Slaying my Debts

Buffythedebtslayer

I am really nervous about doing this, starting my own thread, but figured now I have started a couple of Challenges I should. I want a place I can record my progress and see how i am doing.

Essentially most of my debt comes from being a student, plus my credit cards, I did the whole 0% thing, but just kept moving a bigger and bigger balance. A few years ago I consolidated my debts and had a loan instead, then I did it again and again, finally this year I did it once more.

It seems very weird to put all this on a public forum. but any how.

at the moment I have an egg loan, I use one credit card and pay it off in full each month.

I have had one setback since I started here, I spilt tea on my laptop and had to pay out for a new one, which put me in the red. I had to use the money I had saved for christmas, I managed to pay for Christmas out my money - just although January will be very very tight. same for everyone I guess!

so my monthly outgioings are very simple

448 - loan
500 - Rent
300 - spending money (lunch,travel,rare nights out, phone bill)
80- savings (vet bills)
which leaves 372 to make extra payments on the loan.

I am going to post this now before I lose it.


Buffy

Buffythedebtslayer

right ok, I have started now.

I really should go to bed. but I just worked out that if I pay off the 448+372 =820 each month I would be debt free by Dec 2009.

Whilst that is a lot better than the 2012 date egg give I would like it to be sooner.

I am also an Avon Rep, so any money I make from that will go on the loan, although that isn't much at the moment. I am also e baying in the New year. I already have books sold on Green Metroplis. all profit will go to the loan. Any money left at the end of each month will go on the loan. Egg wil get sick of all these extra payments!

anyhow I need bed now

Good luck with becoming Debt free people!

xxx

lunar

Hi buffy, my diary has really helped me to be motivated and keep track of my progress. it also helps to look back at my journy if im having a bit of an off day and start thinking im not getting there. I hope you find it as useful as i do, ill be watching your progerss, good luck with it.

Buffythedebtslayer

thanks Lunar, your reply means a lot!!

I spent today, feeling ill, sitting on the sofa, it was a total waste really, but I felt so rough. in pain from coughing and just knackered frankly.

any how I did some surveys, and some clicks, read endless threads my brain is full with tips. and now I feel kinda sick!

I think I might learn to knit. and once this backache goes start e baying. nope its no good, I have to go lie down!

see you later

xx

lunar

At least sitting on the sofa means you cant spend any money so not a complete waste, no spend days are a good thing. I hope you are feeling a bit better now, i just about finished with my cold, i felt really crappy for ages with it. I got really lazy and stopped doing the surveys, they took so long and if the site froze you would have to start again. still do quite a few of the clicks though, and have had loads of vouchers from pigsback since i joined up.

Gemmzie

Don't forget Ebay have a 10p listing day this Saturday

MissEyre

Hi Buffy,

My debt at its highest was almost exactly the same as yours, and I think we both followed the rarely successful consolidation path I can't make any overpayments but am desperate to get rid of my loan as soon as possible, so am going to see if I can renegotiate the term to reduce the loan length and increase the monthly payments. I'll be watching your diary in 2008 and racing you to it! Just keep thinking how amazing it will be one day to get your wages each month and have the bulk of them left for you to spend, instead of going on loan repayments! :mad: I'm looking forward to it...

Buffythedebtslayer

MissEyre wrote: »

Hi Buffy,

My debt at its highest was almost exactly the same as yours, and I think we both followed the rarely successful consolidation path I can't make any overpayments but am desperate to get rid of my loan as soon as possible, so am going to see if I can renegotiate the term to reduce the loan length and increase the monthly payments. I'll be watching your diary in 2008 and racing you to it! Just keep thinking how amazing it will be one day to get your wages each month and have the bulk of them left for you to spend, instead of going on loan repayments! :mad: I'm looking forward to it...

I don't think I'll know what to with my wages when they are all mine!! its mad really...........

Right, a quick update and some ponderings.

I have joined three challenges for 2008

1. to live off 4560 pounds for the whole year (rent/household bills not included)
2. to pay off 10,000 pounds from my loan. this means making a payment of 820 pounds each month.
3. Lose 28 pounds in weight - With Immoral Angel and co.

I am debating whether to study with the OU again. I have tried before and always failed, but I tell my kids you only fail when you stop trying.

I do think it will help me get another job, I am not happy in the current one but it costs 565 pounds.

I could pay for in on my new 0% card, and pay it off out of my spending money? and perhaps use my Avon Profits to pay for it.

Looking at all this written down it is quite scary but at the same time satisfying - for the first time in a long time I know where I am going and what I am doing.

xx

Honeybee_2

Can you get an OU course funded? As far as I recall, if your household income is under £26K, you get it funded, or at least part funded.

Buffythedebtslayer

Well 2008 is here.

and so it begins. I am sleepy, but will go to bed soon, had a lovely time at a mates tonight I am so glad I went not a bad start to the new year at all really,

Well I am here to make sure I am publicly committed to my challenges. I have to do this. I must do it - it really can change my life so much.

so 4560 to live on, the sealed pot challenge to pay for Christmas, paying off 10,000 pounds (that one really scares me!) and to lose weight

I will be successful. it will happen.

well good luck everyone. here we go!!

xx

doodledo_2

Good luck with your challenges Buffy :T