Any advice useful!!!

ladymay

Hello!

I've tried this once before and failed, because I managed to get onto a post-graduate course and due to lack of time and not being able to reduce my debt I stopped altogether, and now I've finished my course, am able to work more and am DETERMINED to do something about my debt!!

I've started making a note of all mine and the BF's spending, and tomorrow I'm going to figure out exactly how much I owe (the vast majority of the debt is mine).

We're really lucky because atm we're living above the business BF works at, meaning the only bill we have is Council Tax, I'm having a look at our shopping budget and how much we spend on nights out and presents for other people, which are our main expenditure areas (aside from my London Travelcard, which I can't get cheaper). We've also cancelled the gym membership and I'm a dab hand at baking now - cakes make cheap and meaningful presents!!

Basically, I'm an enthusiastic amateur, so any help/tips/advice would be very helpful!!

Thank you!!! x

beadgirl87

Hey,
well done for starting to get sorted. You are on the right track by starting to properly look at what you are spending. It may come as a bit of shock when you add it all up, but there are lots of helpful people here. Once you post up how much you earn, what you spend and what you owe, there will be people with very good advice on how to cut back and get the debts paid!

Tixy

Hi and welcome back to DFW ways.

Spending diaries are a great idea. The nex things to tackle are getting together information about the debt balances and APRs and do a statement of affairs (income & expenditure).
Sounds like you already do lots of money saving bits and bobs, hopefully now you just need a plan pulled together to start hitting the debt.

ladymay

So, I've spent the past hour or so on the phone/online with my bank and all my credit cards, here are the scores on the doors:

Halifax: £139.27 - 18.9%
Virgin MBNA: £3886.53 - 20.9%
Egg: £1739.45 - interest currently frozen due to them accepting my payment plan
HSBC: £2544.71 - 27.9%

HSBC overdraft: £1413.51 - 19.9%

Loan from BF's parents for my PGDip: £5250

Total: £14973.47 :eek::eek::eek::eek::eek:

I actually now feel a little bit sick.

BUT

I now know how much work I have to do, and what order I have to pay everything off in.

The other thing I realised is that I keep being charged for going over my overdraft limit. It happened once, and it's now those charges that keep tipping me over the edge every month.

Plan of action so far:

- I have a meeting with one of my bosses later today to discuss getting more work.
- I've sent an email to my other boss offering my services for additional admin/research work.
- I'm going to pop into a pub I used to work at to see if there are any Friday/Saturday night shifts going.

Just to explain this one: I normally work freelance, and currently I have two jobs that I've been working for casually whilst studying, but obviously now I need something a little more substantial. I also work PAYE sometimes for extra cash, and I stay on emergency tax because it helps me offset my other taxes when I do my tax return.

I'm not ready to do my SOA yet because I want to do a few weeks, maybe a month, of the spending diary so I have more accurate figures.

*deep breath* I can do this, I can do this, I can do this

Looking at those figures, I don't think I've ever felt so stupid in all my life.

LM xx

Hovel_lady

Hello and welcome
Please don't feel stupid - most of us have been there. We owe £21k and I used to feel like you do but now we're dealing with it that's what's important.
You've made a great start. A spending diary is really useful.
Good luck with getting some extra work.
YOU CAN DO IT

xx

ladymay

I'll get there, just seems like a long road.

Got an audition for a cruise line tomorrow - off I pop to practice...

Thanks for the support guys

LM xx

rdchick

Good luck with your audition, you do sound like you are well on your way of paying it all back and you're right, cakes make awesome gifts! xxx

burntfingers_2

Well done on biting the bullet and starting a spending diary and for having a LBM where you have realised that there is these outstanding debts and that you have come to the right place for help.

Everyone has that sick feeling when they actually sit down and total up the balances and has that 'how the hell did that happen' scenario. You are not alone, through the online diary you will receive all the help and support that you need.

There are various challenges which you can join, its really up to you, if you don't post for any particular day then that is up to you too, its your diary afterall.

Good luck with the spending diary its a bind but will really help
bf xx

btw good luck with the interview

Learning2Budget

Good luck with it all, you can and will sort it out.xxx

ladymay

was rubbish! Had an audition, sang well and they cut me in the first round. Shame, that job could have allowed me to pay off everything in six months

Good news is I'm working full-time from home for one of my freelance jobs doing marketing and sales, so that's some extra money I can put on the credit cards.

Still on the spending diary - we REALLY need to work on our entertainment spending...

Off to referee for a cpla hours, then going to get cracking on the marketing, need to get a head start because I have an audition possibly coming up next week and I'm doing some recording work on a new musical. It's unpaid but it's really fun and a great chance to network!!

Just heard on the news that rent in London has gone up 17% - means we may be stuck where we are for a while yet...

LM xx

ladymay

Evening!

Not been on for a few days, been really busy with work/recording/auditions. And working on my spending diary, of course!

I'm a bit confused as to how to do this actually... The debt's mine but I'm working on the SOA based on both my and the BF's spending. I'm not sure what to concentrate on so right now I'm thinking about doing two separate ones: one for myself, one as a couple. Does anyone think this makes sense or have an opinion on this. Also how long should I do the diary for before doing my SOA? Lastly, how do I go about this if I don't earn the same amount every week? This thing has me flummuxed...

Work's been really good, did a full 40-hour week or the first time in YEARS, still learning the ropes because I've never done marketing before, but my boss has been very patient :rotfl: