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  • FIRST POST
    • Fivebyfive
    • By Fivebyfive 11th Oct 16, 8:05 PM
    • 70Posts
    • 188Thanks
    Fivebyfive
    Giving myself 2 years to get out of Debt
    • #1
    • 11th Oct 16, 8:05 PM
    Giving myself 2 years to get out of Debt 11th Oct 16 at 8:05 PM
    Newbie poster here, long time Watcher/Lurker though.

    I have 3 debts that i really want rid of, one of these has been ongoing for 10 years and I have barely made a dent out of it

    Currently it will take me 5 years to pay off at the rate im paying and so far I have the following balances

    CC - £2134.83
    Debt 1 - £192.00
    Debt2 - £4504.99

    The debts can all be overpaid and I have no interest on them, CC is 0% until June, so that is my aim for the next 2 years. ....Get rid of the debt and start saving.
Page 1
    • Purplemumof2
    • By Purplemumof2 11th Oct 16, 8:27 PM
    • 3,923 Posts
    • 11,522 Thanks
    Purplemumof2
    • #2
    • 11th Oct 16, 8:27 PM
    • #2
    • 11th Oct 16, 8:27 PM
    Hiya,

    Good luck with your journey.

    Pmo2
    X
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    BC: £8850.00 Overdraft: £2750.00

    15 NSD - 8/15, 10 LSD - 3/10, 15 AFD - 1/15, Lunches to work 9/20

    20p Savers 2016 £2 Savers 2016 50p Savers 2016 SPC 9 2016 #003
    • datlex
    • By datlex 11th Oct 16, 8:39 PM
    • 1,057 Posts
    • 911 Thanks
    datlex
    • #3
    • 11th Oct 16, 8:39 PM
    • #3
    • 11th Oct 16, 8:39 PM
    Hope it goes well.
    • Seasidegal58
    • By Seasidegal58 11th Oct 16, 8:49 PM
    • 494 Posts
    • 2,461 Thanks
    Seasidegal58
    • #4
    • 11th Oct 16, 8:49 PM
    • #4
    • 11th Oct 16, 8:49 PM
    Good luck - posting on the board will help you enormously in focusing.
    Finally Debt Free! - July 2016
    Scrimpy Goal - Emergency Fund - £10,000
    Currently: £6027.22 (25/11/2016)

    My debt free diary - " Paid off the £31,000 - BUT still scrimping!"

    NST: December 2016- NSDs: 1/15
    • Fivebyfive
    • By Fivebyfive 12th Oct 16, 10:15 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    • #5
    • 12th Oct 16, 10:15 AM
    • #5
    • 12th Oct 16, 10:15 AM
    Thank you all for the replies and encouragement.

    I have been trying to earn a little more money towards debts this month, I didn't realise how much time it has taken but I'm getting there.
    • I have cashed out £24 from Ch*ckout Sm&rt which should be arriving in my bank in next 5 days
    • Requested refund from B0unts as i have been trying for many days now to get a voucher and no luck
    • I found my old 0ne P0ll account which i had £36 raised and forgot about 5 years ago so I have £2 more to earn and im cashing out
    • Swagbucking! - taking all my free time but earning vouchers towards xmas presents.
    • 3Bay- found a few items to sell....books are not selling at all so going to try a different selling site for them. I Marie Kondo'd the house before moving last year so i have nothing left to sell!
    • Changed bank accounts through Quidco but i wont see any money until February for that.

    I think that is it all so far.

    I will post an SOA soon in the hopes it helps
    • Dolly Rocker
    • By Dolly Rocker 12th Oct 16, 10:30 AM
    • 2,646 Posts
    • 7,044 Thanks
    Dolly Rocker
    • #6
    • 12th Oct 16, 10:30 AM
    • #6
    • 12th Oct 16, 10:30 AM
    Good luck!

    Dxxx
    Debt Free by Xmas 2017 6,186.67/14,523.76
    Saving for Xmas 2017 0/365
    Goal Weight by August 2017 27lbs/84lbs
    Mortgage Savings 2020 0/25,000
    • lucy-lou
    • By lucy-lou 12th Oct 16, 11:15 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    • #7
    • 12th Oct 16, 11:15 AM
    • #7
    • 12th Oct 16, 11:15 AM
    Good luck, I started my diary yesterday too after lurking for a few days and it is the kick up the bum I need!!

    I have given myself 6 months to clear my debt and for the first time in 8ish years and determined to do it.

    I am going for a payment a day to keep plugging away at it! So will see how that goes.

    I will subscribe to your diary and follow your progress, I like that we have started together! X
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • Fivebyfive
    • By Fivebyfive 12th Oct 16, 11:29 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    • #8
    • 12th Oct 16, 11:29 AM
    • #8
    • 12th Oct 16, 11:29 AM
    Thank you

    Hi Lucy-lou I have subscribed to your diary also, good luck with the journey and payment a day sounds like its working so far.

    I like how your signature is set, It might just be the thing i need to keep me updating as I pay :-)
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • lucy-lou
    • By lucy-lou 12th Oct 16, 11:41 AM
    • 20 Posts
    • 33 Thanks
    lucy-lou
    • #9
    • 12th Oct 16, 11:41 AM
    • #9
    • 12th Oct 16, 11:41 AM
    Hi Fivebyfive,
    Thanks for subscribing, knowing people are watching definitely helps.
    I am using my signature for 2 things:
    1) to keep track of total progress
    2) because I will not want to increase the total owed so should stop me spending on the cards!
    Fingers crossed it works!!
    Barclaycard 1 = £761.90/£976.90 = £215 remaining
    Barclaycard 2 = £90.10/£1865.10 = £1775 remaining
    Nationwide = £6.45/£1156.45 = £1150 remaining
    Total = £848.45/£3998.45 = £3150 remaining
    • Fivebyfive
    • By Fivebyfive 13th Oct 16, 10:26 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    Hi Lucy-Lou
    I see what you mean, its so much easier to keep track of.

    I have tried so many times to get a voucher on B0unts, I'm refreshing every few mins now, this is definitely the last time i am using the app. Its a shame really as it really spurned me on with the fitness.

    Had to 'borrow' money from another budget category to pay for DS1 phone top up as i forgot to budget for it this month. I've been using YNAB for a year now and love it. I still end up spending out of my budgets though so i need to clamp down on that.

    Waiting for my refund from b0unts and money from Ch3ckout Sm&rt in next week or so which should keep me afloat until Payday next week. I did want to pay it towards debts but its going to have to be put back in budget.
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • ab_saver
    • By ab_saver 13th Oct 16, 9:57 PM
    • 206 Posts
    • 550 Thanks
    ab_saver
    Hi - just stopping by to offer some encouragement - you seem very on it. Budgeting can be a bit of a nightmare as I find unexpected costs have a habit of cropping up (or I'm not leaving enough leeway... hmm...) but you have a plan for where the money is going to come from (this doesn't involve more debt!)

    Pesky student overdraft gone _House fund: ~£300 / £10,000_£1000 emergency fund #208 - £13.74/ 1000
    NSDs Sept 6/7 Oct 19/18 Nov 17/15 Dec 0/12_ GC Oct: £15.62/40 Nov: £71.89/75 Dec £1.98/75
    • Fivebyfive
    • By Fivebyfive 14th Oct 16, 9:11 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    Hi - just stopping by to offer some encouragement - you seem very on it. Budgeting can be a bit of a nightmare as I find unexpected costs have a habit of cropping up (or I'm not leaving enough leeway... hmm...) but you have a plan for where the money is going to come from (this doesn't involve more debt!)

    Originally posted by ab_saver

    Thank you Those unexpected costs crop up every month for me I need to start adding a misc category in the budget.

    Ch3ckout Sm&rt sent me the payment last night which has gone back into the budget

    Also received £3 voucher from Swagbucks to go towards Amazon presents for xmas.

    I still haven't been able to spend my points on B0unts i'm sick of seeing the website now
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • PositiveStep
    • By PositiveStep 14th Oct 16, 9:21 AM
    • 10 Posts
    • 13 Thanks
    PositiveStep
    Hi,

    Best of luck with your journey. I look forward to following. I know it helps having people watch on
    • Fivebyfive
    • By Fivebyfive 16th Oct 16, 12:34 PM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    Hi,

    Best of luck with your journey. I look forward to following. I know it helps having people watch on
    Originally posted by PositiveStep

    Thank you , it really does help

    I have less than 10 pound left until I get paid at the end of this week. I am hoping i dont need it so i can put it towards my CC payment
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • Fivebyfive
    • By Fivebyfive 18th Oct 16, 11:18 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    I have 2 days left until payday and run out of everything in the cupboards to make any decent meals with. I have really tried to stretch it but its not happening. We have been to the shops and bought some basics to get us through such as gravy and milk.

    I also managed 11 'take lunch to work' days so far this month, i am breaking my streak today to buy lunch as we have nothing in.

    Also had 11 NSD this month which i'm happy about :-)

    I must get to the post office tonight and post an item i sold on 3bay on Sunday. I have one more item up for sale and then its on to the books again although they don't really sell on 3bay. Anyone have any suggestions?

    I'm still having no look what so ever with b0unts. I have requested a refund which i'm guessing will take a long time but i still can not cash out for vouchers, i'm checking the website 2-3 times an hour and getting no where :-(
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • PositiveStep
    • By PositiveStep 18th Oct 16, 5:27 PM
    • 10 Posts
    • 13 Thanks
    PositiveStep
    I have 2 days left until payday and run out of everything in the cupboards to make any decent meals with. I have really tried to stretch it but its not happening. We have been to the shops and bought some basics to get us through such as gravy and milk.

    I also managed 11 'take lunch to work' days so far this month, i am breaking my streak today to buy lunch as we have nothing in.

    Also had 11 NSD this month which i'm happy about :-)

    I must get to the post office tonight and post an item i sold on 3bay on Sunday. I have one more item up for sale and then its on to the books again although they don't really sell on 3bay. Anyone have any suggestions?

    I'm still having no look what so ever with b0unts. I have requested a refund which i'm guessing will take a long time but i still can not cash out for vouchers, i'm checking the website 2-3 times an hour and getting no where :-(
    Originally posted by Fivebyfive
    Sounds like you've managed to stretch that less than £10 quite a long way, well done! And well done on your 11 days taking lunch to work. This is something I need to get better at doing even though it's such a simple thing I dread to think how much I spend on lunches at work (I probably buy lunch at least 50% of the days) - all those little £3 here and there will add up a lot!

    What type of book are you trying to sell on 3bay?
    • Fivebyfive
    • By Fivebyfive 19th Oct 16, 8:19 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    I used to be the same with going out for lunch everyday, i can't believe i used to have the money for it!

    We have access to a microwave at work so i usually take in leftovers. Today is a tin of mixed veg and a portion of meat & potato pie from my parents house . I'm supposed to be on Weight Watchers but it's difficult eating healthy when I've no food in
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • Fivebyfive
    • By Fivebyfive 19th Oct 16, 8:25 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    Slight update on B0unts..I managed to get a £5 gift card yesterday so that should be on the way. I have nearly enough points for another card so might wait for that before shutting the account down.

    I am also at £39.95 on 0nep0ll only one more survey (if i get one) to do and i can cash out

    I'm trying to sell mystery and sci-fi books (fiction) they are very common authors so i might be best donating them to charity instead.

    Yesterday was a very spendalicious day. I paid for postage for 3bay item, lunch and a taxi home. That's my £10 gone. Roll on payday tomorrow
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • Fivebyfive
    • By Fivebyfive 19th Oct 16, 10:41 AM
    • 70 Posts
    • 188 Thanks
    Fivebyfive
    I have done this months SOA, any advise would be much appreciated I've only included what i earn and pay (OH money is seperate)

    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household.........
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 1352.32
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1352.32


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 275
    Management charge (leasehold property).. 0
    Council tax............................. 56.5
    Electricity............................. 10.5
    Gas..................................... 10.5
    Oil..................................... 0
    Water rates............................. 28.5
    Telephone (land line)................... 0
    Mobile phone............................ 46 (will go down to £10 next month as this includes final bill on contract)
    TV Licence.............................. 6.06
    Satellite/Cable TV...................... 4.5
    Internet Services....................... 22.76
    Groceries etc. ......................... 200
    Clothing................................ 15
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 20
    Childcare/nursery....................... 0
    Other child related expenses............ 231.06
    Medical (prescriptions, dentist etc).... 15
    Pet insurance/vet bills................. 13
    Buildings insurance..................... 0
    Contents insurance...................... 6.5
    Life assurance ......................... 0
    Other insurance......................... 5.37
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 2.5
    Entertainment........................... 40
    Holiday................................. 10
    Emergency fund.......................... 10
    Misc.................................... 8
    Total monthly expenses.................. 1071.75



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit card ...................2134.83...21.02.....18.9
    Debt 1 ........................192.......25........0
    Debt 2.........................4504.99...86.63.....0
    Family ........................32........32........0
    Debt 3.........................4840.56...89.6......18.4[b]

    Total monthly income: £

    1,352.32

    Expenses (incl. HP & secured debts): £

    1,071.75

    Available for debt repayments: £

    280.57

    Unsecured debt repayments: £

    254.25

    Surplus (shortfall if negative) £

    26.32
    Last edited by Fivebyfive; 19-10-2016 at 10:46 AM. Reason: additional info
    Debt = £6545.36 Nov 16/ £6,886.82 Oct 16 4.96% paid
    • EssexHebridean
    • By EssexHebridean 19th Oct 16, 11:25 AM
    • 6,315 Posts
    • 35,035 Thanks
    EssexHebridean
    I have done this months SOA, any advise would be much appreciated I've only included what i earn and pay (OH money is seperate)

    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household.........
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 1352.32
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1352.32


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 275
    Management charge (leasehold property).. 0
    Council tax............................. 56.5
    Electricity............................. 10.5
    Gas..................................... 10.5
    Oil..................................... 0
    Water rates............................. 28.5
    Telephone (land line)................... 0
    Mobile phone............................ 46 (will go down to £10 next month as this includes final bill on contract)
    TV Licence.............................. 6.06
    Satellite/Cable TV...................... 4.5
    Internet Services....................... 22.76
    Groceries etc. ......................... 200 I take it you pay for all the groceries for the 2 of you?
    Clothing................................ 15
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 20
    Childcare/nursery....................... 0
    Other child related expenses............ 231.06 Can we ask what this is as it's a sizeable monthly figure to not be childcare related
    Medical (prescriptions, dentist etc).... 15 Every month?
    Pet insurance/vet bills................. 13
    Buildings insurance..................... 0
    Contents insurance...................... 6.5
    Life assurance ......................... 0
    Other insurance......................... 5.37
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 2.5
    Entertainment........................... 40
    Holiday................................. 10
    Emergency fund.......................... 10
    Misc.................................... 8
    Total monthly expenses.................. 1071.75



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit card ...................2134.83...21.02.....18.9
    Debt 1 ........................192.......25........0
    Debt 2.........................4504.99...86.63.....0
    Family ........................32........32........0
    Debt 3.........................4840.56...89.6......18.4[b]

    Total monthly income: £

    1,352.32

    Expenses (incl. HP & secured debts): £

    1,071.75

    Available for debt repayments: £

    280.57

    Unsecured debt repayments: £

    254.25

    Surplus (shortfall if negative) £

    26.32
    Originally posted by Fivebyfive
    I assume with the exception of groceries the expenses you show are your 50% of most things? Does this accurately reflect your/OH's earnings, when the things that your OH pays for are taken into account? For example in our household OH earns substantially more than I do, therefore although he also has a bit more spending money than I do, he pays a good bit more towards joint/household stuff than I do.

    The £30-odd you'll be saving on the mobile will go straight off to debt repayments I presume. You can also look to make some savings on the grocery bill too - we budget £150 per month for the two of us and that includes meat mostly bought from farmers markets/direct from suppliers, free range eggs/chicken etc.

    One further point off your earlier post - you say that unexpected expenses pop up regularly - you need to think through what these are and then work out why they are taking you by surprise. Obviously a tight budget doesn't make covering all the bases easy, but a lot of financial shocks can be saved or at least cushioned by planning ahead.
    Last edited by EssexHebridean; 19-10-2016 at 11:27 AM.
    MORTGAGE FREE 30/09/2016
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