BNPL Downfall diary

Penny2myName

This is my blog, for me to make sure I don't succumb to my weakness. The Buy Now Pay Later offers. Its also a brief-ish to long history of how I have ended up screwing myself over.
Always managed to turn my back on the credit card offers and overdrafts. My main temptation was my catalogue,
Just before I had to give work up earlier this year, I did a £500 bnpl spend in catalogue (i have added this to my debt total).
The other thing I did when i first gave up work was go on a catalogue spending spree but the clever way, I used my cash back (admittedly taking the cash and paying it towards outstanding debt would have been better. As I was saying I used my cash back in conjunction with the web only end of season offers. So one) I was getting the items at a reduced price and two) it was already paid for in commission so in essence free. I bought a black gothy bedstead for my pre-teen daughter, side bath panel, a suit that is actually my size (for when its feasible for me to go job hunting again) and a normal day outfit all for just under £112, yes i had let my commission build up nicely, by not buying anything since Oct 05.
At this point I think I was having a glow stick moment rather than a light bulb one. It consisted of purchasing for free and using what commission i had built up before making the call to stop me being able to use the catalogue.
Due to reasons unknown to me, it took awhile for my benefits to be sorted so I have fallen a month behind with my payments to catalogue. So as not to get into a worse state with them, I called and set up a payment plan. I also cancelled my £30 a month minimum PPI with them (no use as i had to give work up voluntarily), that in reality is dead money and was just making my balance raise.
I now have a set balance that can only go down, by the amount I pay rather than just a percentage of what I pay.
Also near the end of the year i treated myself to 33 yrs worth of birthday/Christmas presents and made the mistake of going into DFS with bankcard in back pocket (normally always made sure that was at home if i fancied a walk around dfs) It was my birthday I felt secure with my full time employment situation and finally caved into my 5yr craving for a certain table and chair set, also me and son fell in love with what is proberbly the most expensive sofa they have, dont know what came over me, but i threw caution to the wind and purchased the darn thing.
One week later my daughter was sent home from school with exhaustion, and they didn't want her back till fully rested, so 3 days short in wages, talked with my manager and we changed my hours to work around the kids and go part time, so from 5am starts kids now had a 7am start. Week before christmas son is ill for a few days, so time off again. Come end of Jan begin of feb kids played tag at being ill, in the end over 3 weeks I had 4 days wages, rent arrears had build up and I couldn't even afford to get into work. Called my manager and quit there and then. My light bulb moment as daft as it seems was realising i needed a constant set income no matter how low, that wont be effected if kids are ill.
This month has been breaking me into my new monthly amount, already have 2 weekends away and a weeks holiday booked and part paid for for the year, one is in 5-6 weeks time, so its going to be a rather peniless weekend with just enough cash to feed me and son (early birthday present to him) Managed to get travel at lowest price I possibly could £18.70 rather than standard £61, just need to scrape together the remaining £100 for accom and about £50 for food (hightly tempted to take pot noodles and cuppa soups with us) but its his early birthday treat and his food is important to him. Come 1st May I can then seriously fight with the debts.
For now I am having to do the find ways to lower bills, like switching from token to quarterly billed electric meter, arranging DD's for water and TV, that general sort of stuff.

southern_chick

good luck in your quest to become debt free, you are in teh right place, the poeple on here give such good advice, it sounds like you've been through a rough time with the kids being ill and having to give up your job, i hope it all gets better now

SC XX

Penny2myName

Now I know where i stand with Income, and Outgoings (god i loved them blinkers:o ) should start getting there.

beanielou

Can you maybe cancel the other weekend away & the week away?

Penny2myName

My sister has already paid for the week away on her credit card, its a big full family thing, and the second weekend away is my daughter's 13th birthday present.
Well bit the bullet and have just started listing the video's I have in the house, if I can sell all of them for minimum price of 49p, then that should cover board atleast, if they sell for more, who knows maybe spending money.
Time to stop being a hoarder and start bringing in the cash and giving my hoarded items a new lease of life.

Penny2myName

After finding out there may be a slight delay with my maintenance payment coming in on time, have had to beg my mother to help my cover DD's due out between the 29th march -2nd April. Really need to get to major grips with my finances so then I don't need to go a begging for a safety net, if I have income hiccups. Cant live like this any longer. Its majorily stressing me out, cant study, doing what ever else i can to avoid financial thoughts (of which study is one {personal finance in context}). Yet I know i have to complete my course, cause if I dont I have to find £500 from somewhere to pay back to OU for the pc grant.

mrsspendalot

Penny2myName wrote: »

Its majorily stressing me out, cant study, doing what ever else i can to avoid financial thoughts (of which study is one {personal finance in context}). Yet I know i have to complete my course, cause if I dont I have to find £500 from somewhere to pay back to OU for the pc grant.

I'm not sure if you are aware or not but you would not have to pay back the OU for your grants ... I am in my final year of an OU degree and am a student support rep for the students association OUSA and have had this confirmed from the top

Of course, I hope you manage to complete your course, but if you cannot, don't worry about the grant.

GirlRacer_2

Hey Penny welcome to the board, just been reading your thread. Oh god the dreaded BNPL. I've fallen for that in the past also.

I know what you mean about the maintenance as well, I want to be in a position where I don't rely on my maintenance payment every month to live.

Keep posting, it'll be interesting to read how you get on.

Penny2myName

I have quit two previous courses in the past, so really do need to complete this one, suppose that's why i went for a 30pointer this time. Just I have got to the point, every time i open the book its screaming at me what a fool I have been financially myself, it mocks me. My text book mocks me:mad:
Ok Think we can guess why i went to study the course I'm doing, so subconsciously I think my brain could see what was happening, I just wasn't ready to openly admit it to myself. Ah well I have now.:o

Penny2myName

Oh did do a good thing today, since I'm a 'Choice' customer of littlewoods, got my summer extension edition of catolgue early. It arrived to day, I put it in the bin too today, with the bnpl feb 2008 offer. yay good for me. I'm learning, it may be slow but I am getting there. Same with watching all these video's I am getting there, just 60 to go.

mrsspendalot

Penny2myName wrote: »

I have quit two previous courses in the past, so really do need to complete this one, suppose that's why i went for a 30pointer this time. Just I have got to the point, every time i open the book its screaming at me what a fool I have been financially myself, it mocks me. My text book mocks me:mad:
Ok Think we can guess why i went to study the course I'm doing, so subconsciously I think my brain could see what was happening, I just wasn't ready to openly admit it to myself. Ah well I have now.:o

I am doing 120 points at level 3 at the moment and my text books are my enemy at the moment ... so I have sympathy