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  • FIRST POST
    • dipdap
    • By dipdap 1st Oct 14, 1:22 PM
    • 5,981Posts
    • 88,195Thanks
    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 = £4,081 / £13,000 31% paid
    Saving for Xmas 2017 = PP £0 TCC £102 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
Page 34
    • dipdap
    • By dipdap 6th Sep 17, 10:38 AM
    • 5,981 Posts
    • 88,195 Thanks
    dipdap
    Good morning diary.
    Well the kids are finally back to school and peace has returned to the Dipdap house

    Outstanding debts for the end of August

    CC1 £7,700
    CC2 £900
    CC3 £0
    Car loan £6,160

    Total debt £14,760

    Still not going down very quick
    Need to do more overtime!
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,081 / £13,000 31% paid
    Saving for Xmas 2017 = PP £0 TCC £102 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 17th Sep 17, 7:04 AM
    • 5,981 Posts
    • 88,195 Thanks
    dipdap
    Hello diary
    Why is it people always want money!
    HMRC have written to us to say we owe them for overpaid tax credits (that's what we get for me changing job to try and earn more money )
    The worst bit is trying to get them to stop paying you! Every time they recalculate what we're entitled to the system seems to pay us more money we end up having to pay back.
    I wish this debt busting was easier, the way it's going we won't be debt free until 2020!
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    PAYDBX2017 # 102 = £4,081 / £13,000 31% paid
    Saving for Xmas 2017 = PP £0 TCC £102 Amazon £0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 18th Sep 17, 12:49 PM
    • 3,745 Posts
    • 10,621 Thanks
    abba1772
    I've just changed hubby's job details with tax credits and it's filling me with dread in case they over pay us.........they also informed me they don't have any of hubby's employment details for the past year even tho hmrc sent us letters confirming his new work placement as the payroll department were using his new tax code ......go figure xx

    Hope your tax credit overpayment isn't too much xx
    NEXT TARGET HALIFAX CC WAS July 17 £3572.57 NOW £5604.60
    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 £4116.66 / £6000
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