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  • FIRST POST
    • dipdap
    • By dipdap 1st Oct 14, 1:22 PM
    • 6,003Posts
    • 88,240Thanks
    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)
    *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

    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; 05-01-2017 at 10:50 AM. Reason: Adding new figures
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
Page 32
    • dipdap
    • By dipdap 22nd Feb 17, 12:49 PM
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    • 88,240 Thanks
    dipdap
    Hello diary
    Well it looks like I might be moving job again
    I currently talking to my old manager so I may be going back to my old job on less hours than I did before
    I know it will be the right decision (assuming I can go back) as it's putting a big grin on my face
    I've tried this new current job, it's really not for me, I think I'll be a lot happier back where I was.
    We can cope with the drop in wages (it shouldn't be too bad)
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 27th Feb 17, 3:58 PM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Hello diary.
    OMG I am so happy.
    I've been offered a new job on much less hours than I'm currently on
    Unfortunate it's a drop of nearly 2/3 my current wages but it's also half the hours I'm currently trying to work.
    Money is going o be tight by the looks of it but I am so happy, I'm smiling again
    I've done this job before and can't wait to go back just waiting to hear when my start date is
    Means I need to work hard on our finances now will have to use my diary much more to help
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 27th Feb 17, 8:39 PM
    • 3,953 Posts
    • 11,977 Thanks
    abba1772
    Congrats on the new job as long as your happy than that's the main thing xx
    NEXT TARGET HALIFAX CC WAS July 17 £3572.57 NOW £4773.56
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £6047.65 / £6000
    • dipdap
    • By dipdap 28th Feb 17, 11:36 AM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Morning diary, its payday
    Hey Abba, thanx for stopping by

    Debts outstanding

    CC1 £500 (0% till January 2018)
    Car loan £11,087

    Total amount outstanding £11,587

    Paid more off that CC than I needed to (had extra money from overtime). May leave us slightly short at the end of the month but will cross that bridge when it comes around.
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 4th Mar 17, 8:41 AM
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    • 88,240 Thanks
    dipdap
    Morning diary
    Looking forward to my change in working hours (looks like I am changing my job in the next few weeks )
    Can't wait to feel like I have my life back and can see more of my kids again
    ill be able to pick them up from school again and not rely on childcare Can't wait!
    Still not looking forward to the drop in money, it's like walking into the unknown as not sure how it will affect us until we get there
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 4th Mar 17, 9:45 AM
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    • 88,240 Thanks
    dipdap
    Grrrrrr, my mood has gone down hill now
    I have a PayPal card so I can use it to spend the money in my PayPal account tight from doing surveys and it's been sent to my old address
    It turns out when I updated my PayPal address I needed to update the one for the card separately
    There's a £5 charge to get a new one, which I've grumbled about but had to pay.
    Not a happy chappy now!
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 9th Mar 17, 8:36 PM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Hello diary
    Handed my notice in at work yesterday got a new job lined up for April
    The atmosphere in that place is driving me to tears nearly everyday, a new challenge is definitely needed.
    The sad thing is I'm going to miss my job. When the manager isn't doing her best to make everyone's life a misery the job is actually really enjoyable (today was a good day, she wasn't there ) but unfortunately the bad outweighs the good. I'm really going to miss my workmates and the money has been good.
    Luckily we'll have used all the extra money to pay off the remaining debts, so the only debts going forward will be the car (or cars) and the mortgage (and help to buy).
    Can't wait to be home with my kids more, I've really missed picking them up from school every day.

    On the debts front there's now only £400 remaining on the last credit card and I'll use my last wage from this month to clear it off.
    Just got to find nearly £200 to pay off my remaining childcare fees. Once that's paid I won't have any more big bills for childcare again

    Oooooh and best of all, DH bonus comes in this month, anything more than a few hundred quid will be a brilliant surprise
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 10th Mar 17, 1:05 PM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Morning diary.
    I've just taken a big deep breath and sent the last £400 remaining on the last credit card
    Our historic debts are now officially gone
    Only got £500 to get us through to the end of the month but all bills are now paid for the month, just have food, travel costs and clubs to pay (plus any other random bits I can't think of)
    All we have today is the car debt (still only on 1 car at the moment).
    Worrying I may have left us a bit short until the end of the month but we'll see how it goes
    Woohoo, so happy!
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 10th Mar 17, 1:28 PM
    • 3,953 Posts
    • 11,977 Thanks
    abba1772
    Well done on paying the last of your historic debt off bet that's a great feeling xx
    NEXT TARGET HALIFAX CC WAS July 17 £3572.57 NOW £4773.56
    POAMAYC 2011 £6382.66 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £6047.65 / £6000
    • dipdap
    • By dipdap 10th Mar 17, 11:30 PM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Hey Abba
    It definitely is, means all our current debt is from November 16 onwards (apart from the mortgage)
    Unfortunately for me, DH found out today he picks his new car up on Monday, so now we've got the debt down, he's put it back up again
    Luckily this new car is on 0% so won't matter if we don't pay it off early.
    Just need to pass my driving test now so I can drive the car he's given to me! If that's not an incentive, I don't know what is
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 23rd Mar 17, 8:17 AM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Morning diary
    Not been on here for quite a few days shame on me!
    I start my new job at the end of next month, still got a month to go in my current job so trying to make sure I earn as much money as I can in that short time
    OH has his new car, unfortunately the insurance has cost a fair bit as it's a second car so the credit card is now sitting at nearly £900
    OH gets his bonus at the end of the month so will have to use that to clear the card.
    Money's gonna be tight in the future, need to sort out a way to get these cars paid off asap so we have more spare
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 31st Mar 17, 11:06 AM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Good morning diary
    It's payday
    DH got his bonus and I've already spent most of it on paying off the credit card with the few quid left I've run going into the holiday fund
    Why do wages never seem to last very long
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 14th Apr 17, 9:33 AM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Hello diary
    Well payday has been and gone and there's still money in the account
    All credit cards are empty and by payday there could still be about £500 left over to put into savings.
    I have had an email telling me to pay the tv license but there's no usual panic where I try to find the money, it's such a strange feeling!
    Spoilt the kids yesterday, took them out shopping and we bought a DVD, some pizzas and some desserts (total cost about £25) as I finally had a day off work.
    I'm pleased with myself because if I'd taken them out for dinner or to the local indoor play it would have cost around £50
    We're still eating leftover pizza today
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 16th Apr 17, 9:53 AM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Morning diary.
    Just doing a quick debt calculation

    Car finance 1 £10,906
    Car finance 2 £6,600

    Total owed £17,506

    These are figures for the end of March. All credit cards are currently still empty.
    Car 1 isn't on 0% but it doesn't allow for partial payments only way to clear it early is to pay in full
    Car 2 allows overpayments but is on 0%
    Would love to get car 1 paid by the end of the year but that's wishful thinking!
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 1st May 17, 7:40 PM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Hello diary
    What a difference a day month makes
    Well it's been a manic month, been working like crazy to try and make sure we have some spare cash in savings going forwards
    We currently have £500 innthe isa with another £500 due to go in at the end of this week.
    It's so weird having savings it's been such a long time that we've had money put away for emergencies

    Car finance 1 £10,724
    Car finance 2 £6,490

    Total owed £17,214

    It's going down rather slowly at the moment
    Would be nice to be below £10k by Christmas but can't see it happening
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 3rd May 17, 8:11 PM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Hello diary
    I've been a naughty girl today and have signed up for a new credit card They approved me with a £10k limit
    But there is method in my madness
    I'm getting a 0% money transfer to my account with a 2.5% fee which means we can use that and the money we have left in the isa to clear off the bigger car debt (which currently has an Apr much higher (off the top of my head I know it's not zero, I think it's 5 or 6% )
    Paying it off and transferring it to 0% cc even with the transfer fee is going to save us over £1,000 off the total debt showing on the account currently.
    I know it sounds an odd way of doing it but for me it's good.
    1- we can see the debt much better and a visually it's more of a motivation to pay it down
    2- I can now over pay whenever I want to as this wasn't allowed in the agreement we signed for the car.

    This puts the car debt on 0% until 2020 but I plan on having it paid off much sooner
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • Golightly72
    • By Golightly72 4th May 17, 10:34 AM
    • 73 Posts
    • 265 Thanks
    Golightly72
    That seems a really sensible way of doing it dipdap - a £1000 saving is a lot!

    Well done on everything you have cleared so far, that's a huge amount.
    • dipdap
    • By dipdap 8th May 17, 10:43 AM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Good morning diary
    Well the money appeared in my account on Friday so we just need to sort paying the car off now.
    Was going to ring them later, but the direct debit has left the account today, so will hold off a couple of days so we can get an accurate figure.
    Spoilt the kids a little bit this weekend. Bought a couple of new computer games to keep them entertained (still cheaper than taking them out for the day!)
    I'm really hopeful we can get the debt back down below £10k by Christmas but it's owing to be a challenge.
    Should finally be debt free next year some time
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 12th May 17, 11:07 PM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Good evening diary
    Well the car is paid off
    Unfortunately I now owe quite a bit on a credit card but at least the debt is now at 0%
    Now begins the task of trying to get a chunk paid off by Christmas
    End of the month should be interesting for debt busting, will have the new figures in black and white on here
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 23rd May 17, 5:36 PM
    • 6,003 Posts
    • 88,240 Thanks
    dipdap
    Hello diary
    Well I'm settling into my new job nicely. It's much less stress but I really miss my old work colleagues
    You can't have both I suppose
    Just waiting for the next payday to come around so I can assess the drop in pay and figure out how much we have for debt busting.
    Been one of them months were everyone seems to want money. Parking fees, Amazon prime renewal, car running costs, tv license
    My financial review would probably say "must do better" the way it's going at the mo
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,700 / £13,000 36% paid
    Saving for Xmas 2017 = PP £50 TCC £128 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
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