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    • Tempus01
    • By Tempus01 22nd Aug 17, 12:14 PM
    • 60Posts
    • 59Thanks
    Tempus01
    Debt-Free Wannabe ASAP
    • #1
    • 22nd Aug 17, 12:14 PM
    Debt-Free Wannabe ASAP 22nd Aug 17 at 12:14 PM
    Hi All,


    Gosh I don't even know where to start with this...... I have finally admitted to myself that I am in debt and need to do something about it.


    Bit of a back story..... I was due to get married this year, wedding booked etc. etc. and my fianc! called the whole thing off. Since this I have found myself in an increasingly difficult situation. Not only have I had to get over the relationship (we were together 8 years) I have part of the wedding to pay for along with other debt we accumulated as a couple.


    Our wedding was due to take place at the end of this year, everything was booked so we have had to pay for lots of cancellations. When we split we had credit cards together which were in my name. We had some cash in our account so we paid off what we could for the credit cards and then he set up a direct debit to my account paying me every month for his half of the debt. But his payments are due to stop in the next couple of months, which I am growing increasingly worried about. It’s £150, and at the moment I don’t have that spare.


    When we split I had to move out and get an apartment by myself which put me in even more debt. I took out a loan to consolidate my debts but after the break up I just lost my way and spent on my credit cards. I know…..ridiculous! When I took out the loan they advised that if I make payments for a year that I could then possibly revisit the loan to see if they could offer me a better option.


    My debts are as follows:


    NatWest Loan £6200 over 26 months at 23% APR = Total £8392.32 (£231.81 per month, 3 payments made so far)


    Barclays Credit Card = £1471.36


    Tesco Credit Card = £2003.17


    NatWest Credit Card = £1422.34


    Littlewoods account = £104
    Total Debt: £12697.76 (Wow that’s actually a huge shock to me, first time I have properly looked at everything together)


    I always pay at least the minimum back on each credit card each month, more if I can. I have an okay job and take home around £1760 every four weeks but with bills and repayments I am struggling to make ends meet.


    Anyone any tips they can give me and help me become debt free and rebuild my life?
Page 3
    • enthusiasticsaver
    • By enthusiasticsaver 29th Aug 17, 3:55 PM
    • 4,251 Posts
    • 7,681 Thanks
    enthusiasticsaver
    It will be a long road but the hardest bit is the thing you are doing right now. Working out where your money goes and trying to cut back. Eventually it will become second nature to think to yourself "do I really need this?" or "can I get this cheaper elsewhere?". You have the added advantage that your 3 credit cards do not have massively high balances and there is scope for you to reduce your rent next year which is really too high for you. If you don't share with your partner look for a room in a shared house. It does not have to be forever, just until you have sorted out your debt.
    Countdown to early retirement on 21.12.17 3 months to go.
    • Tempus01
    • By Tempus01 29th Aug 17, 4:19 PM
    • 60 Posts
    • 59 Thanks
    Tempus01
    Hi Enthusiastic Saver


    Thank you for your words. much needed today!


    It's amazing how many things you can actually go without when you put your mind to it. It's getting the mentality that most things I want are a luxury and not a given!


    NSD today as I brought my lunch with me and already have something in for dinner.


    My overtime won't go in until the pay pack after this but should bump it up a little, just in time for christmas I will have to book flights home to see my family at Chirstmas so that's something else I need to factor into the enxt two months budget.


    I must take a proper look at YNAB tonight once I've finished work, although the bake off is on so my mind may wander
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
    • Lacherlich
    • By Lacherlich 29th Aug 17, 5:17 PM
    • 107 Posts
    • 138 Thanks
    Lacherlich
    Hi


    Just had a read through your thread - it seems you are in a similar situation to me. Trying to get back on my feet financially after a long term relationship. I'm also going through the stage of being really motivated to make some changes (and have done already) but also thinking its a long road ahead!


    But I'm trying to stay positive - things will be so much better at the end of it. No more worries about what you owe; how much of your earned money you can actually spend instead of throwing it all at debt! I'll subscribe as interested to see how you get on!
    *£10,000/ £9,820 = Tesco Loan.*/ * £3186/ £3154= Tesco Credit Card.* / *£4541/ £4541=Barclay Card.* / *£945/ £945 =HSBC Credit Card .* / * £2,150 / £395 = Owed to Family/Friends =* * £4,419/ £4,350 = Furniture for apartment *
    (Starting balance £24,995 owed in July 2017 - Now £23,209)
    • Tempus01
    • By Tempus01 29th Aug 17, 5:44 PM
    • 60 Posts
    • 59 Thanks
    Tempus01
    You seem to have got through lots of your debt. That's so amazing. I can't wait for the day until I'm in your shoes.

    If I could turn back time I would never have rented this apartment, at the time I thought "go on you deserve it" now I realise I couldn't afford it. When you're on your own things don't be long mounting up.

    (The would be wedding date is coming up so I think that's why I'm so down this week)
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
    • Tempus01
    • By Tempus01 2nd Sep 17, 11:57 AM
    • 60 Posts
    • 59 Thanks
    Tempus01
    Well it's not been the best few days. My ex hasn't put any money into my AC yesterday so I check through my statements and he has paid me back. I thought I had wrote down all be payments but I missed one. That means I'm £150 down this month. Going to Aldi today to get a few bits so will have to put that on my CC and two bills to come out my account and I've nothing in it. I have listed what I can on eBay but no bidders yet. Next month is going to be a tough month too. Would anyone suggest be doing a DMP? Not really sure what it is but here lots talking about it
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
    • Tempus01
    • By Tempus01 8th Sep 17, 11:33 AM
    • 60 Posts
    • 59 Thanks
    Tempus01
    Payday today at last. Not able to amke any ocverpayments this month but my overtime should go through next month which will help a little. I had to transfer £100 from my credit card last week as I had bugeted for anothe rpayment from my ex and it turned out he had repayed all he owed. Feeling rubbish about that
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 8th Sep 17, 8:06 PM
    • 1,005 Posts
    • 1,053 Thanks
    HairyHandofDartmoor
    Keep going. There are so many ups and downs on the debt free journey. I still get days when I want to cry all day, but at other times I feel really positive.

    Remember that when times are tough you are capable of being tougher. It will get easier in time once you can cancel the gym etc.
    Debt at highest = £58,766 Current debt = £16,234

    Long Hauler No. 156 Spendaholics Anonymous No. 47
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 8th Sep 17, 8:09 PM
    • 1,005 Posts
    • 1,053 Thanks
    HairyHandofDartmoor
    I don't think you need to do a dmp at the moment as you can afford your repayments and you will have more disposable income if you move somewhere cheaper. A dmp will
    have an impact upon your credit reputation.
    Debt at highest = £58,766 Current debt = £16,234

    Long Hauler No. 156 Spendaholics Anonymous No. 47
    • La escocesa
    • By La escocesa 9th Sep 17, 8:31 AM
    • 2,886 Posts
    • 18,206 Thanks
    La escocesa
    Hi tempus

    I think you will be ok if you just hang in there for another couple of months and a few payments will stop and then you can move house too. Don't worry one bit about not being able to make overpayments - if you can cover the min while things are tight then that's totally ok. There will be time to sort it all when you move house and don't have as high outgoings.
    Last edited by La escocesa; 09-09-2017 at 8:34 AM.
    • Tempus01
    • By Tempus01 9th Sep 17, 2:38 PM
    • 60 Posts
    • 59 Thanks
    Tempus01
    I don't think you need to do a dmp at the moment as you can afford your repayments and you will have more disposable income if you move somewhere cheaper. A dmp will
    have an impact upon your credit reputation.
    Originally posted by HairyHandofDartmoor
    Awe thank you!!!! I guess I am just impatient and want to see my debt go down asap. But you're right as long as I am able to make payments I'm doing okay. Teaches me a lesson. I've have to have root canal now which is going to set me back £240 just can't seem to catch a break, but I'll deal with that and see if I can make regular payments before the appointment or put it off until I can save for it.
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
    • Tempus01
    • By Tempus01 9th Sep 17, 2:41 PM
    • 60 Posts
    • 59 Thanks
    Tempus01
    Hi tempus

    I think you will be ok if you just hang in there for another couple of months and a few payments will stop and then you can move house too. Don't worry one bit about not being able to make overpayments - if you can cover the min while things are tight then that's totally ok. There will be time to sort it all when you move house and don't have as high outgoings.
    Originally posted by La escocesa
    Yes I will be in a much better situation come March. This next few months should be okay as I get paid four weekly and some pay periods I don't have all the bills to pay, if that makes sense. Pull I will have overtime going in next months pay. I have also the opportunity to pick up some extra work which would give me possibly 5 hours overtime a week at 150% just need to check that with the boss first.
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
    • misstara
    • By misstara 10th Sep 17, 7:34 AM
    • 2,358 Posts
    • 16,338 Thanks
    misstara
    Hi Tempus
    Finally got round to reading through your diary, you're doing grand so far. Just keep plugging away at it, March is not too far away. Hope you have a good Sunday
    Debt at LBM Jan 2014 £10458.09 Now £0
    New flat debt Jan 2017 £2302.75 Now £1525.60 (33.7% paid)
    Mini Targets
    Exercise target - Run 3/8, Gym 1/4. Groceries target £101.46/£150. NSD target 7/18.
    • Reb2016
    • By Reb2016 10th Sep 17, 9:40 PM
    • 90 Posts
    • 103 Thanks
    Reb2016
    Just had a read through your diary, you are doing so well, just try and hold out till March and then you will find things so much easier you can do it. Going to subscribe as I'm sure you will get there.
    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 12359.94
    DFD was October 2020 40 months now 31st May 2020 33 months Overdraft £450/£2250
    11/17 NSD September 9/4 in a row
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 20th Sep 17, 9:28 PM
    • 1,005 Posts
    • 1,053 Thanks
    HairyHandofDartmoor
    How are you doing Tempus?
    Debt at highest = £58,766 Current debt = £16,234

    Long Hauler No. 156 Spendaholics Anonymous No. 47
    • Tempus01
    • By Tempus01 21st Sep 17, 8:51 AM
    • 60 Posts
    • 59 Thanks
    Tempus01
    How are you doing Tempus?
    Originally posted by HairyHandofDartmoor

    To be honest I'm struggling! I have to have root cancal in the nextfew weeks which is going to be set me back £240. I just cant seem to get ahead of myslef! Feeling so deflated
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
    • nkkingston
    • By nkkingston 21st Sep 17, 11:20 AM
    • 424 Posts
    • 472 Thanks
    nkkingston
    Sunnny side of a root canal - you're not going to feel like going out and spending money for a few days! As long as you can stay off the internet you should get some NSDs out of it. Get the bf over to come and coddle you - have him bring you lots of ice cream and a cosy movie and snuggle up.

    Thinking about the gym contract, can you save yourself any money by making more use of it? One of my colleague has saved a chunk of her energy bills by showering at the gym each morning before work rather than at home and it's helped keep her motivated in attending sessions there.

    Are you having any luck with YNAB?
    Mortgage
    June 2016: £93,295
    September 2017: £80,848.24
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 21st Sep 17, 6:06 PM
    • 1,005 Posts
    • 1,053 Thanks
    HairyHandofDartmoor
    That is frustrating to have to fork out for the dentist. It does sometimes feel like one step forward and two steps back. But you would have had to pay the dentist anyway and at least you'll have nice teeth .

    Great idea from Nk re ice cream and cuddles, a cheap way to cheer yourself up .

    We all have bad patches but if you keep going it will be worth it in the end.
    Last edited by HairyHandofDartmoor; 21-09-2017 at 6:12 PM.
    Debt at highest = £58,766 Current debt = £16,234

    Long Hauler No. 156 Spendaholics Anonymous No. 47
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 21st Sep 17, 6:09 PM
    • 1,005 Posts
    • 1,053 Thanks
    HairyHandofDartmoor
    By the way that sounds like an awful lot of money just for root canal work. Are you with a private dentist? I changed to an NHS dentist a few years ago after forking out £1000 on dental fees in one year . An NHS dentist would only charge about £56 for root canal work.
    Debt at highest = £58,766 Current debt = £16,234

    Long Hauler No. 156 Spendaholics Anonymous No. 47
    • enthusiasticsaver
    • By enthusiasticsaver 21st Sep 17, 6:54 PM
    • 4,251 Posts
    • 7,681 Thanks
    enthusiasticsaver
    I would also say check if there is an NHS dentist who will do this a lot cheaper for you. Either that or ask your dentist if you can pay over a longer period of time.
    Countdown to early retirement on 21.12.17 3 months to go.
    • Tempus01
    • By Tempus01 21st Sep 17, 7:16 PM
    • 60 Posts
    • 59 Thanks
    Tempus01
    Sorry the entire treatment including the crown is that. It's crazy
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
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