My Debt Free Diary/Journey Starting 21/06/09

too_much_debt

Thought it was about time I started a Diary to try and give myself some motivation to pay off as much of my credit card debt as possible.

A bit about me: I am 40 years old, have 3 children aged just turned 5, nearly 4 and a 13 month old (all girls). I am a SAHM living with my OH (my kids father). He pays all the household bills (mortgage, council tax, gas, electric etc) out of his account. I pay out each month £57.04 which is the endowment premium, £20 life insurance, my NI contribution (am Self Employed and sell on Ebay as a Business), I also pay the minimum monthly payment to Dogs Trust (£4.34 or something), I started doing this in September 2006 after we had to have our dog (OH's dog) put to sleep and I vowed then that I would pay what I would have spent on treats for him to help out other dogs who are not wanted (my OH got him from Battersea) and I really don't want to stop paying that.

My income is £43 CTC, about £193 Child Benefit and whatever I make on Ebay, I also have a Personal account to sell off old clothing, toys etc.

I owe about £22,000 to 7 credit cards, I've just cut up my Nationwide one as that was the one I used when I needed anything and didn't have enough in my bank, so while I was feeling brave the other day I bent it in half and broke it up so that I cannot be tempted to use it, from now on if I don't have the money I can't buy anything (this what I need as I have no will power).

My other cards are Barclaycard x 2 they are 6.9% and 7.9% for life of balance, M&S which is 7.9% for about another year or so, Capital One which is 0% but not sure for how long, Lloyds which has just reverted back to the normal rate after a special rate and A&L which is 3.9% until the end of the year.

I'm doing the Sealed Pot Challenge and am saving coppers and the odd silver, I have another one for silver and did have one for 20ps and one for £2 coins but have been short of money recently so haven't been saving them as I was waiting until I could make up a money bag from Lloyds and cashing them in to pay off a debt. I am a member of the Payment a Day challenge so am hoping to make at least £1 minimum a day off a debt from today.

TTFN

yukkibear

Welcome to your new diary and good luck with your journey.

tirlittan

Hi TMD,

decided to come and say hello and wish the best for your new diary! Hope it will keep you motivated! See you on Paperhat challenge as well!

savingholmes

Hi TMD just popping in to offer support!

I find the way you and your OH do your money a little strange. My OH and I have been married practically straight out of uni and all our money is just shared - as are our debts.... I don't know whether this is something up for review? It's just I've noticed on other threads you buying basics out of what is actually a very small income....?

Did your debts pre-date your relationship if that isn't too personal a question?

Anyway best of luck!

too_much_debt

Yukkibear - thanks, will be fun to see how I get on.

Tirlitten - thanks, will definitely be keeping up with the Paper Hat Challenge.

Savingholmes - thanks for the support, I have only got into this debt since having to give up work to have our first daughter, I had to rely on my savings from when I sold my house to move in with OH, the last of my savings went on part of the deposit for our house when we moved here in 2005 just before DD2 was born. I also bought stock to sell on Ebay and was keeping up with the competition so probably bought more than I could afford. I did make £50,000 profit when I sold my house and paid of my debts then and took my parents to Hawaii on holiday but it's all just dwindled away. Plus OH used to say that as he paid all the bills I could do the weekly shopping and that was having to go on my credit cards. So that is how this debt got so bad. I'm being stingy now and if OH wants anything from the shop I ask him for the money for it.

too_much_debt

Today I have paid £29 to A&L and £5 to Littlewoods, only have about £10 left on Littlewoods which I will pay off next month when I get the statement.

Just off to do my PAD for today and tomorrow.

Kids are still off school with Chicken Pox although are much better now, DD2s have gone darker now and she's much happier and not itching as much, DD1 didn't get it bad at all, they both have coughs though (not sure if it's connected to the Pox but doctor asked if they had coughs). They will be off for the rest of this week and will go back next week.

Going to go to Tesco this morning and see what I can find for dinner tonight for the 3 of us (OH is on the late shift). Had £50 Paypal money go in today which is handy.

Just waiting for the next bill to come in now and concentrating on Ebay.

too_much_debt

Just did £2 to Lloyds through Internet banking, want to get rid of this one ASAP as the interest rate has just reverted from a cheap rate. I transferred £2,000 of it to A&L the other day.

I LOVE my A&L credit card, they always give me offer after offer, sometimes only for 6 months but sometimes for a few months longer.

savingholmes

well done on the pad it will all add up

too_much_debt

Just did £1 to A&L for tomorrows PAD.

Had to go out today to get nappies so that was £5.99 plus a jar of baby pudding 89p and a chunky kitkat.

Not much else going on.

savingholmes

Hi TMD - so how is the ebay business going at the moment?

too_much_debt

Hi SH

Ebay is so slow at the moment, this credit crunch is a right pain, I've never been so skint in my life before.

Am just getting some stuff on Turbolister now to upload later on, I have quite a few things finishing later but only a couple of things have bids on.

Got a Postal Order today from someone and it was crossed and they put my Ebay User ID on it so I can't cash it at the Post Office and I can't pay it into my bank. I've e-mailed them and said that I will have to send it back and they will have to send another one - really is a pain, the invoice says with Postal payment to send it to my name, they are a new user (6 feedback) so obviously didn't know.

How are things with you?