Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • dipdap
    • By dipdap 1st Oct 14, 1:22 PM
    • 5,864Posts
    • 87,728Thanks
    dipdap
    Working towards being debt free, a new house and now beyond!
    • #1
    • 1st Oct 14, 1:22 PM
    Working towards being debt free, a new house and now beyond! 1st Oct 14 at 1:22 PM
    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)

    2009 = £63600
    2010 = £62200
    2011 = £55200
    2012 = £47900
    2013 = £37600
    2014 = £26000

    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

    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
    Last edited by dipdap; 30-09-2015 at 11:27 AM.
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
Page 29
    • dipdap
    • By dipdap 27th Sep 16, 1:56 PM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Hello diary
    Counting down till payday on Friday.
    Hoping there's a couple of hundred quid spare to get the credit card down to £2k
    3 days to go, happy dance
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 29th Sep 16, 9:12 PM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Good evening diary.
    Debt clearing may have to stop for a while.
    Poor DH had a car accident this morning with a lorry car is possibly a write off.
    Have a feeling we may need to buy a new car!
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • Dobbibill
    • By Dobbibill 29th Sep 16, 9:49 PM
    • 1,724 Posts
    • 2,859 Thanks
    Dobbibill
    Aw no - I do hope DH is not hurt.

    Cars can be replaced and although it's a bit of an inconvenience as long as the people are OK that's the main thing.
    • abba1772
    • By abba1772 29th Sep 16, 10:09 PM
    • 2,996 Posts
    • 6,953 Thanks
    abba1772
    Oh my hope hubby is ok ........cars can be replaced xx
    BARCLAYCARD TO BE PAID OFF BY XMAS Sept 16: £2299 Now £191.50

    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £7347.88/ £6000
    • dipdap
    • By dipdap 4th Oct 16, 7:51 PM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Hello diary
    Hi Abba and DB, thanx for swinging by Hubby is fine, he's off work until Monday and just feeling a little achy still but nothing to worry about (he went docs and was told ibuprofen for a week and to return if he still feels rough)
    Well the debt busting is still on hold. We reserved a new car today so that's now £10k in finance we've committed to, but at least we will have a car so he can get to work and back
    It's still looking like the old car will be written off, just got to sit and wait what they decide (and hope they write it off and pay out!)
    So it's now debt free by Xmas 2017 instead of 2016. I'll have to rewrite my signature with new totals once the finances are straightened out.
    Feeling a bit rubbish about it, but at least we will have a newer car!
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • Dobbibill
    • By Dobbibill 4th Oct 16, 9:43 PM
    • 1,724 Posts
    • 2,859 Thanks
    Dobbibill
    As long as he is OK, that's the main thing.

    Car finance is one of those grey debts, if you need it to get to work then it is worth it as the end justifies the means.

    Hopefully it won't be long before they pay out so you can get straight, being in limbo is awful.
    • dipdap
    • By dipdap 11th Oct 16, 11:40 AM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Hello diary
    We now have a nice shiny new car we went out and put a deposit down on one last week and we got it in time for Hubby to go to work on Monday. Only issue is the new car isn't a people carrier.
    We had hired a car for the week he was off work so we could run the kids around places, but it wasn't sustainable to keep doing that and Hubby didn't have courtesy car cover on his insurance
    So we now have a nice little car he can get to work and back again in and he can run the kids around too. It's £10k on finance but I plan on having that paid off by Xmas next year
    Well I'm back out of my overdraft today (may not be for long though) as we had used the overdraft and a small amount on my credit card to pay the deposit.
    Still waiting to hear if the car will be written off.
    Overall I'm pretty optimistic about the finances. If the car gets written off it will clear the £3k we now have outstanding on the credit cards and if it doesn't get written off, the credit card is currently sitting on 0% BT and we'll still have a car big enough to fit us all in (we'll just end up with 2 cars and I better pass my test quicker )
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 18th Oct 16, 11:18 AM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Morning diary
    Back in the overdraft for a couple of days again will be back out at the weekend, just impatient and want it to come around now
    Still no word on the old car, should hear back by the end of the week.
    Having a tough time at work, new job is still a mental struggle, some days I think I'm winning, some days I don't. I shall persevere and see how I feel at Christmas
    Need to set myself a new timeframe for debt clearing, this new car needs paying off ASAP
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 5th Nov 16, 9:40 AM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Morning diary
    Forgot to pop back on here, been so busy recently
    Car was written off a couple of weeks back, we got around £6k payout for it (which was great as we were expecting £4k) so that's currently in saving to pay off the new car.
    Working all hours under the sun at the moment to get extra money coming in. Although on the plus side my Christmas shopping is nearly done and I still have about £200 saved in Amazon and PP for spending (mainly on food and pressies for my Nephews)
    Overall feeling pretty optimistic as the new year approaches. Know we won't be debt free for January now but the original debt we were still carrying will be gone so I suppose we'll be debt free from the past
    Better get on, got shopping on Amazon to do
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 5th Nov 16, 2:13 PM
    • 2,996 Posts
    • 6,953 Thanks
    abba1772
    Glad you got more than you expected that's great news........we won't be debt free by the end of the year either but like you said you'll be debt free of old debt xx
    BARCLAYCARD TO BE PAID OFF BY XMAS Sept 16: £2299 Now £191.50

    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £7347.88/ £6000
    • dipdap
    • By dipdap 5th Nov 16, 9:12 PM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Hey abba
    I see from the PAYDBX2016 thread that you've already hit your target that's amazing.
    I can't wait for next year to start, I'm really looking forward to the challenge of paying the new car off so I can say to my parents 'oh that car debt we had, we paid it off in x amount of months ' *smug face*
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 8th Nov 16, 11:19 AM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Good morning diary
    Well I've got the 1st January debt down below £2,000 now, have decided to update my signature as I now know how much of our historic debt we have left to clear
    Had some money come in today to tide us over till payday should get some more come in in a couple of weeks.
    We've now had confirmation that DH has had his no claims reinstated so the accident is finally being put to bed by the looks of it.
    Just need to clear part of this card off now in the next several weeks
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 8th Nov 16, 1:18 PM
    • 2,996 Posts
    • 6,953 Thanks
    abba1772
    You'll have it paid off in no time
    BARCLAYCARD TO BE PAID OFF BY XMAS Sept 16: £2299 Now £191.50

    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £7347.88/ £6000
    • dipdap
    • By dipdap 8th Nov 16, 10:44 PM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Hello diary.
    Finally got time to pop back online (been working hard all day)
    Had an offer made to me today to possibly go back to where I came from for work (I know they'd have me back in a heartbeat).
    Only problem is it's a heck of a drop in pay from what I'm now on, but it would be less hours and would bring back the flexibility I've lost, I'd be able to be there in the day for my kids when they finish school again (not to mention holidays).
    Nearly 6 months I've been in this job and I don't know what is best, if I go back does it mean I'm a failure, if I stay put we're extremely stable financially and we can afford nice things.
    I'd be happy with my current pay in my old job but that won't happen
    Better get to bed! Night diary
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 9th Nov 16, 8:26 AM
    • 2,996 Posts
    • 6,953 Thanks
    abba1772
    That's a hard one and it's such a shame your caught in this dilemma that's why I love working from home I've got the best of both worlds, if was me personally I would go back to the job you loved means you get time with your kids, money can't buy memories xx

    Think you need to have a big family discussion xx
    BARCLAYCARD TO BE PAID OFF BY XMAS Sept 16: £2299 Now £191.50

    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £7347.88/ £6000
    • dipdap
    • By dipdap 13th Nov 16, 10:56 PM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Evening diary
    Just finished another mammoth 40+ hour week at work, I'm shattered!
    The money is good for debt busting so that really keeps me going when I start to flag at work
    I have this week off work and lots of Xmas shopping to do (got £300 saved in PayPal to spend, I'm so glad I managed to save so much ) plus lots of housework and running around after the kids.
    It looks like I'm sticking with my current job for the foreseeable, which makes sense at the moment while we try and get the new car paid off, once 2017 comes around I may look at moving around at work again, it's a bit manic for the next couple of months.
    Night diary!
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 14th Nov 16, 10:05 PM
    • 2,996 Posts
    • 6,953 Thanks
    abba1772
    Glad you've came to a decision it must have been so hard to decide xx
    BARCLAYCARD TO BE PAID OFF BY XMAS Sept 16: £2299 Now £191.50

    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £7347.88/ £6000
    • dipdap
    • By dipdap 19th Nov 16, 8:45 AM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Morning diary.
    DH has had an email to confirm the other side has taken full responsibility and the outstanding payments will now be made to him, so that's another £800 we've been waiting for to come back
    Total amount currently outstanding on the credit card is £1,500 so that will pay off half of that when it comes in
    We may get that part of our debt cleared off by the 1st January at this rate
    Looking forward to starting next year with only the car debt sitting waiting to be cleared
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 19th Nov 16, 8:44 PM
    • 2,996 Posts
    • 6,953 Thanks
    abba1772
    That's brilliant news xx
    BARCLAYCARD TO BE PAID OFF BY XMAS Sept 16: £2299 Now £191.50

    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £7347.88/ £6000
    • dipdap
    • By dipdap 26th Nov 16, 8:03 AM
    • 5,864 Posts
    • 87,728 Thanks
    dipdap
    Morning diary
    didnt cave in too much to all the Black Friday hype bought a couple of cheap Amazon tablets for the kids for Xmas and that was it (very proud of myself, used my Amazon credit balance )
    Still waiting for the rest of the money to come into the bank from the car accident, hopefully it turns up soon.
    On the other hand there's money coming in on Wednesday for payday hopefully it comes around soon
    2nd credit card is sneaking up again (0% on spending till Xmas) but on the other side the one to be paid off is going down so hopefully it balances out when I calculate it at the end of the month
    Soon be Christmas
    Debt August 2009 = £63,600 October 2016 = £2,021 96% paid (historic debt )
    PAYDBX2016 # 102 = £3,664/£5,685 64% paid (BT due by 1st Jan)
    Saving for Xmas 2016 = PP £300 TCC £40 Amazon £175
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,408Posts Today

7,012Users online

Martin's Twitter