wouldn't this year lol xx
    Starting debt £18,675.63
    Current debt: £8,000
    • reality_check
    • By reality_check 8th Oct 17, 9:00 PM
    • 699 Posts
    • 1,557 Thanks
    Oh and the mini payments help me too! I like seeing even numbers so paying the odd £10 even £1 here and there works for me too, and helps me focus...I count down to pay day then once everything has been paid I have no money again lol so the mini payments during the month all add up x
    Starting debt £18,675.63
    Current debt: £8,000
    • Kittychick
    • By Kittychick 18th Oct 17, 7:48 AM
    • 226 Posts
    • 579 Thanks
    I even round down the pennies, if I have something like £10.43 that's 43p in my savings... Main thing about this debt busting journey is stamina, keeping at it when you just can't be bothered to is what beats it.. That's what I keep telling myself anyway!!
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