My journey to a debt free life

edited 30 November -1 at 1:00AM in Debt Free Diaries
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  • OnebrokeladyOnebrokelady Forumite
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    There are lots of people on this forum who have done DMPs and swear they got the best nights sleep after doing them. They are not for everyone and some prefer to do their own rather than use stepchange but it usually means that the debt stops rising, you stop robbing Peter to pay Paul and the monthly payment is affordable and allows you to live. It still requires some financial discipline but before you know where you are you will be advising others on here too. Good luck.
    That’s what I’m hoping for,I’m so sick of not knowing from one month to the next if I will be able to pay everyone and I’ve got into the trap of using one card to pay for food so I can pay another card which I turn leads to more debt,I do know in my heart how to budget and I think I will be ok with it all once I know how much exactly I have each month,I’ve never had an emergency fund before either so any unforeseen things end up on my card,luckily I have some temporary money coming in for a few months and I’m going to use this to save up my emergency fund at least to start me off
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £3,878 Now Owed = £13,739.77
    Emergency Fund = £1000 Xmas savings = £400.00
    House Fund = £2,100😊
  • OnebrokeladyOnebrokelady Forumite
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    Well today was the day for filling out the budget form on the SC website so I did that and the remedy it suggested was bankruptcy:eek: :eek: I immediately panicked and decided to phone them instead,I spoke to a very nice man who went through the budget form with me and hey presto they recommended a DMP,I now have to wait for the paperwork to come through and then send it back with the relevant documents and info so that is that ball rolling
    He advised me to set up a new bank account as one of my creditors is who I actually bank with so I am going off into town to try to do that in the morning,unfortunately I don’t have any of the id they ask for so I’m not sure what is going to happen,I have sorted all the documents that I think might be ok to use, MSE says a tax letter is ok and I have one of my tax statements but it’s not current so I’m hoping that won’t matter,I’m also thinking of trying the same bank that I’ve got my mortgage with because I am already a customer so surely that will help. So that is tomorrow’s job
    In other news I managed to have an NSD day today which was great,I have also saved money on my Slimming world membership because I got to goal this week so I now go for free if I stay within 3lbs of my target weight ( the fact I can’t afford it is a good reason the stay at goal :rotfl:)
    I have had a day at home mainly doing the mountain of ironing that had taken over the house,I just don’t know where it all comes from,it’s so nice when it’s all done though and put away
    DD volunteers on a Wednesday and the place she goes to has free food donated by the local supermarket and anyone can have it ,I needed potatoes so she brought home a bag for me,so I managed to get free potatoes today saving me a bit of money
    I’m still not feeling 100% after being ill at the weekend but I’m hoping I will feel better soon,I think some of it is nerves,I just can’t eat without feeling sick,last time I had a tummy bug it took me over a week to get over it but I’m hoping it will be quicker this time,luckily I’m on holiday this week so haven’t had to go sick as that would have been a disaster
    Anyway I’m actually tired now so hopefully will sleep so it’s off to bed for me
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £3,878 Now Owed = £13,739.77
    Emergency Fund = £1000 Xmas savings = £400.00
    House Fund = £2,100😊
  • OnebrokeladyOnebrokelady Forumite
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    Woke up in the early hours feeling panicky and couldn’t get back to sleep,all the stuff I,ve got to do was just going round and round in my head,I’m worried I won’t be able make to live on the money left over after paying the DMP when it’s set up and I am still panicking about changing my bank account.
    I think my biggest problem is that I’m having to keep this secret from my daughters especially my younger one,she went back to uni in September to train to be an OT,she didn’t want to give her job up but it would have been impossible to stay there,she currently can’t give me any keep and I had to convince her I could manage without any money from her,I actually could and can if I stop being so stupid with money but she won’t see it like that,I don’t want her giving up her course and going back to a job she hates so I’m not telling her,she will also worry herself sick and it’s not her problem she pays for all her own food and budgets really well but she doesn’t have enough money to give anything to me at the moment,I want her to carry on with her course and get a good job so she doesn’t end up like me in the long run,she has to go on placement soon and has saved up a good amount of money to pay for travel and accommodation if she needs it ,I’m going to start copying her budgeting skills because she is really good,I don’t know where she gets it from
    Anyway I need to go as sitting here won’t get stuff done
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £3,878 Now Owed = £13,739.77
    Emergency Fund = £1000 Xmas savings = £400.00
    House Fund = £2,100😊
  • CherryfudgeCherryfudge Forumite
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    Hi, I've just discovered your diary! Welcome (though I'm sure I've seen you on these boards somewhere before!) and well done for biting the bullet and tackling the finances. It's always a learning curve at first but you will learn and adapt. I do think being honest with yourself and looking at your actual spending not just what you think you spend is key, so I'd recommend a spending diary for a while so you can see where the pennies go.

    Brilliant that you have got to target weight, by the way! That shows you can adapt and getting financial control is very similar to learning to eat healthily. Lots of little choices. :)

    I can see how you mean about keeping it quiet from your daughters, especially as one needs to keep on her course. I also have a student (son) living at home and it occurs to me that although he buys his own food, it would save money if he'd eat with us more often. Some things really do have economy of scale. It may be that you and your DD can work together on some meals and contribute a percentage each but still save money.

    Lots of good wishes, hope you feel better soon (talk it over with your doctor if you don't, they can be very helpful and feeling exhausted won't help you cope). I've subscribed :)
    Fashion on the Ration challenge: 39.5 coupons c/f from 2020 + 66 coupons this year. Spent 31.5 of these Jan-March 2021.
  • OnebrokeladyOnebrokelady Forumite
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    Hi thanks for the advice I think I will get myself a spending diary so I can keep track of everything, at the moment I use my card for everything so it’s easy to lose track of what I have spent then before I know it I’ve spent too much,I’m very good at paying my bills and they all go out on DD automatically so I don’t have to think about it,I’m going to be using cash for everything soon as well so that will help,my daughter works out her budget each month and then draws out the moneyshe needs she then puts it all in separate envelopes so she has food money,pocket money etc and once it’s gone it’s gone,she is vegan so eats totally different food from me that why we buy our own food,I’m veggie but I have eggs and dairy too,I think the most she spends on food a week is about £12;:eek: and she eats really well,I need to learn to plan my meals so I know I’ve got all the bits to make a meal,I tend to live on convenience food and ready meals so planning is something I need to get used to,
    I was on these forums years ago but not with this name 😊
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £3,878 Now Owed = £13,739.77
    Emergency Fund = £1000 Xmas savings = £400.00
    House Fund = £2,100😊
  • OnebrokeladyOnebrokelady Forumite
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    Hi, I've just discovered your diary! Welcome (though I'm sure I've seen you on these boards somewhere before!) and well done for biting the bullet and tackling the finances. It's always a learning curve at first but you will learn and adapt. I do think being honest with yourself and looking at your actual spending not just what you think you spend is key, so I'd recommend a spending diary for a while so you can see where the pennies go.

    Brilliant that you have got to target weight, by the way! That shows you can adapt and getting financial control is very similar to learning to eat healthily. Lots of little choices. :)

    I can see how you mean about keeping it quiet from your daughters, especially as one needs to keep on her course. I also have a student (son) living at home and it occurs to me that although he buys his own food, it would save money if he'd eat with us more often. Some things really do have economy of scale. It may be that you and your DD can work together on some meals and contribute a percentage each but still save money.

    Lots of good wishes, hope you feel better soon (talk it over with your doctor if you don't, they can be very helpful and feeling exhausted won't help you cope). I've subscribed :)
    Hi I’ve replied to your post bu forgot to put it in quotes so I’m not sure is you will see it,I’ve also subscribed to your diary too,thanks for the advice,I’m off to look at yours now to be nosy 😀
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £3,878 Now Owed = £13,739.77
    Emergency Fund = £1000 Xmas savings = £400.00
    House Fund = £2,100😊
  • OnebrokeladyOnebrokelady Forumite
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    Well today was very productive,I decided to try to get a new bank account with The Nationwide because I have my mortgage with them and I thought I wouldn’t need any id and I was correct in my assumption I just had to give them some details and I was approved for three different accounts,I’ve picked one that offers me 5% interest in the first year and 1% yearly after that if I pay in £1000 a month,my wages are going to be paid into this account so I will be getting that interest,it’s also fee free but did come with a massive £1250 overdraft which I refused,she did talk me I into setting it at £100 as a buffer but I can cancel this at any time,I now have to swap everything over,I’m nervous of transferring my wages because my payroll dept can be pretty useless and I worry they won’t pay it into my new account,I’m going to phone them tomorrow to find out how I change it, The it’s just the million direct debits I have,it’s a bit daunting and I’m worried I will do something wrong but so far so good,I am sooooo tempted to clear my overdraft on the old account with a balance transfer onto one of my CC cards but I’m worried this will be frowned upon by Stepchange,it would be the same debt just moved but I’m not sure if I should do it or not,if I did this it would mean the Nationwide would swap all my stuff for me and I wouldn’t have to do anything,I would still owe my current bank money on a CC but not the overdraft,I don’t know what to doooooo,it’s not that I’m lazy it’s just I don’t trust myself not to muck it up😄
    I had to hang around in town while waiting for my bank appointment so took myself off for a coffee so did have a little spend today,it was so cold though and I had two hours with nothing to do so I went and sat in the coffee shop,I did resist buying a magazine to read while I was there,this is a big thing for me as I have a serious magazine addiction,I was thinking about it today though and the three I buy monthly cost £6 and I just suddenly realised how crazy that is,I literally read them and recycle them,that’s just throwing £6 straight into the recycling bin,what a nutter to not see this before especially as all the info I need is free online ( they are home improvement mags) my mum treats me to a magazine every fortnight too as well as the ones I buy,but I read them then pass them back to her and then she passes them onto my niece so at least they get well read
    I also had to go to Boots for some meds for my poorly tummy and my DD has an awful cold so I got some cheap brufen for her,I didn’t pay though I used my reward points and I still have £22left on my card so I was pleased with that,I tend to use my rewards for things like makeup if I run out and I save a lot for Xmas pressies too
    I am due an eye test so booked that today too,I won’t have to pay for it though as I got a voucher through the post for a free eye test
    I also resisted going for a mooch round the shops while in town so I wouldn’t be tempted to spend money and I was intending to go to the supermarket and buy something for my tea but I didn’t I came home and baked one of the free potatoes that DD brought home yesterday and had that with cheese
    I’ve finally caught up with the washing mountain and am really going to try not to let it pile up again,I just need to spend more time doing housework and less time looking at FB🙀I get distracted and then have to rush round like a loony trying to sort everything out,I’m not lazy really just bad at time management
    I’m relieved I managed to open another account today though I thought with my lack of id it was going to be impossible😊
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £3,878 Now Owed = £13,739.77
    Emergency Fund = £1000 Xmas savings = £400.00
    House Fund = £2,100😊
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    Well done on opening the new current account.

    If you can get online access you can often change bank details online.

    I don't think stepchange would be worried if you moved your overdraft to a 0% credit card but if the process already started I am not sure it will be approved. Have they contacted any of your creditors yet?

    Maybe take this opportunity to look at all those direct debits and see if you really need them all?
    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]
  • edited 2 February 2018 at 12:59AM
    OnebrokeladyOnebrokelady Forumite
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    edited 2 February 2018 at 12:59AM
    Well done on opening the new current account.

    If you can get online access you can often change bank details online.

    I don't think stepchange would be worried if you moved your overdraft to a 0% credit card but if the process already started I am not sure it will be approved. Have they contacted any of your creditors yet?

    Maybe take this opportunity to look at all those direct debits and see if you really need them all?
    Hi I have online banking and I hadn’t thought of that��,I’ve decided to just do it myself,I’m thinking this month I will cancel each DD as it gets paid,they all come out over the next couple of days,I can then contact them one by one and transfer them over,I also think I will change the date on them so they don’t all come out in the first week of the month then if my wages go astray I will have time to sort it out.
    I haven’t signed anything with Stepchange yet I’m still waiting for the paperwork to come through and then I have to send them my wage slips and details of the accounts I owe money to
    All of the DD are for my priority bills so I can’t get rid of any of them apart from one and that’s to the Lottery,I’ve been doing it since the beginning and I’m terrifed of cancelling it in case I win,I know my numbers and it would finish me off if I stopped doing it and then could have won,however I have been thinking about it tonight and I’ve just worked out that that lottery payment has cost me over £4,000 after all the years I’ve been doing it and I reckon I’ve won back about £200,I won £43 last week which did come in handy at the time but still I’m not going to hit the jackpot am i��
    I also don’t need to pay my council tax until the 1st of April either so I can cancel that one now and set it back up in time without any bother
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £3,878 Now Owed = £13,739.77
    Emergency Fund = £1000 Xmas savings = £400.00
    House Fund = £2,100😊
  • OnebrokeladyOnebrokelady Forumite
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    Another productive day for me today,I got up early and tidied the house,walked the dog and let the chickens out for a wander round the garden.I Then had to go to my mums for a a haircut my niece cuts my hair for £10 but I never end up paying for it as my mum always pays,I ve given up arguing with her about me paying for it myself as she is very stubborn,mum also gave me £50 to treat myself today so I used some of it to pay for the food shopping I needed and the rest has gone into my emergency fund,I am learning fast not to splurge money that I haven’t got and extra unexpected money will be going into my fund pot,normally I would have gone out and spent that on treats for myself but there isn’t really anything I need so I’m quite proud of myself today.
    One thing I did realise this morning is that in my hurry to open a new bank account I was so fixated on opening one for my wages and bills I didn’t open one for my emergency fund,I don’t want this money hanging around the house so I will have to go and do that next.
    I also did a small food shop today and stuck to my list,this is an area where I think I can make good savings as I don’t plan my meals so end up buying things I don’t need, these sometimes don’t get used because I don’t have to bits to go with them to make a meal,so more planning will be taking place,when I do cook it’s just for me so I divide what I’ve made into four and just eat that for four days,I always take leftovers from the night before for lunch at work the next day,I work 12 hour shifts so it’s sometimes two meals but quite often I have my cooked food at lunch time and I don’t feel like eating later so I just have cereal or toast which I can get free at work so win win 😃
    I’m still feeling poorly with a gyppy tummy so went back to Boots today to and bought some silicol gel,it’s supposed to help if your bowel is damaged from a bug or you have IBS (which I do ) I was in so much pain last night from trapped wind and woke up this morning feeling sick,this stuff is supposed to get rid of nausea which means I might be able to actually eat something later,I took some when I got in and it is the most disgusting stuff I have ever tasted,however I am desperate and if it works I will be soooo happy,I only bought the small bottle because it’s really expensive but I used my Boots points to buy it,i took it about 40 minutes ago and I feel better than I did before so hopefully it’s working 😊
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £3,878 Now Owed = £13,739.77
    Emergency Fund = £1000 Xmas savings = £400.00
    House Fund = £2,100😊
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