Debt Free by Dec 2014!

Raggydoll85

Hi I'm new here!

My debt collection started at uni when i ended up maxing out my overdraft on my student account! That was up to £1700! Then in 2010 when i decided it was a good idea to go to canada when i could barely afford it.. £700 went on the credit card and ever since then my debts been mounting up..

I had to borrow from my dad for a new car when mine blew up and then mum lent me £50 for something for my flat....

My plan is to get out of debt by the end of 2014... which may be hard... but i want to be as much out of debt as possible

Current debt is

HSBC overdraft - £813.52
CC - £2775.20
NW Overdraft - £550
Dad - £99.77
Mum - £45

Total is - £4283.49

Any hints and tips would be welcome
And i will update with my progress..my issue is this year my credit card has been hit loads as ive had lots of weddings and hen dos that i "had" to go to as i was a bridesmaid and maid of honour!

Speak soon raggydoll

Raggydoll85

So Pay day is 19th. my current plan is

on payday pay off :-

HSBC - £100 (minimum i want this gone as im sick of HSBC)
CC - £59with £40 of that coming out on the payment date (or minimum not sure what is highest)
Dad - £20
Mum - £10


I currently collect all 20ps, £2 coins and £1s with dragons on... also pennies and 5ps...
£2 goes in savings towards a car as does £100 a month... when i hit £1000 i will then be saving up to pay off debts in bulk (odd i know but it so far has worked for me and gets me in the habit of putting £100 aside)

Any extra cash i get (ebay sales, cards sales or carboot money) goes either to paying debts or food shopping

Any other suggestions?

trixie888

You are doing great. Isn't it amazing that we realize that we are in debt and started sorting our money problems we start to collect all pennies? And any unuseful item lying around can be converted to cash if yu ebay them.

Good luck to you.

Raggydoll85

trixie888 wrote: »

Isn't it amazing that we realize that we are in debt and started sorting our money problems we start to collect all pennies? And any unuseful item lying around can be converted to cash if yu ebay them..

Thanks hun!

It is very true! You start looking at everything differently.. my problem is that i have got in to the bad habit of using my credit card for everything and anything when im short of money... so that i need to stop!

trixie888

Guilty here dear. I felt better spending the money that I don't have rather than spending my own but now I realize it doesn't feel good to be in debt. So we gotta make decision...!

novagirl

Well done for realising now!

Are you paying interest on any of your cards or overdrafts?

beanielou

Happy shiny new diary
Keep going!

Raggydoll85

novagirl wrote: »

Well done for realising now!

Are you paying interest on any of your cards or overdrafts?

I am indeed on all of them... although the NW is my current account so i am not sat in it all month.. its on there as i want to never use it and lower it but every month i end up in it...:)

HSBC has to go first as they are mean n write to you lol,, CC is next mum n dad im paying off asap as i hate borrowing money off them xx

castlelough

Best of luck Raggydoll!
My bit of advice is to tackle one debt at a time (while paying the minimum off all the others). I started with my OD, because although it wasn't costing as much in interest as my other debts, it made me feel the worst about myself. Once that was gone, I ploughed into the next one!
It gets addictive! Just stay focussed! I hyper-budgetted and made spreadsheets and obsessed and doodled and did this over and over again - for me, it was the only way to get serious about it for once and for all!
I'm on the last leg on my debtfree journey now, and hoping to become debtfree by Dec 2014 too, so I'll be keeping an eye out for you!
Good luck!

novagirl

Raggydoll85 wrote: »

I am indeed on all of them... although the NW is my current account so i am not sat in it all month.. its on there as i want to never use it and lower it but every month i end up in it...:)

HSBC has to go first as they are mean n write to you lol,, CC is next mum n dad im paying off asap as i hate borrowing money off them xx

Know how you feel about owing family so can see why you want to keep paying them back asap. Focus then on the debts with highest interest rate and just pay minimums on the rest. Best of luck with it all! (I send even the smallest payments over to debts rather than try and save it all up to do a bulk payment.)

HOK3Y

I too have been known to send a couple of dollars to the cc. It's free to make the payment, decreases the interest charged and lowers my outstanding balance - all of which makes me feel good! Best of luck to you! X