Crunchy's Debt Deletion Diary

Lemon_Tree

hi, just found your diary and wanted to say hello and well done, seems like you're going in the right direction. The interest rates on your debts are scarily high so that another good reason to have your LBM. Have you stopped to think yet about what happened to get you into your debts? you need to get that under control otherwise you run the risk of it happening again, as it does to so many of us.
keep on posting, people will be reading even if they're not always posting.

Crunchy_Nutter

Lemon_Tree wrote: »

hi, just found your diary and wanted to say hello and well done, seems like you're going in the right direction. The interest rates on your debts are scarily high so that another good reason to have your LBM. Have you stopped to think yet about what happened to get you into your debts? you need to get that under control otherwise you run the risk of it happening again, as it does to so many of us.
keep on posting, people will be reading even if they're not always posting.

Hi Lemon Tree

What started me off is I turned 18 in 1999, right around the time the banks and lenders were flinging credit at anyone, whether they could afford it or not! I got into trouble by the time I was 20, and eventually got it all paid back, albeit with a CCJ on my file

2002 I gt my first Credit Card, the Lloyds TSB one, which I'm finally paying off this month, and shortly aftwards the Capital One. Like a fool I hadn't learned my lesson, and gradually racked up £2k or so in debts, then paid minimums for a couple of years. In 2004 I got my present job, with a substantial rise in pay - I decided now was the time to sort my finances out, so, I spoke to my bank, who said "YES! We'll give you a loan to consolidate". I consolidated, and I'm sure you can guess what happened next

I ended up consolidating AGAIN in 2006 - stupidly racking up debts on the cards yet again afterwards.

I finally paid off both loans (TSB over 60 months, and Citi over 36) in 2009, and resolved not to try consolidation again!

At some point over the years I added the other three cards to my wallet. My problem is I like buying stuff - it really is that simple. If there is money in my wallet, or on a card, it gets spent!

It's only now, after having the kick up the rear from Barclaycard that I needed, that I realise finally how much money I've been wasting in interest payments over the years. For example, I haven't used the TSB card for at least 4 or 5 years - I can't remember a single thing I bought on it with any certainty - that's stuff I'm still paying for!

The daft thing is, even with minimal overtime, I take home around £1400 per month - after my monthly essentials, I should have at least £900-£1k in my pocket to do what I like with - I think that fact alone is enough to encourage me to get my backside into gear and clear this lot!

The Vanquis card with the outrageous APR has already been chopped into tiny little pieces, along with the Aqua card. The TSB card was chopped years ago - only sensible thing I'd done up til this point!

My only other vice is my catalogue - which I very rarely pay any interest to, and almost always only buy reduced items - the only reason it's so high at the moment is the new telly and computer I bought recently, and now and again I'll splurge on clothes (nothing I hate more as a bloke than shopping for clothes in town!)

I like to think I'm a reformed character - I know in my mind that if I can keep up the overtime for 3 or 4 more months, I'll have the cards paid off, then Littlewoods will follow soon after. After that, I'll have no need for credit for the foreseeable future.

Fingers crossed :A

Crunchy_Nutter

Blimey did I realy write all that :eek::eek:

Lemon_Tree

its funny how the confessions creep up on a person lol

a very similar story to how i got into my debt over a pretty similar time frame. I'm finding that as i get near the end it's getting harder to not slip back into spending ways, especially as my life is changing so radically at the moment. when you're in the thick of the challenge to clear your debts its relatively simple to not spend it becomes a challenge all of it's own but as you get near the end there's new demons to fight.

good luck with your journey and don't forget to keep posting even if you feel like you've taken a step backwards.

richardvc

Crunchy_Nutter wrote: »

Wish I was a train driver Lucky, I'd probably find it a lot easier to get rid of this debt if I was on a train driver's wage! I do work for a train company though. Thanks for the vote of confidence

Go and take the assessment then and become one !

Crunchy_Nutter

Been a while since I posted here so time for an update...

Been steadily paying down the Vanquis card - got it from a high of £2640 in january to £1370 now. Still a fair way to go but at least on the right track.

Good news is I've just had a letter from Lloyds TSB about my PPI claim - offering me £2390 :j

It's nearly enough to clear my cards (total owing on cards is now around £3100) so hopefully I don't have to wait too long for the cheque!

Still waiting for a response from Citi about PPI on my loan with them, but I'm feeling much more confident now Lloyds have offered a settlement.

The end is in sight :beer: