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    • Guybrush_Threepwood
    • By Guybrush_Threepwood 2nd Oct 18, 2:07 PM
    • 73Posts
    • 234Thanks
    Guybrush_Threepwood
    The 83,000 Saga
    • #1
    • 2nd Oct 18, 2:07 PM
    The 83,000 Saga 2nd Oct 18 at 2:07 PM
    Back in April of this year, I finally faced up to my debt. There's a longer tale to tell here (which I can go into on another post if people are interested), but for now, here's the facts.

    Over the past 10-12 years, I have built up a fair amount of debt. Actually, a hell of a lot of debt.

    Once I had finished counting, this was the final (scary) number:

    83,035.95

    This comprised of:

    Credit Cards (x6): 32,263.27
    Overdrafts (x5): 4,917.50
    Personal Loans (x4): 11,343.65
    Payday and Short-Term Lenders (x6): 6,957.10
    Store Credit & Finance Agreements (x6): 5,921.43
    Bank of Mum & Dad (x1): 21,633.00


    I had been hiding from this for a long, long time - but for a number of reasons, now is the time to tackle it head on.

    In May of this year I had agreed to repayment plans with all 28 of my creditors. I'd opened numerous cases via Resolver relating to irresponsible lending and some of those have since reached the Financial Ombudsman stage.

    As of October 2018, the current balance is:

    70,329.28

    And the number of creditors has dropped from 28 to 19.

    In five months I am proud to have reduced my debt by 12,706.67. Of this amount, 9,038.33 has been in repayments and 3,668.34 has been in refunds resulting from my Resolver and Financial Ombudsman cases.

    Currently I have 8 or 9 Ombudsman cases pending and one refund of approx 1,500 against one of the short-term lenders that I should receive within the next couple of weeks (that was an FO case that was decided in my favour). This would take my debt under the 70,000 mark. Still a long way to go, but it would be good to see that number that once began with an '8' begin with a '6'.

    I think it will be good for me to share my experience of how I got into this mess and how I am getting out of it, and hopefully it may help other people too.

    All questions, comments and messages of encouragement are welcome!
    Last edited by Guybrush_Threepwood; 24-01-2019 at 2:03 PM. Reason: Grammar
Page 5
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 29th Jan 19, 5:48 PM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    Thanks for the comments!

    Need to make an amendment to my end of Jan figure as have just managed to settle one debt early at a discount (with the wife's permission of course!). The new end of Jan figure is..... 62,722.91.
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 29th Jan 19, 5:50 PM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    Guybrush - your amazing just read through while the GS was asleep will subscribe if that's OK and I love Dave Ramsey as well as Martin x
    Originally posted by anita55
    Thank you so much
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • adg89
    • By adg89 28th Feb 19, 8:28 PM
    • 74 Posts
    • 132 Thanks
    adg89
    Hey Guybrush,

    Hope all is well? Usually see an update from you by this point in the month... I hope everything is alright!

    adg89
    New Debt Free Diary Coming Soon....
    Returning in April 2019....
    24/03/2019: - 19,358 (all will be explained this weekend...)
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 1st Mar 19, 2:16 PM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    Hey Guybrush,

    Hope all is well? Usually see an update from you by this point in the month... I hope everything is alright!

    adg89
    Originally posted by adg89
    Hello! Thank you for the message, and yes, you are correct - I have not updated here in a while! Apologies for that - it's been a busy month with work and family stuff, plus a short 'stay-cation' holiday. I've also become more involved with the GA group I attend which has been great.

    In terms of the 'D' word, nothing major to report. I still have a couple of Ombudsman decisions that I seem to have been waiting an age for... I really have no faith in that organisation. I didn't see the program, but I recall reading that C4's 'Dispatches' did some kind of expos! on the Financial Ombudsman. Their Glassdoor reviews tell a worrying story: Glassdoor.

    It was payday yesterday, so this month's payments have all been made. The balance now is 61,527.35. Will update my signature shortly! Edging closer and closer to the 50's, which will be a great achievement and feel good mentally, though of course it's still a hell of a way to go.

    17 creditors still on the list. Although four of them are under 500 so I plan to clear those sooner than scheduled if I can. I'm a fan of clearing smaller debts, even when they perhaps may not be incurring the most interest. The reason for this is two-fold: (1) It frees up more cash to assign to other debts. For example, those four debts of under 500 collectively have a minimum monthly commitment of 175. If I clear them all, that's 175 back in my pocket each month that I can use to pay towards other debts, and (2) It feels good mentally! It gives me a huge lift to see a company drop off the list, knowing I have paid them back everything.

    Also just realised that the Device Plan for my mobile phone (which I don't include in the 'big list' of debt - it comes under my regular monthly expenses) is almost paid off which will be another 25 per month that can go towards something else.

    By ensuring that the monthly agreed commitments to my creditors are such that they still allow us money to live on and to save a little, we've managed to build a pot that now has enough in it to get our bathroom done. This isn't a vanity project - it's falling apart! It's long overdue, but due to my gambling addiction and accompanying debt, well, it was never a priority (nothing is when you're a compulsive gambler). So we're both pleased that this will finally get done.

    Not much else to report, taking things a day at a time. It's bonus season at work so hopefully within the next few weeks I'll learn if I'm due one this year, and can then see if it's enough to make some nice big dents in these debts!
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 7th Mar 19, 12:05 PM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    ...I still have a couple of Ombudsman decisions that I seem to have been waiting an age for... I really have no faith in that organisation.
    Originally posted by Guybrush_Threepwood
    Funny... the day after I posted this I had three emails from the Ombudsman with updates on my remaining cases. No decisions yet, but at least some progress!
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 28th Mar 19, 5:12 AM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    Looks like I’ll just miss out on getting my debt down into the 50’s this month. That would have been nice, from a psychological point of view. Once all this month’s payments are done, I’ll update my signature. Looks like it’ll be around 60,200 or there abouts.

    Had a disappointing result from the Ombudsman this week. Essentially NewDay provided me a credit card under the Aqua brand which I grossly misused, and then gave me another card under the Marbles brand which I also grossly misused. My argument was that I went over the credit limit on the first card every month in the six months leading up to me applying for the second card, and so the second card should never have been approved. Sadly, NewDay and the Ombudsman disagree.
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • Pip Boy 111
    • By Pip Boy 111 28th Mar 19, 5:43 AM
    • 114 Posts
    • 339 Thanks
    Pip Boy 111
    Hi. Great diary and you've made amazing progress in a short time. Following along with you.
    Quick question. Is the diary title a duke nukem reference? I'm sure I've heard a similar line in that game Also monkey island rocks!
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 28th Mar 19, 7:00 AM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    Thanks! The thread title is taken from They Live! - a cult 80s movie: https://tvtropes.org/pmwiki/pmwiki.php/Main/ChewBubblegum
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 15th Apr 19, 9:20 AM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    OK, so after March's regular batch of payments, the outstanding balance is now 60,242.95.

    However, I've also got my year end bonus from work coming this month... I need to see what I'm left with after the tax man has taken his share, but it should be enough to make a few more dents in my debt pile.

    However, some fantastic news.... a few months ago I made a complaint to one of the online casino operators through whom I incurred a slice of my debt. I argued that they had failed to adhere to the 'social responsibility' measures specified in the 2005 Gambling Act and that they should have 'stepped in' when it was evident that my play was evidently problematic (i.e. depositing increasingly large sums over shorter timeframes). Of course they initially refused to take any responsibility. But after some back and forth, and a complaint to the Gambling Commission, they contacted me this week to offer a refund of the money I had lost with them since the date I suggested that my gambling 'crossed the line' into being problematic up to the date I quit gambling altogether. There doesn't appear to be any admittance of wrongdoing, but I'll happily take the refund (around 2,000) and use this to make a few more "debt dents". A very surprising and unexpected result.

    (A Google search quickly showed that the company in question have been fined by the Gambling Commission previously for failures under the "social responsibility" code...)
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 15th Apr 19, 1:35 PM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    The refund mentioned in my previous post arrived quicker than expected! I've used half of it to clear two overdrafts that have freed up a couple of hundred pounds per month that I can now use to pay more down on other debts. That brings the number of creditors down to 15 (there were 30 when I started). It also means...

    I'm now in the sub 60k club!!

    Outstanding debt now is 59,211.24. All being well, I should be in the sub-50k club by the end of July, but I won't count my chickens just yet!
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • Choccygirl123
    • By Choccygirl123 15th Apr 19, 2:01 PM
    • 567 Posts
    • 1,720 Thanks
    Choccygirl123
    That's amazing news....to get under 60k in a matter of months is outstanding! Congratulations on tackling the debt, but a bigger well done on facing your gambling.
    Always counting down to pay day, but making baby steps getting life on track! Looking forward to cracking the debt once and for all.
    SPC 090 - 69.45 / 500
    • Guybrush_Threepwood
    • By Guybrush_Threepwood 15th Apr 19, 2:02 PM
    • 73 Posts
    • 234 Thanks
    Guybrush_Threepwood
    That's amazing news....to get under 60k in a matter of months is outstanding! Congratulations on tackling the debt, but a bigger well done on facing your gambling.
    Originally posted by Choccygirl123
    Thank you, approaching my "1 Year Off" - feeling proud
    Current Debt: May 2018: 83,035.95 - June 2018: 80,358.78 - July 2018: 77,140.01 - August 2018: 74,672.56 - September 2018: 72,700.22 - October 2018: 68,593.21 - November 2018: 67,153.13 - December 2018: 65,711.80 - January 2019: 64,466.73 - February 2019: 62,722.91 - March 2019: 61,527.35 - April 2019: 59,211.24
    • redofromstart
    • By redofromstart 15th Apr 19, 6:24 PM
    • 2,328 Posts
    • 14,851 Thanks
    redofromstart
    That's great progress, you must be so pleased
    • Lil Suga
    • By Lil Suga 15th Apr 19, 8:38 PM
    • 10 Posts
    • 26 Thanks
    Lil Suga
    Well done!! You give me hope, Thankyou
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