Shocking Myself Straight

DNW_2 Posts: 74 Forumite
edited 12 April 2011 at 7:23PM in Debt-free wannabe
Although I have most definitely had a true LBM now, I only wish it had happened years ago. I have been going through some (previously unread/cursory glanced at) statements and analysed just one of my many cards - in the last 12 months I have been paying MBNA around £200 a month (minimum payment) and paid off just £82.50 of my balance. From payments of £2400 this is just crazy :eek:

To anyone thinking about burying their head in the sand just that little longer, please please take it out now and make a real start on sorting things out - I wish I had done it way back when it was just a little flicker of a candle rather than waiting for a spotlight in the face moment. I could have been so much further into this journey if only I'd listened to that little nagging voice in the back of my head :(

LBM Feb 11 - Joint Debts of around £80,000 _pale_ And nothing significant to show for it :embarasse

Actual Debt at March 11: £79,269.65
Debt as at July 11: £82,483.16 :mad: Thanks to fees & charges! :mad:


  • bottleofred
    bottleofred Posts: 2,902 Forumite
    Hi DNW,

    Well done on your lbm. I also had mine way too late and hope others learn from our mistakes.

    Good luck

    If you've nothing decent to say, perhaps you shouldn't say anything.

    £2 savings jar £300:D
    Total credit card debts £1250:mad::mad::mad::mad::mad: - Will I ever learn!!
  • secretshopper75
    secretshopper75 Posts: 1,285
    First Anniversary Combo Breaker
    I agree, I daren't even try to think how much I've repayed over the years without seeing any benefit...wish it was law that this was printed in big red letters on the statement...
  • DNW_2
    DNW_2 Posts: 74 Forumite
    But then if it was in big red letters I guess they wouldn't have as many thousands/millions of gullible customers seeing their credit cards as a way to get through things rather than the evil, monstrous things they truly are :undecided

    I am so glad that my credit rating is going to reduced to zero, I never ever want another penny of credit again in my life. I've been in debt ever since going OD on my very first wage packet some 24 years ago - it's taken me this long to come to realise the amount of money I've literally been throwing away every month in interest just because I have to have things right now, not next week or month when I've saved for them, or because I have no contingency fund as I've given it to the CC co's in interest each month.

    I'm quite ashamed of the life I've lived in this respect but it feels quite empowering to know that I am now the one in control. I know this is very much the beginning of the journey, and there are going to be a lot of tough times ahead for a very long time - but I'm hoping that with a lot of hard work and determination, by the time I hit 50 in 10 years time we will finally be debt free (apart from the mortgage, but we're not even thinking of tackling that one just yet!) and be able to start living the life we should have had if only we weren't giving so much of our cash away each month.

    It's so heartwarming and encouraging to read the DFD thread, it has made me see that there are others out there with even more debt than we have, but who have now come out the other side much wiser (and richer!) people. They are such an inspiration as are all of the stories on MSE :money:
    LBM Feb 11 - Joint Debts of around £80,000 _pale_ And nothing significant to show for it :embarasse

    Actual Debt at March 11: £79,269.65
    Debt as at July 11: £82,483.16 :mad: Thanks to fees & charges! :mad:
  • Brill post DNW!. It's a great feeling once you step off the credit/debt money-go-round and realise there is more to life than "getting stufff". It's just a shame that it takes most of us such a long time for the penny to drop, and by that time the damage has been done. I am now teaching my kids to live within their means and if they want something they have to either save up for it, or sell items they don't need anymore to pay for the new one :)
  • AlyBaly
    AlyBaly Posts: 288
    Debt-free and Proud!
    Really enjoyed reading your post. Totally understand the feeling of why did we not have a LBM years ago but the main thing is your there now and focused on getting things sorted out. I wish you all the very best on your debt free journey and yes you will have tough times ahead but at least there is light at the end of what sometimes feels like a very long tunnel. We are not quite there yet but with one year to go I see a chink of light shining through !
    Good Luck and keep reading and posting , it helps to be about people who truely understand.

    LBM May 2008 :eek: Debt Free January 2012 :T
  • I totally understand - I'm in the same position at the min with my CC and it's so annoying! Good luck and I'm sure you'll get there :)
  • wigwam
    wigwam Posts: 234
    Name Dropper First Anniversary Combo Breaker First Post
    Thought I was reading my post there!!
    Yes I had the same LBM with MBNA very recently - they are now my number 1 debt to get rid of.
    I called them up to query this - apparantly they take £5 off the balance plus interest

    I feel your pain! - Suggest you overpay or switch to a cheaper card asap!! I'm stuck with a rubbish credit rating so planning on getting rid of this balance with a vengeance!

    Good luck
  • Swinstie73
    Swinstie73 Posts: 2,897 Forumite
    I've just became debt free today after having my LBM 2.5 years ago, it's the first time in 20 years I've been completely debt free (apart from small mortgage), just thinking of all the money I've spent over the years make me sick, I could be rolling in it by now. It's a great feeling but now the worry for me is slipping backwards *baby steps*.
  • Mrs_Trouble
    Mrs_Trouble Posts: 75 Forumite
    MBNA were the chain around my neck too, I think I paid 83p off the debt with a monthly payment of £120!!!

    I thought paying the minimum on time showed I was dealing with them but it didn't. Your post mirrors my life, a lot of debt and not a great deal to show for it now. The relief I feel now I am dealing with it is immeasureable.

    Good luck
  • DNW_2
    DNW_2 Posts: 74 Forumite
    edited 4 April 2011 at 4:58PM
    Happyhaddock - my kids are really quite good with money too, I have taught them about budgeting in a way that I only wish I had been taught! It's definitely a 'do as I say, not as I do' when it comes to this!

    Well done Swinstie!! I hope to be in your position one day. Scrub that - I will be in that position one day :D

    Thanks all for the support, this place is great :)

    Unfortunately I don't think we'll be able to transfer the MBNA balance to another card as we've just cancelled all the DDs and about to start making token gesture payments until I find another job so we may be stuck with it :( It's shocking that they can get away with taking a measly fiver from the balance and the rest in interest, I know I made the decision to use the card and accept responsibility for that fully, but it still doesn't make it right that they can charge so much.

    Talking of charging, I just got off the phone with my mortgage co Santander (they were still Abbey when we took it out so hadn't quite the reputation they have now) - I was changing my DD account details with them (all new shiny no OD, no fees, no credit cashminder account now coming in to play!) and also asked if I could move the payment date from 1st to 16th to fall in with pay day... they said that I could do, but it would cost me £270 for the privilege :eek: I think I'll leave that.. I can use the £270 to pay an extra £1 off my MBNA card lol. I've got to learn the new skill of budgeting anyway, so guess I'll just have to get used to the fact that my biggest payment goes out 2 weeks after pay day :undecided

    Another strange thing has been happening.. we've been getting SMS texts to the home phone from Frederickson International - but we haven't actually defaulted on anything yet, in fact we're still up to date with minimum payments at this point in time (but won't be after I cancelled all the DDs today..). I wonder if they're calling from the future!!
    LBM Feb 11 - Joint Debts of around £80,000 _pale_ And nothing significant to show for it :embarasse

    Actual Debt at March 11: £79,269.65
    Debt as at July 11: £82,483.16 :mad: Thanks to fees & charges! :mad:
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