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  • FIRST POST
    • snorfing along
    • By snorfing along 26th Jun 13, 3:56 PM
    • 83Posts
    • 171Thanks
    snorfing along
    The dreaded D word
    • #1
    • 26th Jun 13, 3:56 PM
    The dreaded D word 26th Jun 13 at 3:56 PM
    It's time that i started to tackle the debt that i have run up on a few credit cards and a loan, which now totals about 13,000. I meet at least the mimimum payments and i have never missed a payment or incured any fees or charges and it is broken down as below:

    Natwest CC (0%): 450.33
    Barclaycard CC (0%): 5190.00
    Tesco CC (0%): 1200.00
    M&S CC (0%): 1200.00
    Santander Car Loan (9.9%): 5048.00

    I have decided to sell my car and pay off my car loan and then with any remaining cash buy a cheap run around (Hopefully i can get about 6,500 for my car and spend 1,000 on a new one so i will have another 500 to pay off). Also i am changing job in the next few weeks so i should be paid for my un-used holidays, which should be about 600 after tax and N.I.

    After all that i will probable have in the region of about 7,000 left to pay off. I usually pay off 315 a month, (at the moment this includes the loan for my car) and i will be getting a pay increase at my new job so i should have an additional 80 a month to pay off, so by this time next year i should have hopefully paid off 4812 leaving me with just 2100 left to pay off, which i might be able to clear 1000 of that by paying off a little extra and a bonus from work, fingers crossed i can stick to this now, I do have my best friends wedding to attend next year so that will mean a new dress, night in a hotel and a present but i'll try put money asside for that in the new year.

    Can anybody offer me any additional advice or see any holes in my plan? It's seems quite easy now i have written it all down but i'm sure in reality it will be a bit more difficult to stick to
    Last edited by snorfing along; 26-06-2013 at 4:16 PM.
Page 5
    • tweets
    • By tweets 18th Aug 18, 12:25 PM
    • 31,899 Posts
    • 441,305 Thanks
    tweets
    Thanks Tweets, I did have a phone interview on Wednesday and I thought it went quite well but I've not heard back so I guess not


    Hopefully something else will come up soon (trying to stay positive even though I don't feel it at the moment)


    Anyway next Friday is payday so I can make plenty of payments and get back on with paying off the debt
    Originally posted by snorfing along

    They should let you know if you have got the job or not then you know instead of waiting
    Lost 3st-9.5lb
    • snorfing along
    • By snorfing along 20th Aug 18, 2:54 PM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Yes they should. I've sent an e-mail to the recruiter who set it up, I'm assuming they don't want me for an in-person interview but some feedback would be nice
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • snorfing along
    • By snorfing along 24th Aug 18, 3:51 PM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Confession time, the debt is up to 15,138! Whoops this is what happens when I take my eye off the ball but I'll be cutting up my regular spend credit card tonight although I can account for every penny that has increased the debt the regular credit card spend (I pay this off every month) will slow me paying debt the rest of the debt
    I have a plan to pay off 600 a month and have everything cleared in 24 months-ish and I'll pay more when I can. This is double the min payment amounts which is good and I'll be keeping a close eye on when the 0% balances end.
    Feeling a bit better regarding the bad news from a few weeks ago, it's still bad and some of the debt increase has come from a result of it but there was a small silver lining yesterday which has helped to lift my mood (sorry if it sounds a bit cryptic)
    Bad news on the new job front - I didn't get it but I aced the interview but I was lacking a little bit of experience but I'm expanding my team hopefully where I am currently which will be great just waiting for approval from the board. The good news is that I'll be set some KPI's so that I can hopefully get a bonus next year - which will of course go towards the debt.
    My new car is going well and is cheaper to run so that's good on the MSE front and it doesn't need an MOT till 2020 so just a service to pay for in Jan (need to find out how much this will be and put some money aside before hand).
    Trying to keep the post a bit more MSE and I'll try to post a little bit more regularly to keep me accountable (maybe just to myself I'm not sure how many people will read this lol)
    Sorry it's bit of a ramble!
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • snorfing along
    • By snorfing along 7th Nov 18, 10:27 AM
    • 83 Posts
    • 171 Thanks
    snorfing along
    So much for posting more regularly! But I am now back on it properly and my DH seems more on board than he has before (his light bulb has been on but on a low wattage but now it's burning bright!), which will make it a lot easier for us both to get through everything. I have now cancelled my regular spend credit card so this month is feeling a bit scary as I have no back up, but I have left more money in my account as a sort of emergency fund - which will move to the actual emergency fund at the end of the month. I have 150 in there to start it off and 40 saved toward the house insurance due next month
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • snorfing along
    • By snorfing along 7th Nov 18, 11:41 AM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Just had a read through my posts for this year and it's amazing how much better I'm feeling compared to a few months ago. My anxiety was through the roof and my debt rose with it. There definitely is a correlation between mental health and debt, in future I think that if I have issues with anxiety again I'll have to just make minimum payments and make sure I have some additional money saved up it cover issues as they crop up. This year has been particularly horrible and it'll be nice to have a fresh start in 2019 and I hope it's a more positive year from my DH and myself
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • beanielou
    • By beanielou 7th Nov 18, 12:03 PM
    • 61,764 Posts
    • 264,641 Thanks
    beanielou
    Glad to see things are ticking along nicely for you
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • snorfing along
    • By snorfing along 9th Nov 18, 12:57 PM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Oh well, just as things were starting to get better, they're getting worse instead. DH has been a bit unwell and hasn't been at work so his wage will be taking a nose dive for the next couple of months. We can afford to cover everything but it'll mean no saving and only minimum payments to the credit cards. IT's typical it happens just as I had everything on track and was making a good overpayments to the cards.
    Also I've had a couple of bad days at work so I'm back on the hunt for a new one. Hopefully I'll do a bit better this time


    On day I hope things can just be a bit more straight forward.
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • beanielou
    • By beanielou 9th Nov 18, 8:41 PM
    • 61,764 Posts
    • 264,641 Thanks
    beanielou
    Keep plodding.
    Hope your OH is on the mend really soon.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • snorfing along
    • By snorfing along 10th Jan 19, 12:36 PM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Here for the usual new year, new me post. The debt is almost exactly the same as my signature which I'm surprised about so I'll leave that be for now. I need to transfer some of the Barclaycard balance as the 0% will be ending in March, I've got a new MBNA card and I'll be transferring as much as I need to then after I get paid this month I'll do a proper update and I can hopefully get myself on track for debt busting. I'm aiming to pay 8k off the debts this year, so in theory they'll all be gone in 2 years but I'm sure life will through up some surprises in that time.


    The job hunting did go exceptionally well and I was offered a new job but I turned it down as I would have potentially have to work away Monday to Friday every week, the salary was good but there is more to life than money. I have a second interview coming up for a new job but again I'll have to think carefully about how a new job could effect plans for this year, if they offer me a role.


    It would be interesting to hear from anyone who has started a family at the same time as paying off debts and how they managed with maternity pay, making payments and buying things for the baby?
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • beanielou
    • By beanielou 10th Jan 19, 1:26 PM
    • 61,764 Posts
    • 264,641 Thanks
    beanielou
    Most things for babies can be bought second hand in next to new condition as they are used for such a short time
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • enthusiasticsaver
    • By enthusiasticsaver 10th Jan 19, 2:47 PM
    • 8,208 Posts
    • 18,565 Thanks
    enthusiasticsaver
    Ideally you would wait until the debt was down as far as possible or cleared and have some savings to tide you over a maternity leave and ensure that you have a buffer to cope with a drop in pay which you inevitably will have. Work out the maternity pay situation you will receive and when the lower payments kick in. It is also important to realise that childcare costs are expensive unless you have family to help out and you get little help with that. You can try inputting your details into a benefits calculator to see if you qualify for anything.


    As beanielou says lots of stuff can be got second hand from fb selling pages as it is not used for very long. The biggest expense is childcare and loss of income while on maternity leave.
    Early retired in December 2017

    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 forumteam@moneysavingexpert.com
    • snorfing along
    • By snorfing along 11th Jan 19, 12:34 PM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Hi thank you both for the tips, my DH and I have already discussed getting things 2nd hand to help keep the cost down and we have agreed that shared parental leave will work out best for us financially and it will mean that we both have the chance to have time off with the baby, if we have one.
    Waiting until the debt is paid down/off isn't really an option for us unfortunately as we are getting a bit older and the only way we will be able to have children is through IVF. With only a 30% success rate if we don't fall pregnant on our 1 free NHS round we will have to save up ourselves to try again so we need to start our journey sooner rather than later. However we will be saving up as well as paying off the debt so we will either have money ready for a baby or trying IVF again.
    We are fortunate to live nearby to family and friends who we will be able to help out with child care and if possible we would like to be in a position for my husband to reduce his day to 4 days a week from 5 but we'll have to think carefully about this if/when the time comes. I would also love to be able to do the same if at all possible but as the main bread winner it makes more sense for me to keep to full time at least until we are debt free


    EDIT: forgot to say that starting the IVF is also time sensitive as it needs to be started within 6 months of all the tests being complete, or they all have to be done, and with waiting for referrals for appointments is taken 5 months to complete all the test that we have need (just 1 more blood test to go!)
    Last edited by snorfing along; 11-01-2019 at 12:38 PM. Reason: missed a bit out
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • snorfing along
    • By snorfing along 22nd Jan 19, 11:03 AM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Last week I was waiting for what felt like forever for my Barclaycard statement to generate so I could do a balance transfer and this week I'll willing it to be payday so I can start to make payments again. I'm starting the emergency fund again this month and I'll be paying off 1 credit card and I have a plan in place to pay of 2 more in full before the 0% period ends and then onto tackle the last 2 which might need a BT when they get to the end of the 0% but when I get to that point the debt should be half the amount it is now. Also I'm planning to try and clear almost half of my card loan by this time next year to get the monthly payments as low as possible (hopefully to help the finance if I'm on maternity leave
    I've also created a chart so that I can colour in a box for every 1% paid off my debt and I've managed to colour in 10 so far.
    Overall I'm starting this year with slightly more debt than last year but I'm properly focused for the next 12 months

    EDIT: forgot to mention that I've lost half a stone this year already, so just another half to go!
    Last edited by snorfing along; 22-01-2019 at 11:10 AM. Reason: forgot to add something
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • beanielou
    • By beanielou 22nd Jan 19, 5:11 PM
    • 61,764 Posts
    • 264,641 Thanks
    beanielou
    YOu a certainly on a roll.
    Great news on the debt & the weight.
    Funny how they often go hand & hand!
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • snorfing along
    • By snorfing along 24th Jan 19, 2:41 PM
    • 83 Posts
    • 171 Thanks
    snorfing along
    I'm sooooooo excited about payday tomorrow. I can't wait to make my payment and update my spread sheet, I card will be paid off and I can delete it from my list! I'll be making my first of many extra payments of my car loan as well so my total debt will reduce by about 600!


    Yesterday I sat down and planned out all my payments to my debts for the next 2 years! Including the time I'll hopefully be on maternity/shared parental leave, and when my income should be across this period and surprisingly I don't think it'll be quite as financially tight as I thought it might, especially as we are going to start saving properly - in the past I've saved up then spent it. I've also accounted for annual bills like card insurance where I will save up extra in the months before. I've not left myself much spending money so I need to remember it needs to last the month and not to but thing that aren't needed. I've also planned my husbands payments in the same way - I'm hoping he'll appreciate it
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • beanielou
    • By beanielou 24th Jan 19, 2:43 PM
    • 61,764 Posts
    • 264,641 Thanks
    beanielou
    All sounding good
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • dimsumdimple
    • By dimsumdimple 24th Jan 19, 3:17 PM
    • 12 Posts
    • 19 Thanks
    dimsumdimple
    Good luck with your debt busting for the year! I’m on maternity leave at the moment (number 3) and debt busting. I made sure I had a ‘buffer’ of savings before I went on maternity leave which would cover all of my bills etc. for my 3 months on SMP. I work for the NHS which fortunately has a really good maternity pay and I received almost 90% of my wages up to 6 months so still managed to overpay a little while I’ve been off.

    I’ve found eBaying and surveys etc essential while I’ve been off to enhance my income too.
    • snorfing along
    • By snorfing along 28th Jan 19, 4:29 PM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Wow dimsumdimple, that's great. I've had a look at what I would received and I get 90% for 6 weeks, so I'll be needing some saving to get through. Good idea with the ebaying and surveying that should help.


    On the debt front it's going well I've paid 705 this month so the debt is below 16k now so I'll update my totals this week
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • snorfing along
    • By snorfing along 31st Jan 19, 3:56 PM
    • 83 Posts
    • 171 Thanks
    snorfing along
    Signature updated and by the end of Feb the total will start with a 14 which i'm looking forward to already. Maybe if i'm feeling brave I'll add my car loan on there. I'm starting to look at it as part of the debt rather than a home expense but I've paid an additional 70 over the contractual payment this month and i'll be gradually increasing this over the next 12 months until i'll be paying and additional 350 per month as I pay off the Barclaycard and Tesco card
    Last edited by snorfing along; 04-02-2019 at 2:35 PM. Reason: typo
    Barclaycard: 3250 Tesco: 640 MBNA 4880 Virgin: 6307
    Total Credit Card debt: 15,077 Car Loan: 12,084
    • beanielou
    • By beanielou 31st Jan 19, 6:44 PM
    • 61,764 Posts
    • 264,641 Thanks
    beanielou
    Tesco looking good
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
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