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    • EmmaMicawber
    • By EmmaMicawber 17th Feb 17, 1:45 AM
    • 28Posts
    • 38Thanks
    Getting out of this debt sharknado
    • #1
    • 17th Feb 17, 1:45 AM
    Getting out of this debt sharknado 17th Feb 17 at 1:45 AM
    Over Christmas OH gathered together the paperwork for his various chunks of debt and revealed that his total unsecured debt comes to a horrifying figure of £73500.

    We are 6 weeks into an 8.5 year journey, although I'm going to do my best to trim that down where I can. I'm currently struggling to sleep but keep reminding myself that no one has died and we won't starve. I think a diary will help to keep me on track and help me feel I'm not alone. Sharknado is the most ridiculous horror film I've seen, but has a happy ending and it brings a smile to my face to think that OH and I, like Fin' and Nova, will emerge triumphant in the end. Hence my diary title (and I couldn't think of anything Inspirational! )
    Last edited by EmmaMicawber; 17-02-2017 at 1:53 AM.
Page 2
    • motivated
    • By motivated 25th Mar 17, 4:31 PM
    • 2,227 Posts
    • 3,139 Thanks
    Hi Emma

    just popping in to see how you're doing. Hope you are still upbeat and positive
    Emptying my lake with a teaspoon
    Short term goal £535/£1796
    • EmmaMicawber
    • By EmmaMicawber 13th Aug 17, 7:36 PM
    • 28 Posts
    • 38 Thanks
    It's been over four months since I last posted but I've been plugging away quietly, albeit with some ups and downs.
    We haven't been overdrawn at the bank since January, things are much more under control. Our credit card debt level is still horrendous but has come down to £67,500 (from £73,500 in February this year) so we're slowly getting there.
    September was going to be a big month as we had quite a few 0% deals ending - I wanted to start a DMP to avoid a meltdown in our situation but OH wanted to wait.
    Well it turned out he was right to hang on- we have managed to do one more shuffle around to move the balances so no DMP needed at the moment, hopefully it will stay that way as I've got a bit more confidence that we can manage to get through this ourselves.

    Challenges ahead include my car, which needs some significant money spending on it soon, and increased travel costs for my daughter. Overall though I'm so much happier than in Feb and have still managed to have some cheap Fun!
    • EmmaMicawber
    • By EmmaMicawber 14th Aug 17, 8:16 AM
    • 28 Posts
    • 38 Thanks
    Although OH has a loan (£20K outstanding) as well as the credit cards, I'm going to ignore it for my debt busting plans as it will tick along in the background with monthly fixed payments until it is paid off on schedule in late 2020.

    If we manage to keep up the current rate of around £1000 a month coming off the balances our debt free date will be Feb 2023, another 5 years 7 months away, but better than the 8.5 years we calculated when we first faced up to our debt after Christmas. When the loan is paid off we'll have another £500 to throw at the credit cards every month so that should shave another few months off the DFD.

    But back to this month- my car needs two new tyres, a service including the timing belt replacing and some electrical issues looking at- will probably be £500+ so I'm considering some matched betting, but I'm not too sure about the ethics of it? And it looks quite complicated!
    DD also needs some stuff for school and we've spent money on some trips out -August is a turning out to be a very expensive month
    • motivated
    • By motivated 14th Aug 17, 9:57 AM
    • 2,227 Posts
    • 3,139 Thanks
    Hi Emma

    Popping in to cheer you along too. That's great news that you haven't been in the overdraft for 6 months and you have paid off a whopping 6k

    As for your car, mine too is going to be needing some work. The MOT is due September and I'm dreading it to be honest. Could really do without it.

    Also the cheap fun you mentioned is something my DH and me have been looking at too. There's lots out there when you look for it. We were bored the other day and went for late lunch /early dinner. It was 2 meals for £8.99. Made a nice cheap change too.

    Keep going
    Emptying my lake with a teaspoon
    Short term goal £535/£1796
    • Worrierwalker
    • By Worrierwalker 14th Aug 17, 10:09 AM
    • 55 Posts
    • 206 Thanks
    Well done- paying off £6,000 of your debt in such a short time is very impressive!
    • worriedDan
    • By worriedDan 21st Aug 17, 5:49 PM
    • 183 Posts
    • 538 Thanks
    Well done Emma. I remember reading your posts earlier this year. I think that we started out DF journeys around the same time.

    Sounds like you are doing great. I get your point about the loan too. I don't worry about my loan so much as it has fixed payments and a clear end date. I have chosen to include my loan in my debt totals but I totally get your way of thinking.

    Good luck and keep up the good work!
    • foxyloxy11
    • By foxyloxy11 21st Aug 17, 7:38 PM
    • 221 Posts
    • 1,203 Thanks
    Enjoying your thread and pleased you're not feeling as stressed out as you were at the beginning. have you heard of Dave Ramsey? as well as using this site check out his. if you listen to his show(there are links on the site) you can find people doing their debt free screams. it's amazing, motivating and inspiring. I follow his snowball method and by the end of October will have my fully funded emergency fund. this is a must I think as then you don't have to use the plastic if anything goes wrong.
    Good luck and those 5 yrs will be gone before you know it
    365 day penny challenge - £126.00/£667.95
    £1000 Emergency fund challenge #225 - £120.00/£1000 Stage 1
    • EmmaMicawber
    • By EmmaMicawber 9th Sep 17, 2:25 PM
    • 28 Posts
    • 38 Thanks
    I'm feeling a renewed sense of focus about debt busting now that the Summer holidays are over and the first tinges of Autumn colour are appearing in the garden.
    I've always loved this time of year.

    DD2 has started back at school, so far all seems fine. I know it will take a few weeks to adjust as she hasn't been in a classroom for well over a year.
    DD1 will be starting her first year at uni in a couple of weeks- I'm excited for her but will miss her so much. The house will feel very different without the sibling banter.

    On the upside it means that I can start jobhunting in earnest in a couple of weeks. I suspect my earning power is no longer that good but anything I can bring in will make a huge difference to our position. We will also need to help DD out as much as we can at uni as her student loan doesn't even cover her rent. Though our food and fuel bill should go down!
    • EmmaMicawber
    • By EmmaMicawber 9th Sep 17, 2:33 PM
    • 28 Posts
    • 38 Thanks
    I checked out Dave Ramsey foxy and am now slightly addicted. He seems to have a very simple approach to debt busting and I love his accent! I've currently got a £1000 emergency fund but this is likely to disappear next week as the car is going in for major work. I'll build it back up again though.

    The student loan debt of some of the callers is eye watering and makes me worry for DD. I know all the arguments about only paying what you can afford and it being written off after 30 years but I feel that we will look back at student loans and the current 'all must go to uni' philosophy as THE great mis-selling scandal of all time sadly. Apparently the CEO of the student finance company is currently suspended pending Investigation?
    DD is determined not to have a credit card or overdraft and has saved £2000 from her part time job- I really don't think she will fall into the same debt trap we've been in since Uni.

    My personal target is to (find a job and) earn at least £2000 by Christmas. Here goes!
    Last edited by EmmaMicawber; 09-09-2017 at 2:54 PM.
    • Kittychick
    • By Kittychick 9th Sep 17, 3:45 PM
    • 150 Posts
    • 368 Thanks
    Wow, Emma you are doing so well!! Fingers crossed on the job front I'm sure you will smash this goal too!!
    • Tempus01
    • By Tempus01 9th Sep 17, 4:18 PM
    • 60 Posts
    • 59 Thanks
    Just subscribed to your diary. You've done absolutely fantastic so far, very impressed
    22.08.2017 start of my journey
    Loan = £8392.32/£7465 (incl interest) Barclays Card = £1631.36 Tesco Credit Card = £2003.17 / £2086.17 NatWest Credit Card = £1422.34/ £1406.43 Littlewoods account = £104 / £40.60
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