In need of encouragement...

in Debt Free Diaries
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  • IrishSeanIrishSean Forumite
    397 Posts
    100 Posts First Anniversary Name Dropper
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    I had a look at my timeline on clearscore. It's a toe-curling exercise at times.
    Debtfree diary-wise I reckon my peak was May 17 when I was £29809 in debt, half of which was short term CC not on 0%. That was a low ebb. 

    In truth I've been kidding myself about how much must have gone on gambling; between gifts from family (not to help with debt necessarily) and available savings, plus gambling winnings spent, it must be £50k+ over 12-15 years: a horrendous amount.

    I picked that date of May 2017 and worked forward, looking at the gifts received, pension I cashed and cross-referenced it with debt and mortgage i've cleared. On my current savings plan i'll be at break even point Jan 2021 and will have re-saved all I spent on gambling to that point (may17) by August next year (all, that is, to amass £15k on credit cards, that time around).

    Not an exact figure as I'm ignoring potential savings squandered these past 3 years but i'm looking to get to some place of catharsis. Am finding coming out of debt is as much about putting your mind right as letting go of what's owed.

    I'm sure I'm not the only one with residual guilt, even when DFW goal is achieved. If you've experiences similar, please share.

    Still, none of us can un-spend what's been spent; I have to keep Albert's words in my ears "What do we do when we fall, Mr Wayne?"
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • shoppingobsessed2020shoppingobsessed2020 Forumite
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    I can relate,  with our unsecured debt I think we could have been mortgage free by now if we hadn’t spent on cards and taken out loans for courses.  Believe it or not, we cleared 20k of debt back in 2017 plus the other debt we have on top of that,  it’s sickening.  Back in 2011 we paid for a 15k wedding, bought a house with a 10k deposit and had no debt at all not even a car loan.  the past 5yrs have been eye gouging with various things and all of a sudden here we are.
    2 credit cards gone forever, just 6 more credit cards, 2 loans and 2 car loans to go! What were we thinking!
  • shoppingobsessed2020shoppingobsessed2020 Forumite
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    Oh and we paid 18k cash for a new kitchen and damp proofing in 2017 so I think I’ll go be sick now!
    2 credit cards gone forever, just 6 more credit cards, 2 loans and 2 car loans to go! What were we thinking!
  • IrishSeanIrishSean Forumite
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    Shopping, no need at all to feel bad

    I know i've tackled most of my debts but its both painful and sobering to look realistically about our spending and use it as a motivation to stay on track and reign (rein?) Things in.

    What I see a lot on forums is 'be honest and realistic' with your SOA ( a snapshot of finances today) when things tend to be bad. What I think is missing is 'be honest about how we got here' I.e. the real history to learn from.

    Until I looked back over spending my diary prob looked a bit "meh", because i'm nearing the end of my debt journey. TY so much for your post tho and GL in ur DFW quest.. you've done it before and are tooled to do it again, np.

    💪💪💪
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • findingthisdifficultfindingthisdifficult Forumite
    473 Posts
    Sixth Anniversary 100 Posts Name Dropper
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    How's your journey going?  
    I do worry that if I ever make it to the debt free world that I will fall back in to the pit by being lured in to 0% deals and buy now pay later offers.
    Wobbling my way out of debt one month at a time

    Credit Card £0/£3,161 0% interest PAID IN FULL 29/01/2021
    Loan £0/£23,179 5.4% PAID IN FULL 31/08/2020
    Total £0/£26,340 100%
    DEBT FREE AS OF 29/01/2021

    wobbling-my-way-out-of-debt

  • IrishSeanIrishSean Forumite
    397 Posts
    100 Posts First Anniversary Name Dropper
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    Well here's an interesting one...

    My credit files have, in the main caught up. The issue is that i'm still being 'restricted' for for new credit, it would seem, as my credit utilisation in the early part of the year was close 90%. I looked up the narrative on this 'medium impact'  factor on Clearscore and it said "we see you have been close to your credit limit several times in the past year'. So how long does that happy-crappy last?!

    Basically my Experian & Equifax scores have increased (not relevant to new borrowing or 0% offers I know), but my availability of new 0% offers remains the same (fluid, aqua etc, "blugh", no thanks).

    I'll not lie, this is a bit discouraging, as it hasn't happened before and the only other 0%s i'm seeing are with virgin who my only credit card is with (and therefore can't transfer to). Just on that, is it a false positive in my 'soft searches'? Would my existing card provider really offer me a second card as a new customer? Not that I'm planning to apply, just curious. 

    So in my partly discouraged state i'm now wondering:

    # The remaining £2478 @ 0% until Oct (£265 of this is 0% until dec 20); pay it off quickly with savings? New credit offers should become available, although i'll not need them, i'm using it as a mini-guage for say a joint mortgage in a few years (is this way off, are mortgage offers irrelevant to card and loan offers?)

    # structure paydown of this £2478, until Oct as i'd planned to do and save + put away for bigger outgoings in the summer?

    # stick with the 'meh' attitude of 'i'm in full DFW mode' i'll service that 0% until the autumn and make my ££ work for me in the interim by throwing it into premium bonds and using anything I earn / win as extra to pay off the balance in Oct?

    I'm liking option 3 as it might give me some 'pseudo-interest' from NS&i to chuck at the debt. If I win nothing i'm no worse off. That aside there's no reason I wouldn't be able to pay off the £2478 in the autumn if i'm saving 4 figures a month between now and then. I think I need to keep the card open for section 75 protection anyway, so it's about me being disciplined rather than an urgent need to close this CC as soon as to protect myself from further spend.

    Thoughts / ideas on all of the above, as well as the post below would be greatly appreciated. FTD, I know what you mean, having had 'debt specific' issues with problem gambling I worry about keeping this line of credit open; I know I can't use the card to gamble directly but Virgin usually leave a constant 0% money transfer offer on my acct. I can say for certain i'm not gambling again (no venues to anymore) but I am nervous about any lines of credit as i'm so debt averse at the minute.

    I refer your honours once again to the title of this Diary...

    findingthisdifficult said:
    How's your journey going?  
    I do worry that if I ever make it to the debt free world that I will fall back in to the pit by being lured in to 0% deals and buy now pay later offers.
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • angela110660angela110660 Forumite
    838 Posts
    Part of the Furniture 500 Posts
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    A little off subject but thank you for mentioning Alvin Hall in an earlier post - I had forgotten about him but was an avid viewer/reader of his work when he was on BBC years ago. So I googled him and found loads to read and listen to which I have started today whilst doing the ironing! What a find and very happy. Thanks again - amazing where reading one thing leads to another! 
    Free films - 2009: saw 7 films. 2010 saw 7 films. 2011 saw 7 films. 2012 saw 5 films;2013 saw 7 films; 2014 and 2015 saw 1 in each. Nothing since!
  • IrishSeanIrishSean Forumite
    397 Posts
    100 Posts First Anniversary Name Dropper
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    A little off subject but thank you for mentioning Alvin Hall in an earlier post - I had forgotten about him but was an avid viewer/reader of his work when he was on BBC years ago. So I googled him and found loads to read and listen to which I have started today whilst doing the ironing! What a find and very happy. Thanks again - amazing where reading one thing leads to another! 
    😀

    No problem Angela👍
    Alvin is a complete dote; the reason we were good with money when we got married was because we had one of his books. His stuff is def worth a Google: he was the original money saving expert before the esteemed ML :)

    Last time I saw him on TV was just before the 2016 US election; he was predicting economic apathy in America would lead to Trumps election: he was spot on😱
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • 2022ismyyear2022ismyyear Forumite
    19 Posts
    10 Posts Name Dropper
    @IrishSean

    I think lots of the 0% offers have dried up at the moment due to the current climate, I had no luck with any on clear score or MSE credit club. However when I checked Credit Karma I had a deal from MBNA which I took advantage of a few weeks ago. 

    I am also of the understanding that all your current debt is 0% at present until Autumn time. So I wouldn’t worry too much about the lack of offers at the moment and asses that bridge when you come to it. Obviously if you have the ability to overpay and it’s not going to put you in a bad financial position then go for it.

    Definitely don’t be discouraged though you are doing great. Plus if you are getting a mortgage in a few years I wouldn’t worry about the lack of credit is available to you right now it’s irrelevant. Just keep on paying the debt down and you will then be seen in the future as more favourable to lenders.


    January 2020 - £17.5k
    June 2020 - £12k
  • IrishSeanIrishSean Forumite
    397 Posts
    100 Posts First Anniversary Name Dropper
    ✭✭
    @IrishSean

    I think lots of the 0% offers have dried up at the moment due to the current climate, I had no luck with any on clear score or MSE credit club. However when I checked Credit Karma I had a deal from MBNA which I took advantage of a few weeks ago. 

    I am also of the understanding that all your current debt is 0% at present until Autumn time. So I wouldn’t worry too much about the lack of offers at the moment and asses that bridge when you come to it. Obviously if you have the ability to overpay and it’s not going to put you in a bad financial position then go for it.

    Definitely don’t be discouraged though you are doing great. Plus if you are getting a mortgage in a few years I wouldn’t worry about the lack of credit is available to you right now it’s irrelevant. Just keep on paying the debt down and you will then be seen in the future as more favourable to lenders.


    So I decided to let my £90 dd on my cc keep going and throw my remainder each payday into bonds. I think its most sensible as I could chase the 1% easy access but tbh not much wud have matured by the time I go to clear my cc in the autumn. Much as I want to be debt free asap theres no point putting money early, as 2022 said, at a 0% cause then its dead money. Might as well make it work a bit, plus ive had premium bonds 20+ years and find them a bit of fun. Not bad if u edge close to 1.4% either, in todays climate.

    Plus what am I overpaying for really; to trigger a 0% on my last 1k or 1.5k. I've had to revise up my savings target for next year as I forgot about the ISAs I cashed years ago, to cover gambling debts then too. I'd like to have my full nett amount from around 2014, 2015 saved again for peace of mind,  catharsis, repatriation whatever it might be.

    Right, positive frame of mind for the 'pretend bank holiday' 😂

    GL all on the continued journey; it'll be a quiet month until the next credit report updates, around 18th & 24th.. will show my low utilised credit %% with the cc limit jumping so will see how that changes things. I'm not afraid to kick the last 1.5 - 2k down the road if I got a cheap shift for long enough, paying say £80 a month...

    Ideally we'd like to house swap with a lady in our development in a bigger house, with money her way. Depending on valuations we might even be in a position in 2021 to cover the difference from savings rather than a mortgage. I'm not sure she'd go for it tho; it was her dads and he's not long passed. Otherwise I'll need to save for a BTL to cover that pension I cashed then spent 😱

    Am I the only one doing 'mega plans' in lockdown?! Part of me thinks we've too much time on our hands

    Still, I like the saying from the other day:

    "Never again will I lie to myself and say 'Here's the list of things I'd do if only I had the time'..."

    😂
    Keep updating the diaries it keeps the rest of us out of mischief
    👏👍👌
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
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