Repaying my (old) life away!!

edited 4 June 2019 at 12:20PM in Debt Free Diaries
35 replies 2.4K views
princesspenniesprincesspennies Forumite
55 Posts
First Anniversary Xmas Saver!
edited 4 June 2019 at 12:20PM in Debt Free Diaries
After being a long-time lurker I have decided to bite the bullet and start my own thread.:j:j I am a 28yo Mother of 2 boys, I am roughly in about 8K of debt (cc and bank of mum) I earn a decent wage, have spread sheets coming out my ears for monthly expenses (bills etc.,) but its what's left over that seems to vanish.

My youngest is 3yo and things seemed to spiral when i was on maternity leave, i took out payday loan after loan to get by, and abused the CC's. I have 3 CC's at disgusting interest rates :(:(, can't switch to a Zero % as my credit isnt great currenty either. After getting into a 4 yo Payday loan cycle (embarrassed to admit it) ..I have successfully repaid all of these :j:j:j I have a case in with the FCO to try and get some repaid ( will keep you posted) I am ready to start tackling the CC's etc. I also want to build a bit of a savings account up for rainy days and christmas etc.

Things are a lot better so think its now time to get to grips and hope this diary will keep me on track...These are the main debts I have (that have interest) I dont want to overwhelm myself so going to focus on these first, I am curently clearing a Tax credit overpayment and a few others in very small installments so will find out details of these when below are clear. I also have some Council Tax and Rent arrears that i need to work towards paying more than i currently am doing later on !!

I currently owe : (& Interest)
CC1 : £200(ish)
CC2 : £200(ish)
CC3: £1863
BANK OF MUM & DAD: £5580

I am going to call around later and have the talk of doom and find out exacltly where I am!

I am quite good at switching G&E etc and getting good deals, I use Quidco for any purchases online and complete Yougov surveys to try get a few extra pennies in the christmas pot. My plan is to snowball the Credit cards then focus on repaying mum. I will be trying to contribute to my Right to Buy ISA and christmas pot too though!!!

Wish me luck :beer:
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Replies

  • UncannyScotUncannyScot Forumite
    2K Posts
    1,000 Posts Fourth Anniversary Photogenic
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    Hello :hello: and welcome to the diaries board :D

    If you need any info / advice on anything just post up and ask... someone will pop in to help ;)

    Feel free to visit and read / comment in other folks diaries, join in and become a part of the community here.

    If you want help to make sense of where you may be hemorrhaging funds away then complete a SoA via the Stoozing dot com site and post up for use on the MSE Forums. folks here will help you to pick out where you may be able to make savings ;)

    Good luck on your journey
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
  • MovingForwardsMovingForwards Forumite
    12.8K Posts
    10,000 Posts Third Anniversary Name Dropper Photogenic
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    Good luck!
  • princesspenniesprincesspennies Forumite
    55 Posts
    First Anniversary Xmas Saver!
    So I have had some AMAZING news!!!

    The Payday loan company I got caught in an awful cycle with have offered me just over £4K refund......Going to put this to good use clearing off some of the cards, my mum and a little down towards my deposit fund!

    Also, all the history for 36 loans will be removed from my credit file so will be once step closer to the mortgage possibility one day!!

    In other news, I have signed up for the £1 a day Christmas challenge, bring your dinner to work in June and am speaking to mum tonight to find out what the actual balance owed is!

    Wish me luck :T:T
  • UncannyScotUncannyScot Forumite
    2K Posts
    1,000 Posts Fourth Anniversary Photogenic
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    That's excellent news :D

    Onwards n upwards
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
  • Kitten868Kitten868 Forumite
    1.7K Posts
    Sixth Anniversary 1,000 Posts
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    Debt free one day after starting your diary? I've not heard of that before. Well done you.

    I would clear and close all the credit cards and wait for the removal of the pay day loans to filter through your credit file. You don't need high interest credit cards and once you're clean again you can apply for better ones. Plus it means you can adjust paying the rest of your mum off to be quicker but more affordable. Keep up the great work xxx
    Loan 1 £5200/£8000
    Loan 2 £300/£5800
    Total £5500/£13800
  • princesspenniesprincesspennies Forumite
    55 Posts
    First Anniversary Xmas Saver!
    Hi Kitten, thanks for calling by!! I am still going to have about £4K outstanding but its a massive chunk gone!!

    I did begin my claim in October/November 18 so was hoping it was coming but didn't know when I would get my response. Part of the reason for this diary was some accountability with my debts, which is needed. Especially with a potential large sum on the way!!

    I am going to clear the cards and then pay the rest 50/50 to my mum and savings x I'm going to keep the cards open though to try and help my credit rating for a few month's! x
  • EsmeWeatherwaxEsmeWeatherwax Forumite
    31 Posts
    If I were you I'd only keep one card and close the others. Its very easy to end up exactly where you started. That's what happened to me, although you may have more willpower than I have.

    Congratulations on the lump sum, and good luck on your debt free journey!
  • princesspenniesprincesspennies Forumite
    55 Posts
    First Anniversary Xmas Saver!
    If I were you I'd only keep one card and close the others. Its very easy to end up exactly where you started. That's what happened to me, although you may have more willpower than I have.

    Congratulations on the lump sum, and good luck on your debt free journey!


    Hi Esme, Thank you for the advice!!!:beer: I might close the smaller 2 and keep the larger one just for emergencies and to show that I can have the credit and not use it?
  • princesspenniesprincesspennies Forumite
    55 Posts
    First Anniversary Xmas Saver!
    I have been working hard at a budget today (at work lol) .. I have worked out all my incomings and outgoings, trying to live on 80% of my income, the other 20% will go on repaying debts/then hopefully to savings.....

    I have around 90£ a week to live on which needs to include food shopping etc...If anyone has any tips let me know :)

    I just need to get from now to the 14th of June, then will have some money coming in to see me to the end of the month....Then it can all begin properly on the 1st of the month!!
  • princesspenniesprincesspennies Forumite
    55 Posts
    First Anniversary Xmas Saver!
    Woke up feeling really motivated today (despite it being Direct Debit day) ..I am Skint until the 14th of the month, so decided to have a massive clean today, already got a load of washing in and going to have a massive de-clutter of all rooms.

    I've decided to do a Car boot sale tomorrow morning if I have enough, one man's trash and all that :rotfl: I have found one about 15 minutes away, luckily I don't pay for petrol as i have a company fuel card which also covers personal use. The fee is £12 per table, so wont be worth going unless i have enough to sell but I think i'll be fine! :j

    Wish me luck!
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