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    • 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 44
    • GeorgianaCavendish
    • By GeorgianaCavendish 10th May 18, 10:42 AM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    Housekeeping
    I tidied up my spreadsheet this morning. I was focusing too much on the MBNA figures (which were at the top of the spreadsheet) when what I really need to do is keep the focus on Barclaycard. I feel much better now the spreadsheet has been reordered to reflect my current priorities so I thought I'd do the same with my May Debt Totals

    ]May 2018 Debt Totals ... (I've added a % paid column to my spreadsheet, which appears below in green. I'm counting from the highest debt figure on each of the accounts, not from my April update)

    Total debt is 30508.57

    HSBC Personal Loan : 7953.57
    Interest rate 8.9%, 21 payments left
    41.66% Paid

    Credit Account Balances

    Barclaycard 8690
    6405.81 @ 6.9% (until paid off)
    2284.19@ 18.6

    13.45% paid

    Very 1 175.00
    Interest rate 0%, until 28 Sept 2018
    59.21% paid

    Very 2 800.00
    Interest rate 0%, until 30 April 2019
    1.11% paid

    Paypal 1450.00
    Interest rate 17.9%
    22.76% paid

    Lloyds 3250
    Interest rate 0%, promo rate ends September 2019
    9.87% paid

    Tesco 2 1100.00
    Interest rate 0%, promo rate ends 8 Feb 2019
    43.64% paid

    MBNA 7090.00
    2898.59 @ 6.9% (rate ends 9th July 2019)
    4191.41 @ 6.9% (rate ends 2nd Dec 2019)

    13.49% paid

    Priorities and Goals

    2018

    #1. Barclaycard 18.6% Balance

    #2 Very - Pay Off 0% Offers Before Expiry (Very 1 Exp 28 Sept 2018 / Very 2 Exp 31 May 2019)

    #3 is Paypal - 17.9% Balance

    #4 Continue to add to emergency fund

    #5 Stop stressing over other balances. Eyes on the teaspoon, not the lake!

    2019 Goals

    #1 Pay upfront for insurance policies in early 2019.

    #2 Move house! We're budgeting for a 200 pcm rent increase and additional travel costs of around 200 per year.

    #3 Pay off Student Loan. I'm continuing with PAYE deductions until April 2019, then I'll revisit and look at switching to Direct Debit. I think that I'll have repaid my Student Loan by the end of 2019.
    • GeorgianaCavendish
    • By GeorgianaCavendish 18th May 18, 10:39 AM
    • 619 Posts
    • 3,715 Thanks
    GeorgianaCavendish
    I had a personal loan offer from Tesco on 3.9% (my current personal loan is on 8.9%) but after doing the sums it looks like I would be saving around 5 a month if I switched and kept the repayment term the same. I'm not sure it is worth the hit to my credit rating to do it for such a small saving, especially when I have two 0% deals expiring early 2019. On the other hand, saying no to saving 100? Oh, also I have a repayment bonus of 165-ish on the existing personal loan which would be lost if I repaid early. Argh! I think I will just shelve this idea and concentrate on my Barclaycard.

    I did a focus group this week, really interesting and really well paid at 95. I think that is the highest paid one I've done so far. I've got a decent balance in my Prolific Academic account (20 payable and 50 pending); and the 25 cashback from my contents insurance purchase back in January has finally been confirmed, so just waiting for it to be payable to withdraw. I redeemed 10 in Amazon vouchers from Ipsos i-Say too, which went towards my sister's birthday present.
    All in all, May has been a pretty good month for "bonus" money
    • redofromstart
    • By redofromstart 18th May 18, 1:04 PM
    • 1,678 Posts
    • 10,073 Thanks
    redofromstart
    That is good going on the bonus money!

    Popped over to say thanks for the recommendation on The Ordinary stuff. I did a 'feelunique' order the other day as they had 20% off the TIGI bulk packs that I needed, and I frittered 4ish on the Salicylic Acid solution to take me over the 15 for free P&P. Its really good and my slow to heal face looks better already. They had very little else by them in stock but worth keeping an eye out, especially if you did the 'pick n mix' samples order first to get the 3.95 credit back against your planned order.
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