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Debt free before 30.. can I do it?

edited 30 November -1 at 12:00AM in Debt Free Diaries
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  • The one debt I hate the most is the Very account currently sitting at £813.50- the reason I hate it as I have no excuse apart from greed and wanting shiny new things that I couldn’t afford. It’s biting me in the bum again as I was looking through my statements and realised my BNPL purchase (presents for last Christmas!) hasn’t been paid off- I didnt realise I had to allocate payments towards them rather than the balance- so £272 of interest :eek: will hit the account on DEC 17! I am so angry with myself, i have been making PAD towards it to try and get is as down as much as possible! Thankfully I have sold 8 items on ebay this week so all profits from that have been paid straight off Very.
    My credit limit is £850 as I reduce it by £50 each month to take away temptation so with the interest added on it will take me over the limit which is worrying me. I have applied for a loan to pay it off in full before the interest was added but was declined (I wasn’t surprised). My plan of action is to throw as much money as possible at it over the next 4 weeks. I was planning on getting my hair done next month but will put the money towards Very (£45) instead.
    So much stress and it’s all my fault from pure greed and ‘keeping up with the Jones’, I hate credit now and feel mentally different about money which is one positive from this mess!

    That was one big brain dump!
    Speak soon,
    Becks
  • I really want to work in my NSD’s, I would like working days to be no spends and it’s completely achievable with planning. That’s going to be my goal for next week, hopefully it will set a pattern.
    I currently have 20 items listed on EBay a few buy it nows and the rest bids. I want to list another 10 items over the next week.
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    You should definitely be targeting the Very and the Aqua credit cards first and then the overdrafts. It looks as if eBay and Paypal may be sites you should avoid until the debt gone.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • NicnakNicnak Forumite
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    Firstly, well done on your NSDs and the fact you are tackling this, and recognising why things are like they are.

    I made excuses for years, and you are beyond that. Only when you do that, can you really change your mindset and start to do things differently. This is exactly what you are doing now.

    You are already make huge progress. Could you call them and explain that you can see it will take you over the limit with the interest? I'm pretty sure they have to have the amount a certain percentage lower than the credit limit to build in things like this.

    Selling the things on eBay will, and can help. If you can get the money for them in from paypal, then you can obviously bring down that payment enough so that it doesn't go over the limit you are worrying about.

    Good luck with the sales. I used to love them coming in and seeing where they ended up at the end of the month. xx
    September 2017 Debt = £25330
    Now:
    Dad £2000 = £0 Car £17450 = £12,204
    Ex £8000 = £0 Loan £8000 = £7641 Sofa £820 = £0
    Total £28,270 = £19,845 PAID £8425
    Mortgage £191,311 = £189,815
    EF = £6000 Xmas = £0
  • NicnakNicnak Forumite
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    Part of the Furniture 1,000 Posts Photogenic Name Dropper
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    A motto I have been living by recently, and it has helped is 'believe and you can achieve'. if you believe that you can get that money down by the £272 then you will. x
    September 2017 Debt = £25330
    Now:
    Dad £2000 = £0 Car £17450 = £12,204
    Ex £8000 = £0 Loan £8000 = £7641 Sofa £820 = £0
    Total £28,270 = £19,845 PAID £8425
    Mortgage £191,311 = £189,815
    EF = £6000 Xmas = £0
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • I agree Enthusiasticsaver- although I never shop on Ebay I use PayPal to buy stuff online, and it doesn’t feel like ‘real money’ I’m sure there’s a way to disconnect PayPal from your bank account which I will look into. I am aiming to pay off debts in that order, I can’t wish you close that Very account!

    Thanks so much Niknak- I love that quote. I will ring them tomorrow and see if there is anything they/I can do. I feel much more better mentally regarding money also my other half is on board which has made a huge difference.

    NSD today :)

    Becks xx
  • NicnakNicnak Forumite
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    I agree Enthusiasticsaver- although I never shop on Ebay I use PayPal to buy stuff online, and it doesn’t feel like ‘real money’ I’m sure there’s a way to disconnect PayPal from your bank account which I will look into. I am aiming to pay off debts in that order, I can’t wish you close that Very account!

    Thanks so much Niknak- I love that quote. I will ring them tomorrow and see if there is anything they/I can do. I feel much more better mentally regarding money also my other half is on board which has made a huge difference.

    NSD today :)

    Becks xx

    Did you manage to call? Glad you are feeling better. It's so nice when hubbies are on board too. x
    September 2017 Debt = £25330
    Now:
    Dad £2000 = £0 Car £17450 = £12,204
    Ex £8000 = £0 Loan £8000 = £7641 Sofa £820 = £0
    Total £28,270 = £19,845 PAID £8425
    Mortgage £191,311 = £189,815
    EF = £6000 Xmas = £0
  • Having a very lazy day today- me and little one are still in our pjs!
    All the washing done, kitchen cleaned and 3 more items listed on Ebay.

    Managed to get my first £5 amazon voucher through swag bucks :)
    Sold a designer bag on eBay, £75 after fees postage etc. I put £20 in emergency fund and paid another £30 off the Very account- which takes it below £800 - Very happy with that. I will ring Very later to find out if the interest will take me above credit limit and what I can do about it!

    Another NSD today- it’s so cold here doubt we will venture out.
    Will post my goals for the coming week later- I’m really into making goals at the moment

    Becks
  • edited 21 November 2017 at 10:16AM
    SunshineBecksSunshineBecks Forumite
    56 posts
    edited 21 November 2017 at 10:16AM
    A few things I am aiming to achieve next week:
    - [STRIKE]work one day overtime- will see this is Dec pay so will be nice for the long Jan.[/STRIKE]
    - payout from PA- roughly £6
    - do some surveys daily
    - list 5 ebay items
    - write final Christmas list ready for payday
    - [STRIKE]write Christmas activity list to make Little ones Christmas as magical as possible[/STRIKE] DONE
    - look in to football club for little one
    - continue to pay as much as poss off the Very account
    - Have 5 NSD- a big one for me but I aim determined!

    That’s all for now :p

    Becks
  • NicnakNicnak Forumite
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    That's fab for a designer bag. Slow and steady is what you're achieving.

    Did you manage to call Very and check? It's fab progress you are making. What's that now? Under £200 with the £75. I think your target was £272 to pay that interest?

    X
    September 2017 Debt = £25330
    Now:
    Dad £2000 = £0 Car £17450 = £12,204
    Ex £8000 = £0 Loan £8000 = £7641 Sofa £820 = £0
    Total £28,270 = £19,845 PAID £8425
    Mortgage £191,311 = £189,815
    EF = £6000 Xmas = £0
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