The time has come

Desperate_to_be_debt_free

OK the time has come for me to get my head out of the sand and get back into paying off my debts. After being in debt for what seems like forever I've managed to come to an agreement with nearly all my creditors to make reduced payments. The biggest problem I've got is a secured loan with GE Money. The loan was taken out in 2008 and I borrowed £35000. Initially my monthly payment was £312 but as I am currently in arrears I have agreed to pay £420 per month. This additional amount is absolutely stretching me beyond the limit. If anyone can think of anything I can do to reduce this, please feel free to offer advice.

As I've come to agreements with all my creditors I'm plodding along slowly but surely but would love to really start ploughing away at the smaller debts. I have analysed my monthly spending habits and realise that food is my downfall - takeaways and canteen lunches. So I've decided that I'm going to set myself a challenge. For one month following my payday which is on 19th April I am going to take packed lunch to work every day, forfeit the takeaways and put £3 per day away in a saving jar. On my next payday I am going to pay the extra money off one of my debts.

I have got a number of items listed on eBay at the moment and am planning a car boot sale in the next few weeks - all this extra money will be saved in the jar and counted on the 20th May (one day before my next payday).

Let the challenge begin!

Desperate_to_be_debt_free

Have just emptied my purse and have my first £1.30

shinner

Good luck on your journey x

Desperate_to_be_debt_free

Thanks shinner. Looking at your signature you appear to be doing really well.

Desperate_to_be_debt_free

Am still in a very positive mood regarding clearing the debt. Took lunch to work today as I didn't have money to buy anything so even though I didn't manage to save anything, I also didn't manage to spend anything which is pretty good for me. I only need to get through tomorrow and then it's pay day . Got 4 items for sale on eBay and three of the items have 2 watchers each so hopeful I'll make a bit of money there, also got two bikes and a broken iPod that I need to list. Planning on listing the iPod by tomorrow and the bikes by the end of the weekend.

Desperate_to_be_debt_free

Ok, my daily check in. Found a few coppers in the bedroom - a massive total of 9p. Have put it in the money tin so I'm up to £1.39 . Payday tomorrow and starting Monday its packed lunch time and a saving of £3 per day. Have just had 3 items end on eBay and none of them sold so ill have to list them again . Have decided to see if I can claim any mis-sold ppi from an old associates card that I had. Off to fill the forms in and will update as and when I know.

timetogrowup89

Good luck!

Im clearing my smaller debts first as it is giving me a goal, then hopefully when its time to face the bigger ones I will have better spending habits...

Desperate_to_be_debt_free

Thank you timetogrowup89 it's tough admitting to debt and even harder paying it off. Have emptied my purse today and there's £6.43 in it so it brings my total up nicely.

32b3in2013

Hi

You sound really positive. Join all the challenges that you can, there is a take your lunch to work thread, pay off your debts by xmas, pay off as much as you can by Christmas, a weekly spending challenge etc, they may give you a bit of inspiration.

Good luck

32b3

Pippilongstocking

Goodluck, looking forward to seeing how you're doing.

Happy new diary.

Desperate_to_be_debt_free

Thank you both. I'm going to try the take your lunch to work challenge to start with, hopefully I'll be successful and I may even try the weekly spend challenge.