Debt free here I come!!!

trudiuk

Ok. Hear goes...

I had my lightbulb moment today. I have debt and it needs to be cleared. No more burying my head in the sand. I’m 29 years old, still living at home and its time I moved out!
I currently have 4 debts:
Barclaycard £400
Virigin CC £400
Dad car £6000
Dad AAT £600


I was lucky enough for my Dad to lend me the money to buy a car (needed for a new job as public transport doesn’t go there). My parents have been so careful with their money for years, and I feel like a disappoint to them over how bad I am with money. This must change!

I am also owed money where I have brought tickets on my credit card for a group of us. This totals £250 and is owed to my Barclay card.

I currently work two jobs. I work 9-5.30 during the week(what I need the car for) and then Friday nights in a pub (love this job!). The plan had been that my pub job would pay towards my debts, but so far it hasn’t. I pay BR tax on the pub job as it is my second job which takes a lot of the money, but its still better than nothing.

My BF and I have been together nearly 4 years and looking to move in together. I hope to clear my credit cards before this time so my debt doesn't burden him.


Phew...Its out loud now. No going back now!

trudiuk

I like making lists, but I spend more time making the list than doing anything that is on the list. After reading through the boards this is what I need to do so far:
1. List exact debt amounts
2. Draw up a budget and SOA
3. Get all money owed to me paid back sharpish
4. Sell clothes, dvds, games, cds, old games consoles, university text books on ebay
5. CD’sand DVD’s that don’t sell – music magpie
6. Prepare for mobile contract renewal negotiations at end of August (contract expires end of September)
7. Start a spending diary
8. Learn to drive fuel efficiently
9. What can I make for Christmas presents?
10. Go to the doctors
11. Update CV and apply for new jobs
12. Look into ebay shop money making idea (suppliers, customers, competitors HMRC etc)
13. Finish studying for AAT course – 6 exams to take!

Flee_2

Good luck with your money saving. Good luck ticking off tasks on your list.

Make sure that you have an Excel spreadsheet to assess what you spend each month, it really helps you to cut down and see where your main expenses are.

mandz1

Good luck on your debt free journey. With your list number 1- get exact amount of debt, also find out aprs on them so you know which is costing you the most so you can clear the biggest APRs first.
Good luck

Kei

Hiya, well done for making your first post and getting all your debts out in the open! I started the year with 6k of debt and I am well on my way to clearing this by the end of the year! I also have my own house and bills, hopefully living at home means you have more spare cash each month to pay that off?

My top tips;
- Try amazon marketplace for listing text books, I found it much easier and better profit than ebay
- Make pack-lunch for work every day, try not to spend any money in the week and only at weekends (much easier said that done!)
- give yourself a monthly 'spends' allowance each month and try to stick within that - for me it was £100
- car boot sales are also great as you get your cash the same day!
- No buying new toiletories until you have used up all the old ones
- keep updating on here for support and motivation!

I hope that you succeed in paying off your debts and get your own house soon! Best thing I ever bought!

trudiuk

First things first. My actual debt totals.
Barclaycard CC: £313.10
Virgin CC: £398.18
Dar Car loan: £5166.65
Dad AAT loan: £600
TOTAL DEBT: £6477.93

Money owed to me from friends: £232
I have called all that owe me this last night and have asked for it back asap.

MoneyMax

trudiuk wrote: »

I like making lists, but I spend more time making the list than doing anything that is on the list. After reading through the boards this is what I need to do so far:
1. List exact debt amounts
2. Draw up a budget and SOA
3. Get all money owed to me paid back sharpish
4. Sell clothes, dvds, games, cds, old games consoles, university text books on ebay
5. CD’sand DVD’s that don’t sell – music magpie
6. Prepare for mobile contract renewal negotiations at end of August (contract expires end of September)
7. Start a spending diary
8. Learn to drive fuel efficiently
9. What can I make for Christmas presents?
10. Go to the doctors
11. Update CV and apply for new jobs
12. Look into ebay shop money making idea (suppliers, customers, competitors HMRC etc)
13. Finish studying for AAT course – 6 exams to take!

:T I love lists, I love ticking things off even more! Good Luck xxx

MoneyMax

trudiuk wrote: »

Ok. Hear goes...

I had my lightbulb moment today. I have debt and it needs to be cleared. No more burying my head in the sand. I’m 29 years old, still living at home and its time I moved out!
I currently have 4 debts:
Barclaycard £400
Virigin CC £400
Dad car £6000
Dad AAT £600


I was lucky enough for my Dad to lend me the money to buy a car (needed for a new job as public transport doesn’t go there). My parents have been so careful with their money for years, and I feel like a disappoint to them over how bad I am with money. This must change!

I am also owed money where I have brought tickets on my credit card for a group of us. This totals £250 and is owed to my Barclay card.

I currently work two jobs. I work 9-5.30 during the week(what I need the car for) and then Friday nights in a pub (love this job!). The plan had been that my pub job would pay towards my debts, but so far it hasn’t. I pay BR tax on the pub job as it is my second job which takes a lot of the money, but its still better than nothing.

My BF and I have been together nearly 4 years and looking to move in together. I hope to clear my credit cards before this time so my debt doesn't burden him.


Phew...Its out loud now. No going back now!

My tip is, start on the debt charging you the most interest while keeping up regular payments on all other debts, once the 1st debt is cleared use that payment to add to your next debt payment - snowballing!

trudiuk

Checked my bank before lunch break, and my friends have coughed up £140, which they have transferred into my account, and I went to bank at lunch to put straight onto my Barclaycard.

When I buy tickets in future, I’ll demand payment first!

MoneyMax wrote: »

My tip is, start on the debt charging you the most interest while keeping up regular payments on all other debts, once the 1st debt is cleared use that payment to add to your next debt payment - snowballing!

With my debts, the credit cards are all 0% - Barclay card until end of September and Virgin is until end of November. My Dad isn't charging me interest on my loans from him (lucky me!), but I try to treat my parents to a meal out or takeaway each month. Little gestures to show I appreciate the help.

Have payment plans setup with Dad for the car loan - 36 months he has the full amount back. I'm about 4 months in so 32 months to go! The AAT loan should have been paid back by now, but I was made unemployed just after I borrowed the money, he said not to worry until I had a job, and has never mentioned it since, but I don't forget, and I will pay it back.

I plan to pay off Barclaycard first, then Virgin, then the AAT loan, and finally the car loan.

Off to create a nice little sig now.

Thank you to everyone for reading and replying!

Hovel_lady

Just dropping in to say good luck with your debt busting plans and look foward to your updates x

trudiuk

I’m off to a flying start! Ebay items ready to upload, and friends have paid back some of the money!

I have 26 auctions ready to be uploaded to ebay on Thursday (tomorrow) as 10 day auction listings. These are my uni text books, video games, and a few of my cd’s, and a charm bracelet that I got free when I spent £XXX in the shop.

I went through the cd’s I’m willing to part with and know how much I’ll get from music magpie for them, some of them I’ve listed on ebay as I’ve seen them go for a fair bit (special editions in mint condition of old bands that are no longer together).

Still lots more to list, but this will do for now. Don’t want to be inundated with items to post! I’ll get another lot ready to list for next Thursday.

I’ve realised listing my uni books now may not be a brilliant idea, students are more likely to look for them in September. But they have to go, so I’ll list them now, and then the ones that don’t sell I’ll put up again in September. Something is better than nothing! Did check on amazon textbook trade in, but none of my books they are accepting, and amazon marketplace I wouldn’t have gotten much either, but its more than nothing. If they don’t sell on ebay I will try amazon market place.

Money from my impending ebay sales will go to help clear BCC, a payment I’ll make on payday, adn the rest of the money owed from friends, so hopefully by the end of September I’ll have one less debt

I think I can almost see a little spot of light at the end of the long tunnel! Feel happier already :j