"I know what will make you smile tonight..."

FOXGLOVE_2

My LBM happened around a week ago. Have always dropped in and out, reading the DFW forum for info and advice but have found myself doing more acting instead of thinking recently and finally ready to tackle my debt instead of wishing it would go away.

I approximated a figure of how much I owed, focusing only on old debts that keep me awake at night and guesstimated them at £5000.

Including all 'active' debt - CC that I have been making minimum payments on - my total stands at £5960.01.

The two biggies that make up the bulk are old Lloyds TSB OD and CC which I stupidly let get into default after burying my head in the sand when no longer able to afford the payments. I have ignored letters and phonecalls for too long.

My change in attitude and confidence is due to securing a full time job in January and my income has effectively doubled. The first few months pay I was elated at finally having spare cash to treat myself after a very long time of having no money at all. I suddenly found that I was unable to spend all my pay - like it was a challenge to spend every last penny, what was I thinking! So with cash to spare I realised I could now finally address the issue here and get rid of the debt that's been hanging over me.

The Lloyds TSB debts had interest frozen on them and after reading about F&F Offers, I realised that if I saved enough in my shiny new ISA I could be in a position to make them an offer and clear the debt once and for all.

There are so many great ideas on this forum so I am motivated, inspired and ready to do this! Been making extra payments to CC on top of my minimum and plan to make a regular deposit into the ISA to build up my F&F fund.

I am hoping that I am doing this the smart way. I know that it's normally not a good idea to save when you owe but I recognise that if I suddenly started making large payments to my old debt then they would happily accept and it would take me a longer time to clear. Whereas, if I saved around 60% and contacted them with a lump sum, it may settle it sooner - also give me a chance to manage a savings account for once in my life.

I always welcome feedback and advice so if there's more effective ways to tackle this then let me know!

I have a long weekend off so today I plan to gather a pile of stuff to list on eBay while my OH is at work - she drags her heels and sometimes demotivates me when I get fired up so I'm doing it while she's out :rotfl:

Oh, yeah. My thread title. It's a line from one of my favourite songs, also my favourite band. And the title of the song is something I hope I can finally state at the end of this journey.

https://www.youtube.com/watch?v=F7S73rjSalo

Thankyou and good luck!

FOXGLOVE_2

Gathered a pile of stuff to put on eBay and decided to check out the books I have. Most are art/design non fiction books and this one I picked up for £3 years ago is worth £25 when selling through FatBrain!

Standing here, looking around the room asking "Hmm... what else can I sell?"

Cat has crept away to hide under the bed.

FOXGLOVE_2

Found a fiver in an old purse

:j

FOXGLOVE_2

Grrr.

OH doing my head in. She enjoys a 'drink or two' at the weekend but I'm not that bothered. My job sometimes involves early starts and there's a strict alcohol policy that includes testing so I'm terrified of being 'under the influence', so I normally only have a few drinks with dinner.

She's out shopping (it's my birthday this week) and called to say she met a friend and that I should go meet them in the pub. I declined and said that I was waiting in to list the eBay stuff:

"Tut. Just come out, you never sell anything on eBay anyway"

Our financial situation could not be more different. I owe loads and she has around £25k in savings. Her priorities are very much different to mine. Does anyone else feel like a party pooper for trying to save when their other half is wanting to spend spend spend?

FOXGLOVE_2

Been doing some reviews on DooYoo so hoping to make it a regular thing and eventually be able to throw some more money into my ISA.

Going to post the book I'm selling to FatBrain and that will get the ball rolling.

Our food shopping arrives today so I'm going to spend some time preparing portions to freeze and making bread or some kind.

Back to work tomorrow and up at 4am so I will try to squeeze the most out of today!

NewLeaf_2

welcome additional mozza lover

FOXGLOVE_2

Hehe, thanks. There really is a Mozza quote for every occasion:

"Oh I can smile about it now, but at the time it was terrible..."

Got me through some tough times, love my music and it's really the only extravagance I allow myself. I buy (and sometimes sell) vinyl so I have everything by Mozza and The Smiths so I want to sort this debt out before I have to consider parting with my collection.

I listed some 'investment' records on eBay - mostly mint stuff I've picked up at a bargain price with the view to sell on.

Today would have been a NSD but the needle on my turntable just died so I had to spend £6 on a new one :mad:

FOXGLOVE_2

Wow. Some time has passed since I dropped by here.

An update so far. Not contacted or made any payments to the two big debts, OD and CC. I have had no contact from any DCA in the last few months either.
But... have been making big payments to the credit card I still have a balance on as I seem to have reigned in my spending completely so been chucking £200 at it without having to do without. A great feeling to see that balance go down.

Also... and I know some will slate me for saving when I have debt but I think my brain is more wired to leave savings alone once it's been paid in there, whereas with the CC I will make a big payment to it and then a few weeks later justify using it again.

Four months in and my ISA has £800 in it.

I am a month ahead with rent and bills so next month I am considering putting £500 to the credit card which will essentially clear it. Maybe top up the ISA again or keep £200 aside for christmas.

It's so encouraging as I have never had £800 in savings EVER so if I keep going, I could have over £2k in there after a year.

I am realising I might be able to do this.

And if I can... then I hope you lot can too.

FOXGLOVE_2

Yes, here's the typical New Year return to have a look at my dismal situation lol

Things going ok so far actually. I know I need to refocus and while I'm squirrelling money away regularly, I'm becoming aware that there is a lot more I can do besides this.

Joined the £2 savers club and got a cheap new tin for that yesterday. Read a few diaries this morning and they have motivated me to get more junk on fleaBay, and when they ALL SELL (fingers crossed lol) I will chuck anything I can at the CC. I also have to revisit DooYoo as I signed up some time ago but stopped visiting after a while.

So it's a day off today, weather's not been great up here and spent most of yesterday indoors too. Gives me a chance to get stuff done while OH is at work. Wouldn't be without her but... she doesn't share my money saving attitude. Ah, the carefree bliss that comes by having no debt! Can't wait until it's me!

Beginning to wonder if I should have a date in mind of when I hope to be debt free. Something to aim towards etc?

FOXGLOVE_2

Randomly paid £50 to credit card. Let's see if I can double that by finding £50 worth of stuff to flog on fleaBay now!

Eyebright

Good luck Foxglove, you sound very motivated to get your debts sorted! I hope you stick around on the DFW board and keep us updated