Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Jan 17, 5:30 PM
    • 619Posts
    • 3,715Thanks
    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 42
    • redofromstart
    • By redofromstart 16th Apr 18, 10:36 AM
    • 1,676 Posts
    • 10,044 Thanks
    redofromstart
    Hello Duchess - nice to have you back!

    Blimey, I feel really out of it on the skincare discussion - I joined the No More Buying Toiletries thread a while back and it really helped me figure out what does/doesn't work for me and stick to it..
    Originally posted by PositiveBalance
    I used to follow that but I was terrible for reading about other peoples products and then buying them . I am trying really hard to slowly use up my collection, and only replace things I have genuinely run out of but I am a sucker for ooh that sounds nice, must try some and oh look there's a nice freebie if I just buy one more thing. It was my worst spending habit actually. I have unsubscribed form all the offer emails which helps.
    • GeorgianaCavendish
    • By GeorgianaCavendish 16th Apr 18, 10:39 AM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    Hello Duchess - nice to have you back!

    Blimey, I feel really out of it on the skincare discussion - I joined the No More Buying Toiletries thread a while back and it really helped me figure out what does/doesn't work for me and stick to it.

    Best of luck with the debt-busting. It's going slooooowly for me.
    Originally posted by PositiveBalance
    Thank you! Its nice to be back That thread looks very interesting, I have bookmarked to read through later

    I have problematic skin, with acne now combined with dry spots. A few years ago I realised that cheap skincare was no longer cutting it. Estee Lauder Advanced Night Repair serum has done wonders for my skin, I think that given the results the price isn't too hideous. I buy it in Boots for Advantage points and Estee Lauder are really generous with samples and treatments for regular customers. I (now) don't spend particularly much on shoes, clothes or anything else for myself really, but a good haircut and decent skincare are non-negotiable for me. I may have debt, but equally I can't turn up to work looking like a bag lady.
    Originally posted by FiscalPickle
    I've found the same thing, there are lots of areas that I can make savings in but certain products that are non-negotiable for me. I also make good use of Boots offers and advantage card points

    I have the same issue - acne and dry spots. Advanced Night Repair used to work wonders for me too (I used to work for EL so got it on massive discount and often free) but I've actually now had better results using Body Shop's camomile cleansing balm in conjunction with the Ordinary skincare! I completely agree that EL are really good with giving samples and treatments though.
    Originally posted by Silver Queen
    Interesting about the Body Shop and Estee Lauder, I haven't tried skincare from either - will keep my eyes peeled for samples!
    I've been using Beauty Pie's Jeju Overnight Moisture Superinfusion at night, it is quite heavy on application though so not sure how well it will work in the summer.


    Skin/beauty question for everyone : what body lotion do you use? My skin gets really dry but also is quite congested so if I use something too heavy I will get breakouts on my chest and back. I'd love to find something hydrating that maybe helps skin elasticity. I used to use Palmers Cocoa Butter when I was at college but my husband detests the smell of it and I'd rather not listen to him moaning every time I use it (also it is too heavy for the congested skin on my chest & back).
    Working towards being debt free by 31st March 2020!
    • GeorgianaCavendish
    • By GeorgianaCavendish 16th Apr 18, 10:43 AM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    I used to follow that but I was terrible for reading about other peoples products and then buying them . I am trying really hard to slowly use up my collection, and only replace things I have genuinely run out of but I am a sucker for ooh that sounds nice, must try some and oh look there's a nice freebie if I just buy one more thing. It was my worst spending habit actually. I have unsubscribed form all the offer emails which helps.
    Originally posted by redofromstart
    Unsubscribing from offers really helps! I've been making a big effort to do this over the last few weeks. Also reducing the time I spend on instagram and unfollowing lots of accounts that just induce envy / make me think I need to buy things.
    Working towards being debt free by 31st March 2020!
    • Silver Queen
    • By Silver Queen 16th Apr 18, 2:24 PM
    • 372 Posts
    • 1,758 Thanks
    Silver Queen
    Aveeno is good for me, I also like Lush lotions but find they're too much for my chest/back. Great for legs, feet and elbows though.
    Debt Totals May 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £10,250 £500 train ticket loan from parents / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £0 (paid off 09/03/18)
    • leon103
    • By leon103 17th Apr 18, 10:34 PM
    • 718 Posts
    • 173 Thanks
    leon103
    Thank you, that is really nice to hear Congratulations on getting to the end of your student loan, it must feel like a weight is about to be lifted!
    Originally posted by GeorgianaCavendish
    Yes it will although we are in the process of buying a new house so the money saved will go towards the new mortage.

    Just waiting for my p60 to come through so I can get a new total from SLC. I believe it is only another 3 and a bit months left so will just pay off in one go
    • GeorgianaCavendish
    • By GeorgianaCavendish 18th Apr 18, 12:07 PM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    Aveeno is good for me, I also like Lush lotions but find they're too much for my chest/back. Great for legs, feet and elbows though.
    Originally posted by Silver Queen
    Thank you! I'll check out Aveeno when I've used up my other creams

    Yes it will although we are in the process of buying a new house so the money saved will go towards the new mortage.

    Just waiting for my p60 to come through so I can get a new total from SLC. I believe it is only another 3 and a bit months left so will just pay off in one go
    Originally posted by leon103
    That is so exciting! I can't wait until I'm in that position (check back in 18 months, maybe??)
    Working towards being debt free by 31st March 2020!
    • GeorgianaCavendish
    • By GeorgianaCavendish 18th Apr 18, 12:12 PM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    Hope everyone is enjoying the sunshine! I really need to sort out / swap over my winter clothes and get my spring/summer stuff out of the storage bags under my bed. Although last time I decided to do that, it snowed for a week so sorry if I've jinxed the weather!

    I've been employing a strategy to calm down my spending. If I know I need to buy something I'll try to stretch out the time before I make the purchase as far as possible. Sometimes this is only a couple of days until I really do need to make the purchase, but sometimes I find that I've been able to get on without buying the item at all.
    Working towards being debt free by 31st March 2020!
    • GeorgianaCavendish
    • By GeorgianaCavendish 20th Apr 18, 12:13 PM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    Yolt
    I keep seeing adverts for Yolt on the tube, has anyone tried it and is it any good?
    Working towards being debt free by 31st March 2020!
    • Seasidegal58
    • By Seasidegal58 22nd Apr 18, 1:56 PM
    • 1,912 Posts
    • 11,753 Thanks
    Seasidegal58
    It's a money app isn't it? Haven't tried it as I'm a fervent YNABer, but looking at the ad it seems that they've been reviewed by the Guardian and some others so might be worth having a look at these reviews.

    P.S I use Aveeno as well - used to use Palmers and loved it but find this just as good - a bit lighter and without the heavy aroma!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 20/05/2018: £646.59
    [CONOR=red]MONTHS TO RETIREMENT: 36!
    My diary: “Paid off the £31,0000! BUT- still scrimping!”
    [/COLOR]
    • GeorgianaCavendish
    • By GeorgianaCavendish 24th Apr 18, 3:16 PM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    I will check out the Guardian review, thank you!
    Working towards being debt free by 31st March 2020!
    • JoJoC
    • By JoJoC 24th Apr 18, 4:22 PM
    • 1,784 Posts
    • 6,523 Thanks
    JoJoC
    I don't know anything about it but it looks interesting! I've seen others mention Monzo - worth a comparison?
    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 25th Apr 18, 12:44 PM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    Bonus received and I've paid off that Tesco 1 balance. Glad to get rid of that before the awful interest rate kicks in!
    Working towards being debt free by 31st March 2020!
    • redofromstart
    • By redofromstart 25th Apr 18, 1:52 PM
    • 1,676 Posts
    • 10,044 Thanks
    redofromstart
    Hurrah, well done you!
    • Seasidegal58
    • By Seasidegal58 25th Apr 18, 1:58 PM
    • 1,912 Posts
    • 11,753 Thanks
    Seasidegal58
    Yes! Well done! Onwards and upwards!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 20/05/2018: £646.59
    [CONOR=red]MONTHS TO RETIREMENT: 36!
    My diary: “Paid off the £31,0000! BUT- still scrimping!”
    [/COLOR]
    • JoJoC
    • By JoJoC 26th Apr 18, 8:58 AM
    • 1,784 Posts
    • 6,523 Thanks
    JoJoC
    Excellent news! Well done!
    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*
    • WannabeFree
    • By WannabeFree 26th Apr 18, 9:02 AM
    • 1,534 Posts
    • 13,217 Thanks
    WannabeFree
    Brilliant news

    You're doing fab

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • GeorgianaCavendish
    • By GeorgianaCavendish 26th Apr 18, 11:15 AM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    Thank you everyone! I'm really pleased to have caught it before it went up to that scary rate

    We've been having a long think about our current living situation. We like our flat and the landlady is great (we rent directly from her so no annoying estate or management agents to deal with) but the small size and the location is really starting to get to us. We're on top of a busy tube station that has underground and mainline trains going through AND right next to a very busy high street. The constant noise and light pollution from the station means we get a rubbish quality of sleep (don't notice it day-to-day, apart from feeling knackered all the time!, but we visited DH's parents last week and the difference in sleep quality was eye opening). Also we haven't got any outdoor space or even a balcony, and the flat is roasting in the summer. The warm weather we had last weekend felt almost unbearable.

    SO, we would like to move to another area a few miles away and look for a slightly larger property with outdoor space. And away from railway stations / main roads! We've been doing some research on prices and we could get a 2 bedroom property with outdoor space for about £150-200 more per month than our current rent. This isn't feasible at the moment but we should be able to do it by this time next year, so to start with we are going to pay the difference between our rent and projected rent into a savings account so that we have money to cover deposit, moving expenses etc. That goal is bringing home how much we need to stay on top of the small outgoings to make a big positive change to our lives
    Working towards being debt free by 31st March 2020!
    • Seasidegal58
    • By Seasidegal58 26th Apr 18, 2:10 PM
    • 1,912 Posts
    • 11,753 Thanks
    Seasidegal58
    Good idea on the savings account to upgrade your abode! I live in a flat with no balcony and it would be lovely to have one - even a juliette style so I could open some nice big windows fully for some fresh air when it is hot! We have a communal lawn but it never inspires me to sit out there - I like my own privacy and space!

    As you say small changes to lifestyle like cutting down on takeaway coffees etc, will soon start to fill up the savings pot!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 20/05/2018: £646.59
    [CONOR=red]MONTHS TO RETIREMENT: 36!
    My diary: “Paid off the £31,0000! BUT- still scrimping!”
    [/COLOR]
    • JoJoC
    • By JoJoC 26th Apr 18, 5:41 PM
    • 1,784 Posts
    • 6,523 Thanks
    JoJoC
    Great plan to get moving! Itll be interesting to see how the motivation of having a lovely new home will help ypu stay on track with savings goals. Maybe more than if you were just generally saving?
    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*
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 26th Apr 18, 6:53 PM
    • 1,320 Posts
    • 6,147 Thanks
    wishingthemortgaheaway
    Sounds like a fab plan, I'm doing something similar, putting £100 a month aside as I think that's about what the bills increase (minus the mortgae increase) For if/when we move.
    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
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,732Posts Today

8,045Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin