Had my lightbulb moment!

scottishbrummy

So, it's been almost a month since my LBM and to think how stressed I was a month ago I'm in a very different place...
Last month both my mortgage and loan bounced. They've both now been paid and I have enough left in my account for the loan, the mortgage having been rearranged to my next payday.

I haven't put any extra money towards my debt this month because of the situation I was in last month, but because I'm now under control, I'll be able to put money next month.

I've been much more frugal this month and although I'm now out of money to spend with over a week to go until payday I do still have a fridge/freezer full of food and I'm away all of next week at my parents so shall be ok.

Valued opinions account is up to £10.25 so only another 25p to go until I get my first voucher!

Thanks to this forum I feel like I'm finally on the road to being debt free - when I look back on how I've got here it's crazy!

Willowpop

Sounds like you're in a MUCH better place now... isn't it amazing how quickly it all feels better once you take control?
You're doing super well...and next month you'll be in an even better place. Well done!:T

scottishbrummy

So happy! I finally got over the threshold for a voucher on valued opinions! £10 John Lewis voucher on the way that I can put towards Fathers Day.
And, my rail vouchers arrived from my delayed train trip to London last month so will exchange those for cash tomorrow on my way to the airport!
Off to stay with the parents for a week so should hopefully be a cheap week before payday on Friday

scottishbrummy

Happy Wednesday! Not been on here for ages! Kind of taken my eye off the ball a little over the last month and not paid off as much as I should have - I need to stay focused!
Happy that my loan is now under the 4k mark, still a looooong way to go but it's getting there. Due to be paid off in October......2018 I'm going to really focus on getting rid of the credit card first, and I think I should be able to pay it off by Christmas if I try hard. I'd say earlier, but I've got a holiday to Italy in September and I want to be realistic. If I can get rid of the credit card by then, that'll mean I can start 2017 with just the 1800 overdraft and about 3300 left on the loan.
I am determined that this debt will be gone!

bettyboo71

At east you are able to acknowledge that you have let things slip - we all do from time to time. Setting realistic goals is a good way to stay motivated. Stick with it and you will get there.

scottishbrummy

Well it's been 4 months since I last posted here and about 7 months(?) since I had my LBM!
I'm in exactly the same position with my CC and my overdraft is lower only because of some birthday money I received... however, I'm being optimistic and at least I've been paying my loan installments (never getting another one!) and that's come down a lot.
I'm also on top of my bills so everything is getting paid again. Makes a change from when I joined this forum and things were getting missed and I was having to make arrangements to pay - or even waiting for payday to pay everyday household bills.
Now that I'm back under control I can start paying back the credit card. I've said it before I know, but I feel determined this time. I turned 28 this week and I'm determined that by 29 I won't have the credit card or the overdraft. This will take take at least 265 a month for the next year (interest not included), but I'm being positive and know that its affordable.
I CAN DO THIS!!!

scottishbrummy

Has it really been over a year?? Well where am I now... I've been chipping away at my loan so now it's under £3000, I'm over my overdraft limit, however, I get paid the day after tomorrow so that will be reversed and won't ever happen again. I seem to find myself in the same position time after time, but never seem to do anything about it.
I've not used my credit card since the end of november so that's good, and although I'm only paying the minimum amount it's coming down - albeit very slowly.
I've not posted on here for a while now, but do still pop in to have a mooch around... there are lots of inspiring stories here.
Wishing you all the best (bit of a rambling post, but that's me all over tbh!)

enthusiasticsaver

Overdrafts are one of the most expensive forms of borrowing (especially if you going over it regularly) and if you only pay the minimum on the credit card it will never be paid off. Even not using it you need ideally for it to be on 0% and to be paying a good proportion of it each month not just minimum payments. I don't think you have had your LBM yet.

As an exercise of how much money you are throwing away in interest add up all bank fees and interest you have paid over the last 12 months. That sometimes helps it to sink in that debt is expensive.

scottishbrummy

Well it’s been a while so time for an update...
Still got 5183 owing of the original 7750 but that has come almost all from lon repayments.
I’ve worked out that I can pay 75 a month towards the credit card (1426) until next October (2018) when I will have repaid the loan and can add on the 170 a month I’m paying towards the loan.
I’m getting there albeit slowly...

tealady

Hi
Good on you, it is so easy to get into debt and so hard to get out (been there, got a wardrobe full of t shirts).
Keep chipping away, if you want an inspirational post thenI would highly recommend the opening post in "Eleven years a slave"
Just concentrate on the spoon, and remember that whatever you have to deal
with chances are someone on here has faced it and can give 1st hand advice