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  • FIRST POST
    • dimsumdimple
    • By dimsumdimple 13th Jan 19, 2:36 PM
    • 12Posts
    • 19Thanks
    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
    • 12 Posts
    • 19 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
    • 71 Posts
    • 240 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 £238/£11829 2% paid... Tesco £141/£7064 2% paid.... John Lewis £3000/3000 100% paid Next £500/500 100% paid Folks £550/£23000 23% paid.
    Total unsecured debt: £9173/£45393 20% paid. Current total debt is £36220
    Start date 01/01/19 Official DFD 08/22, hoping for 03/21 instead
    • natsplatnat
    • By natsplatnat 14th Jan 19, 2:51 PM
    • 2,947 Posts
    • 2,704 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
    • 12 Posts
    • 19 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
    • 61,811 Posts
    • 264,903 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
    • 12 Posts
    • 19 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
    • 12 Posts
    • 19 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).
    • dimsumdimple
    • By dimsumdimple 24th Jan 19, 3:23 PM
    • 12 Posts
    • 19 Thanks
    dimsumdimple
    • #9
    • 24th Jan 19, 3:23 PM
    Still fighting
    • #9
    • 24th Jan 19, 3:23 PM
    Still here, still debt busting!

    Iíve been plodding along, patiently waiting for payday (this month has gone on forever) and paying little extras off to the store card along the way. eBaying has been quite good this month, think Iíve earned about £200 all together. And the surveys are starting to pay off too - Iíve just cashed out £5 on vypr, £5 on Enlightly and Iíve sent some stuff to Ziffit too for £13. It all adds up!

    It was my birthday last week, so my husband and I went to Nandoís while the kids were at school as a treat. This might seem mean, but they donít like the food there, it was cheaper without them and because of my Nandoís card and NHS discount it came to under £20 for two mains and two drinks all budgeted for too.

    The kids didnít miss out though, as my mum treated us all to a takeaway a couple of days later

    One week till payday and I can see these debts start to really go down. Itís my first wage with partial SMP so Iím not 100% how much Iíll get, but I know I have enough to pay all the bills so Iím not too stressed about it.
    • Jox
    • By Jox 24th Jan 19, 4:01 PM
    • 1,386 Posts
    • 2,872 Thanks
    Jox
    I know you've said you won't do this but you owe approx £15,222 and have £13,000 in savings, you can pay the debts and still owe £2,222, cut up the credit cards and pay off the remaining debt and start saving from there.

    When it comes to the time you need to get a mortgage the debts will count against you anyway so best to get rid of them!
    • dimsumdimple
    • By dimsumdimple 25th Jan 19, 2:44 PM
    • 12 Posts
    • 19 Thanks
    dimsumdimple
    Thanks for your comment Jox. I donít have access to those savings - theyíre held Ďin trustí as it were for a house deposit so I canít use them to pay off my debt. I donít have many Ďoutgoingsí so now that Iíve got an EF everything is going to these debts instead of savings. Iím not in any immediate rush to apply for a mortgage until the debts are paid and Iím back at work following maternity.
    • dimsumdimple
    • By dimsumdimple 5th Feb 19, 7:42 PM
    • 12 Posts
    • 19 Thanks
    dimsumdimple
    Still here, still plodding away! Debt is under £15,000 now (currently £14816.38 to be exact) with the majority of minimum payments already paid out this month. It’s been a good eBay and survey week, with £5 from vypr and Enlightly and £15 from SurveyBods. I’ve made about £100 in eBay sales after fees too (remind me never to put so many items on at once though, Monday was a busy day package wise!).

    I’ve also got a few more sidehustles lined up for May. By that point my maternity leave will have ended and I’ll be on annual leave, meaning I’m able to have ‘another’ job without it affecting maternity pay etc. So I’m going to be a vote counter in my local bielections one evening. One good thing about the debt busting has definitely been trying to think more creatively about where to bring in extra cash.

    That figure is certainly going in the right direction.
    Last edited by dimsumdimple; 05-02-2019 at 7:43 PM. Reason: Finishing sentence
    • ImpulseSpender
    • By ImpulseSpender 5th Feb 19, 8:06 PM
    • 150 Posts
    • 370 Thanks
    ImpulseSpender
    Well done on getting it below £15,000 and good thinking with the extra little jobs lined up.
    FD CC - 258.78/258.78, Santander CC - 507/3883.17, MBNA CC - 760/3144.96, Savings - £400/5000
    • dimsumdimple
    • By dimsumdimple 6th Feb 19, 11:39 AM
    • 12 Posts
    • 19 Thanks
    dimsumdimple
    Thanks so much Impulse! I can definitely see my mindset changing in terms of constantly looking to up my income
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