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  • FIRST POST
    • dimsumdimple
    • By dimsumdimple 13th Jan 19, 2:36 PM
    • 5Posts
    • 1Thanks
    dimsumdimple
    Starting Again
    • #1
    • 13th Jan 19, 2:36 PM
    Starting Again 13th Jan 19 at 2:36 PM
    Iíve been a lurker of these forums for a couple of years, but Iíve finally decided to tackle my debt issues head on and hold myself responsible for the mess Iíve managed to get myself in.

    As a bit of background, Iím a married mother of three (8, 5 and 5 months) and back in November 2018 I owed upwards of £16,000 across store and credit cards. The vast majority of this was the result of wedding costs on 0% cards. I got married 3 years ago, and the 0% aprs are long gone. Since then Iíve managed to max everything out to the point where I have nothing at all at the end of the month. What an idiot.

    But things have started to change - mainly my mentality towards debt. I got rid of my car in June, and even more drastic, we sold our house in December and moved into my mothers house to, essentially, start again.

    I have £13,000 saved towards a deposit on a new house ready for when I clear this debt, and Iíve already started to make headway into the cards. Yes, theyíre all on rubbish aprs (averaging about 23% ) but I donít want to be shuffling the debt around. I want it gone.

    Iím about to start 3 months of SMP, and I have an emergency fund of £1000. Iím planning to do some KIT days to support the SMP money and Iíve done a personal SOA. I can do this, and Iím hoping that this diary will keep me focused.

    Debts
    Nxt - £2821.16/ now £2688.49
    Hfax- £6450/ now £6068.35
    Sant- £1900 /now £1782.86
    MnS - £2000 /now £1945.06
    Gold - £2800 /now £2738

    Iím currently concentrating on reducing the Nxt account because the apr is the highest, and honestly itís felt like a chain around my neck for the last 7 years. I dread to think how much money Iíve given them over the years in interest.

    Iím currently gutting my Ďstuffí and reselling, as well as doing some surveys. 2019 is an expensive year, with weddings and big birthdays so Iím determined to not get sidetracked from the debtbusting. I CAN DO THIS.
Page 1
    • dimsumdimple
    • By dimsumdimple 14th Jan 19, 9:03 AM
    • 5 Posts
    • 1 Thanks
    dimsumdimple
    • #2
    • 14th Jan 19, 9:03 AM
    Monday Monday
    • #2
    • 14th Jan 19, 9:03 AM
    Typical Monday morning, kids fighting on the way to school, no-one knows where their shoes are etc. etc. But the baby slept well for the first time in a while and her cough is receding so Iím feeling ok today.

    Today wonít be an NSD as I need to go to the post office to send off some eBay things and I need baby milk. Somehow the DH managed to pick up the wrong tin (6 months + one) without anyone noticing until we were half way through it

    I have £55 sat in my Ďspendsí account so after postage fees and baby milk Iíll divide the remainder between the Nxt account and my saving account for a hen party Iím saving for later in the year. Iíve planned that if I save £50 each month from sidehustles I should have more than enough to cover expenses for this. So far itís sat at £25, but with todayís extra money this should take me to £45.

    Iíve actually feeling quite proud for managing to achieve this, and Iíve been noticeably less stressed about money when I can plan well in advance for it. Itís a nice feeling.
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 14th Jan 19, 1:52 PM
    • 42 Posts
    • 127 Thanks
    ohshithowdidthathappen
    • #3
    • 14th Jan 19, 1:52 PM
    • #3
    • 14th Jan 19, 1:52 PM
    Good luck with your mission...
    Have you considered paying the debt off with your savings, you could virtually clear them all, saving hundreds in interest. Then you could save at a higher amount per month and replenish your deposit account ready to buy a home debt free :-)
    Virgin 0/£11829 0% paid... Tesco 0/£7064 0% paid.... Folks 0/£23000 0% paid.
    Total unsecured debt: 0/£41893 0% paid
    Official DFD 08/22, hoping for 03/21 instead
    • natsplatnat
    • By natsplatnat 14th Jan 19, 2:51 PM
    • 2,917 Posts
    • 2,656 Thanks
    natsplatnat
    • #4
    • 14th Jan 19, 2:51 PM
    • #4
    • 14th Jan 19, 2:51 PM
    Good luck with your mission...
    Have you considered paying the debt off with your savings, you could virtually clear them all, saving hundreds in interest. Then you could save at a higher amount per month and replenish your deposit account ready to buy a home debt free :-)
    Originally posted by ohshithowdidthathappen

    Even if you paid of the N3xt Acc with your savings, you could snowball forward whatever you were paying them onto your next highest interest earning Account bringing your DFD forward.


    Once DF you can top your savings back up by the £2688.49 you used and I reckon this would only take a few months.


    Good luck with you debt-busting!
    LBM ,- Wed 19th Nov 2008 £21,225 PAID OFF
    *DEBT FREE 28th September 2015*


    • dimsumdimple
    • By dimsumdimple 14th Jan 19, 7:29 PM
    • 5 Posts
    • 1 Thanks
    dimsumdimple
    • #5
    • 14th Jan 19, 7:29 PM
    • #5
    • 14th Jan 19, 7:29 PM
    Thanks for the reply Nat! I had though about using those savings, but theyíre jointly mine and my husbandís and kept in a seperate savings account. When Iím back at work in April my pay will increase to £2000 a month, so Iím hoping to throw everything at the debts then, and then add to the savings.

    It might not be strictly the MSE way, but itís teaching me a lesson in never getting credit again by seeing that interest. Also, the savings are current sat in a savings account I cannot access because the temptation was too much and, honestly, at the time I didnít trust myself.
    • beanielou
    • By beanielou 14th Jan 19, 10:14 PM
    • 60,049 Posts
    • 252,076 Thanks
    beanielou
    • #6
    • 14th Jan 19, 10:14 PM
    • #6
    • 14th Jan 19, 10:14 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. ***Be the difference.***
    • dimsumdimple
    • By dimsumdimple 15th Jan 19, 3:14 PM
    • 5 Posts
    • 1 Thanks
    dimsumdimple
    • #7
    • 15th Jan 19, 3:14 PM
    NSDs!
    • #7
    • 15th Jan 19, 3:14 PM
    NSD today. Yey. I’m tracking this via an app called HabitShare, and it’s really good if you’re quite a visual person to keep track of things. I have one for NSDs, one for takeaways and one for coffees (my two big downfalls moneywise). I do think it’s helping as I’ve paid for one coffee this month (included in budget) and I use to get one nearly everyday. So wasteful!

    Hen do savings are up to £50, so I’ve made this months target. But £100 needs to go out for this next month, which is rubbish. I hate feeling like I’m begrudgingly paying this out when it could be going on my debts, and then I feel really guilty about feeling like that.

    Rounded down by ‘bills’ account and paid some off the Nxt account as I’m only waiting on two bills to come out for the rest of the month now. The PAD aspect has also really kept me motivated, I love seeing those numbers go down. More eBay sales yesterday and today has also brought my ‘spend’ account back up to £25, which after postage costs will go towards the hen do fund. Again.

    I got an email from Iceland with a free pizza and dessert offer so I’m going into town tomorrow to get that, but other than postage fees I’m hoping for another NSD tomorrow. It’s my birthday this week so the frugality isn’t too bad right now!
    Last edited by dimsumdimple; 15-01-2019 at 3:23 PM.
    • dimsumdimple
    • By dimsumdimple 17th Jan 19, 10:14 AM
    • 5 Posts
    • 1 Thanks
    dimsumdimple
    • #8
    • 17th Jan 19, 10:14 AM
    Snow day
    • #8
    • 17th Jan 19, 10:14 AM
    Woke up this morning to snow outside Iím not a fan. Itís cold and wet. Yuck.

    Anyway, yesterday I walked to town and managed to spend £3.05 on a loaf of bread, some biscuits, pizza and a dessert from Iceland. Pizza was free, but Iím annoyed the dessert wasnít. Also missed one of my eBay parcels, so Iíll have to send that today. Annoying.

    Payments have started to slow down towards the debts this month now as I wait for payday. I got paid early in December (although didnít touch it until 31st) so it feels like a very, very long month. Hen do savings up to £60. Still have £1000 in EF and waiting on two DDs to come out of biils account. I can relax a bit after the 21st as everything will have been paid.

    Plans for today are 2 house viewings and post office (again).
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