To remind myself how far I've come - my debt diary. - SOA added

in Debt Free Diaries
1.2K replies 44.1K views
Sorry, this is long! Don't read if easily bored!!!


Hope no-one minds my copycat-ness and taking up room here but after an initally good start am finding that I am flagging a little bit and thought having everything in black and white here might help me.

A little background info in case anyone other than me strays onto the board and wonders what it is all about...

Have spent most of my adult life in debt for one reason or another. My Mum has always struggled with debt (she will kill me for saying this as I know she starys onto here from time to time!!) and from an early age I remember hving no money.
At 19 I went to uni. Despite a part time job while I was there still managed to end up with a student loan, credit card debt and overdraft.
All through my adult life have been a soft touch lending money to family member. In fact, all my current debts are actually theirs that I lent them using loans and credit cards which I could get and they couldn't. There were always promises to pay them off which never materialised, ok I got a few pounds here and there, sometimes even a few hundred, but nothing like what was owed. Have been paying minimum payments for them for years on the basis that "It's not my debt, why should I be paying, will pay it off when get the money from family member".

Additionally have made some really stupid mistakes, like consolidating debts onto mortgage then allowing them to be run up again, taking out a Cahoot flexi loan and borrowing back on it - twice!

However, had a mini-LB moment earlier this year, when I realised that if we are ever to get the house I would like we need to have much less debt or we'll never get a decent mortgage, even though I have always made payemts for everything on time. Began making some overpayments.

Had a Major LB moment on here at beginning of August and wrote down exactly what was owed and was nearly sick at the thought!!

At that point I owed:
Egg card : £2595
Egg Loan : £10,404
Catalogue: £567
Barclaycard: 6339
Total: £19,905:eek:

Add to this OH's debts
Cahoot loan: £3077
Barclaycard: £1664
Egg card: £2330
Total: £7071 :eek:

Combined total: £26,976 :eek: :eek: :eek: (Even worse, going back to January, at it's highest - £28,884!!!!)

I knew it was a lot but honestly didn't realise it was that bad! So, using some tips and advice on here I ...
  • checked out interest rates,
  • changed loans and cc's with massive interest rates,
  • cashed in some savings plans,
  • cancelled gym membership (£23 per month),
  • cancelled 2 magazines for work (£25 every 3 months),
  • reduced donations to charity (by £6 per month),
  • cancelledinternet games subscription (£5 per month),
  • cancelledinternet works subscription (£3 per month),
  • reduced Sky (by £21 per month),
  • cancelled club membership (£25 per year)
  • reduced Broadband fees (by £8 per month)
  • ebayed or car boot saled everything I could find (not kidding, kids and OH stay out of my way in case I put them on ebay!)
  • joined Quidco and did car insurance, change of credit card and loan through them - big earnings, hopefully!
  • removed PPI from loan
  • reduced weekly shopping bill
  • got family on board with DFW-ness
  • closed a store card and credit card with £0 balance
  • got credit records from Experian
  • added accounts to egg money manager to gain £10 each for OH and I
and debts now stand at
Egg card - £0
Egg loan - £9037
Catalogue - £378
Barclaycard - £1050
PO card - £500
Total: 10,965

Oh's debts
Cahoot loan - £0
Barclaycard - £0
Egg card - £2950

Joint debt
A+L loan 5600 (over 1 year)

New combined total - £19,515

Now, I realise that is much better but now that I have done all the "quick fixes" I can think of and monthly expenses are down to bare minimum I am frustrated at slow progress (never had any patience).

Am checking DFW, bank accounts, Quidco, Ebay daily in the hope something has changed and am money-saving to the point of obsession!

So thought if I started this here I can reread in moments of desperation.

hmmm...off to do snowball of debts...see if can work out debt free day...
«134567116

Replies

  • Snowball calculator claims should pay it all off in 18 months and hopefully will be able to add extra money from Quidco etc and make it even quicker.

    Also am due pay rise at end of month, not sure how much, and also I imagine most will be swallowed by extra NI, tax, pension and student loan (which comes off before I get paid and I don't even know how much I still owe but will think about that later!!)
  • BTW, feel fee to add comments, advice, criticism about stupid behaviour!
  • gallygirlgallygirl Forumite
    17.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Mortgage-free Glee!
    ✭✭✭✭✭
    Didn't find it boring at all ....zzz oh. sorry about that.....:p

    I know you've already gone through the whole 'make them pay up' debate on here. Personally, I think you're doing the right thing. You could eat yourself up with anger/frustration etc. , carry on making minimum payments and get nowhere. Or accept what has happened, learn from your mistakes and move on.

    You've done really well so far. You've hit 'the wall' which is common:
    1. Despair
    2. Slight hope
    3. Increased hope & excitement & ACTION!
    4. The wall- symptoms are obsessions with spreadsheets, internet banking, quidco, pigsback balances, ebay, days till pay day, future pay rises, snowball dates etc.
    5. Temporary leg over (!!) wall - payday, quidco day etc.
    6. the wall
    7. Temp uplift etc etc etc
    .........
    **** some future date, coming forward all the time***
    a) end in sight
    b) end getting closer
    c) mounting excitement
    d) Party Time (MSE STYLE OBVIOUSLY!!!!)



    So what you're experiencing is v normal!!!!!! Just 1 thought - mystery shopping????




    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • judi24judi24 Forumite
    2.3K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    I think what you have done is great!
    It sets out how much you have achieved in a short time. I know 18 months seems far off but things change.
    Stupid behaviour doesn't come into it. We all do things for the right reasons at the time only to find that they were not the best choices - I think it's called human nature. So don't be too hard on yourself. Keep going the way your going and you will never make the same mistakes again. Good luck!
  • SnagglesSnaggles Forumite
    19.5K Posts
    Hi Chocaholic! Wow, it looks like you have really done a lot already, and 18 months is really not that long - have you done a full soa? I can't imagine there will be much you haven't already thought of as far as money saving goes, but you never know! You wont find any criticism from me - you are already putting me to shame with what you are doing already. All the best for clearing the debt in double quick time!
    "I wasn't wrong, I just wasn't right enough."
    :smileyhea
    9780007258925
  • "So what you're experiencing is v normal!!!!!! Just 1 thought - mystery shopping????"





    I honestly don't have time for mystery shopping, already work 5 days a week 8-5.15ish and my work involves lots of work at home evenings and Sundays. Saturdays involves shopping, cleaning, reminding my children who I am!
    Am also writing a 15,000 word Masters dissertation due in 2 weeks:eek: and I'm convinced will have to resubmit. Already spend too much time on here and ebay instead of writing it!!
  • judi24judi24 Forumite
    2.3K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    Empathise about the masters thing. My disseration is due in tomorrow. Can't wait!!! Nearly wasn't going in at all. Got burgled last night. Took a bag with my 3 coppies of my dissertaion in! Luckily dumped tham outside - its obviously not a very exciting read!!
    Yeah I'm like you - lucky if i get ordinary shopping done never mind mystry shopping. Good luck with the masters !!!
  • judi24 wrote:
    Empathise about the masters thing. My disseration is due in tomorrow. Can't wait!!! Nearly wasn't going in at all. Got burgled last night. Took a bag with my 3 coppies of my dissertaion in! Luckily dumped tham outside - its obviously not a very exciting read!!
    Yeah I'm like you - lucky if i get ordinary shopping done never mind mystry shopping. Good luck with the masters !!!

    Oh no, that's awful! Did they take anything else?

    At least yours is done, mine might not be handed in because it's not finished, never mind stolen.
    Actually, wonder what Uni would say about that if I tried it as an excuse???
  • oops_a_daisyoops_a_daisy Forumite
    2.5K Posts
    Debt-free and Proud!
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    Hi chocaholic :) well 18 months doesnt seem that long and you may be able to reduce that time too so probably just over a year - not bad considering the amount. Well done on your achievements so far and keep it up - I know its hard keeping to it all after the first few gains but you really are doing so well :T
    :cool: Official DFW Nerd Club Member #37 Debt free Feb 07 :cool:
  • I know, and I appreciate that 18 months is not that long. I am also aware that I am able to make payments and have never worried about losing my house or bailiffs coming (not since childhood - I do know remember what it was like to hide from debt collectors etc) so that my situation is not as bad as many. It's just now that I have sorted lots of stuff out I am so excited about being debt-free for the first time ever.
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