I'm really ashamed......

emilia_2

Another diary peeps....I really need this as it has helped so much to read how everyone else is managing their debt and getting themselves sorted. I really admire it because I can't imagine how I'll ever be disciplined with money.

So my story.... I'm in debt and it only really hit home to me about two weeks ago when I confided in a friend exactly how much credit card debt I was in (currently £6,600).....You see I've always kept my credit card debts a bit of a dirty secret but it's been overwhelming me lately and I needed to share it with someone. My friend's reaction was, well she sort of gasped and said - "well that makes me feel so much better I only owe £1000"...... Not exactly the most supportive thing she could have said but it really hit home to me that I've got to sort this out. What everyone refers to on here as the LBM. I had it - It wasn't pretty - I actually felt a bit sick....and that's not even mentioning the overdraft and loan I've got too......

The problem with the credit cards started when I was a bit younger. I didn't have a lot when I was growing up so when I discovered the credit card - which felt as if I wasn't even spending money... - well it was just great... until the bills started landing on the doormat that is! The other thing which is daft is that some people at least have a great shoe or handbag collection as a result of their debt - I have naff all!....Just how exactly did I manage this?

So my current situation is this. I'm late twenties living with my fiance no children. We are getting married this year. I earn a pretty good wage now as I got a new job a couple of months ago. Before then my wages weren't so good. I've only admitted to my boyfriend £5000 of credit card debt because I feel ashamed. He is really good with money. I also feel incredibly guilty that he is paying for most of the wedding with his savings. When he mentioned savings I was like "savings??" as if he had two heads. Maybe his good sense one day will rub off on me?!

I'm going to try and sort the signature thingy out. I've done my own SOA I've worked out I can afford to pay off £300 per month towards the debt and save £200 per month towards the wedding if I'm VERY careful with my money. I've also snapped the credit card and hid the other 2 in the drawer (ones I have transferred to 0% deals although 1 is due to run out)

So hope I haven't bored you all. Onwards and upwards
Cheers for reading Em xx

ragstoricheswannabe

Hi and welcome to the dfw board!!!!! well done on your lightbulb moment congrats on your up and coming wedding!!! If you can pay off £300 a month you will see the debt go down very quickly!!!

one piece of advice, move the cards out of the drawer and give to family to look after with strict instructions not to give back unless its an emergancy, trust me, they will still call your name when sat in your drawer!!!! (too handy)

good luck with your journey!!!!
love rags
xxxxxxx

tenmah

I haven't any advice as I am a fairly newbie myself, but just wanted to wish you luck.

You have taken the first and best step - posting on here

x

Tixy

Hello Emilia

Welcome to MSE and especially DFW. Well done on deciding to tackle your debts- its so easy to hide from them and so hard to face up to them. Glad to read you've done your SOA.

I would recommend calling the credit card company every 3months or to reduce your credit limit. Its all to easy to spend when the gap between the balance and limit starts to grow.

Also if you haven't done so I would recommend you get you credit reports from experian and equifax. Even if you don't think there is anything on it that you don't know about, it will give you peace of mind before you get married.

Queen.Bess

Hi Emilia, welcome to MSE and the DFW board! You will find so much advice and help here, it's great!

Post your SOA and some very knowledgeable people will come along and give you great advice and you will soon be knowing where you're heading and how you're going to get there.

I wish you well, keep posting on here as it's very therapeutic! QBx

tiny_courageous

Welcome to the board. I'm still a newbie but you'll get a wealth of advice here and be made more than welcome by the many informed and knowledgable people who keep this place going.
You sound very similar to myself, although I've got a fair bit more debt than you, but planning for the same things. Good luck with your journey!

emilia_2

Ah thanks so much everyone. I feel like giving you all a hug.:rotfl: Feels so scary - and when I add my debt up it is quite hefty considering like I said I've got NOTHING to show for it.

Currently stands at

Overdraft £1000
Tesco CC £2600 (just moved my debt from Egg and Barclaycard about 10 mins ago to take advantage of the 14 month 0% deal on Tesco - I'm such a wally I've been paying interest for 4 months on a Barclaycard - nearly £30 a month!!
Virgin CC £3800
HSBC Loan - balance £5600 paying off at £160 per month. I've cleared £4500 off this over the last couple of years. This huge loan was as a result of lots of student overspending....
Plus student loan = I'm not even going there!!.... after 7 years I haven't even made a dent in this - far too depressing to even think about it

I'll post full SOA tomorrow.....I'm going to get a slapped wrist but in an odd way I'm looking forward to it

Em xx

TurnaroundSue

Hi and welcome to the boards. You are definitely in the right place for lots of helpful advice and great support. Have you tried snowballing to make sure you are paying off your debts in the right order - this can be found on www.whatsthecost.com - but be warned this can be very addictive, once you have your debt free date (DFD) it will be a challenge to get it down month by month.

I would also suggest starting a spending diary. Write everything down, from that bar of choclate, cup of coffee, new top etc and you will soon see where all the money goes. It will be a wake up call and enable you to see where other cuts can be made..... you know that old saying, 'watch the pennies, and the pounds will watch themselves'.

Good luck on your journey and congratulations on your forthcoming wedding.

cydney65

Hi Em :hello:

Welcome to the boards. Everyone on here is lovely and helpful so keep posting.

I had the same feeling when I had my LBM. I could actually feel all the blood draining from my face _pale_-horrible. My OH is sooo organised with money and saves tons, while all I have is a big ole debt with nothing to show for it...not even a pair of Irregular Choice shoes! I hid it all from her, then fessed up to half of my real debt, then fessed up to the whole lot. She has been brilliant, even though I know she's a bit disappointed in me. We're cracking on with it now and the best bit is, we're getting rid of my debt together. Moral of story is...fess up.

I do echo the advice in one of the above posts...if you listen, really, really hard, you will hear those cards calling to you from their drawer. Give them to family you can trust to store, freeze them in a mug of water in the back of the freezer, or someone else's freezer, you really need to get rid-sorry babe

Good luck on your journey and remember, we are all here for you.

CydneyX
PS snowball snowball I love my snowball

fatbelly

emilia wrote: »

Overdraft £1000
Tesco CC £2600 (just moved my debt from Egg and Barclaycard about 10 mins ago to take advantage of the 14 month 0% deal on Tesco - I'm such a wally I've been paying interest for 4 months on a Barclaycard - nearly £30 a month!!
Em xx

Egg have been known to give 0% deals for 8 or 9 months with a 2.9% fee.

They also have a super balance transfer facility.

So unless you're on a 0% fee-free overdraft, you might want to investigate that and take advantage of it.

chevalier

don't forget to check all of your utilities and insurances to make sure you are getting the best deal. if you do find any that are cheaper then check on martins cashback sites maximizer to see if any do cash back for your new provider.

good luck
chev