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Drifting in a Sea of Debt

BettyBones
Posts: 164 Forumite
Hi everyone! :wave:
Oh my days (as DS would say) … where to begin. I’ve been drifting in a sea of debt for as long as I can remember. I don't think I can remember a time when I wasn't in debt. Back in 2013 my debts looked like this:
Tax Credits: £4,693.26
Capital One CC: £6,384.24
Santander CC: £2,844.50
Halifax CC: £6,341.00
Total Debt: £20,263 :eek:
The Tax Credits bill came in April 2013 and with it came my LBM. I knew that I couldn’t keep mindlessly spending on the credit cards. It was bound to catch up with me some day. So over the last 3 years I’ve been making a concerted effort to try and pay it all back. It’s been hard going at times and there’s been days when I’ve just wanted to sack it all off and go on a spending spree (because it’s all so depressing) but somehow, with endless inspiration from stalking the contributions of you lovely peeps on the DFW boards and diaries, I’ve managed to persevere (A massive thank you to each and every one of you for that!).
I’ve upped my work hours from part time to full time, moved to a smaller place in the middle of nowheresville to reduce my rent and other outgoings, slowly managed to switch everything over to 0% interest, ditched the non-essentials such as gym membership, TV packages and chocolate (well ok, chocolate hasn’t been entirely ditched) and generally got better at managing my money. I’ve even managed to stop frequenting coffee shops and the home of that stupid clown Ronald. It's been a rollercoaster 3 years for sure but today my debt looks like this:
Tax Credits: £782.46
Capital One CC: £390.00
Santander CC: £1,397.51
Halifax CC1: £2,500.00
Halifax CC2: £3,090.00
Tesco CC: £1,500.00
Total Debt: £9,659.97
Not too bad overall. At least its heading in the right direction. But now I need to get focused. I've been drifting along for far too long and I just want these debts gone. I am so sick of having them overshadow everything I want to do. So I've set myself the challenge of getting rid of them within the next 12 months and I'm determined to do it, regardless of how much scrimping and scraping I have to do. If I have to live on jelly beans and cat biscuits for the next year then so be it. Although I don't actually have a cat so that's a relief. I won't be tempted.
By the end of April 2017 I fully intend to be in a position to sail off, debt free, into the sunset. Literally! Because in order to give myself the motivation to do this I've just put a deposit down on a two week cruise and I sail on 26th June 2017... so I need to pull my finger out!
Hopefully this diary and all you lovely DFW peeps will help keep me on track.
So first things first... I guess I need to go and do a SOA and see how impossible this mission really is...
Wish me luck x
Oh my days (as DS would say) … where to begin. I’ve been drifting in a sea of debt for as long as I can remember. I don't think I can remember a time when I wasn't in debt. Back in 2013 my debts looked like this:
Tax Credits: £4,693.26
Capital One CC: £6,384.24
Santander CC: £2,844.50
Halifax CC: £6,341.00
Total Debt: £20,263 :eek:
The Tax Credits bill came in April 2013 and with it came my LBM. I knew that I couldn’t keep mindlessly spending on the credit cards. It was bound to catch up with me some day. So over the last 3 years I’ve been making a concerted effort to try and pay it all back. It’s been hard going at times and there’s been days when I’ve just wanted to sack it all off and go on a spending spree (because it’s all so depressing) but somehow, with endless inspiration from stalking the contributions of you lovely peeps on the DFW boards and diaries, I’ve managed to persevere (A massive thank you to each and every one of you for that!).
I’ve upped my work hours from part time to full time, moved to a smaller place in the middle of nowheresville to reduce my rent and other outgoings, slowly managed to switch everything over to 0% interest, ditched the non-essentials such as gym membership, TV packages and chocolate (well ok, chocolate hasn’t been entirely ditched) and generally got better at managing my money. I’ve even managed to stop frequenting coffee shops and the home of that stupid clown Ronald. It's been a rollercoaster 3 years for sure but today my debt looks like this:
Tax Credits: £782.46
Capital One CC: £390.00
Santander CC: £1,397.51
Halifax CC1: £2,500.00
Halifax CC2: £3,090.00
Tesco CC: £1,500.00
Total Debt: £9,659.97
Not too bad overall. At least its heading in the right direction. But now I need to get focused. I've been drifting along for far too long and I just want these debts gone. I am so sick of having them overshadow everything I want to do. So I've set myself the challenge of getting rid of them within the next 12 months and I'm determined to do it, regardless of how much scrimping and scraping I have to do. If I have to live on jelly beans and cat biscuits for the next year then so be it. Although I don't actually have a cat so that's a relief. I won't be tempted.
By the end of April 2017 I fully intend to be in a position to sail off, debt free, into the sunset. Literally! Because in order to give myself the motivation to do this I've just put a deposit down on a two week cruise and I sail on 26th June 2017... so I need to pull my finger out!
Hopefully this diary and all you lovely DFW peeps will help keep me on track.
So first things first... I guess I need to go and do a SOA and see how impossible this mission really is...
Wish me luck x
If you can dream it, you can do it - Walt Disney
0
Comments
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Hello Betty,
Good Luck!
I've just this week started a 'debt free diary', all I'd say (as I am a novice on here) is that there are lots of friendly people, willing to read posts and offer really good impartial advice.
You've made huge improvements since 2013, seems you'll make your cruise no problem.0 -
Thanks Jac_a_nory! I think I'll be ok as long as no curve balls get sent my way to knock me off course! There's always something hiding round the corner isn't there. And it's really hard to keep focused. I wish you all the best with your journey too. Keep at it... we can do this!If you can dream it, you can do it - Walt Disney0
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It was a good idea to do this because it's shown me that my plan to have all my debt cleared by June 2017 is totally unrealistic. However, I refuse to let my debts win and I'm sticking steadfast to the plan. I WILL be sailing off into that sunset in June 2017. I just need to come up with a superscrimping strategy. So I'm away to my bed to sleep on it. Night everyone
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1735
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1735
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 66
Electricity............................. 20
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 8
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 22
Groceries etc. ......................... 60
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 2
Car Insurance........................... 20
Car maintenance (including MOT)......... 0 - My monthly mileage expenses cover this and MOT/SERVICE have just been done.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 120 - DS lives with his Dad. I pay £100 maintenance and give DS £20 pocket money on top
Medical (prescriptions, dentist etc).... 0 - I have free health cover through my work
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - Any presents I need to buy have to come out of my entertainment budget
Haircuts................................ 0 - This year I'm not bothering with hair cuts. I'm going for the wild and windswept look
Entertainment........................... 120
Holiday................................. 100
Emergency fund.......................... 50
Charity................................. 2
Total monthly expenses.................. 1170
Assets
Cash.................................... 1832 (£812 emergency fund, £1,020 saved so far to pay off my Santander Card when the 0% deal expires in June).
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 4332
No Secured nor Hire Purchase Debts
Unsecured Debts - These are the minimum amounts I need to pay to clear my balances before the 0% rates all end and before I cruise off into the sunset.
Description....................Debt......Monthly...APR
Capital One CC.................390.......40........0
Santander CC...................1397......300.......0
Halifax........................5590......100.......0
Tax Credits....................782.......130.......0
Tesco..........................1500......125.......0
Total unsecured debts..........9659......695.......
Monthly Budget Summary
Total monthly income.................... 1,735
Expenses (including HP & secured debts). 1,170
Available for debt repayments........... 565
Monthly UNsecured debt repayments....... 695
Amount short for making debt repayments. -130
Personal Balance Sheet Summary
Total assets (things you own)........... 4,332
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,659
Net Assets.............................. -5,327
Created using the SOA calculator at stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.If you can dream it, you can do it - Walt Disney0 -
You've done really well so far..well done! Keep going. You will get there." Your vibe attracts your tribe":D
Debt neutral27/03/17 from £40k:eek: in the hole 2012.
Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
RYSAW17 £1900 2016 £2,535.16 2015 £1027.200 -
hi I'm a newbie too at posting though been lurking around awhile lol. it might not be as unrealistic as you think - all depends if you would be able to stick to your budget or not. according to your budget you are 130 short a month of the amounts you would need to be debt free.
BUT you having 1020 set aside (not counting emergency fund) so if you were to reduce the amount you pay to Santander by the 130 shortage taking the amount paying them to 170 instead of 300 you would only have 1057 left to pay after taking off may/June's payments allowing you to pay it off fully.
you will then be able to pay the money off other bills
hope this helps
katStarting Weight 28.03.16: 16 stone 11:eek:
Debts as at 05/10/22 35,071.97:eek:
House ISA: 00 -
Thanks Bobarella
I wish I was as far down the debt free road as you... you're almost there. Amazing!
Hi Kat, thanks for having a look at my SOA. I should have mentioned that I pay my rent every 4 weeks so in every year there's a month where I have to pay the rent twice. Grrr! So 260 (so far) of the 1020 pot has been set aside to meet that extra rent payment at the end of May, Meaning I can't reduce the 300 I set aside to pay off the Santander card at the end of June.. I'm sure I make my financial life more complicated than it needs to be lolIf you can dream it, you can do it - Walt Disney0 -
Today I managed my first NSD :j I spent the morning tidying up a bit and then spent the afternoon with my Mum and her deranged moggie. It's definitely not a normal cat. It actually walks around on its hind legs. Totally freaks me out! Someone needs to tell it it's a domestic cat and not a meerkat.
When I got home I raided my sealed pot just to see how much was in it. Any £2 coins I get in my change I plonk into my sealed pot for Christmas spends. But I'd lost track of how many had been plonked so I got a knife and wresteled them out again. I was trying to do it really quietly so the neighbour couldn't hear me lol
After several smacks in the eye from the ones which slid down the knife at 100mph, I ascertained that I have £32.:jIf you can dream it, you can do it - Walt Disney0 -
Hi Betty.
Just wanted to say well done on all you've achieved so far, brilliant work. And best of luck for the next part of your journey. Will be following with interest. I love cruises and I want to do one to celebrate becoming deft free but I've told myself I can't book one until then. But you've made me think if I booked one well in advance, it would keep me motivated. ***Off to flick through the brochure P&0 sent me, oops :rotfl:Debt Apr 15 - £6895.44Apr 17 - £2500
Dec 17 - £560
July 18 - £199
CHEFS challenge (Cruise Holiday Entirely Funded by Surveys) - £685.79
Every penny is a prisoner0 -
Hi Betty, I just wanted to wish you good luck although I'm not sure you need it. You have done fantastically well. If I can just do the same
By the time you sail off into the debt free sunset (literally) I should be well on my way too
have a good week
If you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them
Emergency fund 3501000
Buffer fund 0/100
Debt Free (again) 25/0720250 -
HI Orange Ena... hahaha! I think I should I have just stuck to looking at the brochure. Booking a cruise this far in advance was probably a tad over ambitious but DS tugged on my heart strings. He's in the middle of his GCSE years and so wants to go on a cruise next year to mark the end of his school days. How could I refuse? His contribution was to stick a picture of Tom Selleck in a sailor's outfit on the fridge to help keep me motivated!
Hi DIA... thanks for stopping by to wish me luck. I'm giving it my best shot. I've just caught up with your diary and it sounds like you're where I was a few years ago. Keep at it... time passes quicker than we think and you're doing great! :TIf you can dream it, you can do it - Walt Disney0
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