Stuck in the mud - My Debt Diary

Jaymo

Hello everyone,

I believe that I'm right when I say, we've all had that same horrible feeling of being "stuck in the mud" or so far down a hole there doesn't seem to be any chance of escaping it.

It was after reading so many other debt diaries on MSE forums that it finally dawned on me that I can create one as well. So here I am, writing my own diary and the people on this forum have inspired me so much that I've decided to give it my all to become debt free.

I suppose what we're all chasing is similiar to the storyline of the filme "The Pursuit of Happiness", but truthfully that is a never ending quest so this is my Pursuit of Financial Freedom.

Anyone is welcome to comment on my posts, or throw their two cents my way as I'm only 25 so I can't pretend to be as wise as other MSE forumites out there.

Like so many others, I will put my debt on here for the world to see as I am going to show the world that I will become debt free.


Overdraft: £3000
Vanquis Credit Card: £1000
Capital One Credit Card: £200
Other Debt: £2500

Total to repay: £6,700

Let the journey begin........

Hiddenidenity

Good luck
Luck forward to reading *subscribes*

Jaymo

Hiddenidenity wrote: »

Good luck
Luck forward to reading *subscribes*

Thank you for being my first subscriber I hope I don't bore you too much with my ramblings :beer:

Hiddenidenity

Jaymo wrote: »

Thank you for being my first subscriber I hope I don't bore you too much with my ramblings :beer:

Im sure you won't bore me x

Jaymo

Entry #2

Ok, I thought it was about time to provide an update as I've been sorting out a bill spreadsheet over the last few hours so that I have everything written down of how much I've paid to each company as well as a separate spreadsheet of my current debts.

I'm happy to say that I've paid a little bit of money off a few of my debts already for this month so the new totals as of today are:

Overdraft: £3000
Vanquis Credit Card: [STRIKE]£1000[/STRIKE] £900
Capital One Credit Card: [STRIKE]£200[/STRIKE] £180
Other Debt: [STRIKE]£2500[/STRIKE] £2370

Total to repay: [STRIKE]£6,700[/STRIKE] £6,450

So far I am on the right track of getting things sorted and having everything written down and organised has been a massive eye opener for me.

My next step is going to be looking for either a second job or a new higher paid job to help clear off these debts and out of the two I think a second job will be the more realistic.

I'm also not going to be picky about the wage or position that comes my way because at the end of the day its less debt :j

Oh and I also bought a sealed money pot from Pound World today which will house £2 coins only each time one comes my way. So far there is only the lonely £2 coin in there but I am not opening the pot until December 2012 (unless its needed for an emergency) and hopefully it will pay for my Christmas presents.

Jaymo

Entry #3

Not much to write home about today, except I've done some calculations on the last tax year and I believe that HRMC owe me about £200+ for a tax rebate.

I'm going to be writing up and a draft letter tomorrow afternoon (unless anyone knows of any templates?) to send them along with some other documents. This is because when I called them they said that the Jobcentre Plus hadn't advised them of the amount of money I claimed whilst signing on for several months during the last financial year (was only a few hundred).

Hopefully will hear back in the next 2 - 5 weeks with a decent response from them as I think I will use that on my credits cards which will ease a little bit of pressure considering the Vanquis card is 39.9% interest!

Thats it for now and I hope everyone has a nice weekend.