Gulp, time to face it head on

Hello,

I was here about 18 months ago, ready to tackle about 12k worth of credit card debt. Sadly, stupidly and could more than kick myself for it, I didn't stay on track and didn't keep focused and I am now in £18.5k worth of debt on credit cards. My debt came from holidays, cash advances, clothes, stuff for my house and so on...
I've been lucky (and through working my butt off ;)) to get a promotion at work and now my income is good, but my debt is crippling. And what makes me so sad is that I am now paying for a life I couldn't afford, but could now if I had not been so utterly stupid and frivolous.
After I split up with my husband, I felt a real surge of needing to make it on my own and not lose any face - and so I maintained a life I couldn't afford any longer on one salary. And I spent more to feel better, you know the usual story... :(

I've tried to move the credit card debt onto 0% interest but I cannot get another card or loan, my credit rating is ok-ish but my amount of borrowing is putting lenders off.
My Dad very kindly lent me the money 18 months ago to pay off my credit card so that I was paying back the capital and not the interest. I finish paying him back next month, but I have racked up the debt and more. I am way to ashamed to tell him.

I don't want this anymore. I work hard and have put myself in a position where I am working to pay off debt. I want to be able to save for a house and holidays for me and my daughter, knowing that I have saved and paid for it myself. I guess I want to have a bit of pride now in managing my money well, rather than the fake pride I had pretending I could keep managing whilst running the debt up in the background.

I've done my budgets, have cancelled all non-essentials, negotiated internet bill down and gone onto a new phone tariff from £36/month to £19/month. And it's very tight still, I will post up details later to see if anyone can help cut it anywhere else!

So week 1, here we go! Off to an ok start managing to cut my food shop from my new budget of £40/week to £22 (it used to be £80..). But then my car broke down and I've had to pay out £200 for a new exhaust. So priority this week is making £200 from somewhere to pay for it. I have an old iphone 4s that I can sell and I need to get creative to make the other £100! Ideas welcome! Bit gutted that won't be going on the credit card thou.

Feel a little better getting that down. Thanks for listening :)
x
CC1 = [STRIKE]£10,323[/STRIKE] £8,200
CC2 = [STRIKE]£8,437[/STRIKE] £0
Loan = [STRIKE]£3200[/STRIKE] £0
Total = [STRIKE]£21,960[/STRIKE] £8,200

£10/day challenge: £10
«1

Replies

  • Ooh just found £13.62 in change round the house! Bonus!
    CC1 = [STRIKE]£10,323[/STRIKE] £8,200
    CC2 = [STRIKE]£8,437[/STRIKE] £0
    Loan = [STRIKE]£3200[/STRIKE] £0
    Total = [STRIKE]£21,960[/STRIKE] £8,200

    £10/day challenge: £10
  • Good luck, Counting. I'm at the start of my DFW journey too. We can do it. And there is real pride in managing your money properly - it's a good feeling :)
  • And I've just subscribed (my first ever!) :D
  • Enjoying_life_moreEnjoying_life_more Forumite
    297 Posts
    Eighth Anniversary 100 Posts Combo Breaker
    Forumite
    Good luck on your journey - my thoughts are (not than i'm an expert) - don't beat yourself up about why/ how it happened (as long as you learn from the past)- it's negative energy . You are here and doing something about it which is very positive :)
    Total Morg and debt outstanding March 2019. 84,487.00

    Total morg and debt o/standing 1/11/19 - 80,177
    Total morg and debt o/standing 8/3/20 - 77,996

    Total morg and debt Feb 2021 - 75021
    Total morg and debt jan 2022 - 68441
  • Thank you so much Enjoying life more and Pickle me for replying! It is really motivating having a support network, otherwise utterly terrifying and head burying is prone!!!
    CC1 = [STRIKE]£10,323[/STRIKE] £8,200
    CC2 = [STRIKE]£8,437[/STRIKE] £0
    Loan = [STRIKE]£3200[/STRIKE] £0
    Total = [STRIKE]£21,960[/STRIKE] £8,200

    £10/day challenge: £10
  • Good morning!
    Woke up feeling annoyed after a letter last night from Lloyds to say my interest rate is going up to 26% in April, so I have to do everything I can to bring that down fast.
    Wins so far today... I have stopped buying soya milk splashes at work and brought my own in, saving a 60p a day - not mega money but i'd rather stick in my credit card rather than in my tea!
    I have turned down a night out this Friday as part of my pledge to not go out for the first month. And seeing as I am training for a marathon in April anyway, i'm giving up alcohol - unless its free :)

    Did my debt free date and it is January 2016, seems like a long way off and by hell or high water if I can reduce it I will!!!!!

    Hope everyone is having a good day so far!

    x
    CC1 = [STRIKE]£10,323[/STRIKE] £8,200
    CC2 = [STRIKE]£8,437[/STRIKE] £0
    Loan = [STRIKE]£3200[/STRIKE] £0
    Total = [STRIKE]£21,960[/STRIKE] £8,200

    £10/day challenge: £10
  • Hi :)

    I'm subscribing. I think you're off to a great start and focused, yeah you've made mistakes but who hasn't ? You have a goal and something to aim for now so keep going ... Can you sell anything on eBay to make up the rest of the money for the exhaust ?
    Focusing on clearing the credit cards in 2018 :T
  • Thanks for subscribing DottyAnne!

    Yes I have loads of clothes and some costume jewellery I can sell, also an ipad case - am sure there are a few other bits too! I will make that a mission tonight or Friday night. I find selling clothes on ebay a bit of a faff, it'd be great to hold a little sale day and do it in one go!
    CC1 = [STRIKE]£10,323[/STRIKE] £8,200
    CC2 = [STRIKE]£8,437[/STRIKE] £0
    Loan = [STRIKE]£3200[/STRIKE] £0
    Total = [STRIKE]£21,960[/STRIKE] £8,200

    £10/day challenge: £10
  • jwiljwil Forumite
    16.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Good luck :)
    "If you can dream it, you can do it". Walt Disney
  • Thanks for posting, Counting!! Can really relate to all you've said, especially the 'spending to feel better' issue.
    Keep going!! I find this forum really supportive too.
    2014 Frugal Living Challenge
    #48 Crazy 2014 Clothes Challenge: £95.00/£100
    Number of read books/unread books: 9/56
    Number of new books bought in 2014: 1

    Ain't nothin' goin' on but the rent
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