Powellboros Debt Free Diary

Powellsboro

Hi money savers. This forum is amazing. After reading posts I have finally got my act together and decided to write down everything I owe and write a diary on my progress on paying it all back. I have been so impressed reading about how everyone is dealing with their debts, and now I realise I need to do the same and deal with it. So I am going to start this diary until I have cleared my debts. I really don’t want to bore anyone but feel this is the best way to tackle it and let everything out.
I am living with my parents who I pay £20 a week rent. They are amazing and have helped me out so much in the past but it’s time for me to stand on my own two feet and not rely on them anymore. I got myself into this mess, so it’s me who needs to clean it up.

Debts
Egg Loan -£4,538.38 Repayment £199.83
NatWest Loan -£807.44 Repayment £100.93

MBNA Credit Card -£1,805.09 Direct Debit £50
Barclay Card -£1,035.44 Direct Debit £50

Over Draft -£1,984.82 This is my student account that I don’t use anymore. I just make sure that I have enough in it every month for the interest.

TOTAL -£10,171.17 :mad:

Incomings ?

I work as a freelancer in the media. I have done this for the last two years since leaving uni and have been lucky enough have regular contracts throughout this time until Nov 07. I stepped up to the next position so I’m finding it difficult getting jobs because they go to people with the most experience. I’m slowly building up my CV though. I am due to start my next contract next week; it’s only for four weeks and four days but its experience and income...yey. Since Dec 07 I have had a few short term jobs that I’m still waiting for payment.

Confession: I got the egg loan out in Dec to help me out over Xmas and to save at least half of it to make sure I’d always have money for my direct debits, but yes foolish I didn’t use it wisely. I’m down to the last £300.

I’m looking forward to payday next week so I can see my debt go down.
:rotfl:

bubbles0169

Welcome to the forum , there will be a few experianced users along to help you soon Good luck

poorandindenial

Hi there

I am just off to bed but thought I would say hello before I head off so.... Hello :wave:

Err and goodnight

PS - check out some of the challenges and see if any take your fancy - there is a sticky on the top of the board that lists them all. They can be great for motivating you.

Powellsboro

:j
Thank you for your welcomes. I am so happy to finally start clearing my debt. I will definitely look into the challenges - thanks

:rotfl:

Powellsboro

I'm thinking about reclaiming my bank charges from the Natwest. Im worried though because I have a loan with them and Im £2000 overdrawn that they will just close my account when I ask for the past six year statements.
Can anyone help? or advise what is the best thing to do?

bubbles0169

Powellsboro wrote: »

I'm thinking about reclaiming my bank charges from the Natwest. Im worried though because I have a loan with them and Im £2000 overdrawn that they will just close my account when I ask for the past six year statements.
Can anyone help? or advise what is the best thing to do?

maybe start another thread with this question to see if you get more replies
you can still carry on with your diary after
i dont know the answer by the way!:D

Powellsboro

I was just wondering if anyone has had this problem-I started work for the BBC 25/08/08 I didn't receive a contract until 19/09/08 and they didnt pay me until 25/09/08. I had to keep asking for a contract time and time again the later it got the more charges on my bank account I got on unpaid direct debits and credit card charges also. Is this fair that a big company can hold pay from you for so long?

PoorPrincess

Hi!!

Welcome & Well Done on starting your own diary, i started mine 2 months ago and it has really helped me and is definatly a motivational tool.

What incomings/outgoings do you have per week?

Have you started selling unwanted bits and pieces on Ebay/Amazon?

Princess

x

Powellsboro

Thanks for your post princess. No ive not looked into selling on ebay but will start getting things together now. I hope your debt is going down nicely x

notenoughcash

Ok, hello and welcome for starters. And just to prove this thing is possible I became debt free yesterday and if I can do it then anyone can!! As for your question re unfair charges; it was receipt of settlement of my unfair bank charges that repaid the last of my outstanding debt se yes, go for it!

The biggest things that helped me repay my debt were stopping smoking (and paying whatI would have been spending on cigarettes off my debts) doing some of the up your income challenges and doing some of the reduce your spending challenges

It will be evry different circumstances for you still living with parents as most of my savings were on household costs/bills but I'm sure if you devote a couple of evenings to going through the forums you will fiond some great ways to get it doen in no time.

savingholmes

Powellsboro wrote: »

I was just wondering if anyone has had this problem-I started work for the BBC 25/08/08 I didn't receive a contract until 19/09/08 and they didnt pay me until 25/09/08. I had to keep asking for a contract time and time again the later it got the more charges on my bank account I got on unpaid direct debits and credit card charges also. Is this fair that a big company can hold pay from you for so long?

Personally I would say this was quite normal. You got paid within a month of starting in some companies that would take 6 weeks or more.

Look at the £10 a day challenge and up your income board for ideas on how to up your income. Get your mum and dad to join in to - they may also find they save £100s if not £1000s of pounds...