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  • FIRST POST
    • onehitwonder
    • By onehitwonder 5th Feb 18, 3:45 PM
    • 131Posts
    • 74Thanks
    onehitwonder
    43,800
    • #1
    • 5th Feb 18, 3:45 PM
    43,800 5th Feb 18 at 3:45 PM
    Well the start of a new diary. I have had plenty of light bulb moments in the past and attempts to get back to being debt free - somewhere I was last at about 35 years ago when I was 17.


    Anyway back to business. My total debt is around 44,000 and is made up of 6 credit cards and one loan.
    I also have a mortgage, and that currently stands at around 70,000 - but the house is worth around 150,000 so not all bad.

    I have accumulated the debts over a long period and have no one but myself to blame.
    I am starting this diary in the hope it will motivate me to keep paying off the debts and not add to them.
    I know what I have to do, or should do, and have spreadsheets and completed SOAs in the past so there is nothing to cut back on that I haven't already.
    Mainly I just have to stop spending on unnecessary 'stuff' and get paying it down.


    Currently the damage is with the figures in brackets being the card limit (I know I am maxed out on most):
    Virgin Card (5700) 5,700.73
    First Direct (8000) 7,950.00
    Halifax (4000) 3,938.69
    Halifax Clarity (900) 813.77
    Tesco card (3500) 3,341.30
    MNBA (6800) 6,482.20
    Loan (20000) 15,834.73
    Total: 44,061.41
    Last edited by onehitwonder; 05-02-2018 at 3:48 PM.
Page 1
    • Purplemumof2
    • By Purplemumof2 5th Feb 18, 3:49 PM
    • 6,008 Posts
    • 21,956 Thanks
    Purplemumof2
    • #2
    • 5th Feb 18, 3:49 PM
    • #2
    • 5th Feb 18, 3:49 PM
    Good luck on your journey xx
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: 6500.00 Cap 1: 417.28 BC: 8224.59 (temporary)
    AFD xxx LTW 12/16
    POAMAYC 2018 #041 PD 3790.84/7000
    Savings for Christmas 131.00/365
    20p Savers 2018 2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • onehitwonder
    • By onehitwonder 5th Feb 18, 4:00 PM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    • #3
    • 5th Feb 18, 4:00 PM
    • #3
    • 5th Feb 18, 4:00 PM
    One positive.
    I have around 1600 of cryptocurrency, which I know I should sell to pay off some of the debt - but I am not. I will hold onto it as it is an incredible roller-coaster watching the value go up and down (well initially up, then down, down a lot, but hopefully it will go back up).
    This is going to be my one vice.

    ..and if anyone is interested I have 11 Litecoin and 1 Ether. No actual Bitcoins.

    Details of my cryptocurrency which at the moment is a bad investment, but I expect (hope) it will be ok long term...
    Ether:603.16, Lite:1,011.12 Total:1,614.28
    Profit\Loss -785.72 Percent:-32.74%

    I am not asking for advice on handling my debts just want to put it all out there
    Last edited by onehitwonder; 05-02-2018 at 4:13 PM.
    • enjoyyourshoes
    • By enjoyyourshoes 5th Feb 18, 4:06 PM
    • 1,046 Posts
    • 1,280 Thanks
    enjoyyourshoes
    • #4
    • 5th Feb 18, 4:06 PM
    • #4
    • 5th Feb 18, 4:06 PM
    So what happened to your multiple light bulb moments.?

    Why have they ,as yet, stuck?

    Can you earn more?

    Can you cut back on your spending?

    Good luck with the cryptocurrencies !

    A shiny new Xmas present cashing them in might have been fortunate for you ! hope you didn't buy recently?
    Debt is a symptom, solve the problem.
    • onehitwonder
    • By onehitwonder 5th Feb 18, 4:21 PM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    • #5
    • 5th Feb 18, 4:21 PM
    • #5
    • 5th Feb 18, 4:21 PM
    So what happened to your multiple light bulb moments.?
    Why have they ,as yet, stuck?
    Can you earn more?
    Can you cut back on your spending?
    Originally posted by enjoyyourshoes
    I freely admit I am a lazy so and so. My previous lightbulb moments just fizzled out. I know my debt is large but I have a good salary and can manage. The fact that I haven't had a problem with it is why I am, was, so bad keeping it in check. But now I realise it is out of hand and is impacting a great deal on my life.
    I can't increase my incomings but can cut back on spending - which is what I am going to do.


    Good luck with the cryptocurrencies !
    A shiny new Xmas present cashing them in might have been fortunate for you ! hope you didn't buy recently?
    Originally posted by enjoyyourshoes
    Yes, they are the new, shiny, thing for me. Bought them in Dec. Not when they were at the highest, but 30% more expensive than they are now. I have actually recently cashed in about 5 litecoins, something I may regret in 20 years and actually made money on them - probably 20% gain - which isn't a great deal, but better than the 30+% loss I am sitting on for the remaining ones at the moment.


    Actually the 32% loss is now a 30% loss now. The value of the 'coins' having risen by about 100 in the last few hours. I love the volatility of them - mind you I prefer the volatility when they are just on the upward trend.
    Last edited by onehitwonder; 05-02-2018 at 4:24 PM.
    • enjoyyourshoes
    • By enjoyyourshoes 5th Feb 18, 4:29 PM
    • 1,046 Posts
    • 1,280 Thanks
    enjoyyourshoes
    • #6
    • 5th Feb 18, 4:29 PM
    • #6
    • 5th Feb 18, 4:29 PM
    In my humble opinion if you can stop the spending on WANTS and mainly spend on NEEDS, and throw as much money ,as quickly over the longest period of time, at the debts, this may lead to happier times.

    Price of Bitcoins is cascading, not sure about the ones you hold, but you will not regret selling the ones you recently sold, but regret not selling them all.


    https://www.coindesk.com/price/
    Debt is a symptom, solve the problem.
    • onehitwonder
    • By onehitwonder 5th Feb 18, 4:35 PM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    • #7
    • 5th Feb 18, 4:35 PM
    • #7
    • 5th Feb 18, 4:35 PM
    Thanks for the comments enjoyyourshoes, I do appreciate them. I also agree with you. The smart choice would be to sell the remaining coins I have and pay off some debt. But I am not really that smart and want to keep them to see what happens.
    I know their value has dropped by over 30%. But I am hoping by the end of this month their value will raise to be close to the level I bought them at.
    For me it is like buying the lottery each week - although I know a lot more expensive.
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • enjoyyourshoes
    • By enjoyyourshoes 5th Feb 18, 4:53 PM
    • 1,046 Posts
    • 1,280 Thanks
    enjoyyourshoes
    • #8
    • 5th Feb 18, 4:53 PM
    • #8
    • 5th Feb 18, 4:53 PM
    Why do you think the value will increase.?

    What is your crystal ball telling you that mine isn't.?

    I got as far as a 'wallet' and left it at that !
    Debt is a symptom, solve the problem.
    • savingholmes
    • By savingholmes 5th Feb 18, 6:25 PM
    • 8,954 Posts
    • 16,998 Thanks
    savingholmes
    • #9
    • 5th Feb 18, 6:25 PM
    • #9
    • 5th Feb 18, 6:25 PM
    Good luck on your journey. What is your target to pay off a month? Are you on track? What are you doin to change your habits? Asks someone with a similar debt level...
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • onehitwonder
    • By onehitwonder 6th Feb 18, 5:17 PM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Why do you think the value will increase.?
    What is your crystal ball telling you that mine isn't.?
    I got as far as a 'wallet' and left it at that !
    Originally posted by enjoyyourshoes
    Only my gut is telling me over the longer term their value will go up. I could be completely wrong
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • enthusiasticsaver
    • By enthusiasticsaver 6th Feb 18, 5:28 PM
    • 6,255 Posts
    • 12,399 Thanks
    enthusiasticsaver
    I don't think you have had any light bulb moments in the past as otherwise the debt would have been dealt with. Presumably you are now in your fifties if you have been in debt for 35 years. Do you intend to clear it before you retire or are you just hoping things will sort itself out as you do not seem to have a plan to clear it?

    The cards are either at the limit or very close to them which would indicate to me that although you say you have a good salary you are not paying them off. Surely the monthly repayments are affecting you as I am guessing you must be paying in the region of 1000+ just on minimums? I am actually staggered that with that amount of debt you are effectively gambling on cryptocurrency with no guarantees of returns.

    Are you paying interest on those cards or do you have them on 0% deals? If not, what interest rates are you paying?
    Debt free and mortgage free and early retiree. Living the dream

    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
    • onehitwonder
    • By onehitwonder 6th Feb 18, 5:44 PM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    I don't think you have had any light bulb moments in the past as otherwise the debt would have been dealt with. Presumably you are now in your fifties if you have been in debt for 35 years. Do you intend to clear it before you retire or are you just hoping things will sort itself out as you do not seem to have a plan to clear it?

    The cards are either at the limit or very close to them which would indicate to me that although you say you have a good salary you are not paying them off. Surely the monthly repayments are affecting you as I am guessing you must be paying in the region of 1000+ just on minimums? I am actually staggered that with that amount of debt you are effectively gambling on cryptocurrency with no guarantees of returns.

    Are you paying interest on those cards or do you have them on 0% deals? If not, what interest rates are you paying?
    Originally posted by enthusiasticsaver
    Thanks for the input enthusiasticsaver. You are probably right, maybe I had dim lightbulb moments.
    Yes most of the debt is currently 0% or low rates (around 5%).
    I know I have been burying my head in the sand. But now I intend to reduce the debt each month. I should be able to pay off the minimum and pay of a few hundred more each month. I will see how it goes in the next couple of months.
    • onehitwonder
    • By onehitwonder 7th Feb 18, 12:36 PM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    My cryptocurrency has gone up and I now hold 2268. About 117 down on them overall at the moment.
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • Sunkencosts
    • By Sunkencosts 7th Feb 18, 12:53 PM
    • 93 Posts
    • 93 Thanks
    Sunkencosts
    Exciting watching the currency move. Have you got an idea of what level you would cash them out at if they rose?

    I have similar debt (actually about 10 k more!) so will be following your journey too. I always look around for people with similar levels to me -- it's like a weight loss forum, you identify most closely with the journey of people with a similar build to you!

    Good luck
    Savings:
    Emergency 404.38/1000 Car 200/600 Christmas 250/800 Holiday 250/600
    Grading 30/90 presents 40
    Total debt Jan 2018 53,938
    April 2018 47,780.52
    • onehitwonder
    • By onehitwonder 7th Feb 18, 1:44 PM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Exciting watching the currency move. Have you got an idea of what level you would cash them out at if they rose?
    Originally posted by Sunkencosts
    Haven't thought of a level I would cash out. If they rose to 20k I would probably cash out 10k.
    I am under no illusion though - I would love their value to rise and rise, but I know rising to 20k is a VERY big ask and probably won't happen before I retire in about 12 years time.
    Therefore I expect I will cash them in when I retire at whatever level it is at or until I get bored with them


    ...and good luck with your debt busting as well Sunkencosts.
    Last edited by onehitwonder; 07-02-2018 at 1:46 PM.
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • onehitwonder
    • By onehitwonder 19th Feb 18, 11:05 AM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Been recalculating and decided to sell some of my litecoins.
    An updated total:


    Debts: Virgin Card 5,765, First Direct 7,990.00, Halifax 3,964, Halifax Clarity 0, Tesco 3,981, MNBA 6,755, Loan 15,834 Total: 44,287
    Hold: Crypto value (6 Litecoin 1.1 ETH) Value: 1,750.


    So paid off my Halifax clarity card. Going to tackle my other Halifax card next so hopefully repay that on the next few months.
    Going through the process of selling the Etherium now. Might regret it if the value rockets but think it best to reduce the debts. Will still retain some Litecoins - for now anyway.
    Last edited by onehitwonder; 19-02-2018 at 11:16 AM.
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • enthusiasticsaver
    • By enthusiasticsaver 19th Feb 18, 2:13 PM
    • 6,255 Posts
    • 12,399 Thanks
    enthusiasticsaver
    I think that is sensible. Holding volatile assets is all well and good if you are financially secure but with 114k of debt and only 12 years until retirement holding your savings in cash or less risky investments would be wiser. Will the mortgage be paid off by the time you retire? How much are you aiming to repay off the debt each month or year?
    Debt free and mortgage free and early retiree. Living the dream

    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
    • onehitwonder
    • By onehitwonder 20th Feb 18, 8:49 AM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    I think that is sensible. Holding volatile assets is all well and good if you are financially secure but with 114k of debt and only 12 years until retirement holding your savings in cash or less risky investments would be wiser. Will the mortgage be paid off by the time you retire? How much are you aiming to repay off the debt each month or year?
    Originally posted by enthusiasticsaver
    Thanks.
    Yes the mortgage will be paid off in 10 years. I am going to pay off as much as I can I am aiming to reduce it by at least 500 a month - hopefully more. I know that means a long time before it is repaid, but if I keep it up then it can only get better.


    Paid off one of my cards with some of the money already received from the cryptocurrency so will update my signature. Also another few hundred still to come so that will go off the other cards soon.
    Last edited by onehitwonder; 20-02-2018 at 9:17 AM.
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • onehitwonder
    • By onehitwonder 22nd Feb 18, 9:52 AM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Sold all my cryptocurrencies and applied the money to my debts. My title says 43,800 but it was more than that - more like 45,000.
    I have updated my signature and the figures are more accurate.
    Next month I will drop below 43,000 which is good.
    Still aim to reduce the total by at least 500 a month.
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • onehitwonder
    • By onehitwonder 4th Mar 18, 10:05 AM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Cleared one card that had the lowest balance.

    Not made my 500 target to pay off things this month. But may pay off some more before the end of the month. Keeping some aside just in case I need it.
    Updated my signature.
    So far paid 398 off the balance this month.
    Last edited by onehitwonder; 04-03-2018 at 10:10 AM.
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
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