Last £5000 to clear

edited 22 May 2020 at 7:38AM in Debt Free Diaries
91 replies 4.8K views
pidge04pidge04 Forumite
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edited 22 May 2020 at 7:38AM in Debt Free Diaries
I have had a diary for nearly 2 years and when I started I had over £15,000 of debt and I was feeling completely overwhelmed.

I had 2 maxed out credit cards (£5500), 2 overdrafts (£1750), a loan (which was £13,000 when it started) and 2 store cards (£500).

This came about from ....
1) Overspending on things I didn't need
2) Feeling pretty depressed
3) Not being a team marriage
4) Working part time while my daughter was under 5 and I couldn't afford it
5) Not budgeting
6) Doing ridiculous debt consolidation (loans) then getting into more debt.

I think I am on the home stretch or nearing it at least so here's a new diary and a fresh start (I need it!) for the last leg.

Debts now...
£2900 on 1 credit card.
£650 on 1 overdraft.
7 payments of £227.52 until my loan finishes.

I won't clear my credit card by the end of this year but I will be happier when it goes under £2000 and when it is my sole debt.

Here goes! :j
CC £4,012 left to pay (was £5400).
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Replies

  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    Well done pidge. I remember your old diary and you have come so far and sound so in control now. There is a big shake up of overdraft charges at the moment from April this year so have you checked how these will affect you?
    Early retired in December 2017. Debt counsellor for a High Street bank in a previous life.

    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]
  • pidge04pidge04 Forumite
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    Thank you! I do feel more in control of things now. I intend to be shot of my overdraft by April. Seems to be lots of changes on that front.
    Hope you're well.
    CC £4,012 left to pay (was £5400).
  • pidge04pidge04 Forumite
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    Right! Today I bought a pack of envelopes in B&M to start putting my weekly personal spending money into envelopes. That will start from Saturday.

    I also need to work out my budget for 24th January - 24th February before I go to bed tonight.

    My main focus at the moment is to clear the £650 overdraft on the bills account.

    I think I can decrease it in £50 or £100 chunks.

    Going to list some bits on eBay land Facebook marketplace ater.. Not hopeful for £50 but if I could get £25, that would be great!
    CC £4,012 left to pay (was £5400).
  • savingholmessavingholmes Forumite
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    All sounding good. Have a good week
    During 2021: Target 1) Clear CC debt - £2128 to go (but debt neutral) @ 0% Target 2) Lose weight 3) Write regularly 38113/70000 words Book 2 4) Promote book(s) 5) Develop passive income streams 6) Build 3-6 mths EF 7) Declutter
  • pidge04pidge04 Forumite
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    Thank you and you!

    I worked out my budget for Feb... It will be a challenge!

    I gathered a few bits together to try and sell.
    A small step in the right direction!

    :T
    CC £4,012 left to pay (was £5400).
  • evebemeevebeme Forumite
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    Every journey stats with a single step. You'll get there.
  • pidge04pidge04 Forumite
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    How true is that?

    It's definitely the small things which amount to a lot in this.

    Have sold 2 things so that's a fiver to come in plus I've got a new babysitting job booked in for Feb.... Things are looking up!

    :j
    CC £4,012 left to pay (was £5400).
  • savingholmessavingholmes Forumite
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    Congrats - it all adds up
    During 2021: Target 1) Clear CC debt - £2128 to go (but debt neutral) @ 0% Target 2) Lose weight 3) Write regularly 38113/70000 words Book 2 4) Promote book(s) 5) Develop passive income streams 6) Build 3-6 mths EF 7) Declutter
  • pidge04pidge04 Forumite
    779 Posts
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    Hello

    Feeling a bit sorry for myself after a really hard week.

    Pay day has arrived. Paid £100 off my last overdraft... £550 to go!

    I'm hoping to clear another £50 by next payday through babysitting and sales.

    Have a good weekend.
    CC £4,012 left to pay (was £5400).
  • savingholmessavingholmes Forumite
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    Hope you're okay. Well done for the progress you are making.

    See if you can 'shop from home' to find something to give you a lift.
    During 2021: Target 1) Clear CC debt - £2128 to go (but debt neutral) @ 0% Target 2) Lose weight 3) Write regularly 38113/70000 words Book 2 4) Promote book(s) 5) Develop passive income streams 6) Build 3-6 mths EF 7) Declutter
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