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Determined to divulge myself of debt!
committed2change
Posts: 6 Forumite
Well here we go. I hope this diary will help me to keep on track.
After a second or possibly third lightbulb moment, I am determined to change my ways. I think this LBM came about a few weeks ago, after I got a loan from a doorstep collection company to help pay for Christmas. I had been determined not to give in to temptation, but after working out my weekly budget I realised that I have literally no money to spare for Christmas.
This is not my first attempt to clear my debts. I have to sort my finances out! I would like to be able to buy a house eventually (10 years time?) so am trying to avoid bankruptcy, insolvency etc and am going it alone. I have around £23k of unsecured debts, my philosophy was obviously that the debts would go away if I ignored them for long enough. Well that did not work
!
I arranged to pay several creditors a token payment of £1 a month, or a reduced settlement figure over 3 months but this made my budget so tight that I cancelled them all.
I am setting myself rules/to-do's that will keep me motivated as I find that writing something down helps me.
Rule #1: I will not set up any payment plans until I have a working budget in place, and then it has to be an affordable amount!
Rule #2: I will plan my weekly shop in advance! I got pretty good at planning meals etc but then I just 'pop' to the T supermarket and come home £20 lighter.
Rule #3: I will reduce all spending as far as possible, get Christmas out of the way and in January I will throw all spare money at my debts!
After a second or possibly third lightbulb moment, I am determined to change my ways. I think this LBM came about a few weeks ago, after I got a loan from a doorstep collection company to help pay for Christmas. I had been determined not to give in to temptation, but after working out my weekly budget I realised that I have literally no money to spare for Christmas.
This is not my first attempt to clear my debts. I have to sort my finances out! I would like to be able to buy a house eventually (10 years time?) so am trying to avoid bankruptcy, insolvency etc and am going it alone. I have around £23k of unsecured debts, my philosophy was obviously that the debts would go away if I ignored them for long enough. Well that did not work
!I arranged to pay several creditors a token payment of £1 a month, or a reduced settlement figure over 3 months but this made my budget so tight that I cancelled them all.
I am setting myself rules/to-do's that will keep me motivated as I find that writing something down helps me.
Rule #1: I will not set up any payment plans until I have a working budget in place, and then it has to be an affordable amount!
Rule #2: I will plan my weekly shop in advance! I got pretty good at planning meals etc but then I just 'pop' to the T supermarket and come home £20 lighter.
Rule #3: I will reduce all spending as far as possible, get Christmas out of the way and in January I will throw all spare money at my debts!
LBM 06/11/14
Debt @ LBM - £23,387.41 (all unsecured!)
NST November #29: Food £12.18/£230 Petrol & Parking £0/£50 Christmas £0/£40, Extra debts £0, NSD's 0/15, Food bank £0/£5, Outings £0/£50, Lunches 0/6, Exercise 0/15
Debt @ LBM - £23,387.41 (all unsecured!)
NST November #29: Food £12.18/£230 Petrol & Parking £0/£50 Christmas £0/£40, Extra debts £0, NSD's 0/15, Food bank £0/£5, Outings £0/£50, Lunches 0/6, Exercise 0/15
0
Comments
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Well done on the LBM and the three resolutions. You may benefit from assistance from one of the debt related charities. Maybe give them a call.Mortgage at 01.01.14 £119,481.83:eek: today £0 Emergency fund £5.5/5.5k & £200/200 cash.:jWeight 24/02/19 14st 7lb now 12st 1lb determined to stop defining myself by my mistakes. Progress not perfection.:T100%through my 1% mortgage challenge. 100% through my pb challenge. I’m not perfect but I’m good enough.0
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Divest.........................?Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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C_Mababejive wrote: »Divest.........................?
EXACTLY! As I just re read it I thought "OMG you muppet" lol xxLBM 06/11/14
Debt @ LBM - £23,387.41 (all unsecured!)
NST November #29: Food £12.18/£230 Petrol & Parking £0/£50 Christmas £0/£40, Extra debts £0, NSD's 0/15, Food bank £0/£5, Outings £0/£50, Lunches 0/6, Exercise 0/150 -
committed2change wrote: »EXACTLY! As I just re read it I thought "OMG you muppet" lol xx
Well good luck with your divestments anyway...Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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