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  • FIRST POST
    • SusieT78
    • By SusieT78 14th Aug 17, 4:24 AM
    • 53Posts
    • 126Thanks
    SusieT78
    SusieT78 Debt Free Diary
    • #1
    • 14th Aug 17, 4:24 AM
    SusieT78 Debt Free Diary 14th Aug 17 at 4:24 AM
    Hello all,

    I'm quite new to MSE. I have another thread where I was asking for debt advice on the main board, so I won't duplicate my posting, but the details are here for anybody interested:
    forums.moneysavingexpert.com/showthread.php?t=5694050 (I can't link to it as I'm a new poster)

    In summary, I've got myself into a mess with debts that I can no longer afford to pay the minimum payments for, so currently my debt free date is 113 years away (that's if the creditors agree to freeze interest, if not it will be even longer). But, circumstances do change and I hope in the future mine will change for the better and that a debt free date 25 to 30 years may be achievable. At the moment I'm not sure of how I'm going to clear the debt but I've decided to start a diary to record steps I'm taking to reduce outgoings and increase income so I can pay my debts off quicker.

    I've been reading some of the debt free diaries and have found them inspirational with a lot of good advice for the other posters, so even if nobody replies I've decided to write one to keep myself motivated and record my day to day plans. Since I started the other thread I've found that starting to write things down is making me feel less stressed about my situation and helping me think a bit more clearly.

    So far I plan to reduce outgoings by:
    • Sticking to my budget religiously
    • Meal planning / finding low cost recipes / making extra portions so we have homemade 'ready meals' in freezer (to stop the temptation to order takeaway / go to a family friendly pub for tea to eat, as I'm guilty of doing this far too much in the past)
    I plan to increase my income by:
    • Doing surveys for Paypal vouchers - to cover the cost of birthdays/Xmas (any recommendations for good Survey companies appreciated - I've signed up to Swagbucks and MySurvey)
    • Getting a part time job once my youngest child starts school in September 2018, or if I could find a company that offers zero hours contracts where you don't need to agree your working hours until a few days in advance I could start work sooner (partner works fulltime unsociable hours, shifts and often doesn't find out what he's working until the week before, we have nobody that could help with childcare and paying for childcare would wipe out any wages), or if there is any genuine work from home opportunities I could do once the kids are in bed of an evening. I need to look into this once I've let all the creditors know I am in financial difficulty.

    My current unsecured debt is approx £45k
    I owe a relative £1k
    My remaining mortgage is £39k
    Total debt August 2017: £85k
Page 3
    • SusieT78
    • By SusieT78 14th Sep 17, 11:15 PM
    • 53 Posts
    • 126 Thanks
    SusieT78
    I walked to school yesterday in the end, got caught in a bit of drizzle but not a downpour thankfully!

    Today has been a NSD.
    I've also requested a £4.63 payout (£5 mastercard) from Swagbucks.

    Not much else to report.

    Running totals:
    September groceries/toiletries/cleaning: £274.15/£340 (81%)
    September Petrol: £58.48/£100 (58%)
    September NSD: 6/30
    2017 Paypal Birthday/Xmas fund: £61.35 plus £15 Amazon voucher
    2017 Quidco cashback: £16.20
    • doingitanyway
    • By doingitanyway 20th Sep 17, 6:46 PM
    • 2,089 Posts
    • 9,668 Thanks
    doingitanyway
    Everything okay?
    JANUARY 2016/SECURED DEBT=24,822/November 2017=4,490
    MORTGAGE FREE 25/07/16
    • SusieT78
    • By SusieT78 31st Oct 17, 1:59 AM
    • 53 Posts
    • 126 Thanks
    SusieT78
    Everything okay?
    Originally posted by doingitanyway
    Thanks for asking doingitanyway. I hope you're doing OK too? I've not been on the forum for a while, but I've still been tracking every penny I spend and all household bills on my spreadsheets.

    In the middle of October I wrote to all my creditors to advise of my financial situation, enclosing a copy of my budget, and offering the reduced payments until my situation changes. I also asked for all interest and charges to be frozen going forward.
    I've just heard back from them all. All of them have accepted reduced payments as a temporary measure and will freeze interest and charges. So long as I make the agreed reduced payments they will not take further legal action against me.
    They will still have to follow their procedures in sending me statements, marking my credit file as late, and then in a few months they will send me default letters and then default me with the CRAs, but at least I know that the letters will come and that there will be nothing to worry about when they do.
    They've also said that they may pass my debt onto a debt collection agency, but if that happens they will inform the DCA of the payment arrangement that is in place.
    I'm much less worried now. I was pleasantly surprised that they all agreed to freeze interest and charges. At least every penny I pay from now on will go towards repayment in full.
    With interest and charges being frozen I'm confident I can have it all paid off within 25 years, which might seem like a long time, but at least it is achievable. Much better than the 100+ years it would take if interest and charges weren't frozen.

    For September, I reallocated the £12.20 from the medicine pot to the grocery budget to stay within budget for the month.

    Final September Totals were:
    September groceries/toiletries/cleaning: £337.62/£340 (99.3%)
    September Petrol: £73.48/£100 (73.5%)
    September NSD: stopped recording NSD, for now staying within budget is the important thing
    2017 Paypal Birthday/Xmas fund: £70.98 plus £15 Amazon voucher
    2017 Quidco cashback: £16.20

    For October, I reduced the groceries budget by £10 to £330, petrol budget remains unchanged.
    I've not really been doing the surveys this month, so really need to get back into that.

    Running totals:
    October groceries/toiletries/cleaning: £325.72/£330 (99%)
    October Petrol: £99.54/£100 (99.5%)
    2017 Paypal Birthday/Xmas fund: £70.98 plus £30 Amazon voucher. Spent: £14.93. Remaining: £86.05
    2017 Quidco cashback: £53.27
    • doingitanyway
    • By doingitanyway 31st Oct 17, 8:11 AM
    • 2,089 Posts
    • 9,668 Thanks
    doingitanyway
    Wow, you have done fantastically well.
    Sometimes when people go quiet they have lost direction but not you!
    Well done for contacting the creditors and getting arrangements and interest frozen.
    I'm no expert but at some stage you may be able to offer settlements so it may not be 25 years at all...

    You sound in control and that's a good place to be
    Well done
    JANUARY 2016/SECURED DEBT=24,822/November 2017=4,490
    MORTGAGE FREE 25/07/16
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