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    • psychopathbabble
    • By psychopathbabble 26th Jul 16, 12:03 PM
    • 5,857Posts
    • 38,807Thanks
    psychopathbabble
    Psychopathbabble's Path to Debt-Freedom
    • #1
    • 26th Jul 16, 12:03 PM
    Psychopathbabble's Path to Debt-Freedom 26th Jul 16 at 12:03 PM
    Good morning all,

    It's been quite a long time since I had any form of diary on here. I think it must be at least 6 years ago. In that time, I came this >< close to being debt free, only owing around £900 at one point shortly after I met my now husband.

    Fast forward 5.5 years since meeting him, a life full of adventure and new experiences and not worrying too much about money. In the last 15 months alone, we headed off on a big trip to the USA for my 30th, which included a complete surprise of a proposal, a wedding, a house purchase and now a baby arriving in November! You could say it's been one hell of a ride!

    Now, with maternity leave and part-time hours creeping up fast, it is time for us to face our debt full on and get our finances in order. Luckily, this has already started and we are making a significant change to our spending habits. We still have the bad days but in general we are so much better than we have been.

    Starting debt as at the beginning of July 2016:

    Loan (10.4%) - £7424.37
    RBS CC (19%) - 364.27
    Barclaycard (6.9%) - £1365.26
    Halifax CC (17.95%) - 1372.09
    MBNA (0%) - £1660


    This month we paid a lump sum of £3708 to the loan from DHs bonus. If we can stick to the plan, and there are no unplanned emergencies then we should be debt-free in March 2017!

    I have not included our mortgage or car finances in this. I hope to be able to make small monthly overpayments to the mortgage once we have our debt cleared.

    It helps that I finally have DH on board. Previously he has never worried, always justifying the money as we deserve it etc, he works hard and shouldn't have to scrimp and save. I think finally being in a position where my income will definitely be reduced has shown him we need to make changes. He gets embarassed when he tells people he can't afford to do XX but as I keep saying to him, we have got married, bought a house and have a baby on the way, all in 2016... so it's not shameful to admit we are having to be careful with our money! He also is keen for me to not return to work but there is no way we can afford for me to be a full-time SAHM, also I don't think I would want to quit work completely.


    I have set up this diary for my daily moans, updates and somewhere to vent

    Please feel free to join in


    ETA: Would like to keep a record of my credit score each month (i use a free website) and this month it is 569/710, 3/5, closer to poor than fair. I can't remember what it was previously, but a few months ago it was 1/5 so i'm getting there! DH is 601/710, 3/5 between fair and good.
    Last edited by psychopathbabble; 17-10-2016 at 11:08 PM.

    Became Mrs Scotland 16.01.16 Became homeowners 26.02.16 Baby girl arrived 27.10.16


    Debt Paid = £5040.27/£12,185.99 (41% paid off)
    RBS CC RBS LOAN MBNA 1 MBNA 2 BED FINANCE
Page 2
    • psychopathbabble
    • By psychopathbabble 17th Oct 16, 11:07 PM
    • 5,857 Posts
    • 38,807 Thanks
    psychopathbabble
    Thanks Katzen...

    I think I signed up years ago but never really got into it.have got a list of recommended box sets to watch and i think I'll work my way through the competitions forum

    Became Mrs Scotland 16.01.16 Became homeowners 26.02.16 Baby girl arrived 27.10.16


    Debt Paid = £5040.27/£12,185.99 (41% paid off)
    RBS CC RBS LOAN MBNA 1 MBNA 2 BED FINANCE
    • psychopathbabble
    • By psychopathbabble 20th Oct 16, 7:50 AM
    • 5,857 Posts
    • 38,807 Thanks
    psychopathbabble
    Credit report update:

    Me - 573, 3/5
    DH - 580, 3/5

    Not much change, I guess we need to let some searches drop off and the balances catch up wth themselves. I love noddle being free but it's pretty slow at updating... Usually it's a month behind but I noticed a couple of credit accounts haven't been updated for 2 months

    The credit club on here shows me as 903 out of 999, but my chances of borrowing are pretty low. Although my
    MBNA account limit is being increased in December!

    DH credit club report shows him as 829/999 but he has a much better chance of borrowing more.

    It's strange how credit scoring works!

    Became Mrs Scotland 16.01.16 Became homeowners 26.02.16 Baby girl arrived 27.10.16


    Debt Paid = £5040.27/£12,185.99 (41% paid off)
    RBS CC RBS LOAN MBNA 1 MBNA 2 BED FINANCE
    • psychopathbabble
    • By psychopathbabble 15th Nov 16, 11:02 AM
    • 5,857 Posts
    • 38,807 Thanks
    psychopathbabble
    RBS loan paid off

    Baby girl decided to arrived early, so it's been rather hectic. Our spending on the credit card went a bit crazy as we had to buy some bits to make life easier once home, and additional food shopping to make dinners easy etc. Getting back on top of it now though, and getting ourselves back into a bit of a routine.

    Became Mrs Scotland 16.01.16 Became homeowners 26.02.16 Baby girl arrived 27.10.16


    Debt Paid = £5040.27/£12,185.99 (41% paid off)
    RBS CC RBS LOAN MBNA 1 MBNA 2 BED FINANCE
    • beanielou
    • By beanielou 21st Nov 16, 8:00 AM
    • 44,888 Posts
    • 155,585 Thanks
    beanielou
    Congratulations Mummy. Enjoy.

    Good news on loan.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • psychopathbabble
    • By psychopathbabble 25th Nov 16, 6:51 PM
    • 5,857 Posts
    • 38,807 Thanks
    psychopathbabble
    Thank you Beanie

    i've just updated my spreadsheet and we have now paid 41% off! I have paid off the small sums on my 2 credit cards and have closed them so I am not tempted to use them... if I don't have the money now I don't have it! It's frustrating not knowing how much I'll be taking home each month now I'm on maternity leave, I hate not being able to budget properly!

    Became Mrs Scotland 16.01.16 Became homeowners 26.02.16 Baby girl arrived 27.10.16


    Debt Paid = £5040.27/£12,185.99 (41% paid off)
    RBS CC RBS LOAN MBNA 1 MBNA 2 BED FINANCE
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