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  • FIRST POST
    • pidge04
    • By pidge04 26th Mar 18, 6:18 PM
    • 293Posts
    • 585Thanks
    pidge04
    I want to believe I can do this!
    • #1
    • 26th Mar 18, 6:18 PM
    I want to believe I can do this! 26th Mar 18 at 6:18 PM
    Is this how I start a diary? I don't know whether anyone would want to read it but I hope it will keep me focussed and on track to becoming debt free. I am inspired by the diaries I've read here and would welcome advice when I get started.
Page 2
    • enthusiasticsaver
    • By enthusiasticsaver 6th Apr 18, 5:39 PM
    • 6,890 Posts
    • 14,844 Thanks
    enthusiasticsaver
    What interest rates\fees are you paying for your credit cards and overdrafts?

    Boosting your income would be a big help.

    Was the loan a consolidation loan of old debt? How come you have two overdrafts?

    Good luck on getting rid of the debt.
    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
    • pidge04
    • By pidge04 14th Apr 18, 7:10 AM
    • 293 Posts
    • 585 Thanks
    pidge04
    It has been difficult to find the time to post recently but I'm back and determined.

    In response to Enthusiastic Saver, I am absolutely horrified to discover the interest rate on my Barclaycard is 25%. I've looked at it before but I don't think it registered that it was that high. What can I do about that?

    Both of my overdrafts cost £9 a month. So £18 a month.

    Yes, it is a consolidation loan. That's very much been my pattern of behaviour I'm afraid.

    I have an overdraft on my current account and an overdraft on our bills account (in my name).

    I've picked up some bits from around the home to sell and I am making progress with setting up my training sideline.

    My plan is to reduce my debt by £1500 by the summer.

    Best wishes everyone.
    • pidge04
    • By pidge04 14th Apr 18, 7:35 AM
    • 293 Posts
    • 585 Thanks
    pidge04
    End of April - end of May

    Rent and bills £550
    Loan £227
    Car £166
    Professional fees £20
    Car insurance £25
    Phone £17
    Child care costs £80
    New tyre £50
    Petrol £40
    O/D fee £9
    Hoover £30
    Hair £20

    HSBC CC £100
    Barclaycard CC £150 + £50 from eBay sales

    I'm going to ask my husband to take over my grocery shopping for the next 3 months. I will menu plan carefully. I will steer well-clear of supermarkets. No party invites so far and no family birthdays. Will use the £5 pocket money my parents give my daughter each week for presents if there are any party invites.

    Actions:
    1. Book car service for the following month with a view to changing car/reducing car payment.
    2. Find out about work taking over professional fee.
    3. Sell things from around the home.
    4. Get dates booked in for delivering training and boosting income.

    Dear Debt Free Diary friends, is this completely unrealistic?! Any suggestions?

    Thanks!
    • pidge04
    • By pidge04 14th Apr 18, 7:41 AM
    • 293 Posts
    • 585 Thanks
    pidge04
    14th April 2018
    Loan £6598
    CC1 £2354
    CC2 £2695
    OD1 £1000
    OD2 £750
    • pidge04
    • By pidge04 20th Apr 18, 12:49 AM
    • 293 Posts
    • 585 Thanks
    pidge04
    I am feeling like it is all rather hopeless
    Pay day next week. It will be a lift to see some of the debt going down.
    • pidge04
    • By pidge04 21st Apr 18, 12:01 AM
    • 293 Posts
    • 585 Thanks
    pidge04
    Felt quite despondent today and for a moment, I thought I would just apply for yet another consolidation loan. That made me feel very uncomfortable though. I thought about the inpsiring stories I have read here.

    I had a thought that since last year...
    1) I have paid £2,730.24 off my loan.
    2) I haven't used a credit card for 5 months. My credit cards have been cut up.
    3) I have cleared my Next account which was £250.
    4) I have cleared another store debt of £250.
    5) This time last year I was just paying the minimum payments for my credit card debt.
    6) I now live within my means each month.
    7) I do a budget plan every month.
    8) I check my bank balances daily.
    9) My attitude towards spending has changed a lot.
    10) My life is calmer.

    That year has flown by.
    By this time next year, I will have paid another £2,730.24 off my loan.
    So this time next year, I will owe £3,640.32 on my loan.
    This time next year, I will have 16 payments left to make.

    Although I think about money and my debt A LOT, it is less likely to keep me awake at night as it was this time last year when the problem seemed utterly beyond hope.

    So there is some hope....
    • pidge04
    • By pidge04 21st Apr 18, 12:05 AM
    • 293 Posts
    • 585 Thanks
    pidge04
    Oh, 4 party invitations have come in for May - not budgeted for!
    • pidge04
    • By pidge04 21st Apr 18, 12:09 AM
    • 293 Posts
    • 585 Thanks
    pidge04
    I am very focussed on bringing the Barclaycard debt down to under £2000.
    That will be an important milestone.
    • pidge04
    • By pidge04 23rd Apr 18, 6:49 AM
    • 293 Posts
    • 585 Thanks
    pidge04
    I am feeling more hopeful as pay day is imminent!

    My 4 month plan:
    - By August, my Barclaycard will be under £1999.
    - My HSBC will be under £2400.
    - My loan will be £5400.
    - My car will be serviced and I will be taking out a new cheaper finance plan.

    Yesterday was a non-spend day.
    Made dinner using up store cupboard bits and pieces.

    It was a !!!8216;no!!!8217; from the training company so I need to do it alone. Herein lies my problem ... I know I need to get this organised but it!!!8217;s been a month or two since I had the idea. Why have I not just got on and done it?

    I have got a pile of things in my bedroom which I could try and sell. Again, I didn!!!8217;t find the time to do it this weekend.

    I!!!8217;m making myself feel dreary now!

    Onwards and upwards!
    • monz
    • By monz 23rd Apr 18, 10:49 AM
    • 3,295 Posts
    • 10,824 Thanks
    monz
    You can do it!!! Joining the diary helped me loads and always great tips and that.

    Have you considered doing surveys. This helped me loads with payments here and there and esp birthdays. My top ones are Prolific Academic (pays cash), Ipsos Isay (amazon) Opinion Outpost (paypal - also can win grand prize £5k I was skeptical but won it over year ago getting out dect!)

    xx
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 60
    car PCP - 788.96/11848.25 mum and dad £800/£4,000 mortgage - £83,695 o/s currently - paid £468.54 (£4.10 overpayment)
    boys bday 115/300 (£35 pending surveys) Christmas - 0/500
    • hysteria1989
    • By hysteria1989 23rd Apr 18, 11:02 AM
    • 64 Posts
    • 37 Thanks
    hysteria1989
    keep going you are doing a great job
    Car£6950/£5983.56 BW LEGAL £574/£245.7 Lowell £796.77/£630.00 Barclaycard £3537.48/£3200 Virgin (MBNA) £2224.94/£1722.64
    Sainsbury's (Westcot) £1652.52/£1152.94 Overdraft (Halifax) £850/£500 Lucas credit £886.89 £800
    total debt £19286.89/£14234.84
    • beanielou
    • By beanielou 23rd Apr 18, 6:40 PM
    • 56,270 Posts
    • 227,688 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 11 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. MFW 2018. No 144
    • pidge04
    • By pidge04 23rd Apr 18, 10:18 PM
    • 293 Posts
    • 585 Thanks
    pidge04
    Thank you for your comments - they have lifted me.

    I did sign up for some surveys a couple of weeks ago but have nothing about them since. Very kind of you to share your top tips. I will look at these again.

    Today was a non-spend day. I say that as though that was a choice I made. Actually there is no money left in my account!

    I sent off a PPI complaint 2 days ago. I am supposed to hear before the end of May. Must not get my hopes up in case it is rejected.
    • monz
    • By monz 24th Apr 18, 10:13 AM
    • 3,295 Posts
    • 10,824 Thanks
    monz
    Valued Opinions is also very good xx
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 60
    car PCP - 788.96/11848.25 mum and dad £800/£4,000 mortgage - £83,695 o/s currently - paid £468.54 (£4.10 overpayment)
    boys bday 115/300 (£35 pending surveys) Christmas - 0/500
    • onedaysomeday
    • By onedaysomeday 24th Apr 18, 12:08 PM
    • 560 Posts
    • 809 Thanks
    onedaysomeday
    Well done on everything so far !
    Just trying to make up for past mistakes and work towards the future I want
    • anna_1977
    • By anna_1977 24th Apr 18, 12:15 PM
    • 729 Posts
    • 991 Thanks
    anna_1977
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 0 you have a car so should be in here

    Monthly Income Details

    Monthly income after tax................ 1445
    Partners monthly income after tax....... 0
    Benefits................................ 82.8 do you not claim and tax credits?
    Other income............................ 0
    Total monthly income.................... 1527.8


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 167
    Rent.................................... 337.5
    Management charge (leasehold property).. 0
    Council tax............................. 69
    Electricity............................. 15
    Gas..................................... 28.5
    Oil..................................... 0
    Water rates............................. 16.5
    Telephone (land line)................... 30
    Mobile phone............................ 17
    TV Licence.............................. 7 TV licence is just over £12 a month, this needs to be increased
    Satellite/Cable TV...................... 0
    Internet Services....................... 0 is this included in your telephone cost?
    Groceries etc. ......................... 70 sounds very low for a household of 2 adults and 1 child, less than £20 a week??
    Clothing................................ 10 for a household of 3, again i think this is a bit low
    Petrol/diesel........................... 40
    Road tax................................ 2.5
    Car Insurance........................... 26
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 72
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 9
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0you absolutely must sort this out ASAP
    Life assurance ......................... 0
    Other insurance......................... 7.3
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 28 do you spend this every month?
    Entertainment........................... 30
    Holiday................................. 0
    Emergency fund.......................... 0
    Professional Fees....................... 20
    Total monthly expenses.................. 1032.3



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 0........(167)......0
    Total secured & HP debts...... 0.........-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Loan ..........................6598.08...227.......0
    Credit card 1 .................2695.45...70........0
    Credit card 2 .................2369......60........0
    Overdraft .....................750.......9.........0
    Overdraft .....................1000......9.........0
    Total unsecured debts..........13412.53..375.......-



    Monthly Budget Summary

    Total monthly income.................... 1,527.8
    Expenses (including HP & secured debts). 1,032.3
    Available for debt repayments........... 495.5
    Monthly UNsecured debt repayments....... 375
    Amount left after debt repayments....... 120.5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -13,412.53
    Net Assets.............................. -13,412.53


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Originally posted by pidge04

    Well done for addressing the issue

    My comments are in red, i think you've really under estimated your costs on some things, have you gone through the last 6 months of statements and averaged out the monthly costs?

    Please do check whether you are entitled to benefits, i'm pretty sure on an income of yours you would be. Can your partner not work at all?

    Good luck
    • pidge04
    • By pidge04 24th Apr 18, 7:00 PM
    • 293 Posts
    • 585 Thanks
    pidge04
    Thank you for your comments on my SOA anna _1977.

    In response to your queries, I didnít put my car in number of cars owned as I donít own it - I pay monthly for it on a finance plan.

    No I donít claim any benefits etc. My husband earns £2000 a month so I wouldnít think I am entitled to anything.

    We split the bills down the middle so thatís why I have put £7 for my share of the TV license.

    We pay £60 a month for the basic phone cost and internet.

    For the groceries - I pay for 1 out of the 4 grocery bills a month. My husband pays for the other 3. I spend about £60-70 when itís my turn. I shop in Aldi and Lidl.

    I havenít bought many new clothes for myself for a few years.
    My mum tends to buy clothes for my child. We both have capsule wardrobes to be honest.
    If I get any travel expenses in my pay, I tend to use those to buy clothes or shoes for us.
    My husband buys his own clothes from his salary.

    I do not really want to divulge details of my two different kinds of hair appointments here. I am afraid it will not be clear from my description but yes, 28 was the monthly cost when I worked it out across the year. I used to have my hair cut at a local training college for £7 but that is not possible now I work full time unfortunately. I have increased the length of the appointments from 6 to 8 weeks.

    My monthly outgoings have been extremely predictable for the last year since I have been paying such close attention to them.

    I hope that answers your comments.

    Yes, my husband works full time. Our finances have always been quite separate. He spends much more on food than I do. He pays when we go out for coffee.
    • pidge04
    • By pidge04 24th Apr 18, 7:04 PM
    • 293 Posts
    • 585 Thanks
    pidge04
    Got my payslip today ahead of pay day tomorrow. It is up £15 a month so that is good news. It was a rubbish day at work.

    Today was a no spend day. I have a pound in my purse which I found down the sofa.
    • pidge04
    • By pidge04 24th Apr 18, 7:08 PM
    • 293 Posts
    • 585 Thanks
    pidge04
    I see my total debt has decreased to 13,184.48 since I did my SOA a few weeks ago.
    So next month, it will be under 13,000. Crazy sum of money.
    • pidge04
    • By pidge04 24th Apr 18, 7:11 PM
    • 293 Posts
    • 585 Thanks
    pidge04
    I!!!8217;m also struck how my life is quite frugal (despite the £336 a year spend on my various hair appointments) now. Clearly, amassing a debt of 13,184 did not come about from living a frugal lifestyle. I must address my story and previous attitude to money and credit in a future post.
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