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  • FIRST POST
    • lonelyrat
    • By lonelyrat 5th Aug 17, 4:01 PM
    • 24Posts
    • 64Thanks
    lonelyrat
    It's time!
    • #1
    • 5th Aug 17, 4:01 PM
    It's time! 5th Aug 17 at 4:01 PM
    Hey guys, I think I've hit my breaking point. I've sunk further and further into credit card and overdraft debt and it's gotten out of control. I've made myself a plan (like I have done numerous times before) but I'm hoping by posting on here I have some accountability and actually stick to it.

    My debts are as follows:
    Santander 123 Credit Card £2770.90 Interest free up until 11.09.18
    Barclaycard £390 Costs £6.35 a month (26.18%)
    Capital One £404.25 AND £179 Costs £9 and £4 a month (29.84% and 34.4%)
    Overdraft 1 £1950 which costs £7.62 a month as its a graduate account... however this changes in December and it would start to cost £29
    Overdraft 2 £450 which costs £7.32 a month.
    I stupidly took out a loan to try and consolidate some of my debts last year... which seemed like a great idea but didnt work, so now I've got that to pay back too. It was £1500 but is currently sitting at £770 with a monthly repayment of £102.
    I've also got a Very account which has a balance of £288.98 which is BNPL until 04/05/18.

    My total debt is: £7203.13
    I'm close to all my credit limits on my cards and almost maxed out the overdrafts

    My income is £1100 a month but I've started doing overtime so this should increase by another £85 this month and I recieve a bonus payment which should be just over £500 in September. My wonderful Dad has also been nice enough to agree to give me £100 a month to help with rent etc.
    Things were pretty good this time last year but me and my other half foolishly moved into a flat we couldn't really afford. He's a student and used to work part time but he gave up his job in January so the only money coming in is mine. He did get student loan payments but that ended in May so since then it's just been my wages supporting us. Our rent at the moment is £650 a month but that will come to an end this month (one more payment!) then we're going to move in with his parents while I try and bust this debt so wont have the usual utilites as well. We did try and reach an agreement with our landlord to leave early as we couldn't afford the flat and they said if we paid £300 'admin' fee they would find new tennants... obviously we paid that and they didn't find new tennants

    I'm going to complete a SOA and add it here as well. Any advice anyone has would be absolutely wonderful. I feel like I'm drowning constantly... I'm trying to take steps to sort things out and have started paying more than the minimum on the credit cards but it feels overwhelming.

    I've made a spreadsheet with all my incomings/ outgoings and my plan of action is:
    Next month reduce the overdrafts both by £50 then pay off Overdraft 2 in September using some of the bonus money (I want to do this one first as I got a letter from the bank telling me to contact them if I'm in financial difficulty, which makes me think they may pull the overdraft soon, if they did I'd be pretty screwed!)

    I'd then try and have both Capital One cards paid off in October and the Barclaycard in November. After these smaller cards have been paid I'lll focus everything on Overdaft 1 to have that cleared by February. I should be able to do it, but there's no wiggle room and I'm going to be pretty skint for the forseable future

    I was considering asking the Bank for a payment holiday from my loan for a few months, that would free up £102 a month to pay off other debt but I don't know if this is a bad idea or not. Also I'm kind of embarrassed to do this.
    I also have another Bank account with an overdraft of £1000 which I've never been in. If I were to use it it would cost £1 a day so I don't think it's worth using it to pay off the credit cards as I feel I'd end up paying more in OD fees than in credit card interest.

    Anyway, sorry for the ramble... it does feel good getting it all down. I have no one to talk to about all this as the other half doesn't care about our finances so much.
    Again, any advice would be greatly appreciate. If you think I should go about this another way please do say... I tried to do this myself before and its all just gone horrbily wrong so I'm open to anything!

    J X
Page 2
    • Potbellypig
    • By Potbellypig 20th Sep 17, 11:21 AM
    • 162 Posts
    • 75 Thanks
    Potbellypig
    Good stuff. What I will say is whilst it's commendable that you want to get your debt down and what you're doing is great, still make sure that you live your life.

    Be responsible, but try to remember that it's only money.
    • EssexHebridean
    • By EssexHebridean 20th Sep 17, 11:49 AM
    • 8,234 Posts
    • 43,603 Thanks
    EssexHebridean
    You're doing well - but you're right that the being incredibly focused thing will start to get old after a while so you need to put all the groundworks in place NOW to get this sorted.

    The first thing I'll say is that currently, your budget isn't working, and needs looking at. How do I know this? Because you had to put stuff on the card last month - if the budget was right, there would have been no need. Sorry if that sounds harsh, but if you carry on without revising things then you'll just be perpetuating the problem.

    Re-do the budget - perhaps use the SOA calculator we recommend on here as that helps you make sure that you have EVERYTHING in place. Cut the cards up. All of them. Stop using Apple Pay. Work out what you actually *need* (ie have to have) for clothes - so that might be new work trousers or skirt as your current pair are looking badly worn on the seat, socks as you have no pairs left with holes, shirts/blouses as the ones you have had all gone grey and are starting to hole on the collar and cuffs. It's not stuff that you'd "like" but can manage without. Again, brutal I know. Not sorry. Your budget will show all your outgoings once it's done in the SOA format - and will also show a balance left over once you've paid everything - allocate a small amount of that for general spends (so the OCCASIONAL coffee or lunch out, that sort of thing) and then allocate the rest to debt - BUT don't pay anything over and above the minimums until the end of the month this month while you make sure the new budget works. Once payday arrives again, pay everything left in the account from the previous month to the first debt to be targeted - and revise the budget as needed if you over or under allowed on any category.

    This is very much a learning curve and if you're new to budgeting and watching your spending you're not going to get it all right instantly - and indeed a lot of your future success and being "good with money" relies on the process taking some time as that is how you learn.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£702.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • lonelyrat
    • By lonelyrat 20th Sep 17, 10:31 PM
    • 24 Posts
    • 64 Thanks
    lonelyrat
    Thanks for the responses! Feels good to know people are there

    Hmmm we shall see about the deposit ... He did say he will give me some of it so that's something! It's my birthday next week as well so I think he may be putting some of it to that (even though I said I didn't need/want anything!) We haven't actually got it back yet as well... We requested it on the 29th of August and they have 30 days to respond and if they don't get back to us in that time then it automatically comes back with no deductions so I'm actually keeping my fingers crossed that happens! There wasn't any damage/ wear to the flat when we left but I've been stung by shady landlords before.

    On that note we do plan on staying at his parents for the foreseeable future. As soon as some of this debt is busted I'm going to start paying some rent as well as utilities as I feel dead cheeky. I think they like having us around though so that's something Once the debt is sorted it's going to be time to save save save (!!!) for a deposit and rebuild my credit history.... so I can't see us vacating any time soon!

    Thanks for the headsup Rachel24! Joined Prolific and have made a cool £1.20 I'll endeavour to get my balance up to what yours is in a few months! I also signed up for a few other ones as well but it does seem like surveys run few and far between that I'm eligible for.

    Also thanks EssexHebridean - I hadn't considered keeping my money till I got my next wage then making payments. It's a really smart way to look at it.... just another thing I have been doing wrong I've already made this months payments as I was keen to bring the Capital One cards down to zero but I will start come payday next month. Should be OK with the budget this month I think as I have given myself some spare money. I think my problem is I tend to be quite impatient anyway and that's now manifesting itself as just wanting to see those balances down. It would feel really uplifting though making my debt payments and then still seeing a wage sitting there.

    Also don't worry the cards have been cut up since my update at the beginning of September. I also de-registered my barclaycard for apple pay so there is no spending going on the small CC's at all. I still continue to pay my rail ticket on my Santander CC as this gets me the cashback to cancel out the monthly fee (it is budgeted though.... I pay £114.50 at the moment to the card and then make the rail ticket payment of £89.50 so the balance does still drop marginally).

    Looking at the two Capital One cards and seeing both balances being at Zero feels amazing. I am leaving the cards open just now but I couldn't use them even if I wanted to as I no longer have the cards. Once I've paid off the other debt after a while they will get closed. I plan on keeping the Santander CC and using it monthly for my rail ticket but always paying it off. But that's a way down the line and I'm getting ahead of myself!

    Got some exciting news as well.. Got a telephone interview tomorrow for another role within my organisation. If it goes well theres a face to face then ideally I get the job! It isn't technically a promotion but there would be a 5% wage rise with it and it would be lovely to do something different for a while. Only issue is I have pretty awful anxiety and I'm getting quite stressed about it already. I'm worried that come tomorrow I won't be able to hold it together

    Keep your fingers crossed for me anyway!
    • Rachel24
    • By Rachel24 21st Sep 17, 7:29 AM
    • 99 Posts
    • 365 Thanks
    Rachel24
    Sorry lonelyrat I should of also said download the apps shoppix and receipt hog on your phone. On these apps you just take a picture of your receipt and you get coins for them which you eventually transfer into PayPal vouchers etc. There is literally nothing to them apart from uploading your receipts and you can upload the same ones for both sites. I think it'll take a while to see the cash coming in but it's also something extra!

    I've just started out like you. I had my lightbulb moment in July but it has taken me a couple of months just to pay on my credit cards and not use them. You are doing amazing what you've paid off.
    • Rachel24
    • By Rachel24 21st Sep 17, 7:30 AM
    • 99 Posts
    • 365 Thanks
    Rachel24
    Oh and good luck for the interview I have my fingers crossed for you!!
    • EssexHebridean
    • By EssexHebridean 21st Sep 17, 10:23 AM
    • 8,234 Posts
    • 43,603 Thanks
    EssexHebridean
    Great progress there - well done!

    It's the things like working out how best to make payments etc that are the learning curve - but once you've got those financial management skills they stay with you. Likewise budgeting generally - it is a skill that has to be learned but once you have it's a skill for life - and a really valuable one at that. The next thing on the budget I guess is have you started setting aside any money you'll need for Christmas? If not now is the time to put that into place - although as you're debt busting the best advice is always to keep present spending down to a minimum where you reasonably can!

    Good luck with the interview or if it's already happened hope it went well - remember, if you start feeling anxious - what's the worst that can happen? In this case it's that you don;t get the job - in which case you're no worse off, are you! Sure you'll be fine though!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£702.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • lonelyrat
    • By lonelyrat 6th Oct 17, 9:38 PM
    • 24 Posts
    • 64 Thanks
    lonelyrat
    Hello lovely internet money savers!! Time for another updateÖ I just donít seem to be able to stick to a plan with all this debt busting business My strategy is constantly updating and I am losing track of if Iím on the right path a little bit. BUT debt is still going down but just in a different direction that what I had planned. Definitely very different from what I originally planned back in July when I first started this journey! AnywhoÖ updated balances to follow.

    Capital One (1) 0 / 404.25
    Capital One (2) 0/ 179
    Barclaycard 0/ 390
    Overdraft 1 1450/ 1950
    Overdraft 2 300/ 450 ***
    Santander CC 2737.69 / 2770.90
    Loan 561.37/ 770
    Very BNPL 263.98/ 288.98

    Total Debt 5313.04 / 7203.13

    Seeing the balance like this makes me realise that I havenít actually made much of a dent by shoogling it around again. BUT it feels better seeing one more zero balance I guess

    ***We still haven't got the deposit back from our flat yet Made a classic error and thought it was 30 days from when we requested it - turns out itís 30 working days *sigh* . Iím still hopeful that they wonít deduct anything from it. My lovely OH actually suggested that I take it to pay off the debtÖ Obviously thatís a very, VERY appealing idea but far too much. Iíve said maybe we could split it and at some point when itís all paid off I can return the favour. It was £750 so was thinking I could maybe use £300 to pay off Overdraft 2 which would make a big difference to how overwhelming it all feels I think. If we donít hear from the landlord/ letting agent we should get the full whack back on the 12th so fingers crossed everybody!

    When I first started this the plan was just to pay off a set amount monthly to everything but Iím finding it easier and more motivating to be paying big chunks off and seeing the balances drop to zero. I hadnít planned on paying off the Barclaycard this month fully but I was looking at the cash sitting available in the overdraft and had a ďscrew it!Ē moment and just thought Iíd wallop it.

    I feel like I have definitely found it easier to pay off the CCís than the Overdrafts. It may be a mentality thing and potentially stemming from my student days where I lived in my Overdraft constantly. It just seems so much harder for some reason. Once Overdraft 2 is done things should be a lot easier as I will basically just be flinging everything spare at Overdraft 1. Anyone else feel this way?

    Plan for next month
    Likely will have around £1200 coming in the account but I wonít know the actual figure until the 15th.
    1. Leave dd money in 123 account (£100)
    2. Pay £114.50 to 123 CC to cover train ticket and a £25 payment
    3. Transfer spends to Monzo
    4. Transfer £652.81 to Overdraft 1 - this is where the loan dd comes from as it's the same bank. (If I do this and leave the £550 additional in there then I wonít incur any interest on the other £1000)

    EssexHebredian - I really liked your idea of keeping bills/ debt paying money till just before payday but Iíve now got rid of everything that requires minimum payments. I was wondering what your advice would be now? Would you suggest I keep it all in my spends account and just track it carefully or should I put it in the overdraft (and do my very best not to touch it)? This is another reason I find overdrafts hard - they just donít feel like debt as much as credit cards do!

    This month has been OK it seems money wise. The only thing thatís happened is Iíve rejigged how the debt is structured but I havenít added to it which I am proud of. Still feeling so thankful for the situation Iím in with OHís parents letting us kip out in their spare room.

    T-minus 11 days till payday and £15.27 left for spendsÖ 100% doable I think! Got hundreds of quorn nuggets in the freezer and a full box of cereal so I should be sorted food wise (y) Given up booze for October as well which is saving A LOT of money. Iíd usually come home so stressed from work and automatically pour a glass of wine (I am ashamed of this by the way!)

    Speaking of work I didnít get the new job unfortunately.. The interview went OK but not great and I got a generic sort of email a few days later saying thanks but no thanks. Itís OK though - a change would have been nice but Iím not devastated about it. Again thanks so much EH I found what you said about not ending up worse off very helpful! I realised I was placing far too much pressure on it before and I just needed to take a deep breath and chill. Ideally can take this forward for the next (even better ) job that comes along.

    Hello Rachel24 - thanks so much for commenting and the good advice about receipts. Iíve been hoarding them and just downloaded the receipt hog app so let's see if I can make some cash money! Have you had success with it? Iím using Prolific Academic and One Poll for surveys which is going pretty well! I hardly ever get PA surveys but when I do they definitely pay a lot more than One Poll. The further down this debt free wannabe road I go the less difficult it is seeming (seems a fairly obvious thing to say but at the start it honestly felt like an unscaleable mountain). I still have wobbly days but overall am feeling more positive. Iíve just had a read through your thread and I feel like I can definitely relateÖ Even if youíre making minimum payments theyíre still payments and still a success! Well done on getting the 2nd job, thatís such a commitment but maybe something I should consider as well! Are you in Glasgow by the way?

    Ok troops - thatís enough rambling for one evening! I will try and log in more frequently as I think Iím a bit rubbish at keeping this updated. I also feel like maybe I am writing a very bare debt free diary and am in the wrong place? Woops! Ideally next month my debt should drop from £5313.04 to £4513.04 or thereabouts. This was the month to make it count (bonus and birthday month) and I feel like I have done thatÖ probably still have spent more than I should have :/ Baby steps though - baby steps.
    • lonelyrat
    • By lonelyrat 6th Oct 17, 9:56 PM
    • 24 Posts
    • 64 Thanks
    lonelyrat
    Oh I did a bad thing by the way
    I went on Very and bought work clothes - AFTER I'd promised myself and this lovely internet board that I wouldn't ever use it again! It brought my Very balance up to £385.58 I was so annoyed at myself as soon as I did it so I did something I never would have done before!...

    I opened the delivery... Filled in the returns form and... Sent it back straight away. Didn't even try anything on (so as not to tempt myself more). Delivery cost me just shy of £4.00 so that's a small sting to teach me my lesson!

    I'm ashamed posting this but feel I need to own up to it Working this hard at getting my debt down and I go and do something so silly like that! Makes me worried that I haven't changed my ways enough. I will be more vigilant.... and now the nightly glass of wine (or two) has been stopped stupid decisions like this should be easier to avoid!
    Total Debt 3841.70 / 7203.13
    Outstanding: Overdraft 1 500/ 1950 - Santander CC 1995.50 / 2770.90 - Loan 382.22/ 770 - Virgin CC 700/ 700 Very BNPL 263.98/ 288.98
    Busted: Capital One (1) 0/ 404.25 - Capital One (2) 0/ 179 - Barclaycard 0/ 390 - Overdraft 2 0/ 450
    • EssexHebridean
    • By EssexHebridean 8th Oct 17, 5:08 PM
    • 8,234 Posts
    • 43,603 Thanks
    EssexHebridean
    It's not the worst way of learning a lesson though, £4! well done for sending everything back - see, you ARE getting there!

    I think you're right about potentially needing to change the way you pay off now that the stuff with minimum payments is gone (and well done on that!). A thought - I KNOW the Very account isn't costing you any money in terms of interest currently, but do you think you'd do better getting shot of that balance altogether so you can close the account and remove the temptation? I take it you have already closed the accounts on the Barclaycard & Capital One cards? I'll be honest and say that my gut feeling for you is that you need all of these closed and unuseable before you start thinking about Christmas presents etc.

    In terms of what to do with debt repayment money, if it were me now that it's mainly the overdrafts you've got to tackle I think I'd be transferring the lump sum to that account you want to tackle first and, as you say then looking to not touch that. It'll reduce what you're paying per month on interest as well of course. You;ve got your budget, so you know what you should have left over, so set everything else aside in it's various "homes" - the account the DD's come from, your spends account etc, and then ditch the amount you're meant to have in whichever overdraft is first and your mission for the month is to leave it there!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£702.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • lonelyrat
    • By lonelyrat 13th Oct 17, 10:52 PM
    • 24 Posts
    • 64 Thanks
    lonelyrat
    Hey EH! Thanks for checking in I suppose in the big picture £4.00 isn't too bad for a lesson well learned! I do see what you mean with paying it and closing it off as it does present a temptation which I really don’t need at this time...

    I've actually managed to plan ahead somewhat with Christmas! I don't have too many people to buy for and I've already planned what I'm getting my OH (who is my main spend). We both decided to seriously limit gifts this year as we just can't afford anything extravagant. I've got him, his family, my dad and maybe a few people at work to buy for. I've got a wee savings account with one of my banks so I've budgeted for money to go into that this month and next.

    The two Capital One cards have been closed down but I’ve left the Barclaycard open - I have my OH’s spotify (£4.99 ) leaving that as a recurring card payment and I’ve set the dd to the full payment amount. It’s been budgeted in the spreadsheet so this can keep ticking over. He gives me the money for this though (I also have his phone bill leaving my current account to earn cashback, but again he gives me the money for this now). The Barclaycard HAS been chopped up so no unplanned spends can happen on it. I do plan on closing it off as well but not until I’ve paid a wee bit more of the debt off. I know credit scores aren't the be all and end all but I’m still concerned about mine so want to keep my available credit a bit higher than my current debt. Just purely to make it look a bit better when I check it!

    We heard back from the letting agent finally and that’ll be on the way to my OH’s account. He’s going to transfer me £350 soooo…

    OD 1 will be reduced by £50 to make it £1400
    OD 2 will be reduced by £300 to make it £0

    Happy days! It’s getting close to payday again which is always exciting. 4 days to go! I think I will definitely put everything minus spending/dd money into the remaining overdraft. It will bring it down to the interest free amount which will be good. Then I am thinking when I get to the end of the month anything I’ve got left could go to the Very account. I should just pay it…. I know I should just pay it! I don’t know why I’m hesitating so much

    This month has actually flown by… potentially due to being paid £600 more than normal. I actually can’t believe how much easier it was this month managing to make a dent in the debt but also not be completely skint. Unfortunately I have done zero overtime this month so when I get paid on Tuesday it will likely be a bit depressing. Hey ho! Back to normal I will update with new balances once I’ve been paid.
    Last edited by lonelyrat; 14-10-2017 at 10:41 AM.
    Total Debt 3841.70 / 7203.13
    Outstanding: Overdraft 1 500/ 1950 - Santander CC 1995.50 / 2770.90 - Loan 382.22/ 770 - Virgin CC 700/ 700 Very BNPL 263.98/ 288.98
    Busted: Capital One (1) 0/ 404.25 - Capital One (2) 0/ 179 - Barclaycard 0/ 390 - Overdraft 2 0/ 450
    • DebtFreeDuo
    • By DebtFreeDuo 14th Oct 17, 10:38 AM
    • 622 Posts
    • 3,023 Thanks
    DebtFreeDuo
    Just had a read through your thread and just wanted to say you're doing so well with your debt busting, EH has given you lots of great advice! Well done on sending that order straight back, that shows how well you are doing with your journey.
    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
    • zippygeorgeandben
    • By zippygeorgeandben 14th Oct 17, 3:04 PM
    • 720 Posts
    • 905 Thanks
    zippygeorgeandben
    Hello lonelyrat - I must confess that I read your OP and a few replies but haven't read the whole thread because I was too impatient that I wanted to send a message (even though you aren't currently online!).
    Keep it up and keep us informed. I like a diary where everything is spilled out. You won't find judgement here because you aren't using excuses/looking back/ways not to pay, you're moving forward!
    Don't look at what your sister now has etc. just control your own destiny. You'll be stronger every day with this mentality.
    End Sep 2016 End Nov 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2470.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £933.36 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3403.40 Original DFD May 2019.
    • lonelyrat
    • By lonelyrat 17th Oct 17, 9:31 PM
    • 24 Posts
    • 64 Thanks
    lonelyrat
    Hello again

    Payday tonight - hallelujah! Got my wage slip today and I'm getting £1242 now as my basic pay (haven't done any overtime this month, which I do regret). The majority of this will go to my debt. I'll technically get paid tonight but I'll leave it until tomorrow to move any money about. Just purely so I can look at my balance and feel rich for once! I keep thinking to the future when I won't have monthly debt payments to make.... I get a funny feeling when I try and imagine what itís going to feel like the first month I donít have to pay anything off, like a kind of weird nervous/ butterfly feeling in my tummy. I was thinking about it the other day and Iíve been in debt (not of this magnitude, but still debt) since 2010Ö and itís something Iíve been worried about and stressed about the whole time which is so crazy.

    Hello debtfreeduo! It was pretty tough sending everything back! I had originally planned to get new clothes with the extra money I got last month from the bonus but then that started running low and itís scary how quick I reverted to buying something on credit. I think the ease with which I went back to that pattern shocked me into action a wee bit and has refocused me.

    Thank you zippygeorgeandben for the lovely comment I think my mentality before I started this journey has always leaned towards that of making excuses. Even at the beginning I was blaming the debt on circumstance (reduced household income and expensive rental) but at the end of the day, while those may have been contributing factors, they are not the reason for the level of debt I got into. That was down to me making bad decisions and failing to budget - plain and simple. I feel like Iíve learned from those decisions now though and as long as I stay positive things will get better and easier.

    Having said that Ö something pretty unexpected happened which sent me into a downward spiral mentally. Itís not the end of the world but it almost felt that way when it happened. I came home yesterday and had a letter from CARS (creditlink account recovery solutions) who I had never heard of before. It was a demand for payment for their client DW Fitness who say I have been ignoring their requests for payment of £83.00 (*). I completely fell apartÖ I just felt like everything Iíve been working towards has been for nothing and things like this will happen no matter how hard you try and move forward. I was in a puddle of tears for a good while. It was the biggest wobble Iíve had so far and it was roughÖ my OH was wonderful and talked me down and Iím feeling a lot better today. I think the main lessons for me to take away from this is a) donít ever get too comfortable/ cocky about how things are going and b) always have an emergency fund.

    On that note, on my spreadsheet I have an emergency fund cell BUT it does not receive its 1st payment until December.. Obviously thatís not much help to anyone is it?! The spreadsheet how now been revised and the emergency fund gets its first payment this wage instead. I think it was maybe just a bit naive of me to leave it off, I just really hadnít expected that there could BE any emergency while living with my partners parents! Just goes to show... One positive to find in this is that, while it may not have been budgeted for I did have the funds available in an overdraft to cover it so it has been paid. If it had happened before I began debt busting in July I would not have had £83 spare. My OH has said he will give me the money to cover it when he gets paid which is really very lovely and generous of him. I am going to update my signature to include the £83 as wellÖ means OD 2 is now back in play but shouldnít be for long.

    I will update again tomorrow once I have done all my transfers and have updated balances. I think I will start a Debt Free Diary as well and maybe try and link to this somehow. I want to try and begin posting more to try and hold myself accountable for more of my little spends as I am still frittering money away (itís just been budgeted for in the grander scale of things but there's savings I could be making). Iím hitting the targets Iím setting myself but there is definitely room for improvementÖ.

    I began this thread feeling overwhelmed and unsure of my next steps and the advice I have been given by everyone has been really wonderful and Iím extremely thankful

    (* If anyone cares for the backstory to the DW Fitness fiasco then read onÖ.

    I joined the, then, local DW in August last year. I went twice in the period of that year as I moved away, but I knew I was in contract for the 12 months so I paid £29.99 a month and never missed a month. After August's payment I assumed (why, oh why?) that that was the end of the contract as I thought I would need to renew it for it to continue. I happily cancelled my DD and thought nothing more of it. Until I got an email from them on the 7th September saying they had been unable to claim my DD. I emailed back advising that I thought the contact was up as it reached the end of the term and as such had cancelled the DD. I asked if this wasnít the case as I was prepared to pay if I had to give a month's notice or something. They never replied to me so again, foolishly, I thought nothing more of it. Fast forward to yesterday and Iíve got this threatening letter from CARS claiming that Iíve been ignoring DW. It really isnít very fair as they in fact ignored me but hey ho. I could have handled the situation better and continued with my efforts to contact them following their email. I just really did think that they would have responded to me if I still had something due.

    I am concerned about it though as Iím worried it will leave a blemish on my credit history - something that Iím trying to improve, not worsen! Also feeling pretty frustrated as if I knew I could have gotten out of the contract by paying £83 I would have done it about ten months ago, saving myself £299 wasted on a gym I never went to *sigh* If anyone has any knowledge about if this will show up on my credit file I would be grateful if you could share. I plan on writing a letter of complaint to DW about their lack of contact but am sure I will be ignored. Itís not the end of the world and it has been paid itís just another frustration/ hurdle to overcome and (yet another) lesson to learn)!
    Total Debt 3841.70 / 7203.13
    Outstanding: Overdraft 1 500/ 1950 - Santander CC 1995.50 / 2770.90 - Loan 382.22/ 770 - Virgin CC 700/ 700 Very BNPL 263.98/ 288.98
    Busted: Capital One (1) 0/ 404.25 - Capital One (2) 0/ 179 - Barclaycard 0/ 390 - Overdraft 2 0/ 450
    • lonelyrat
    • By lonelyrat 18th Oct 17, 8:03 PM
    • 24 Posts
    • 64 Thanks
    lonelyrat
    Updates for this month as promised

    Overdraft 1 £950 / £1950
    Overdraft 2 £83 / £450
    Loan £472.29 / £770
    Santander CC £2744.45 / £2770.90
    Very BNPL £263.98 / £288.98
    Capital One (1) £0 / £404.25
    Capital One (2) £0 / £179
    Barclaycard £0 / £390

    Total Debt £4513.72 / 7203.13

    I'm getting there. Slowly but surely. I transferred just over £1050 to OD 1 before transferring to my spends account and seeing how low it brought the overdraft felt pretty great. Motivation to keep going.... next month when I do a transfer of around that amount it will bring me into positives in that account... for the first time since 2014 Fingers crossed for no more setbacks this month

    As I mentioned above I have started a Debt Free Diary and will stop posting here now. I feel like I'm just clogging up this board so a move is a good plan. If anyone has read this and is interested in following my journey it can now be found here:

    http://forums.moneysavingexpert.com/showthread.php?p=73281545#post73281545

    Thank you once again for everyone who's given me advice and posted encouraging comments on this thread - I really appreciate it all and you're welcome to join me on my shiny new thread
    Total Debt 3841.70 / 7203.13
    Outstanding: Overdraft 1 500/ 1950 - Santander CC 1995.50 / 2770.90 - Loan 382.22/ 770 - Virgin CC 700/ 700 Very BNPL 263.98/ 288.98
    Busted: Capital One (1) 0/ 404.25 - Capital One (2) 0/ 179 - Barclaycard 0/ 390 - Overdraft 2 0/ 450
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