Working towards being debt free and a new house.
dipdap
Posts: 6,181 Forumite
This could be a long post with a lot of rambling 
as I'm not sure where to start.
Me and DH currently owe £26,059 (I know right down to the penny what we owe ) and are working our backsides off to clear it all away 
This is only a fraction of what we originally owed. I've decided to post on here (it's taken me 18 months since I joined mse to finally feel confident enough to write everything down on here) as I need it to serve as a reminder to me to keep ploughing through this debt as we both really want that end goal.
I'll start at the beginning way back in 1999.
We did as many people have in their twenties and ignored our parents advice and spent money we didn't have. I finally realised the extent of our debt when i signed up to check our credit reports in 2009 (for both me and DH) and saw in black and white the amount we owed. My memory is a little hazy but a recent calculation has set the figure at £68,000 in early 2009. This was the peak of our debts and i was a figure I've been scared to utter for many years since. Nobody knows exactly how bad we were, just me and after a few months DH (I initially kept it to myself while i tried to get my head round everything).
Like many other people I have no idea where some of it has gone (3 brand new cars over the years account for quite a bit).
On top of that we have a house which was bought for £30,000 many years ago and after remortgaging a few times (yes I know how stupid it was) the mortgage ended up at £100,000
Seeing this written down makes me feel sick but I've felt the need to post it here to serve as a reminder to myself and DH that we will not make the same mistake again down the line.
I set myself up a spending diary in January 2013 (back then it was a little notebook, today I have a 2014 diary) which documents every penny we spend and all money that comes in.
I've just totted up how we've handled our debt in the last 5 years (using the free to access credit report)
*edited to include a couple more years*
2009 = £63600
2010 = £62200
2011 = £55200
2012 = £47900
2013 = £37600
2014 = £26000
2015 = £7520
2016 = £2500
In the last couple of months we've had an agreement in principle on the mortgage for the new house we want to buy (new build, not very mse i know) and we have about £38k in equity in this house, so the new mortgage is on the proviso that we clear all our debts before we move (I know a mortgage shouldn't be used to clear debts, but we're happy to go down that route as any spare money when we move will be used to overpay and bring down the balance).
Sorry for rambling, we have gone it alone in clearing off the debt, I've posted on here as money recently has become less tight as monthly commitments have been removed. I don't want us to become complacent, we can keep working on this debt :j
I wish I'd posted this at the start of last year, but at the same time I just couldn't bring myself to write it down
as I'm not sure where to start.Me and DH currently owe £26,059 (I know right down to the penny what we owe
) and are working our backsides off to clear it all away This is only a fraction of what we originally owed. I've decided to post on here (it's taken me 18 months since I joined mse to finally feel confident enough to write everything down on here) as I need it to serve as a reminder to me to keep ploughing through this debt as we both really want that end goal.
I'll start at the beginning way back in 1999.
We did as many people have in their twenties and ignored our parents advice and spent money we didn't have.
I finally realised the extent of our debt when i signed up to check our credit reports in 2009 (for both me and DH) and saw in black and white the amount we owed. My memory is a little hazy but a recent calculation has set the figure at £68,000 in early 2009. This was the peak of our debts and i was a figure I've been scared to utter for many years since. Nobody knows exactly how bad we were, just me and after a few months DH (I initially kept it to myself while i tried to get my head round everything).Like many other people I have no idea where some of it has gone (3 brand new cars over the years account for quite a bit).
On top of that we have a house which was bought for £30,000 many years ago and after remortgaging a few times (yes I know how stupid it was) the mortgage ended up at £100,000
Seeing this written down makes me feel sick but I've felt the need to post it here to serve as a reminder to myself and DH that we will not make the same mistake again down the line.
I set myself up a spending diary in January 2013 (back then it was a little notebook, today I have a 2014 diary) which documents every penny we spend and all money that comes in.
I've just totted up how we've handled our debt in the last 5 years (using the free to access credit report)
*edited to include a couple more years
*2009 = £63600
2010 = £62200
2011 = £55200
2012 = £47900
2013 = £37600
2014 = £26000
2015 = £7520
2016 = £2500
In the last couple of months we've had an agreement in principle on the mortgage for the new house we want to buy (new build, not very mse i know) and we have about £38k in equity in this house, so the new mortgage is on the proviso that we clear all our debts before we move (I know a mortgage shouldn't be used to clear debts, but we're happy to go down that route as any spare money when we move will be used to overpay and bring down the balance).
Sorry for rambling, we have gone it alone in clearing off the debt, I've posted on here as money recently has become less tight as monthly commitments have been removed. I don't want us to become complacent, we can keep working on this debt :j
I wish I'd posted this at the start of last year, but at the same time I just couldn't bring myself to write it down
Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
Mortgage started June 2015 = £170,000 January 2022 = £134,000
Saving for Xmas 2022= . . Amazon £55
If you focus on what you have left behind, you won't see what lies ahead - Gusteau
Mortgage started June 2015 = £170,000 January 2022 = £134,000
Saving for Xmas 2022= . . Amazon £55
If you focus on what you have left behind, you won't see what lies ahead - Gusteau
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Comments
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Start of October, debts outstanding as of today.
Loan £6300
Bcard £3500 (0% finishes December 28th)
Tcard £973 (£600 @ 0% finishes September 2015)
Lcard £3811 (0% finishes February 2016)
3.5% loan £10553
Right it's a new day so I'm going to sit down and work out my budget for the month.
I've allowed £200 a week for groceries, fuel, after school clubs and anything else I've missed. Also allowed a spare £200 for new kitchen and hallway flooring.
I think I have £200 spare after all of that so I shall be paying another chunk off that pesky credit card
Feel like I'm off to a good start, still woke up this morning feeling positive :jHistoric Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
Mortgage started June 2015 = £170,000 January 2022 = £134,000
Saving for Xmas 2022= . . Amazon £55
If you focus on what you have left behind, you won't see what lies ahead - Gusteau0 -
Hi Dipdap, didn't want to read and run so thought I would say hello!
Well done on getting as far as you have already with your debts, you're doing a great job. Have you ever posted an SOA on here to see where you can cut back? I found it quite helpful.
The one thing that stands out to me is £200 a week seems A LOT for food and petrol and things, how many is that to feed, and is there a lot of travel to work or something involved?
I find meal planning helps with the food budget, but you maybe do that already. We budget £100 per week for food and stuff, and anything left from that comes off the debt.
Will subscribe to you diary and keep up to date with your progress.
Mrs S x1st Jan 2014 £20,600 / 1st Jan 2015 £15,572.90**Feeling Hopeful that 2015 will be our Debt Free Year**0 -
Hey Hun
I did wonder if anybody would read my diary, thanx
Depending on who's here there can be up to a maximum of 7 of us.
Looking at my spending diary, the £200 is the maximum I set aside for everything I have to shell out on that week, I'm obviously going wrong somewhere there's food, fuel, dance classes, basketball club, bus fares, ciggys (not me!)
I really need to find some time for an SOA but I know if I do one somebody will tell me the £100 a month TV,phone and internet package should go
I'm not very good at being told off!
I'll grab a pen and paper at some point and see exactly where the money goes each week (I've been writing it down a year and a half but still haven't digested exactly what goes where!)Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
Mortgage started June 2015 = £170,000 January 2022 = £134,000
Saving for Xmas 2022= . . Amazon £55
If you focus on what you have left behind, you won't see what lies ahead - Gusteau0 -
Love your username Dipdap, my two children adore good old Dipdap!
Sounds as though you are well on your way to beating your debt! *subscribes!*Total Starting Debt August 2014- £38,061
Current Debt- £3600
Mortgage Offset Savings- £600
90.5% paid off so far...0 -
Hey Hun, thanx
I've only just figured out what subscribing means :rotfl:
I thought I'd pop back on and jot down my spending log for the day.
£15.57 boots (expensive deodorants which work wonders on stinky kids!)
£9.39 on grocerys (bread, milk, yogurts and some pizzas)
£9.00 on DD dance class.
£28.00 on amazon (2 football shirts for DH, curse you deal websites!)
£2.98 on McDs (DH had dinner while working)
Total spend for the day = £64.94 :eek:
Dance class is usually an unavoidable expense, DD has been dancing since she was little and in a few years she can pay for it herself!
The deodorant stuff is brilliant, although it's about 6 quid a bottle, I had a voucher so am stocked up for 3 months
DH used to always want the current footie shirt (if he liked it) but we stopped getting them at full price a while ago. If they come up at a reasonable price I'll grab one for him. Probably shouldn't have bought 2 (different colours) so will probably cancel one before it's shipped.
Groceries, I really need to sort this one out as I never do a full weekly shop (can't drive) and tend to grab stuff almost every day
Time to myself tonight as DH is away with work, I may have to write up a shopping list for the weekend :eek: might have to give this meal planning thing a go :jHistoric Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
Mortgage started June 2015 = £170,000 January 2022 = £134,000
Saving for Xmas 2022= . . Amazon £55
If you focus on what you have left behind, you won't see what lies ahead - Gusteau0 -
Hello Dipdap
You are doing a splendid job on the debt crunching and good on you!
I have read your first post and well done for it.:T
I will check in and see how you are doing!
All the best from the Cap'n on the South Coast(Debt Jan 2014 LBM £34,000) Current 2016 "Problems" as follows:
C Cards 1,2,3,4 WAS £18,333 NOW£0 :j...Overdraft WAS £2700 NOW£0 :j
Secured Loan WAS £4113 NOW£0:j.......Loan WAS £8864 NOW £6,000
DEBT TODAY = £6,000 (£28,000 PAID OFF SO FAR!)0 -
Hey dipdap,
You have been doing fantastically well and you are very brave to post here and admit where you may have made mistakes in the past and have learned from them. Well done!
If you want to post a SOA then here's the link:-
http://www.stoozing.com/calculator/soa.php
No one will tell you off, the good people of the forum will advise and make suggestions of successes they have found but what you decide to do has got to be something you, your family and your lifestyle can adapt to.
I'm sure you diary will give you added motivation and support and I wish you all the best on your journey ahead.
#subscribed
Good luck
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If you can't be the best -
Just be better than you were yesterday.0 -
My goodness you have been working hard, well done so far looking forward to seeing you over on Mortgage Free Wannabee.0
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Morning all thanx for reading and taking the time to reply
I'm having a day out today, meeting up with DH, but it's gonna cost me £6 ish in bus fares, boo!
Free cake and coffee with vouchers :j
I've got £20 in nxt vouchers, £40 in debnms vouchers and a fiver for bdy shp to use :j
Funny thing is when I have a set amount on a voucher to use I tend to spend ages looking and end up not buying anything
At least I get to go shopping :j I do love a good day out and the kids love the bus trip :jHistoric Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
Mortgage started June 2015 = £170,000 January 2022 = £134,000
Saving for Xmas 2022= . . Amazon £55
If you focus on what you have left behind, you won't see what lies ahead - Gusteau0 -
Hope you have a lovely day out - we all need a little treat now and again and I think if you deprive yourself of the little treats, you end up having a meltdown and a massive spending splurge!! I do anyway, I have terrible willpower and no patience!
Look forward to reading your SOA, promise we'll be kind! I find these forums are full of nice people (mostly!) on the same journey trying to clear their feet and rectify past mistakes.
Enjoy spending your vouchers!
Mrs S x1st Jan 2014 £20,600 / 1st Jan 2015 £15,572.90**Feeling Hopeful that 2015 will be our Debt Free Year**0
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