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
    • tori.k
    • By tori.k 4th Jun 16, 9:55 AM
    • 2,739Posts
    • 6,087Thanks
    tori.k
    From Debit to Credit
    • #1
    • 4th Jun 16, 9:55 AM
    From Debit to Credit 4th Jun 16 at 9:55 AM
    Hi All

    After sifting through my notebooks and scraps of paper decided it was time to keep a more coherent record of what im trying to achieve.
    We've been dancing the finance hokey-cokey for more years than I care to admit didn't seem that bad when we were younger but time has a sneaky habit of catching you with your draws round your ankles and the Doddy old fool (DH) and I find we are both closer to 50 than 21 but our finances are still stuck in the 80's with neon socks and a bad perm it time it grew up.

    THE AIM

    Oddly im pretty frugal and not bad with money but im miserable at forward thinking and it life's inevitables that catch me out this has got to change if I ever dream of being able to actually retire this side of 102.
    we are carrying some credit card debt and a unsecured loan this need to cleared and a emergency fund built then I can look towards savings

    Current debt

    HSBC (Dods) 2050.41 0%
    HSBC (mine) 377.00 0%
    Barclay 1224.15 0%
    Sainsbury 4546.20 5.5% ( 18months to run)

    Total unsecured debt £8197.76

    To clear all Credit cards debts £3651 by Christmas and live within our current budget start building a emergency fund.
    To clear loan and create a 1k emergency fund
    3 month living expenses fund (3K)
    Pre-paid funeral X2
    Retirement savings plan
    Last edited by tori.k; 03-08-2016 at 9:47 AM. Reason: corrected
Page 8
    • tori.k
    • By tori.k 23rd Jun 17, 5:51 AM
    • 2,739 Posts
    • 6,087 Thanks
    tori.k
    Payday, and one very happy bunny work finally sorted my tax out, I had been warned it wouldn't have been done in time for this pay cycle, almost spilt my coffee when I checked the bank this morning and found out it had been.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 23,434.5
    • tori.k
    • By tori.k 25th Jun 17, 7:47 AM
    • 2,739 Posts
    • 6,087 Thanks
    tori.k
    A late one at Job two last night and didn't finish until 10.30pm, which show's the hotel season is in full swing in Cornwall, luckily I only have a few weeks of double shifts left, before job one drops off on a Saturday as I'm getting a bit of pressure to up my hours at Job two.
    Dods bless him has started to pick up more of the jobs around the house, I'm just not here enough at the moment to stay on top of things, which is greatly appreciated. We haven't really spent much time together of late so we are taking Wednesday off and going overseas isles of scilly travel are running a local offers deal at £25 return, so Dods booked tickets,I love the run down the coast seeing the minack theater and lighthouses from the sea. Usually we fly out, it's weirdly romantic of Dods as he doesn't sail well
    It's also to celebrate that we are also finally DEBT FREE and seriously in the plus since Dods sold the car. we come a long way since October 2015 when after we shut the business l had no real work and Dods a minimum wage job, we were minus £250 on our outgoings each month, and the advice was a DRO or a DMP ( I never mentioned the car as an asset as I really wanted Dods to be able to keep it) I managed to find a Christmas seasonal supermarket job that kept me on after robbing Peter to pay Paul for months we slowly dug our way out penny by penny until we finally was able to live on Dods wage and use mine for debt repayment we have cleared over 16k in this time.

    More debt is on the horizon for us in the form of a mortgage but today I am free
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 23,434.5
    • Purplemumof2
    • By Purplemumof2 25th Jun 17, 8:11 AM
    • 4,763 Posts
    • 15,214 Thanks
    Purplemumof2
    Congratulations on being debt free xx
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £7650.00 Cap 1: £600.00 BC: £4000.00 Overdraft: £2750.00



    20p Savers 2017 £2 Savers 2017 50p Savers 2017 SPC 10 2017 #003
    • Hiddenidenity
    • By Hiddenidenity 25th Jun 17, 9:34 AM
    • 3,874 Posts
    • 15,406 Thanks
    Hiddenidenity
    Congratulation on being debt free

    You've done amazing

    DFW £733.71/£7348.71
    Rent Arrears £346.28/£3381.28

    June 17 PA £121.25 + £70 Cash + £50 Amazon
    July 17 PA £216.52 + £25 Cash + £65 Amazon
    • Tahlullah
    • By Tahlullah 25th Jun 17, 1:08 PM
    • 748 Posts
    • 4,540 Thanks
    Tahlullah
    This absolutely fantastic news Tori. Congratulations to you and the family. You absolutely put your shoulders to the grindstone and pulled yourself out of the hole. What an amazing feeling knowing that you could get from where you were to this point today, debt free.

    I wish you every success going forward, finding the right new house and downsizing. Hopefully, when that happens, you can cut back on the jobs. You must be exhausted, but it was so worth it!

    Tx
    Striving to be mortgage free.
    • enthusiasticsaver
    • By enthusiasticsaver 25th Jun 17, 4:50 PM
    • 3,684 Posts
    • 6,649 Thanks
    enthusiasticsaver
    Well done on getting debt free. Good luck with the house hunting.
    Debt and mortgage free and saving for early retirement
    • dionysia
    • By dionysia 25th Jun 17, 5:25 PM
    • 63 Posts
    • 117 Thanks
    dionysia
    Congratulations on being debt-free! What a fantastic achievement, you're an inspiration .
    June 2017: owe £16,818.
    • tori.k
    • By tori.k 28th Jun 17, 9:41 PM
    • 2,739 Posts
    • 6,087 Thanks
    tori.k
    Had a fantastic day in IOS, drove down to Penzance in miserable weather half way across to the islands the sun broke thru, and the weather was perfect overcast but warm& dry
    Have a meeting with the mortgage broker next week, Dods is now having a moment of clarity when he just realising how much fees are involved in buying a property, least he now stopped looking at properties thousands over our budget, which is buying me some time to put the massive list of jobs that he needs to do while I'm at work during the weekends

    To be honest as much as I appreciate time isn't on our side, I would like just a little time to enjoy being debt free with no hassles or stress before taking on any more.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 23,434.5
    • Tahlullah
    • By Tahlullah 5th Jul 17, 6:00 PM
    • 748 Posts
    • 4,540 Thanks
    Tahlullah
    Hello Tori

    How did the meeting with the mortgage broker go?

    Tx
    Striving to be mortgage free.
    • tori.k
    • By tori.k 9th Jul 17, 7:13 AM
    • 2,739 Posts
    • 6,087 Thanks
    tori.k
    Too well Tahlullah seem we can get ourselves into a disgusting amount of debt, way more then I would ever allow, seems our debt busting actually benefited our credit files, we always covered the minimum payment on our debts even when we were pretty much broke, but I honestly thought that the chopping between 0% credit cards and over paying our debts would of had an adverse effect,but this doesn't seem to be the case.
    We have a DIP with the bank of Ireland and are putting an offer on a house on Monday im expecting this to be rejected she is not in a hurry but we are going to be at best offer 7k away from her asking price as it would come up short in the valuation. Dods has agreed if this house doesn't pan out, we can slow things down give me a little time to add to our deposit and sort our current home out. I really could do with a little time, before jumping back into bed with the bank, I know a mortgage is viewed differently then something like credit card debt to most but it's all the same to me I don't sleep well owing anybody l was bad enough with 52K never mind 130K.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 23,434.5
    • Tahlullah
    • By Tahlullah 9th Jul 17, 9:27 PM
    • 748 Posts
    • 4,540 Thanks
    Tahlullah
    Well, debt is debt. And compound interest is compound interest. Just because we are told that a mortgage is good debt, it is still debt with compound interest.

    Fingers crossed the whole process goes the way you want it to, and congratulations on improving your credit score!
    Striving to be mortgage free.
    • Dolly Rocker
    • By Dolly Rocker 10th Jul 17, 7:52 AM
    • 3,252 Posts
    • 9,136 Thanks
    Dolly Rocker
    Good luck with the offer on the house!

    How exciting.

    Dxxx
    Goals
    Debt free by Christmas 2017
    Save for Christmas 2017
    Goal weight of 10st 7lbs by Christmas
    Add to deposit savings
    • Hiddenidenity
    • By Hiddenidenity 10th Jul 17, 9:19 AM
    • 3,874 Posts
    • 15,406 Thanks
    Hiddenidenity
    Good luck! x

    DFW £733.71/£7348.71
    Rent Arrears £346.28/£3381.28

    June 17 PA £121.25 + £70 Cash + £50 Amazon
    July 17 PA £216.52 + £25 Cash + £65 Amazon
    • tori.k
    • By tori.k 21st Jul 17, 6:45 PM
    • 2,739 Posts
    • 6,087 Thanks
    tori.k
    Well looks like I'm never going to have a good night sleep again for a few years, as I'm about to go back in debt again to the tune of 113 thousand
    Another odd building this one is an old cottage hospital from the 1800's that's been carved into three houses. In part it's life making a full circle as I grew up in the area and a close friend of my mother's lived in the house next door, so stayed there many a times as a child her husband now widowed still resides there. It not first choice of area but it's tucked enough out of the way and 20k cheaper then what we have been looking at, it has the garage and off road parking that we need but I've had to sacrifice a rear garden in the carve up. But it has central heating so I'm not going to moan. So I'm going to be back to the debt busting .
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 23,434.5
    • Tahlullah
    • By Tahlullah 21st Jul 17, 7:10 PM
    • 748 Posts
    • 4,540 Thanks
    Tahlullah
    Great news on the new house, congratulations Tori. No doubt you will be fine. Your debt busting skills have been marvellous. You can do it again.

    Tx
    Striving to be mortgage free.
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

201Posts Today

1,235Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin