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  • FIRST POST
    • Nicnak
    • By Nicnak 10th Sep 17, 8:30 PM
    • 544Posts
    • 2,695Thanks
    Nicnak
    Debt Free Year
    • #1
    • 10th Sep 17, 8:30 PM
    Debt Free Year 10th Sep 17 at 8:30 PM
    Hi,

    I've pretty much buried my head in the sand over the past 15 years about debt and what it means. I've always seen it as 'normal' to have debt for things, and never thought twice about it. Recently though, I have wanted to think about cutting down my work hours, and I just can't. I can't be the mum I want to be to my 4 year old because I need to work to make sure I can pay the bills and debts. That is when it hit home, that I can't continue like this. I am having a wedding reception in December, which I know is going to take up most of my 'spare' cash, but from January 2018, I will make a difference to my debts.

    Currently have
    £485 0% credit card. It was £2000 in July, So I have been ensuring that I am working on it.
    £7500 Tesco loan at 3.2% - Paying £220 a month and due up in Three years
    £17,450 car loan. Car is in negative equity and I'm stuck in the PCP. The car also is over mileage and has damage. I am 10 months away from handing it back, but with excess mileage and damage, I am thinking this might not be the best idea. Currently paying £351 a month for this luxury that I am thinking I don't need. (I shouldn't have got it, but I did, I can't change what I have stupidly done, and now need to work on the best options).
    I spend money every month on things I don't need, and really need somewhere to record and focus on what it is I am doing, and the inspiration to keep going when I see progress is being made.

    I've started a written diary as well to try to help. If I pay off these debts, then I know that I will be £500 better off. In April, my phone is due up for renewal, and I have already looked at the SIM only deals which will take it to the £500 a month mark.

    i am going to try to earn some extra per month to pay off the debts, which in the short term might reduce the time I have with my daughter.

    Here goes...

    I really need to do this now.
Page 23
    • DebtFreeDuo
    • By DebtFreeDuo 6th Dec 17, 8:33 PM
    • 622 Posts
    • 3,022 Thanks
    DebtFreeDuo
    I know how you're feeling but look how far you have come, if you blow it now then you will just feel much worse about your situation. You have still reduced your debt by so much even with having to add on the £1000 needed to pay out.
    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
    • ladymay
    • By ladymay 6th Dec 17, 9:27 PM
    • 717 Posts
    • 3,317 Thanks
    ladymay
    You're doing incredibly well! Is it worth figuring out a new budget to see where you are?

    And hormones are evil
    Debt 14/04/12: £15736.77
    Debt 09/12/14 ZERO POUNDS
    Debt 15/10/17: £1714.40
    Debt 14/11/17: £1631.61
    Moving back to the UK 05/01/18
    • Nicnak
    • By Nicnak 7th Dec 17, 8:11 AM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    I’m not even looking at a budget till January. I just can’t face seeing the damage

    Car loan was suppose to be 3% from the dealer, cheapest i’ve seen so let it go ahead. I checked the paperwork, but the it returns on the new paperwork as 5.8%. That’s a whole lot more so I’m going to have to get that lowered and sorted. Just don’t need it.
    Then, old car has taken the payment out and not returned it so I need to call them this morning too.

    Just a nightmare
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 7th Dec 17, 8:19 AM
    • 2,246 Posts
    • 10,823 Thanks
    HairyHandofDartmoor
    Oh no how frustrating . Is there a cooling off period with the car deal? Can you get out of it or renegotiate the interest rate?

    I hope you manage to get it all sorted out.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
    • DebtFreeDuo
    • By DebtFreeDuo 7th Dec 17, 9:07 AM
    • 622 Posts
    • 3,022 Thanks
    DebtFreeDuo
    It all sounds very stressful but once its all sorted it will all work out I'm sure. Try not to hide away from the damage for too long, I have been doing this recently, had a good look at my finances yesterday and they aren't in a good place but better to look so that I can get a wake up call earlier instead of delaying the inevitable and possibly making it worse.
    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
    • Nicnak
    • By Nicnak 7th Dec 17, 11:50 AM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    Thank you,

    I’m not off the rails yet, but not towed it in either. My thoughts are very self destructive at the minute so ensuring I don’t totally lose it with regards to the budget.

    I just feel totally overwhelmed.

    I wanted to drop my post holiday weight too for the wedding and I’m just gaining, which isn’t good.
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • 117pauline
    • By 117pauline 7th Dec 17, 12:03 PM
    • 462 Posts
    • 5,654 Thanks
    117pauline
    Is there just one thing that could make you feel better?

    I've gone back to my lists of small wins as that is all I can manage at the moment. As I have put it on my thread I will do it.

    There's so much going on with you that I am not surprised you feel overwhelmed. Get a big snuggle from your little one and perhaps do a Christmas activity together.

    I bet work is chaotic too.

    Take care honey
    Pauline
    Don't get it perfect - Get it going
    Better Than Before
    • Nicnak
    • By Nicnak 7th Dec 17, 12:11 PM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    PIím struggling to control what is happening with finances at the minute, but I am taking action on what I can control.
    This week I have:
    Lowered Halifax Cc from £3250 down to £500
    Lowered Barclays Cc from £6000 to £2000.

    Thatís £6750 less credit available to me in case I splurge. Thatís not changeable in the next 6 months either.
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 7th Dec 17, 12:12 PM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    Work is manic. We’re moving schools in a week so I need to pack up my classroom too!
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 7th Dec 17, 12:14 PM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    Losing the weight would help, but I’m ok for gone for that to happen overnight. At this rate, I won’t get in my dress. Like seriously won’t. I need to lose 9lbs in 15 days.

    That’s 4 1/2 a week, which is a huge ask.
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 7th Dec 17, 12:18 PM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    And that will only guarantee I might get in it...
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • DebtFreeDuo
    • By DebtFreeDuo 7th Dec 17, 12:46 PM
    • 622 Posts
    • 3,022 Thanks
    DebtFreeDuo
    You are making progress with your finances, cutting your access to credit will help, just aim to pay minimums and add as little as possible to your total for this month.

    What works best for you on the weight front? Its not impossible to lose 9lbs quickly but its not particularly healthy to do so, do you have any wiggle room? I assume you will have a fitting before the big day so any adjustment can be made?

    Try to focus on the things you can realistically change to try to not feel too overwhelmed, I find I get hung up on things that I can't change which just makes me feel even worse.

    What a crazy time to have to empty your classroom, on top of everything else, I completely see why you are feeling overwhelmed with everything you have going on. Small steps.
    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
    • Nicnak
    • By Nicnak 7th Dec 17, 3:18 PM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    The dress is the one I wore in Florida so it has to fit. No room for adjustments.
    I’m going to have to be drastic and do a strict detox to hit the target, which I know won’t be good in the long run. Needs must. I know it’s my own lack of motivation.
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 7th Dec 17, 6:40 PM
    • 2,246 Posts
    • 10,823 Thanks
    HairyHandofDartmoor
    PIím struggling to control what is happening with finances at the minute, but I am taking action on what I can control.
    This week I have:
    Lowered Halifax Cc from £3250 down to £500
    Lowered Barclays Cc from £6000 to £2000.

    Thatís £6750 less credit available to me in case I splurge. Thatís not changeable in the next 6 months either.
    Originally posted by Nicnak
    Good move, it will remove temptation .

    Work is manic. Weíre moving schools in a week so I need to pack up my classroom too!
    Originally posted by Nicnak
    Ouch what timing just before Christmas .

    Losing the weight would help, but Iím ok for gone for that to happen overnight. At this rate, I wonít get in my dress. Like seriously wonít. I need to lose 9lbs in 15 days.

    Thatís 4 1/2 a week, which is a huge ask.
    Originally posted by Nicnak
    You might need a liquid diet to manage that . I lost 6lb in a week when I had appendicitis, but I wouldn't wish that on you .

    You could maybe replace two meals a day with protein shakes? I'm not sure how else you could lose 9lb in 15 days unless you run a marathon every day .

    I hope you feel better about things soon, you do have a lot on your plate.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
    • Nicnak
    • By Nicnak 7th Dec 17, 7:41 PM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    Yes, I am hitting it hard in terms of food and exercise. I actually need to eat more, which is such a strange concept. I only eat around 700 calories- 1000 calories per day, when I need to be eating about 1500. I've eaten around 1200 today, which is well over normal so will see how I do. Once I have started to make movement with weight, I can swap to shakes.

    I am reading everything everyone is writing, I am just not posting or feeling able to tackle everything like I have been doing.

    Today I needed a few bits from L i d l so did the basket shop that I normally do. £10.42 and that included a £2.39 sushi pack as I needed to consume calories and quick including carbs.

    Credit limit cut down like I said and I will cancel the barclaycard when it was paid off. Refund on car will take 10 days apparently so I am not very happy with that. Apparently the new car company paid by cheque so they always wait for it to clear.

    I finish work next Friday so I just need to ensure that I have completely packed up my room by then. It's going to be a busy week.

    I will set some hard targets in January. I need to see progress and fast again otherwise it will be too tempting to go off the rails again.
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • enthusiasticsaver
    • By enthusiasticsaver 7th Dec 17, 8:26 PM
    • 4,848 Posts
    • 9,162 Thanks
    enthusiasticsaver
    Thanks,

    I am already aware that my spending is stress related and that I need it to get the high. I had a high powered job, which I quit, but i'm still working under immense stress and want it to end. I can't see a way out without getting rid of these debts.


    I think it is deep routed with my emotional well being.
    The last time I got this low, I bought a mac on finance.
    Originally posted by Nicnak
    If you re read this quote from the first page of your diary you will see how closely linked your emotions are with your spending behaviour. It is very common when losing your way to say what the hell and have a right spend up. Same goes for dieting.

    The stress you are feeling from money being out of control to hectic work schedules, Christmas and wedding arrangements are making you think that if you spend money you will feel better when in reality all you will feel us guilt at the knowledge you have moved your DFD further away and the chance to reduce your working hours. If you have done this for 15 years it is unsurprising when you hit an emotional low the urge to spend is at its highest. Resist.
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Nicnak
    • By Nicnak 7th Dec 17, 9:02 PM
    • 544 Posts
    • 2,695 Thanks
    Nicnak
    If you re read this quote from the first page of your diary you will see how closely linked your emotions are with your spending behaviour. It is very common when losing your way to say what the hell and have a right spend up. Same goes for dieting.

    The stress you are feeling from money being out of control to hectic work schedules, Christmas and wedding arrangements are making you think that if you spend money you will feel better when in reality all you will feel us guilt at the knowledge you have moved your DFD further away and the chance to reduce your working hours. If you have done this for 15 years it is unsurprising when you hit an emotional low the urge to spend is at its highest. Resist.
    Originally posted by enthusiasticsaver
    Thank you.

    Iím really trying to resist. Just taking each day as it happens.
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Pauper1
    • By Pauper1 8th Dec 17, 6:47 AM
    • 287 Posts
    • 2,357 Thanks
    Pauper1
    Good luck! I'm sure you can do this, you're resisting so far. Do you use My Fitness Pal to track the calories? It really works well for me, although I don't think I've ever managed to lose more than 3lbs a week.
    DMP start 1st May 2014 - £22,850 £39,349.41 Original DFD from Stepchange 6th Sept 2039... Aiming for 1st Nov 2026
    Priorities changed, sold our house, going through the settlement process and hope to be debt free by Christmas 2017
    • ladymay
    • By ladymay 8th Dec 17, 8:11 AM
    • 717 Posts
    • 3,317 Thanks
    ladymay
    I agree with Pauper1 - I'd highly recommend MyFitnessPal! I like how it tracks macro nutrients as well as calories, and because I'm really boring I count it as my 'body finances'

    But losing that much weight so quickly will be a) temporary and b) incredibly difficult. Please be careful x
    Debt 14/04/12: £15736.77
    Debt 09/12/14 ZERO POUNDS
    Debt 15/10/17: £1714.40
    Debt 14/11/17: £1631.61
    Moving back to the UK 05/01/18
    • TheMoonandBack
    • By TheMoonandBack 8th Dec 17, 8:59 AM
    • 49 Posts
    • 84 Thanks
    TheMoonandBack
    Keep going Nicnak, simply keep putting one front in front of the other and go a day at a time.
    Cutting down the credit limits is a good move. Youíre doing everything right, I am sure you will get through everything that is currently stressing you.
    When you get to the end of your rope, tie a knot and hang on

    Proud to be dealing with my debts
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