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  • FIRST POST
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 24th Sep 17, 1:22 PM
    • 3,398Posts
    • 21,470Thanks
    HairyHandofDartmoor
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    • #1
    • 24th Sep 17, 1:22 PM
    Finally Debt Free After 34 Years, But Still Need to Live Frugally 24th Sep 17 at 1:22 PM
    My DH and I have been in debt for 34 Years, apart from brief periods, ever since I was offered my first credit card at the tender age of19.

    Our debts were caused by us being impulsive spenders and not being very skilled at budgeting or managing our money, so we know it is our own fault. We always believed that one day we would have more money, mysteriously, and that this would bail us out .

    Our full light bulb moment came when we realised, "What if we never have any more money than we do right now?"

    A couple of years ago we were coping with the minimum payments, but didn't have enough to overpay on any of them. We were forking out £1300 a month in minimum payments, and the interest alone was £1000 a month .

    But then in 2015 our small business started to bring in less, and a family bereavement, and illness affected our ability to work. We could no longer afford the minimum repayments and we were scared we would lose our home. We were stricken with stress and depression .

    Step Change shone a light in the darkness for us and they arranged for us to make token payments of £1 a month to our creditors. This saved our sanity and we were reassured that our home was unlikely to be taken from us.

    My DH recently turned 55 and drew out his pension so that we could make full and final offers to our creditors. All but one accepted an offer of 50% of what we owed (which is all we had to offer). We are continuing negotiations with the final creditor and hope to be debt free by Christmas .

    Being so close to being debt free has made me realise what a heavy burden the debts have been all these years, like living our lives wearing lead boots.

    Once we are debt free we will still need to live very frugally because we have no emergency fund or savings, and our income can be irregular. I hope that starting a diary will help to focus me on frugal living, avoid impulsive spends, and keep my spirits up. Because frugal living can be a lonely and isolating experience.

    This site and Step Change has helped me so much, and I hope that my diary will help to inspire others that it's never too late to change your life .
    Last edited by HairyHandofDartmoor; 18-11-2017 at 9:49 AM.
    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. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £0/Loss of Income Fund £0
Page 109
    • badmemory
    • By badmemory 14th Feb 18, 12:48 AM
    • 1,350 Posts
    • 1,603 Thanks
    badmemory
    Ok now even I'm getting worried - Hope you are all alright!
    • beanielou
    • By beanielou 14th Feb 18, 8:30 AM
    • 50,646 Posts
    • 194,027 Thanks
    beanielou
    Morning.
    Hope you & DH & your DS's are all ok.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Chrystal
    • By Chrystal 14th Feb 18, 7:40 PM
    • 191 Posts
    • 1,344 Thanks
    Chrystal
    Sending loving thoughts in your direction, and hoping that things are OK. XX
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • Munchin
    • By Munchin 15th Feb 18, 7:14 AM
    • 2,227 Posts
    • 6,837 Thanks
    Munchin
    Hope all is good with you
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 15th Feb 18, 10:23 AM
    • 3,398 Posts
    • 21,470 Thanks
    HairyHandofDartmoor
    I've got flu. I feel really ill. I'll post when I'm better
    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. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £0/Loss of Income Fund £0
    • Nicnak
    • By Nicnak 15th Feb 18, 10:30 AM
    • 828 Posts
    • 4,637 Thanks
    Nicnak
    Oh no, hope you feel better soon. xx
    September 6th 2017 - Updated 21st January 2018
    Credit Card £0 now: £1649 Tesco Loan £7500 = £11.20 Consolidation £15,000 = £14,547 Total = £25,330 £16,207 36% gone EMF #252 = £500/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Purplemumof2
    • By Purplemumof2 15th Feb 18, 10:34 AM
    • 5,805 Posts
    • 21,554 Thanks
    Purplemumof2
    Hope you feel better soon, sending lots of get well hugs your way xxx
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £6750.00 Cap 1: £456.79 BC: £8800.00
    AFD 3/14 NSD 3/14 LTW 6/14
    POAMAYC 2018 #041 PD £1194.42/£4000
    Savings for Christmas £60.84/£365
    20p Savers 2018 £2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • mummytogirls
    • By mummytogirls 15th Feb 18, 11:16 AM
    • 5,947 Posts
    • 21,288 Thanks
    mummytogirls
    Poor you HHOD, I hope you feel better soon xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £6069.37 - 02/01/18 - 73.80% paid off
    • please-let-me-be-lucky
    • By please-let-me-be-lucky 15th Feb 18, 11:57 AM
    • 8,614 Posts
    • 49,500 Thanks
    please-let-me-be-lucky
    Get well soon Xx
    Debts @ LBM £23,729.31. Debts @ 08/04/2016 £0

    NSDs achieved in 2018 13/60
    Lbs lost 16/107.
    Savings for Florida £163.00/£1000
    • Sun Addict
    • By Sun Addict 15th Feb 18, 2:16 PM
    • 5,230 Posts
    • 33,238 Thanks
    Sun Addict
    Get well soon HH xx
    Virtual Sealed Pot 2018 £153.08
    Jan NSDs 4 Feb AFDs 1
    Weight loss 4/10LBS Emergency Fund £2000/£10,000
    April holiday £0/£900
    Dining room fund £150
    • Cumbria lass
    • By Cumbria lass 15th Feb 18, 2:22 PM
    • 1,378 Posts
    • 7,891 Thanks
    Cumbria lass
    Hope you are feeling better soon HH x
    CC1 £3993.62
    • in need of direction
    • By in need of direction 15th Feb 18, 10:33 PM
    • 4,860 Posts
    • 27,687 Thanks
    in need of direction
    take care to get fully well before getting back to your usual rushing about
    Mortgage at 01.01.14 £119,481.83 today £78,892.61, target £65,000 by 31/12/18 Offset fund today £4,075.43 target £5,500 by 31/12/18
    Emergency fund £3.5/5.5k & £200/200 cash.
    Current weight loss10/32 by 28 feb 2018
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • elizabethhull
    • By elizabethhull 16th Feb 18, 12:41 PM
    • 185 Posts
    • 848 Thanks
    elizabethhull
    Sending [[[[hugs]]]] !

    Get well soon, drink lots, keep warm, pretty well everything will keep until you're fit again.
    • WannabeFree
    • By WannabeFree 16th Feb 18, 12:55 PM
    • 1,120 Posts
    • 9,175 Thanks
    WannabeFree
    Get well soon HH

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • abba1772
    • By abba1772 16th Feb 18, 1:55 PM
    • 4,359 Posts
    • 14,384 Thanks
    abba1772
    Oh no get well soon xx
    NEXT TARGET HALIFAX CC WAS July 17 £3572.57 NOW £2600.20
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £7278.80 POAMAYC 2018 £2218.92
    • beanielou
    • By beanielou 16th Feb 18, 4:24 PM
    • 50,646 Posts
    • 194,027 Thanks
    beanielou
    Hope you are onn the mend really soon xx
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • redofromstart
    • By redofromstart 16th Feb 18, 4:41 PM
    • 1,134 Posts
    • 6,915 Thanks
    redofromstart
    Hope your DH and DC are looking after you properly and that you feel better soon.
    • XSpender
    • By XSpender 16th Feb 18, 6:45 PM
    • 2,862 Posts
    • 29,567 Thanks
    XSpender
    Hope you feel better soon x
    Action Plan Part 1 - Clear First 3 Balances
    Target Debt Lloyds (Me) Part 1 £666.22/£510.80
    Target Debt Virgin (Me) Part 1 £1176.49/£652
    Target Debt Virgin (Me) Part 2 £1038/£1038

    Big black hole of debt - £53,515.15 @ 16.12.17 £53,997.55 @ 31.01.18
    • Munchin
    • By Munchin 17th Feb 18, 7:32 AM
    • 2,227 Posts
    • 6,837 Thanks
    Munchin
    Get well soon xx
    • Nicnak
    • By Nicnak 17th Feb 18, 8:16 AM
    • 828 Posts
    • 4,637 Thanks
    Nicnak
    hope you are feeling better xx
    September 6th 2017 - Updated 21st January 2018
    Credit Card £0 now: £1649 Tesco Loan £7500 = £11.20 Consolidation £15,000 = £14,547 Total = £25,330 £16,207 36% gone EMF #252 = £500/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
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