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    • Crikey123
    • By Crikey123 9th Nov 17, 11:17 AM
    • 15Posts
    • 45Thanks
    Holy moly!!
    • #1
    • 9th Nov 17, 11:17 AM
    Holy moly!! 9th Nov 17 at 11:17 AM
    I've decided to start a diary. I started reading these forums a few months ago but never joined in, just used it to try and get some motivation. That didn't work, I'd tell myself I wanted to deal with my debts but would then see a nice dress or want a takeaway on a Friday night so the credit card would come out, but something has finally kicked my butt into gear.

    Basically I was a hair thread away from losing my job. The company I work for had some quite serious cashflow problems, so the Directors were considering closing down. Luckily they've decided to put some money into it to get through the short term issue and I know that with the cash injection, the company can work through this (I work in accounts so know that much at least).

    Anyway, this made me go into a blind panic because I have massive debts and no savings. I'm almost 40 now so am slightly ashamed that I'm still in this position, but no point in looking back is there. Time to look forward and plan ahead.

    I'll do my SOA later. I use YNAB, have used it for a few years after my friend introduced me to it. My problem is I do my budgets on YNAB, but then spend money & then adjust everything in YNAB after spending which means I end up having less money to pay towards my debts because I've spent the 'spare' money on other things instead. I have to stop doing this, start sticking to my budget. I do pay more than the minimum on all the cards and most of them are on 0% balance transfer deals, but I know I'll struggle to get any more deals so if any of these run out & start having interest added on that will be even tougher on the budget.

    My total debts are £26481.12! Honestly I have nothing to show for it. We've had some amazing holidays, our children have the latest gadgets, toys crammed in every corner of our house and we have wardrobes stuffed full of nice clothes, but I've realised that means nothing when my debts are so high.

    I'm determined to deal with this. I have a decent salary and regular overtime. My biggest fear is losing my job and having to rely on one wage. If I get rid of the debts that won't be a problem.

    So, here I go.
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    • Drawingaline
    • By Drawingaline 18th Dec 17, 8:59 PM
    • 237 Posts
    • 940 Thanks
    Well done, especially on the ppi pay out. Annoyingly all my ppi was in around 1997 and I understood what it was when I signed for it. Then in 2000 I started working in a bank and had to actually sell it on credit cards (it was targeted and I hated doing it) and I never took it out on any other products. Great at the time, but I would have loved a windfall when everyone else I knew was getting rebates.

    Sounds like you have been bitten by the debt busting bug, I did really well at the end of 2016 into the fort half of 2017, them I received an inheritance and paid off a huge chunk. Now I am back to deal with the last lot. I also use ynab and love it, but you do have to want to use it correctly for it to work. Like any budgeting thing it is just a tool, you have to have the willpower to leave money in savings categories!
    • Crikey123
    • By Crikey123 2nd Jan 18, 10:17 AM
    • 15 Posts
    • 45 Thanks
    Happy new year everybody. The christmas break went so quickly and I am gutted to be back in work, but also really looking forward to making 20185 my year of debt busting. I have also decided to have a major declutter this year, which in some way I hope will help with the debt busting because I will try to sell as much as possible. I have already put a few things on ebay again and when the weather gets a bit better I will do a few car boot sales.

    On the debt note, my debt hasn't increased over christmas, which I am very pleased with. I have updated you need a budget and all looks good for this month, the standard bills have come out (mortgage etc) and the minimum payments are covered, so for the rest of the month my OH's weekly wages will go towards overpayments, groceries and fuel. I already have enough fuel in my car for the next 2 weeks though & we have enough food in the house to last us a while so I will keep some of these budgets to overflow into next month.
    • Drawingaline
    • By Drawingaline 2nd Jan 18, 8:28 PM
    • 237 Posts
    • 940 Thanks
    this is for no new debt over Xmas
    • Mumoffourkids
    • By Mumoffourkids 2nd Jan 18, 8:45 PM
    • 260 Posts
    • 922 Thanks
    Happy new year to you crikey. And well done on getting through Christmas with no new debt.

    Also I wanted to say I got confirmation from Tesco that I am entitled to a refund of ppi. I got a letter between Christmas and New year saying they were going to give me £1811 and take that off my debt!. It was only reading your diary that made me find the letter and put in a complaint. So thank you for writing about it and reminding me to put in the complaint as it has really kick started my debt repayments!
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Crikey123
    • By Crikey123 3rd Jan 18, 12:39 PM
    • 15 Posts
    • 45 Thanks
    Thank you both, I was so pleased with myself. The good thing is as well I have started budgeting some savings each month for Christmas too so this month I have used that money to get a few things in the sale to put away for next Christmas. Seems a bit mad shopping in January for Christmas 2018, but I already have 3 people finished for less than half the price it would cost later in the year, so I'm quite pleased with myself.

    That's fab new Mo4K, I'm so glad I have helped somebody in a way It definitely all helps & hopefully it will keep you motivated now seeing that balance reduce.

    I have found a few more things to put on ebay. I'm going to put them on there on Thursday evening on a 10 day auction. I've got some stuff ending this weekend, 2 of them have bids on but 2 have nothing. They've had views but no watchers, so I don't think they are going to sell. If they don't sell, I will relist them once but if they still don't sell after the second time I will put them aside for a car boot sale later in the year.

    I've got all my you need a budget up to date and everything is looking fine. At the moment I'm on track to pay around £1700 towards the debts, that's without any ebay sales. I've already paid £280 of that because they are accounts that need paying before 15th of the month, but the remaining amounts are all due at the end of the month. All of them are on Direct Debit, most of them for fixed amounts which means I'm always paying above the minimum amount anyway, but 2 of them are set to pay the minimum on DD then I pay any overpayments manually. I do it this way because then if something unexpected happens & I need the overpayment money for something else, I can just adjust my budget.
    • Crikey123
    • By Crikey123 12th Jan 18, 1:51 PM
    • 15 Posts
    • 45 Thanks
    Not much to report here at the moment. Some of the stuff I put on ebay sold, all posted and transferred the money to my account now to pay off a card. I will put some other things on there next week, I wanted to put some on last night to get use out of the 10 day listing and 2 weekends worth of views but I had a lot of running around to do last night so didn't get chance. I really need to get this debt down quicker, it's such a burden!
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