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Daydreamimg of a debt free life!
Daydreamer
Posts: 14 Forumite
Hi everyone just thought I post a message of hope for everyone in debt. There is a way out but you just have to believe that one day you will be free of all your debt. I would like to thank Martin for all his tips, especially the credit card shuffle, with without I don't imagine I would be writing this today.
MY DEBT and how I am getting rid of it.
UNSECURED PERSONAL DEBT AT ITS HIGHEST £71,549.54. (NOV 2005)
It still shocks me when I see it written down!
This debt accumalated over the last 10 years. Now 28 years old my debt started when 18 and got first credit card. ( think they should raise the age to 21!) Eventually after 10 years I had the following cards and debt. I don't really have a lot to show for any of this money!
Capital One Platinum card- £ 10000.42
HSBC Gold Credit Card- £5493.48
CITI BANK Platinum credit card- £3466.98
Morgan Stanley Gold Card- £5500
Tescos Platinum Credit Card- £ 8890.08
Ted Baker Store Card- £1000
Comet store card- £700
Tescos Loan- £8664.69
HSBC Loan - £21676.20
Student Loan- £2100
Girlfriend- £3000
Sister- £1000
Parents- £6157.73
As you can see it was pretty desperate and although I still luckily have good job I have to admit I was close to suicide. I could see no way out! Luckily I eventually came clean with everything to my parents November 2005.
After the intial shock. They agreed to help and with the help of advice that I read from Martin and everyone on this web site, I decided to pay off the capital one credit card. With money lent from my parents (money borrowed on their home! I felt terrible) I then somehow managed the mother of all 'credit card shuffles', (again THANK YOU MARTIN) because believe it or not that once I had paid off the Capital one card that were at that time charging me a 20% interest rate, they became nice as pie and offerred a 4.9% rate for balance transfers back onto the card. I then continue this throughout the various cards. This was the same with them all I would transfer the balnce off and then a few days later they would offer a lower rate to transfer the money back from a different card. MORGAN STANLEY without me asking even raised my credit limit!!
Most of the cards because over time I had defaulted had raised there interest rates to in the 20's%. CITIBANK had even decided that I deserved a 29% interest rate at one point!
I have had to move back in with my parents which after 10 years of freedom is hell, I make sandwichs to take to work and rarely go out with the mates who like to party and watch the footie. I'm not after sympathy as I know that all the debt is my fault, but I am just angry that I was able to get so much unsecured credit from banks in the first place!
I earn a good salary a year but at the moment pay back £1800 to all my creditors. Most of my wages. I looked at bancrupty but decided that I didn't want that I wanted to prove that I could beat the banks and show them that I wouldn't be beaten. I have paid back approx. £21000 in just under a year.
Although life seems dull at the moment I know that I will hopefully be clear of debts in another 2 years 4 months. Less if get bonuses/pay rise from work!
My debt is down to approx. £50000 and I can see a way of life with out the constant fear of banks calling. At one stage I received approximately a letter a day from a bank and approx. 5 calls daily from various banks. I believe had I not have had a light bulb moment debt would have killed me.
I am now DAYDREAMING of that day in 2009 when I can say I BEAT THE BANKS AND LIFE IS GOOD COZ I'M DEBT FREE.
GOOD LUCK TO YOU ALL AND REMEMBER THERE IS ALWAYS HOPE.
Thank you to you all.
Sorry if this very long and a bit boring! But its good to talk!
MY DEBT and how I am getting rid of it.
UNSECURED PERSONAL DEBT AT ITS HIGHEST £71,549.54. (NOV 2005)
It still shocks me when I see it written down!
This debt accumalated over the last 10 years. Now 28 years old my debt started when 18 and got first credit card. ( think they should raise the age to 21!) Eventually after 10 years I had the following cards and debt. I don't really have a lot to show for any of this money!
Capital One Platinum card- £ 10000.42
HSBC Gold Credit Card- £5493.48
CITI BANK Platinum credit card- £3466.98
Morgan Stanley Gold Card- £5500
Tescos Platinum Credit Card- £ 8890.08
Ted Baker Store Card- £1000
Comet store card- £700
Tescos Loan- £8664.69
HSBC Loan - £21676.20
Student Loan- £2100
Girlfriend- £3000
Sister- £1000
Parents- £6157.73
As you can see it was pretty desperate and although I still luckily have good job I have to admit I was close to suicide. I could see no way out! Luckily I eventually came clean with everything to my parents November 2005.
After the intial shock. They agreed to help and with the help of advice that I read from Martin and everyone on this web site, I decided to pay off the capital one credit card. With money lent from my parents (money borrowed on their home! I felt terrible) I then somehow managed the mother of all 'credit card shuffles', (again THANK YOU MARTIN) because believe it or not that once I had paid off the Capital one card that were at that time charging me a 20% interest rate, they became nice as pie and offerred a 4.9% rate for balance transfers back onto the card. I then continue this throughout the various cards. This was the same with them all I would transfer the balnce off and then a few days later they would offer a lower rate to transfer the money back from a different card. MORGAN STANLEY without me asking even raised my credit limit!!
Most of the cards because over time I had defaulted had raised there interest rates to in the 20's%. CITIBANK had even decided that I deserved a 29% interest rate at one point!
I have had to move back in with my parents which after 10 years of freedom is hell, I make sandwichs to take to work and rarely go out with the mates who like to party and watch the footie. I'm not after sympathy as I know that all the debt is my fault, but I am just angry that I was able to get so much unsecured credit from banks in the first place!
I earn a good salary a year but at the moment pay back £1800 to all my creditors. Most of my wages. I looked at bancrupty but decided that I didn't want that I wanted to prove that I could beat the banks and show them that I wouldn't be beaten. I have paid back approx. £21000 in just under a year.
Although life seems dull at the moment I know that I will hopefully be clear of debts in another 2 years 4 months. Less if get bonuses/pay rise from work!
My debt is down to approx. £50000 and I can see a way of life with out the constant fear of banks calling. At one stage I received approximately a letter a day from a bank and approx. 5 calls daily from various banks. I believe had I not have had a light bulb moment debt would have killed me.
I am now DAYDREAMING of that day in 2009 when I can say I BEAT THE BANKS AND LIFE IS GOOD COZ I'M DEBT FREE.
GOOD LUCK TO YOU ALL AND REMEMBER THERE IS ALWAYS HOPE.
Thank you to you all.
Sorry if this very long and a bit boring! But its good to talk!
0
Comments
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Wow, well done daydreamer. That was a very inspirational post. It shows what can be done with determination and a bit of knowledge. Keep up the good work.Finally Debt Free After 34 Years, But Still Need to Live Frugally
Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS0 -
:wave: Hello Daydreamer -welcome to one of the best websites around and the people on here are fab! I've just read your post and I tell you what, you should have a gold medal for starters! :T
What an inspiration you are - I'm sure everyone else will say the same too! Stick with it kiddo, and stick on here - I've leaned so many ways of reducing my debt and people have been so helpful, it's wonderful.:D
Looking forward to reading how you're doing love Sas x:jCurrent debt and mortgage: £25, 820.35 Debt/Mortgage at start: £92,598 (27/09/2010)
DEBT FREE!0 -
keep at it :j
you're doing great!!!!
:beer:Proud to be dealing with my debts
:beer:
Official DFW nerd no.190
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Daydreamer welcome to the forum, reading your account it shows that dream can become reality if you are willing, well done and keep it upYung
Early Retiree debt & stress free. and Joined the SKI club:j0 -
Well done!! Can I ask please what you have to show for all the debt?0
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Pardon the french but f*** me! :eek:
£21,000 in a year is some serious going! :T :T :T
Well done daydreamer. Stick with it. Like you know, it's hard at times but you and everyone else will do it! :beer:
Hopefully we will see you on the boards more offering support advice as well as receiving it yourself!
Oh and I've got just under 3 years to go. I'll race ya!
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What I have for 10 years of debt, is lots of memories of living outside of my means! Unfortunately a lot of it was spent in the bright lights of London and crazy things like expensive holidays. I know that my problem with credit cards was it never felt like real money, I felt like it didn't matter that I was blowing hundreds of pounds on rubbish. And when my wages couldn't cover things I would just buy things on credit cards and withdraw cash on them for nights out. I was everyones friend, I'd buy a round for anyone! I think thats been the hardest thing the pressure to go out! Friends still want to see you but after 10 years of care free irresponsible spending, its difficult, when they still all want to do lots of things.
ON A HAPPIER NOTE,
SAVING POUND COINS IN JAR (BANKS CAN'T HAVE THEM!) FOR CHEAP 1 WEEK HOLIDAY IN SUMMER 2007!!!!
£34 SAVED SO FAR!!!0 -
SOUTHERNSCOUSER,
WELL DONE TO YOU!! You aren't doing bad yourself! £10,000 in a year!
THE RACE IS ON!!
GOOD LUCK!!!0 -
Thank You All For You Support!!
It Feels Good To Talk!0 -
Daydreamer wrote:Thank You All For You Support!!
It Feels Good To Talk!
Stick around then mate. Plenty of support and advice on here! :beer:0
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