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MIdnight's War on Debt

Well, this is it... this is the day that I have decided to declare war on my debt.....

As I fast approach (make that eight days) my 44th birthday, I have finally decided that it's time to grow up and face up to the reality of my life which, at this moment in time, is consumed by debt!!!!

How have I got here? Does spend = debt = consolidate = spend = debt = consolidate sound familiar? Well, that's where I am and have been for many, many months....years.....

Between my DH and I, we have managed to accumulate 66K of unsecured debt :eek:

Okay, so lightbulb moment....I really, really, really want to get rid of all this debt which has been weighing me and my family down for years. I want to be debt free within the next three years....is that an inpossible dream?..........Mmmmm, possibly, because I have absolutely no tenacity whatsoever. I don't think I've finished anything I've ever started....honestly, I still have a jumper I started knitting for my son when he was eighteen months old - he's now 21 and it's still not finished...

Anyway, I am absolutely determined about this! I am going to be debt free within the next three years starting today!

I've decided to keep a diary which will hopefully keep me on track with things and keep me going in a forward motion.

As soon as I can I plan to update my signature and add the debts that I hope to obliviate as soon as possible.

Well, here goes.....Day One of the War!!!
Debt £171000 - Current Debt £168883
Between Oct 08 and Apr 09 Pay off £12k = £2117/£12000
£2 Savings Pot = £8

Comments

  • GirlRacer_2
    GirlRacer_2 Posts: 3,026 Forumite
    Well done on posting MidnightSky. Why not get together yout statement of affairs (see southernscousers thread on the first page) and see if the folks here can see any way for you to save money.
  • Karmacat
    Karmacat Posts: 39,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hello Midnight
    Good for you for wanting to turn your life around. The first thing to do is to do an soa, a statement of affairs - there's a sticky post, one that always stays at the top of the topics list on this forum, about how to do it, written by southernscouser. That will let people see the details of your loans and debts and whatnot, and means that everyone will be able to give you feedback about the first steps to take - the first steps, in particular, can give huge results (I just did another round of this, for instance, and cut my fuel bill in half. Half!!) Its a fair bit of work, but worth it.
    2023: the year I get to buy a car
  • Crown
    Crown Posts: 1,377 Forumite
    Hi and Welcome,

    As well as your diary of events I would advise you to keep a Spending Diary also, Note down everything you buy however trivial it may seem. Its amazing were the money goes when you add it up at the end of the week/month.

    I would also suggest that you inform your family of your intentions as fighting the war without a good team around you is very hard if not impossible. They also need to have a lightbulb moment so if you need to sit down and have "The talk".

    Well done on facing your debt and if you stay focused and take it step by step im sure you will hit your goals. :)
    Official DFW Nerd Club - Member no. 297 - Proud To Be Dealing With My Debts :D
  • hypno06
    hypno06 Posts: 32,296 Forumite
    10,000 Posts Combo Breaker
    Good Morning!

    The above ideas are great. In addition I would suggest putting all the figures in the snowball calculator on https://www.whatsthecost.com which will give you your initial debt free date.

    Then you can play around with the monthly payments and see just how quickly you can pay things off with a little extra focus and effort.

    I find it a great motivator and have made good inroads into my debt since I have been using this.

    :D
    Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)
    Life begins at the end of your comfort zone (Neale Donald Walsch)
  • moonlightpjs
    moonlightpjs Posts: 1,583 Forumite
    Hi Midnight Sky and welcome

    You'll get some great advice on here, especially once you've posted your SOA, I look forward to reading more of your posts.
    Well done for posting :j it takes a great deal to make the first step xx
  • Midnight_Sky_2
    Midnight_Sky_2 Posts: 152 Forumite
    Thank you all for the lovely welcome, advice and support - it really does mean a lot!

    I’m planning to post a SOA as soon as I get a chance to sit down quietly and work out APR’s etc, which I’m not looking forward to because I’m hopeless at that sort of thing…

    To be honest, although my DH knows all about the debt, he doesn’t know that I’ve posted this thread and I think he would be horrified if he found out. I’m normally a very private person and I tend to keep all my worries and woes pretty close to my chest (which, ironically enough, appears to make people think that I’m cool, calm and organised and very much in control of my life!!!) :rotfl:

    Until I get a SOA organised, I’m just going to deal with the debt in order of importance. So I’m just off to phone the Community Tax people about our arrears from last year and see if I can work something out.....
    Debt £171000 - Current Debt £168883
    Between Oct 08 and Apr 09 Pay off £12k = £2117/£12000
    £2 Savings Pot = £8
  • Verbatim
    Verbatim Posts: 4,831 Forumite
    Part of the Furniture 1,000 Posts
    Hello and welcome MS,

    Glad you're tackling the priority debts and hope you're feeling more in control now.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • immoral_angeluk
    immoral_angeluk Posts: 24,506 Forumite
    10,000 Posts Combo Breaker
    Hi and welcome to the wonderful world of MSE. There's tonnes of people on here who can offer support and advice so don't be afraid to ask anything.
    Also a couple of good outside places you get get really good advice from are the CCCS and Payplan. Their links are at the top of the board.

    Post up your SOA as mentioned above and we'll be able to pick through and see what we can suggest to help you out.
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • chevalier
    chevalier Posts: 7,937 Forumite
    Part of the Furniture Combo Breaker
    Welcome Midnight. Best of luck with the war, will read your SOA with interest
    chev
    I want a job that is less than an hour driving away from my house! Are you listening universe?
  • Crown
    Crown Posts: 1,377 Forumite
    Morning MB,

    With regards to your Husband being Horrified that you have posted this thread and you being a private person remember you can share as much information as you wish. Also although you are discussing very private issues remember that we are all in the same boat and normally use made up nicknames.

    How anyone would guess who I was from my posts I have no idea lol.

    Look forward to seeing your SOA ;)
    Official DFW Nerd Club - Member no. 297 - Proud To Be Dealing With My Debts :D
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