Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 10th Sep 17, 10:18 PM
    • 14Posts
    • 21Thanks
    I_Want_to_be_Free
    £43,000 on credit cards...I want to be free!
    • #1
    • 10th Sep 17, 10:18 PM
    £43,000 on credit cards...I want to be free! 10th Sep 17 at 10:18 PM
    5 years ago I joined MSE under a different username and managed to pay off almost £17k in just over a year (I started around £45k years before but this was the final push) Now I'm back and my debt is £43k but the difference is that it is debt I've taken on to save my business otherwise I would lose everything. I've paid off a similar amount of debt before so I can do it again and if the business really picks up then I will be able to pay it off much quicker but I'm going to work on the assumption that my salary will not increase.

    I cannot tell you how stressful this year has been for me. It started with us changing the business profile and outsourcing our warehousing and fulfilment. It all went horribly wrong with the fulfilment company fleecing us for 10's of £thousands. This year began with us serving them notice and then they charged us 4x the original price to get our stock back which had to be paid in advance. We had to pay for 2 sets of premises, rates etc and sales nose dived. We had to make 2 people redundant, 1 of whom was a really close friend of 20yrs We are still struggling but should have paid most of our suppliers by the end of this month.

    On a personal level my long term boyfriend ended our relationship unexpectedly in March whilst I was in the midst of legal battles with the fulfilment centre. So I had to say goodbye to the life I thought I would have, the future husband, future house but most especially, my future children that we'd already chosen names for. In all probability I will never have my own children now and that has been probably the hardest thing to deal with. Also my best friend has mental health problems and tried to kill herself and still is in and out of hospital 3 months later. Yeah, my life is rubbish!

    I'm afraid that the stress just took it's toll on me. I pretended I was alright and plastered a fake smile on my face but I was eating and drinking a huge amount of sugary and fatty junk food as I am a stress eater. Fast forward a few months and I was off to the doctors with insomnia and other, more strange, symptoms. Turns out that at the tender age of 36yrs I have higher cholesterol than they'd like and I'm hurtling towards pre-diabetes despite me running 10k's and half marathons! I have also just been diagnosed with Stress-Induced Depression. They don't want to medicate me though as it's not something wrong chemically in my brain, I "just need bad things to stop happening to me" (doctors words!)

    All in all, it's been a pretty year......BUT......

    Everything revolves around money. I don't have the life I want, I can't go travelling if I want, I can't change anything because I have so much debt. So, the only way to get my health better and my life to how I want it to be, is to pay off my debt, little by little. So here I am. A bit older than I was in 2012 but armed with the knowledge that I did it before so I can do it again. It will take a lot more than a year but I know all the tricks from the challenges on here to make that debt free date edge closer day by day.

    I am just working through a budget and then I will know how much I have to pay off my credit cards extra to the minimum payments which are £900 a month on their own

    But like I said, I've done this before so I can do this again. I just need to bunker down for the long haul and use every trick in the book to save/make money 2017 may have been utterly horrendous so far but I am determined to make the last part of this year the turning point in the life I want!
Page 1
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 11th Sep 17, 9:07 AM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    • #2
    • 11th Sep 17, 9:07 AM
    • #2
    • 11th Sep 17, 9:07 AM
    So this morning I have brought everything I should need into work so I don't have to spend anything. I am aiming for 1 NSD today!!!
    • My Own Back Door
    • By My Own Back Door 11th Sep 17, 12:29 PM
    • 3 Posts
    • 5 Thanks
    My Own Back Door
    • #3
    • 11th Sep 17, 12:29 PM
    • #3
    • 11th Sep 17, 12:29 PM
    Good luck on your journey!
    • littlemissbudgetqueen
    • By littlemissbudgetqueen 11th Sep 17, 1:57 PM
    • 10 Posts
    • 16 Thanks
    littlemissbudgetqueen
    • #4
    • 11th Sep 17, 1:57 PM
    • #4
    • 11th Sep 17, 1:57 PM
    Good luck - hope you end up with a NSD!
    As at 07/09/17: Car Loan: £312/£14,000, Barclay CC: £5151.05, Halifax CC: £3.44
    Loan for Professional Studies: £5851.66/ £8660.00, Argos Card: £332.95/£372.95
    Mortgage: £66,577.00/House value £125,000.00
    LISA: £150.00 NS&I: £200.00
    • Scott_Weiland
    • By Scott_Weiland 11th Sep 17, 2:08 PM
    • 549 Posts
    • 1,133 Thanks
    Scott_Weiland
    • #5
    • 11th Sep 17, 2:08 PM
    • #5
    • 11th Sep 17, 2:08 PM
    Good luck with your journey, I hope we can all help in some shape or form.

    900 re the cards is astronomical, are the cards on 0 percents etc?
    Debts 16274.64
    Cashback Earnings YTD £162.02 Survey Earnings YTD £485.18
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 11th Sep 17, 7:09 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    • #6
    • 11th Sep 17, 7:09 PM
    • #6
    • 11th Sep 17, 7:09 PM
    Thanks for your support everyone, it means an awful lot especially at the moment!

    Yay I got my NSD today!!! Really happy about that. I've already planned my meals for tomorrow so fingers crossed I can get my 2nd one too

    Unfortunately I've just double checked the balances and I've got the figure wrong. It should be £44,924 Crikey!

    6.5 out of my 9 cards are on 0% (1 credit card has half the balance still on 0% and the rest isn't anymore). I'm afraid I cannot get anymore 0% cards to do balance transfers because I have so much debt. My goal is to pay down the highest interest credit card first and move from there. I want to pay off as much as possible extra to my monthly budget if the business starts to improve enough for me to start taking extra out. If not then I have loads to sell on ebay anyway which should bring in a few hundred pounds. It's a small amount but better than nothing and at least it will declutter my house!

    Tonights job is to properly sort out a realistic budget! I hope you're all having a great evening despite the weather today xxx
    Last edited by I_Want_to_be_Free; 16-09-2017 at 3:31 PM. Reason: wrong figure
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 12th Sep 17, 10:30 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    • #7
    • 12th Sep 17, 10:30 PM
    • #7
    • 12th Sep 17, 10:30 PM
    Well today wasn't a no spend day, however, it was both a success and a failure at the same time. Normally I would go into a shop or a supermarket and buy whatever I wanted but today I really thought about the purchases I made. I still spent too much but I realised that I hadn't planned what I would buy first. I must make sure I always write a list and stick to it! So yes I spent a bit more than I wanted to (only about £5 too much) but I thought about what I was buying (instead of mindlessly throwing things in the trolley) and I realised I needed to have shoppung lists in future.
    I picked up my 4yr old niece after work from her "big school". She looked so cute in her little uniform! She stayed for dinner and we watched Scooby Doo and nows she's fast asleep in the room next to mine. She's my world and I love her to bits!
    On a work note, all of the Directors (me and 3 other family members) had a very long meeting today about how the business is doing and what we need to do to prep for Christmas... Then we started talking finances and I'm relieved that everyone is in agreement that we should be able to pull money out of the business next year to help pay off our debts from this year. This should hopefully mean that I could make a decent dent in what I owe depending on how well the business performs. Things are on the up though and we're all feeling a bit more positive! Hope you've all had a lovely day! Xxx
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 13th Sep 17, 7:47 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    • #8
    • 13th Sep 17, 7:47 PM
    • #8
    • 13th Sep 17, 7:47 PM
    I got a surprising NSD today!!!!! That's 2 in 3 days! I will definitely need to do a shop tomorrow but I'm sticking to my budget of £10 per day
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 14th Sep 17, 9:21 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    • #9
    • 14th Sep 17, 9:21 PM
    • #9
    • 14th Sep 17, 9:21 PM
    I really wanted a NSD tomorrow so have been shopping in preparation. Only fly in the ointment is that my fuel light will come on tomorrow. Dammit To be honest I might not class fuel as a spend cos it's necessary and I always try to choose the cheapest pump in the area. What I'm trying to focus on is my unnecessary spends especially food shopping.
    Anyway, I spent more than my budget but I had to bulk buy some things so I can reduce my budget for next week accordingly. It was things like a big bag of cashewnuts which costs £6 but it's better value than buying the smaller bags and it will last me a month.
    The other thing I really want to cut down on is food waste. I am atrocious at it! I'm trying to see the NSDs and budgeting as another way to curb my wasting. If I'm meal planning then I'm far less likely to waste food. That's the plan anyway
    Well, goodnight everyone! Another debt busting day tomorrow!!!
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • worriedDan
    • By worriedDan 14th Sep 17, 9:47 PM
    • 183 Posts
    • 513 Thanks
    worriedDan
    Hi - Well done for taking the plunge and posting! We owe a similar amount to you so I know how it feels when you are at the start of your journey.

    Perhaps post your SOA so that people can comment and suggest other ways of saving money

    I wish you well on your DF journey!
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 16th Sep 17, 12:19 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    Well yesterday was a fantastic MSE day I rang a couple of credit card companies to see when my 0% rate expires. Unfortunately about £15k will jump onto the standard rate of about 18.95% in December... Anyway, I spoke to them and they have told me to ring back on Dec 1st and they will reduce the interest rate down to approx 6.9% (depending on lender) I'm already on the high rate with N@twest so they are moving me onto a Clear Rate card which is 6.684% instead of 17.74% (big difference!). This means that my minimum payment will go down from £114.40 to £87.00. I can then use this to go off my other card which is at the high rate. I've also had a couple of balance transfer offers from some of my cards as I have paid a few £100 off each. One I can transfer to 0% and the other is 4.9% so they'll both still help reduce my interest amounts.

    I got another NSD yesterday and should get another one today as I'm not feeling very well so won't be going out. The race I planned to run tomorrow is also out. I'm gutted but I hadn't paid for it so it will save me £26.55 in race fees. My races are something I am loathe to give up to be honest. I don't drink, I don't smoke or gamble or go out much and if I do then I always drive. I don't have a gym membership or anything like that so it really is my one vice. It's all budgeted in though as I love doing them and getting the nice shiny medal and t-shirts afterwards. I know someone reading this will probably wonder why I don't just do Parkrun... it's a very good question! I've often thought of doing it (did it once years ago) but I just can't get myself out of bed unless I've paid to...! So I'm happy enough to get up early at the weekend for a race if I've paid for it but I know that if it's just for Parkrun then I'd look at the weather or the clock and go straight back to sleep!

    I really feel like I'm in control of my finances again for the first time in 5yrs!!! The last time I was in this much debt it was easier cos most was from a large loan and the others were all on 0% credit cards that I could just keep shifting about. Now it's different cos I cannot get anymore 0% cards so I'm just doing damage limitation. This is all business debt though so I can promise you that I will never EVER get another credit card unless I will be paying the balance off in full each month. If I want a new kitchen for my new house for example, then I will simply have to save for it! The stress of being in so much debt is simply not worth it.

    Anyway, I hope you're all having a lovely weekend so far
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • Nicnak
    • By Nicnak 16th Sep 17, 12:29 PM
    • 33 Posts
    • 35 Thanks
    Nicnak
    Hi,

    I just read everything you have been through and wow what a difficult year for you.

    Sincerely hoping that you can do what you did last time. I've not got any advice as I'm horrific with money, but wishing you well.
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 16th Sep 17, 1:07 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    Hi,

    I just read everything you have been through and wow what a difficult year for you.

    Sincerely hoping that you can do what you did last time. I've not got any advice as I'm horrific with money, but wishing you well.
    Originally posted by Nicnak
    Thanks Nicnak Just knowing that you and others are encouraging me is enough xxx
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 17th Sep 17, 9:21 AM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    I am looking forward to today. I have loads to do and it feels nice to be productive! I need to swap a lair jeans from straight leg to bootcut, buy food for the week as per my meal plans and no spend days, hopefully my dad will put my blackout blind up plus he's looking at my brakes cos they're making a horrid grinding sound I also want to tidy my room and put in boxes everything I want to sell in the run up to Christmas to bring some money in. I've seen a winter coat I want so I need to reduce my weekly budget to pay for it. Oh and hopefully my 4yr old niece can come for dinner cos she's my world and I love her to bits I hope you all have a fabulous MSE day! Xxx
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 19th Sep 17, 7:39 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    Well it's been a bit hectic for the last couple of days. I took my mum and grandma to L*dl and F@rmfoods. We spent a small fortune but saved a huge amount of money. My grandma has paid my bill (£61.95) and I am paying her back £15 per week until it's paid off out of my £70 per week budget. I have a freezer and cupboard full so I just need to top up with fresh fruit and veggies! It's just as well as my car has been making an awful screechy grinding sort of sound and my dad's just said I need new rear brake disks and brake pads. Luckily he is fitting them for me so it'll only cost me £44. It's still a big whole in my budget but it just means I need to tighten my belt a lot more for the next couple of weeks.

    Sales are getting better at work though and I've finally set up the standing order again for our wages which was an amazing feeling after all this time!!! I finally feel like we're getting there.

    Tomorrow is going to be a spend day but it's cos I have £50 of vouchers to spend at a fabric shop and if I take my grandma then I get an extra 10% off so I can get £60 of fabric etc for only £4!!! Apart from that then I shouldn't need to spend anything (well except for the brake pads and disks!)

    I hope you're all having a fab week! xxx
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • JoJoC
    • By JoJoC 20th Sep 17, 9:47 AM
    • 1,193 Posts
    • 3,708 Thanks
    JoJoC
    Hi - just stopping by to offer my support and say that it sounds like you've got a great mindset right now! Hold onto that for as long as possible!

    Life hasn't been kind to you lately, but i'm hoping that's all on the up and that it can help to motivate you to keep going with clearing the debt.

    Great news about getting interest reduce on some of your cards - that'll make a big difference.

    Good luck!
    CC1: 3,774.32/4,200 | CC2: 5,077/5,393 | Loan: 7,430/15,000
    Total: 16,292.57/20,032 Paid since Feb17: 3,739 or 18.66%

    Mummy of two boys - Working hard to make better financial choices!
    *My debt busting and savings diary*
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 21st Sep 17, 8:50 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    Thank you JoJoC I'm really hopeful that this mindset will continue for as long as it takes now. I know that once I'm in the "zone" then I can stay in that place for months and months. I hope I can keep it up for potentially years. I think I just need to keep in mind that giving up isn't an option as every £1 that I spend is £1 further away from paying my debts off and moving into my own place. Every time I buy something I ask a question "do I really want this more than sitting on my sofa in my own place?" It's proving to be the right question to stop me from spending!


    Hi - just stopping by to offer my support and say that it sounds like you've got a great mindset right now! Hold onto that for as long as possible!

    Life hasn't been kind to you lately, but i'm hoping that's all on the up and that it can help to motivate you to keep going with clearing the debt.

    Great news about getting interest reduce on some of your cards - that'll make a big difference.

    Good luck!
    Originally posted by JoJoC
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • I_Want_to_be_Free
    • By I_Want_to_be_Free 21st Sep 17, 9:08 PM
    • 14 Posts
    • 21 Thanks
    I_Want_to_be_Free
    So today was interesting.... My best friend finally felt well enough to go out for dinner so I went to pick her (as she has had to surrender her licence until she is better) and I turned the corner to go up her hill and there was a huge BANG and my car suddenly lurched to the left and stopped. Turns out my brake backing plate had disintegrated and dropped in between my brake discs and pads and basically locked the wheel. I managed to pretty much ram the car up the curb away from the corner in a cloud of smoke and put my hazards on. Needless to say, we didn't go out for dinner but we're going out Saturday now instead and the best thing is that her mum is paying for us to go out My dad is fixing my car properly tomorrow now that he managed to remove the plate to get the car home.
    The good thing about today was that I wasn't sure if it was going to be a spend day or not but normally that would have meant that I would go off the rails like a binge day, but instead I took all my food into work and spent as little as I could. That's a really big deal for me and what shows me how well I am doing mentally.

    Anyway, I need to get on with some work but I hope you're all having a great week xxx
    Debt on credit cards as at 11/09/17: £44,924

    Sep NSD's: 3/10
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 21st Sep 17, 9:28 PM
    • 1,002 Posts
    • 1,024 Thanks
    HairyHandofDartmoor
    You've been having a really tough time lately and I hope things start to look up for you soon.

    You're right that debt does make everything worse, but you sound like you're getting in the right frame of mind to tackle them.

    I hope sales pick up for you soon and enable you to reduce your debts.

    With regard to having kids, my sister had two in her early forties, so never say never.
    Debt at highest = £58,766 Current debt = £16,234

    Long Hauler No. 156 Spendaholics Anonymous No. 47
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

228Posts Today

1,279Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin