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  • FIRST POST
    • E2006
    • By E2006 14th May 18, 3:39 PM
    • 309Posts
    • 1,104Thanks
    E2006
    Time to end 2 decades of being in debt..
    • #1
    • 14th May 18, 3:39 PM
    Time to end 2 decades of being in debt.. 14th May 18 at 3:39 PM
    Well, as the title suggests, Iíve been in debt since starting uni 20 years ago, when I plunged straight into my 1500 student overdraft and student loans. Iíd grown up in a family where pennies were always tight. I remember hiding from the coal man (we had a coal fire) because mum had no money to pay him but we needed the coal for heating and hot water. We didnít have all of the things that other kids seemed to have (expensive trainers etc were an absolute no no) but what we lacked in material things was more than made up for in love.
    Suddenly having access to so much money was just too tempting and I soon found myself with ccís on top of the o/d and loan. I didnít buy anything in particular, and despite having 2 jobs during uni, I was still always broke! I guess what Iím getting at is that Iíve ALWAYS been rubbish with money, and this has continued into adulthood. My husband on the other hand was always so good with his money but Iíve dragged him into debt with me and for this I feel so so guilty.

    We both have good jobs but we hardly have any spare income. We always have to watch the pennies and Iím so exhausted with it now. Itís massively affected my mental health. A couple of years ago I started getting alopecia which my GP put down to stress - at this point I hadnít told DH about the debt and instead was trying to hide it from him whilst still trying to keep up appearances. He was amazing when I finally plucked up the courage to tell him but sadly things have gotten worse not better financially since then!

    For the last few years Iíve had my head completely buried in the sand and went from obsessing over every penny when I was hiding the debt from DH knowing little more that what my repayment was that month. I need to recreate my spreadsheet and start throwing some money at the debts. Iím hoping that posting here will help me find my focus again as I try to claw myself out of the s**t Iím currently in...

    E x
    LBM: May 2018
    Cc 1: £2454 (@34.9%)
    Cc 2 : 11377
    Cc 3: £7839
    Next: £2489 (@ 22.9%)
    balance:£24159
Page 1
    • efes shareholder
    • By efes shareholder 14th May 18, 4:15 PM
    • 364 Posts
    • 989 Thanks
    efes shareholder
    • #2
    • 14th May 18, 4:15 PM
    • #2
    • 14th May 18, 4:15 PM
    Welcome

    I'm a relatively new poster to this forum and my journey to being debt free has like yours just started.

    for me , its about being accountable and taking responsibilty for our actions so well done on coming clean to your DH.

    The one thing we all have in common is that we all need to change our habits to stop the rot and debt culture we have become accustomed too.

    good Luck , I look forward to your updates
    • E2006
    • By E2006 14th May 18, 4:28 PM
    • 309 Posts
    • 1,104 Thanks
    E2006
    • #3
    • 14th May 18, 4:28 PM
    • #3
    • 14th May 18, 4:28 PM
    Thanks efes, sadly Iím not new and my journey has started several times before but never actually ended. This time Iím determined though - I donít want this to be my life anymore. At the minute I feel like Iíll never be debt free but hopefully once Iíve started seeing the numbers coming down Iíll feel more positive.

    Good luck to you - look forward to seeing your updates

    E x
    LBM: May 2018
    Cc 1: £2454 (@34.9%)
    Cc 2 : 11377
    Cc 3: £7839
    Next: £2489 (@ 22.9%)
    balance:£24159
    • E2006
    • By E2006 14th May 18, 5:45 PM
    • 309 Posts
    • 1,104 Thanks
    E2006
    • #4
    • 14th May 18, 5:45 PM
    • #4
    • 14th May 18, 5:45 PM
    So a productive afternoon - Iíve just rang Santander because in my Ďhead in the sandí phase I hadnít checked what the interest rate on this card is - itís 34.9%!!!128561;. Knew there was a reason why my repayments were being eaten up by interest!!
    I checked my Experian report and had been pre-approved for an Aqua credit card at 0% for 6 months with a balance of up to £1200. Iíve applied for that and have been accepted and am now waiting for confirmation of how much I will get but hopefully it will be the £1200 and then I can halve the Santander balance. Iíll have to pay off the aqua in 6 months though because theirs reverts to around 35% too after the introductory rate. Im therefore hoping to have paid off Santander and aqua by November.

    E x
    LBM: May 2018
    Cc 1: £2454 (@34.9%)
    Cc 2 : 11377
    Cc 3: £7839
    Next: £2489 (@ 22.9%)
    balance:£24159
    • E2006
    • By E2006 14th May 18, 6:05 PM
    • 309 Posts
    • 1,104 Thanks
    E2006
    • #5
    • 14th May 18, 6:05 PM
    • #5
    • 14th May 18, 6:05 PM
    So I rang Barclaycard (the biggest balance) to find out my interest rate (its 18.9%) and the lady handling my call asked whether I was trying to reduce my interest rate. She asked me to ring back next month and said they may be able to help with that then, but for this month, Barclays wonít charge me any interest at all! Hopefully that means my balance will come down into the 10kís..

    E x
    LBM: May 2018
    Cc 1: £2454 (@34.9%)
    Cc 2 : 11377
    Cc 3: £7839
    Next: £2489 (@ 22.9%)
    balance:£24159
    • RhiBi
    • By RhiBi 14th May 18, 6:18 PM
    • 613 Posts
    • 1,768 Thanks
    RhiBi
    • #6
    • 14th May 18, 6:18 PM
    • #6
    • 14th May 18, 6:18 PM
    Hi, welcome! I have a Next card and theinterest is awful isn't it. Mine was around £2100 in January and by the end of this month, it'll be below £1000. Next is just too easy to run up a bill with isn't it? I've done that by PADding (sometimes just £2 a day) and throwing spare cash at it. We've got credit card debt too unfortunately, so once the Next is paid off, we'll be doing the same for the cards!

    Good luck
    Virtual Sealed Pot 2018 #7 £352.26/£350

    1 debt vs 100 days £673.72/£1000
    • Littlebirdie
    • By Littlebirdie 14th May 18, 6:53 PM
    • 229 Posts
    • 284 Thanks
    Littlebirdie
    • #7
    • 14th May 18, 6:53 PM
    • #7
    • 14th May 18, 6:53 PM
    Hi,

    Big well done on taking your head out of the sand - I've subscribed.

    Good Luck x
    To staying out of debt!
    Credit card (May 2018):£1082 £953.50 July 2018 Aim: £638.50 October Emergency fund: £753/£1000
    • beanielou
    • By beanielou 14th May 18, 10:31 PM
    • 58,008 Posts
    • 238,705 Thanks
    beanielou
    • #8
    • 14th May 18, 10:31 PM
    • #8
    • 14th May 18, 10:31 PM
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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
    • Storm89
    • By Storm89 15th May 18, 4:53 AM
    • 174 Posts
    • 1,390 Thanks
    Storm89
    • #9
    • 15th May 18, 4:53 AM
    • #9
    • 15th May 18, 4:53 AM
    Hi happy New diary. Would be good to see an SOA and how much debt you owe in total. I also hid the debt from my husband initially & it made me so ill. I was rushing to intercept the post incase it was about credit cards haha feels so much better to be relaxed about it. We went on our honeymoon with the kids and if I'm honest I didn't enjoy it because I was panicky about the debt and my husband not knowing, I was so sick whilst on the holiday. 0% is definitely the way to go, although I would start to look for cards with longer terms than 6 months maybe ? Good luck x
    • pidge04
    • By pidge04 15th May 18, 5:53 AM
    • 497 Posts
    • 1,391 Thanks
    pidge04
    The title of your diary really resonates with me.
    I am determined that the next two decades will not be spent in debt. You have inspired me to ring my credit card providers to see if they can reduce my APRs. Best of luck to you!!! Wishing you well.
    CC1 £2400/£422 CC2 £3000/£2269 CC3 £600/£0 LOAN £13,000/£5008
    • E2006
    • By E2006 21st May 18, 10:19 AM
    • 309 Posts
    • 1,104 Thanks
    E2006
    Hi everyone and thank you for subscribing. This will definitely spur me on!

    Itís pay day today so Iíve piggybanked what I need for the month - the challenge for me though is sticking to it! It works on paper but never in reality so the plan this month is to post on here before I impulsively spend on things that arenít accounted for and hopefully that will dissuade me.

    Iím going back to using cash on a weekly basis and leaving the card at home. Iím hoping if I have some spare each week I can pay that off Santander. Itís set at £100 per week and thatís for groceries, my Petrol (DH pays for his own) and anything the children need like DSís music lesson and breakfast clubs. Going to Aldo today and going to do a cheap shop. I already have some meat and fish in the freezer so fingers crossed itís a low spend this week.

    I have a big bag of old clothes belonging to DD which Iím going to eBay and anything I make will go straight to Santander.

    E x
    LBM: May 2018
    Cc 1: £2454 (@34.9%)
    Cc 2 : 11377
    Cc 3: £7839
    Next: £2489 (@ 22.9%)
    balance:£24159
    • E2006
    • By E2006 23rd May 18, 7:47 PM
    • 309 Posts
    • 1,104 Thanks
    E2006
    Really chuffed tonight! I logged into my Experian account to see whether I had any new offers for balance transfer ccís. Recently I hadnít had any other than the Aqua one which I took out last week. It had been updated and said I had a 70% chance of being accepted for a Tesco cc. I decided I had nothing to lose by trying and low and behold I was accepted!! Itís only for £1500 but is 0% for 12 months with no fee. That means I can transfer the full Santander card with the horrible 35% APR to that and the Aqua!! The Aqua will be paid off within the 6 month 0% period and by then the Tesco one should be down to £800. Hopefully by then Iíll have another bigger offer that I can transfer one of the other big cards to.

    In the space of a week I feel like Iíve made so much progress. Honestly taking my head out of the sand has been the best thing ever. A few weeks ago I had literally no 0% offers and this week have managed to secure 2 (albeit small) balance transfer cards! Iím feeling so happy right now !!!128513;

    E x
    LBM: May 2018
    Cc 1: £2454 (@34.9%)
    Cc 2 : 11377
    Cc 3: £7839
    Next: £2489 (@ 22.9%)
    balance:£24159
    • enthusiasticsaver
    • By enthusiasticsaver 23rd May 18, 10:24 PM
    • 7,280 Posts
    • 15,962 Thanks
    enthusiasticsaver
    Well done on getting the balance transfers. Can you put an soa up or do you know how much you have available each month to pay towards debt repayments?
    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
    • E2006
    • By E2006 24th May 18, 7:49 AM
    • 309 Posts
    • 1,104 Thanks
    E2006
    Well done on getting the balance transfers. Can you put an soa up or do you know how much you have available each month to pay towards debt repayments?
    Originally posted by enthusiasticsaver
    Hiya, thanks for reading. I donít pay any of the household bills etc, they all come out of hubbys acc. I pay for the ccís, petrol, groceries and (eventually) will put some money aside for savings. ATM Iím paying £725 per month towards my debts. Trying to stick to £400 per month groceries and my couple of direct debits (mobile phone etc amounts to £105). Anything extra is used for birthdays, prescriptions, clothes, etc. We do loads of free activities with the kids. In fact we choose to put a little aside to take them on a cheap holiday (I know some people chose to completely cut this sort of thing out when paying off their debts) instead of eating out and paying for activities etc. We always take a picnic wherever we go (even if we eat it in the car because itís cold).

    Think thatís about it

    E x
    LBM: May 2018
    Cc 1: £2454 (@34.9%)
    Cc 2 : 11377
    Cc 3: £7839
    Next: £2489 (@ 22.9%)
    balance:£24159
    • Littlebirdie
    • By Littlebirdie 24th May 18, 5:25 PM
    • 229 Posts
    • 284 Thanks
    Littlebirdie
    Really chuffed tonight! I logged into my Experian account to see whether I had any new offers for balance transfer ccís. Recently I hadnít had any other than the Aqua one which I took out last week. It had been updated and said I had a 70% chance of being accepted for a Tesco cc. I decided I had nothing to lose by trying and low and behold I was accepted!! Itís only for £1500 but is 0% for 12 months with no fee. That means I can transfer the full Santander card with the horrible 35% APR to that and the Aqua!! The Aqua will be paid off within the 6 month 0% period and by then the Tesco one should be down to £800. Hopefully by then Iíll have another bigger offer that I can transfer one of the other big cards to.

    In the space of a week I feel like Iíve made so much progress. Honestly taking my head out of the sand has been the best thing ever. A few weeks ago I had literally no 0% offers and this week have managed to secure 2 (albeit small) balance transfer cards! Iím feeling so happy right now !!!128513;

    E x
    Originally posted by E2006
    Such brilliant news!
    To staying out of debt!
    Credit card (May 2018):£1082 £953.50 July 2018 Aim: £638.50 October Emergency fund: £753/£1000
    • pidge04
    • By pidge04 28th May 18, 10:34 PM
    • 497 Posts
    • 1,391 Thanks
    pidge04
    How is it going?

    Great news about your balance transfers - absolutely fantastic.

    I hope I can do the same soon.

    Are you feeling hopeful? Motivated? Determined?

    All the best.
    CC1 £2400/£422 CC2 £3000/£2269 CC3 £600/£0 LOAN £13,000/£5008
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