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    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Jan 17, 5:30 PM
    • 620Posts
    • 3,886Thanks
    GeorgianaCavendish
    Small Steps Out Of Massive Debt!
    • #1
    • 27th Jan 17, 5:30 PM
    Small Steps Out Of Massive Debt! 27th Jan 17 at 5:30 PM
    Hi Everyone,

    I'm so glad that I've found this website because I really need to get serious and DO SOMETHING about my debts. I thought that keeping a diary on this forum would keep me accountable.

    I have taken stock and I have over £35,000 of personal debt on loans and credit cards, which does not include my Student Loan (around £18,000 but I need to check the last statement). I have no savings at all and am living pay day to pay day. I have a pension, which is probably the only semi-financially responsible thing I've done in my whole life.

    I have always had a problem with spending money. I never knew when it was time to stop spending. The idea of a budget was a foreign concept. I'd spend until everything had gone, whether that was my wages, student loan payments or birthday money. I go through phases of pretending to be responsible and looking at debt consolidation, but what usually happens is that I don't close the old accounts so a few months down the line I end up spending money on the cleared card.

    I know that I need to sort out my spending and to take a brutal look at the state of my finances and what I spend money on. I need to stop seeing credit limits as targets to reach (!!!!) and start seeing them for what they are - invitations to get into debt!

    This is what I have outstanding:

    £13000 on personal loan
    £10500 Barclaycard
    £8000 MBNA
    £2500 HSBC
    £870 on catalog
    £800 left on furniture (this one is interest free, there are 9 repayments left)

    I've been reading the advice for newbies threads so this weekend I am going to go through my last bank & cc statements with a fine tooth comb to work out what I am spending money on, and I'm going to find out the interest rates on all my credit accounts.

    Thanks for reading and wish me luck!


    PS. My forum name is from a Duchess in the 1700s. She was so bad with money that after she died her husband found out she was around 4 million pounds in debt. Sadly I could imagine this happening to me if I had access to that much credit
    Last edited by GeorgianaCavendish; 07-03-2017 at 3:31 PM.
Page 39
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 15th Dec 17, 11:35 AM
    • 1,469 Posts
    • 7,025 Thanks
    wishingthemortgaheaway
    Carry on with your smugfest. It's great tonhear of them. No idea about porridge in the slow cooker, but I guess so, you can do rice pudding (although I've never done it successfully.)
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • GeorgianaCavendish
    • By GeorgianaCavendish 15th Dec 17, 11:38 AM
    • 620 Posts
    • 3,886 Thanks
    GeorgianaCavendish
    On a negative note, the hot water and heating in my building has been out for 48 hours (we've got a central hot water boiler for the building which needs repairs). Heating isn't too much of an issue as my flat is ridiculously well insulated and using the oven or putting on the towel rail for an hour heats up the entire flat (one of the benefits of living in a shoebox!) but my god, a freezing cold shower / hair wash on a mid-December morning is awful . Building management are hopeful that it will be fixed today ... I hope so, don't want another freezing cold shower!
    • JoJoC
    • By JoJoC 15th Dec 17, 2:05 PM
    • 1,183 Posts
    • 6,821 Thanks
    JoJoC
    Oh no, it's a horrible time of year to be losing your heating and hot water! Really hope it gets fixed today.

    Bask in your smugness - you deserve it!
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
    • GeorgianaCavendish
    • By GeorgianaCavendish 18th Dec 17, 12:25 PM
    • 620 Posts
    • 3,886 Thanks
    GeorgianaCavendish
    The heating, and most importantly the hot water, are fixed! Yay!

    Having a bit of a festive melt-down today. There's some family drama going on and I already feel a bit overwhelmed by trying to meet all my deadlines at work before I finish for xmas on Wednesday. You know those days when you know you should keep calm and not engage, but really you just want to scream at everyone to sod off and leave you alone?

    Bah Humbug!

    I suppose that I can at least take some kind of comfort from the fact that the old-me would be trying to cope with this by buying things ... the new-me is instead typing so hard that she's going to break the keyboard

    Hope you are all doing better than I am at the moment!
    • WannabeFree
    • By WannabeFree 18th Dec 17, 12:49 PM
    • 1,616 Posts
    • 14,108 Thanks
    WannabeFree
    Take a breather, coffee? Coffee fixes most things

    Hope it all settles down and you can feel happier x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • Chrystal
    • By Chrystal 18th Dec 17, 3:04 PM
    • 284 Posts
    • 1,882 Thanks
    Chrystal
    The heating, and most importantly the hot water, are fixed! Yay!

    Having a bit of a festive melt-down today. There's some family drama going on and I already feel a bit overwhelmed by trying to meet all my deadlines at work before I finish for xmas on Wednesday. You know those days when you know you should keep calm and not engage, but really you just want to scream at everyone to sod off and leave you alone?

    Bah Humbug!

    I suppose that I can at least take some kind of comfort from the fact that the old-me would be trying to cope with this by buying things ... the new-me is instead typing so hard that she's going to break the keyboard

    Hope you are all doing better than I am at the moment!
    Originally posted by GeorgianaCavendish
    Hope you're feeling a bit better GC, and manage to get your deadlines met.
    And yes, I know that feeling very well! Families can be a total pain in the backside sometimes (((hugs)))
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • EssexHebridean
    • By EssexHebridean 19th Dec 17, 1:18 PM
    • 8,716 Posts
    • 45,970 Thanks
    EssexHebridean
    Hope things are a bit more on an even keel today GC - remember to take at least a few minutes out of the day to get outside and look up at the sky in daylight. That always helps. Deep breaths and fresh air - the way forwards, at least a bit!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£982.19 (04/06/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Mnd
    • By Mnd 19th Dec 17, 3:12 PM
    • 546 Posts
    • 645 Thanks
    Mnd
    Porridge is fine in the slow cooker
    • JoJoC
    • By JoJoC 20th Dec 17, 12:27 PM
    • 1,183 Posts
    • 6,821 Thanks
    JoJoC
    Just stopping by GC to wish you some good luck and patience. I feel your pain with the work deadlines - I've been much the same over the last few weeks but i finish today for 2.5 weeks and I just think 'sod it'. If things don't get done, they will wait. It's not the end of the world! But I don't want to have things hanging over me while I'm off as I know I will think (read worry) about them.

    Fingers crossed you can get work stuff put to bed and enjoy some time off without screaming at anyone
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
    • FiscalPickle
    • By FiscalPickle 22nd Dec 17, 3:56 AM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    I discovered a fantastic use for the slow cooker at this time of year: mulled wine! It heats it right through without burning and with a slice of orange and a cinnamon stick the house smells so festive. Kept on low it’s the ideal temperature to serve through the evening. In true MSE fashion I’m using wine bought last Christmas
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Seasidegal58
    • By Seasidegal58 24th Dec 17, 8:33 PM
    • 1,978 Posts
    • 12,242 Thanks
    Seasidegal58
    Hope you have a peaceful and lovely Christmas Duchess.

    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 20/05/2018: £646.59
    MONTHS TO RETIREMENT: 35!
    My diary: “Paid off the £31,0000! BUT- still scrimping!”
    • Seasidegal58
    • By Seasidegal58 31st Dec 17, 4:22 PM
    • 1,978 Posts
    • 12,242 Thanks
    Seasidegal58
    ....and a very happy New Year and 2018 to you and your family.
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 20/05/2018: £646.59
    MONTHS TO RETIREMENT: 35!
    My diary: “Paid off the £31,0000! BUT- still scrimping!”
    • EssexHebridean
    • By EssexHebridean 4th Jan 18, 12:32 PM
    • 8,716 Posts
    • 45,970 Thanks
    EssexHebridean
    I discovered a fantastic use for the slow cooker at this time of year: mulled wine! It heats it right through without burning and with a slice of orange and a cinnamon stick the house smells so festive. Kept on low it’s the ideal temperature to serve through the evening. In true MSE fashion I’m using wine bought last Christmas
    Originally posted by FiscalPickle
    This is such a good tip! (Although I guess you have to remember to tell folk that it will still have a higher alcohol content that "normal" mulled wine?).
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£982.19 (04/06/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • FiscalPickle
    • By FiscalPickle 4th Jan 18, 7:38 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    This is such a good tip! (Although I guess you have to remember to tell folk that it will still have a higher alcohol content that "normal" mulled wine?).
    Originally posted by EssexHebridean
    Hmmm, I might have forgotten to mention that part to the guests! No one was driving at least
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Chrystal
    • By Chrystal 5th Jan 18, 3:14 AM
    • 284 Posts
    • 1,882 Thanks
    Chrystal
    Hope everything is OK GC - you've been very quiet. Thinking of you and hoping that 2018 turns into a good year for you. X
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • GeorgianaCavendish
    • By GeorgianaCavendish 8th Jan 18, 10:58 AM
    • 620 Posts
    • 3,886 Thanks
    GeorgianaCavendish
    Happy New Year!
    Happy New Year! Hope that you all had a lovely Christmas and New Year

    I've been very quiet recently as pretty overwhelmed with work. We had a couple of resignations in my department and although we've got a new person starting mid-Feb, there is a lot of extra work to pick up. To be honest, I think that even when they start there will still be a lot of additional work ... we lost one F/T and one P/T person and the new person is P/T. Eek!

    Anyway, enough about work for the time being! Let's talk Debt Busting!

    Almost a year of being part of this forum has taught me that when it comes to debt busting, knowledge is power. I can't believe the extent to which I was happily ignorant about my finances, simple things like not knowing which credit card had the highest rate of interest, what subscriptions I had set to auto-renew or the date that my insurance policies expired.
    I feel much more empowered because I know exactly what my situation is now, and I think it is always better to know the facts, even if facing up to them is sometimes very scary!

    For example, this month I've been able to save a whopping £180 on my contents insurance by keeping on top of the renewal date, putting some money aside during 2017 to pay the premium in one go instead of monthly, and shopping around instead of accepting the renewal quote from my current insurer. (I also worked out exactly what our insurance requirements were instead of signing up for the "best" i.e. most expensive option).

    In 2018 I have two big areas of focus. #1 is to be more patient with myself, sometimes there are easy wins or things that make a big difference and sometimes it is weeks or months of slogging along looking after the pennies and not seeing much movement on the debt figures. I have to trust that it will work, and that the small economies will have a big pay off down the line.
    #2 is to plan ahead. 2017 has taught me that I can't just avoid thinking about and planning for unpleasant, difficult or even 'waste of time' things and hope that they'll never happen because having no cushion or emergency fund in place makes things much worse than they need to be.

    I'll probably continue to be pretty quiet over the coming 6 weeks but will make more of an effort to check in because it does help keep me on track

    Good luck everyone and see you soon!
    Working towards being debt free by 31st March 2020!
    • Chrystal
    • By Chrystal 9th Jan 18, 2:19 AM
    • 284 Posts
    • 1,882 Thanks
    Chrystal
    Glad you're OK GC and it sounds as though you have good plans in place to get you through this year. X
    GC. Oct.17 = £261.18/ £300 = + £38.82 NSDs 20/31
    GC. Sept.17 = £354.89/£300 = - £54.39

    • JoJoC
    • By JoJoC 9th Jan 18, 9:13 AM
    • 1,183 Posts
    • 6,821 Thanks
    JoJoC
    So much of what you said resonates with me GC - avoiding thinking/ planning is definitely one of them if it's something that's too much for me to want to think about!

    Sorry that you're overwhelmed again with work - I think we were in similar situations last year with massive workloads and although mine is ok right now (just started back yesterday) I know it's going to ramp up pretty soon and I think i'll be right back where you are now. I know we can both get through it!

    Hope the rest of your week is ok
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
    • FiscalPickle
    • By FiscalPickle 9th Jan 18, 5:16 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    Hi GC, just popping in to say Happy New Year
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • EssexHebridean
    • By EssexHebridean 16th Jan 18, 11:55 AM
    • 8,716 Posts
    • 45,970 Thanks
    EssexHebridean
    Well done GC - that's sounding as though you've really got the building blocks in place to see this through now! You're right about the knowledge thing - the other thing I'll say on that is that you know how the skillset to maintain that knowledge, and that is something you simply won't lose. It really is one of the biggest factors in people getting, and then staying, debt free - the knowledge and the skills to foresee problems and expenditure and have the plans in place to deal with it.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£982.19 (04/06/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
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