Ive almost done it !!

IainBUK

Evening all

Been meaning to do this for a while - stick the kettle on - its a long story

I went to my bank ( Lloyds TSB ) to speak to them about my overdraft and rather cheekily to ask if they could not charge me that month as it was nearly christmas, I forget what happened but the girl offered me a credit card :EEK: With a £1,000 limit, I thought to myself that I wouldnt use it so it was a waste of time her offering it to me, I dont know what she did to me, She may have hypnotised me or something as I signed the forms

When my credit card came on christmas eve I think it was, I checked my bank balance on t`internet, the credit card limit had gone up from £1,000 to £3,000 !!!!!!!!

Fast forward a few weeks, Its my nephews birthday, I buy him a outfit to wear - play on the plastic, Its ok its only a few pounds, get home and pay it off straight away, i thought this is easy!! This is where the story gets worse!!
I buy clothes I havent worn, CDs I havent listened to, DVDS Im yet to watch, I must admit if somebody gave you £3,000 what would you do with it -You would spend it ! So I did - Thing is I spent about £2,200 - My credit card balance was severly sick - It gets worse !!

Then I had a " brainwave " - Get a loan - pay off the credit card, all in one and have just the loan as my outgoing payment, great idea or so I thought...

I paid my credit card bill so I was left with no credit card bill to pay off - wooooo - I wish I had asked Lloyds TSB to close my credit card account to stop me spending it !! but I was left with a credit card with a £3,000 limit ! my story tends to repeat itself a bit - I see £££££ signs in my eyes and decide to a bit of shopping, only this time it does get worse I spend above and beyond my £3,000 limit and this time get overdrawn

My story gets worse because in August 2005 - I had gone OFF THE RAILS ( so to speak ) and I was behind with loan payments and behind with credit card bill overdraft payments - I had the bank ringing me nearly everyday or every week - always at the wrong times !!!! Take note Lloyds TSB !! and I had the Britannnia (loan company) ringing me - always at the wrong time and one night I was sat here chatting to friends on MSN Messenger and the loan company ring - my dad answers and gives the phone to me, I go to my room and we talk - they tell me I need to make a payment soon to get my loan account back on track otherwise it would get worse and would result in court action - which I didnt want !!

So I go back into the lounge, sit down with my parents and explain my situation - My mum was mad - my dad was calm - trying to take into account what I had said - So I log into my account on t`internet and show my dad ( hes more computer literate than my mum ) so he sits down and we talk and he offers me money to get back on track - He lends me £600 something to get my loan/credit card back on track and by this point Im soo overwhelmed Im crying - I hug both my parents and tell them I love them and that I will sort myself out

I had by now cut up my offending credit card and my LTSB debit card and Lloyds TBS had closed my credit card account so all I was doing was paying back £3,000 something!!!!!!

Next day I ring my loan company and say that the money is waiting for them for when they are ready

I go into work and agree to work overtime - At this point at work I was only working 25 hours a week and with overtime was working almost 50+ hours a week !!!!!!!!!!!! - Thats what I did nearly every week and it was absolutley shattering - Im a checkout operator ( for the lime green supermarket )

Between August 2005 and January 2006 I paid my credit card bill off - I have got my last credit card statement in a frame !! - Next challenge - Even thought I had been paying my loan off monthly with my credit card my dad decided that I should arrange a direct debit with the loan company so that I pay more off each month, so I rang them up and we agreed a greater amount and paid that each month and then my dad suggested he lend me even more money and pay them off once and for all - So again I rang them up and they told me the settlement figure and I agreed - So my parents lent me more money and I write a cheque - settled the loan once and for all !! I paid my loan off ONE YEAR to the date I got it out

Next big hurdle was my parents - They had lent me about £4,000 !

I was working morning noon and night by this point and its helping !

I cant tell you much of an amazing feeling it is to owe just £1,000 compared to over £8,500 !!! - Im working my fat backside off every day and next week I get paid - I currently owe as of December 13th - £350 !!

£8,500 to £350 in 18 months - I cant believe it - it just goes to show how much it can be done

also forgot to mention, ASDA have a share save thing available to colleagues whereby you save money each month for 3yrs and in the 3rd year you have the option of getting your money back plus a bonus and walking away or using your money plus the bonus to buy shares in Wal*Mart and (hopefully) making a pretty penny !!! - Ive been saving £100 a month (get paid twice in september and they dont take it out a payment in december) I have £800 saved !! and i plan to increase my amount Im saving from £100 to £150 a month

Plan for 2007 - SAVE - SAVE - SAVE - SAVE !!!!

* Save up for a intense driving course

* Save up a deposit for a car

* Continue to save on sharesave

Im sory my story is long winded and hopefully you will have finished your hot drink by now and your not bored to tears

Im soo proud of myself for paying it back step by step - I wont do a Gyneth Paltrow oscars style speech but I really could not have done it without the help of my parents - Without them I really dont know what would have happened or what state Id be in

I can see the light at the end of the tunnel getting brighter and brighter by the day !!

Debt free date: Friday December 22nd 2006 !!!!! The best christmas present ever

Thank you for reading my VERY long story

Thank you

ps: Loving this website - some fantastic people with truly incredible stories

grown_up_girlie

Hey well done you for sorting yourself out - now you can see yourself into the new year debt free and stress free (Well financially). :T

You should give yourself a pat on the back and may I suggest maybe buying your parents a big drink as a thank you, they sound like lovely and understanding people which I am sure you know already.... you are very lucky to have them!

Here is to you and everyone else on MSE :beer:

sheryldoc

Well done

cannyscot_2

Yes well done for facing up to it and working hard.

Xbigman

IainBUK wrote:

* Save up a deposit for a car

Deposit as in get a loan for the rest?

You would be better off saving a bit more and buying a cheap banger, and then upgrade the car each time you buy a newer one. Cheap cars with a years MOT work out very economical to run. If you have major problems, or a disasterous 2nd years MOT, then you just scrap the car and get another. Thats why they are called *cheap* bangers.

After a few cars you will be driving something a bit better and worth keeping AND you'll own it interest free.
Regards


X

gallygirl

Well done, you're a star!!!!

But I agree with Xbigman - save abd save and buy a car for cash - you'll get a better deal, and the satisfaction of owning 100% of it is ace!

robnye

wow what a christmas present to receive....... well done

mjdh1957

Yes, well done.

Debt-free is a wonderful feeling. I cleared all my debts last month with a big payment to my Egg loan and I felt like a big weight had gone.

Being in the black is great!

anniestar

Congratulations. You have done SO well.

beanielou

Great news for you IanBUK
Give yourself a big pat on the back.
Think about saving for car.

ollyshaw

Xbigman wrote:

Deposit as in get a loan for the rest?

You would be better off saving a bit more and buying a cheap banger, and then upgrade the car each time you buy a newer one. Cheap cars with a years MOT work out very economical to run. If you have major problems, or a disasterous 2nd years MOT, then you just scrap the car and get another. Thats why they are called *cheap* bangers.

X

Totally agree! I have been running bangers for years. They may not be shiny but they will save you thousands! I would bet you could get a car for £500 that would last 2 years.

Olly