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  • FIRST POST
    • DaringToDream
    • By DaringToDream 22nd Apr 17, 8:48 PM
    • 156Posts
    • 449Thanks
    DaringToDream
    DaringToDream of a Debt Free Life!
    • #1
    • 22nd Apr 17, 8:48 PM
    DaringToDream of a Debt Free Life! 22nd Apr 17 at 8:48 PM
    So here goes with a shiny new diary. I had one previously but seeing that i hadnít posted for years and my circumstances have massively changed (new job, new house, different (but not that new) partner), it seemed sensible to start afresh.

    Iíve been a diary stalker (in a healthy way) for years, and a few of you have really helped and inspired me over the past few months. In particular- Bobarella, Louby, Poor Single Lady, Coastal Chick, Mummy2Girls- thank you!!!

    I have debt, and as hard as it is admitting it myself, have been in debt since i graduated uni almost 10 years ago. This includes still being in my student overdraft (which is thankfully still interest free) which is something iím not proud of.

    So i have a few debt goals to keep me focused:

    Goal 1) Pay of student overdraft by end of July 2017 (10 years after i graduated!!!) This one may actually slip a bit depending on how well i do with other debts as the first £1000 is currently interest free so it makes sense to throw this money at other debts first, but paying it off is my goal, or at least reducing it before the interest free level drops to £500 at the end of July.

    Goal 2) Pay off ccís

    Goal 3) Save to pay off my car finance. Itís currently sitting at £11,200. I stupidly took it out on PCP and what a stupid decision - totally think this is the next misselling scandal. I paid off a lump sum thinking i could keep my monthly payments the same and just reduce my balloon payment, but apparently this isnít allowed, so of the £120 i now pay each month, £110 is interest and only £10 capital repayment , so this loan has to go ASAP. Unfortunately the balloon payment is £11000 so itíll take me a while to save this up, but i reckon if i can get close-ish i can get a 0% card or lower interest loan and pay it off and save paying so much interest. I commute a minimum of 300 miles a week though so a comfortable and reliable car is a must- just need to pay it off.

    That's probably long enough for an opening post. Will post more debt details below.

    DTD xx
Page 4
    • DaringToDream
    • By DaringToDream 1st Jun 17, 1:15 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Thanks MummyToGirls- we had stepson for most of the time he was home which was amazing, but nice to also have a little time just the 2 of us!

    Finally pay from job 2 has landed so a little update on totals (will have to work out how to do a signature!).

    OD £928.32/£963.71 (-£35.39 this month)
    Cc1 £2832.29/£2898.00 (-£65.71 this month)
    Cc 2 £0/£1430 (-£1430 this month)

    Total debt £3760.61/£5291.71 (-£1531.10 this month)
    Holiday fund stands at £38.95

    Progress will be slower next month, not due any salary next month from job 2 (although working 4 days this month so that will get that paid in July's pay, and is also 2 weekends i'll not be spending). Had to pay the remainder of the Hen party money (£125 ) and pay my half of our little mini break so am holding off making any more payments to cards now for a while. Got my mums bday this weekend so going to take her out for dinner but this will come out of fun money, and then will hopefully have a fairly quiet month in an attempt to not spend on credit cards this month.

    all in the right direction, but would have been better if i hadn't had so many house expenses last month, so fingers crossed this month will be better!

    DTD xx
    • DaringToDream
    • By DaringToDream 2nd Jun 17, 9:42 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    OH has gone back today so getting used to be at home on my own again. Having a bit of a mope and had takeaway for tea (although used a discount code and cashback).

    Back on the debt busting tomorrow! Going to be a lean month as got £200 in my petrol and food account to last me, and £180 in my fun account, plus £40 in my wallet so need to try and make that last. Owed £14 expenses and Weill hopefully make a bit extra on some eb*y sales too.

    Wishing this month away already, think it's going to be a long one. But got lots of cheap weekend things planned so fingers crossed it goes quickly.
    • Hiddenidenity
    • By Hiddenidenity 3rd Jun 17, 2:37 PM
    • 5,314 Posts
    • 26,055 Thanks
    Hiddenidenity
    The countdown to OH being home again can begin

    We are all here to cheer you on and keep you company. Have a lovely day
    DFW £1783.71/£7348.71 Rent Arrears £571.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • DaringToDream
    • By DaringToDream 5th Jun 17, 7:57 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    First day back at work after leave today- was so painful! Managed to get the gym though after work so took out all my frustration on the cross trainer. Need to try and work off those pounds i put on when OH was home!

    Was on course for a NSD today (managed one yesterday), but then fuel light came on so £68 of fuel and a pint of milk later my NSD was broken. Made dinner from the cupboard though, and have food in for tomorrow and wednesday, so shouldn't have to buy anything else for a few days.

    Am working in London tomorrow so my lunch/coffee will be covered by work, and will be a long day as i need to make up the flex-time debt i accrued when OH was home (we can get into flex time debt which was worth doing as i normally have more flex time than i can take, so it means i can save some leave days for next time OH is home).

    1 eb*y sale last night so £6 to holiday fund which now stands at £44.95. Total is slowly creeping up and got a few more sales finishing tonight with 2 confirmed (but small) sales so hoping i can get it up to £50 by the end of today! Aim is to try and get it to £250 in total!

    Have £100 left in 'fun' budget and now £112 left in petrol and food account. Will definitely have to fill up again before the month is out, so that only leaves around £40 for food (plus a little bit more due in from expenses), so might have to be bit creative nearer the end of the month. Going to try my hardest to not spend on credit cards but i think that might be tough this month what with having to pay for the hen do.

    All plodding forward though. Foul weather here tonight so just going to have a long soak in the bath and then settle down for some trashy TV!!
    • blue_eyed_girl123
    • By blue_eyed_girl123 5th Jun 17, 8:21 PM
    • 50 Posts
    • 100 Thanks
    blue_eyed_girl123
    Glad to hear all is going well with the debt busting . Good luck with getting to the end of the month on your budget, sure you can think of some creative (and tasty) things to eat
    • DaringToDream
    • By DaringToDream 6th Jun 17, 8:57 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Thanks Blue Eyed Girl- just been reading your diary and great progress on the credit card repayments, always a nice surprise when it is lower that you were expecting!! I've actually just recounted our holiday pot and it is £60 instead of the £50 i was thinking it would be so am super happy about that!!

    Low spend day today, was on expenses and only spent £1.50 over what i am allowed to claim back so not too bad. Dinner was a ready meal from the fridge that was about to go out of date and so needed eating. Just finished making some home made granola for my work breakfasts out of oats, honey and some cinnamon (basically whatever granola-y ingredients were in the cupboard) so fingers crossed it tastes nice with my yogurt tomorrow! Have some raisins in my desk drawer so will also add them too.

    While i was waiting for the granola to cook i did a meal plan for the week (feeling so virtuous!!). Reckon if i stick to the plan i can get to friday night without buying any more food. Out with a friend on saturday so will be spending on food then so going to try and hold out until then! Have been updating my debt spreadsheet and my car and student loans are the biggies that scare me and need to go (car first, student loan is just ticking down every pay day), so i need to get these credit cards and OD paid off ASAP!! Once the cards are paid off i'm going to save all the money that was going to cc repayments for a few months, and by that point i should have been at this address long enough to get a decent rate on a loan to pay off the car at a lower interest rate than they are currently offering me (did a soft check tonight and best rate was 15% so barely better than the car loan!!). That's my plan, just need to stick to it now!!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 7th Jun 17, 6:45 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Only £2.20 spent today posting a letter which needed to be posted signed for so was unavoidable. Happy though that i resisted the temptation of a mid-morning takeaway coffee! Still on course to buy no more food until friday, reckon i might even be able to make it until saturday but then i'll definitely need to buy milk!

    Just popped home for tea (boiled eggs) and then off out to an exercise class. Finding work a bit hard going at the moment, and without OH to vent to in the evening i'm finding it's quite easy to bring it home with me, so i've signed up to a few evening exercise classes which weren't too expensive and will hopefully help me shift a few pounds as well as de-stress!!

    Just gotta keep on plodding!!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 9th Jun 17, 1:30 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Afternoon all!

    Countdown to the weekend has begun, and i'm working from home today so have been able to get on top of housework and laundry so won't need to do that either .

    Broke my food shopping ban yesterday, although not majorly. Popped out for a panini and a coffee at lunch. Only £4 and still no supermarket shops done, but just needed to get out of the office for a bit as had a stinker of a day and the meeting from hell in which i actually had to walk out for a tactical toilet break to stop me getting either raging angry or starting to cry. Managed to pull myself together but work is just so bad at the moment and shows no sign of getting better so i think £4 for a sarnie and a break isn't too bad a price to save my sanity!!

    NSD today, waiting in for someone to come and sort out some of the snagging on the new house. Out with a friend tomorrow for a walk and lunch at a national trust place so that will cost a bit to get in (not a member) and pay for lunch but will come out of fun fund. Can't wait though, is a very good friend who lives about 100 miles away now and has a little one so i don't get to see her as much as i'd like, so can't wait to catch up!!

    Got dinner from the cupboard planned for tonight, and have some chicken, ratatouille and some sausages (sausage butties ) defrosting which will do tomorrow night and sunday so hoping for no shopping until sunday when i'll probably have to pop out and get a few fresh bits for the week. All i've bought in the last week is a pint of milk though so really pleased at how i'm using up what is in and saving money at the same time.

    Fun fund is at £66, plus have £40 fun money in my wallet for tomorrow so hopefully will bring some leftover cash home with me. Otherwise i have £115 left for the month for food and petrol. Not too bad considering this hasn't really gone down in the last week. Will probably need about £65 more of fuel, leaving £50 for food for the rest of the month. Got chicken breasts, mince, 2 x packs of meatballs, fish fingers, nuggets, waffles, home made pasta sauce and ratatouille in the freezer, and a bunch of stuff in the cupboard so hopefully will just need to buy fresh things. Worst comes to the worst i have £5 of nectar points i could use and i also have some slim fast shakes in the cupboard so i'll have those for my dinners and maybe lose a few pounds too . Just desperate not to spend on cards this month- must stay strong!

    Hope you are all having a good friday- happy nearly weekend!!

    DTD xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 9th Jun 17, 3:33 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    So i think i have done something which is good in the long run, but would welcome thoughts on it because i'm freaking out a bit!

    My car loan outstanding balance is 12449.28 at 11% APR. This is a PCP deal and the balloon payment is £11795 with 33 months left to run. I overpaid a bit on it as much as i could, so my monthly payment is now £120, of which £11 is capital repayment and £109 is interest each month. Because this is PCP i can't pay any more off without paying off the balloon payment in full. So essentially in 3 years time i'd still owe £11795 on it, despite paying 120 a month between now and then (which means i'd have paid £3960 to make it go down by £800 )

    I have just taken out a loan of £14k at 10.1% APR so slightly lower (and best rate i could get), which will pay off my car finance in full, and also pay off £1550 of my credit card debt (would leave only £1200 left on my cc). Monthly repayments are £398 (so only £270 more a month if you can exclude existing car repayments), but importantly there is no charge for overpayments or early settlement so i'll be able to redirect the money i was throwing at my cc at this debt, and settle it early.

    I think this is a good move because
    a) it pays off some cc at a lower rate of interest
    b) it pays off the car loan at a lower rate of interest and also means i can overpay
    c) it means i own all the car so the car finance people can't change me lots at the end of the contract due to all the mileage i do!
    d) I only have 1 (big) debt to focus on.
    e) If i'm ever in massive financial trouble i can sell my car and settle the loan.

    I'm a bit scared though because although i already owe 14k, taking out one 14k loan rather than lots of smaller ones seems really scary - thoughts please!!

    DTD xx
    Last edited by DaringToDream; 09-06-2017 at 3:44 PM. Reason: Got my figures slightly wrong!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • mummytogirls
    • By mummytogirls 10th Jun 17, 4:43 PM
    • 5,619 Posts
    • 17,912 Thanks
    mummytogirls
    Hi DTD,

    I don't really understand the PCP plans, can't believe how much you would have to pay at the end after paying £120 a month Would this system be to encourage you to get a new car rather than paying off the balloon payment.

    I think given that you have only been paying off a tiny bit of capital each month so this a good plan. How many years is this over? xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £6936.45 - 04/09/17 - 70.99% paid off
    • blue_eyed_girl123
    • By blue_eyed_girl123 10th Jun 17, 5:30 PM
    • 50 Posts
    • 100 Thanks
    blue_eyed_girl123
    Glad to hear your holiday pot is looking healthier than you thought, a holiday is one of the things we often refuse to give up and I think a debt busting/having a life balance is good .

    With the car, I often think it's easier if you own it yourself, that way if anything goes wrong, it can be so much easier to sort out. Some of our debt is car, but a new car was much needed at the time and should last us a long time!

    How are your monthly budgets? We have £4.85 until Friday in our groceries budget , might be dipping into savings yet .
    • Hiddenidenity
    • By Hiddenidenity 10th Jun 17, 5:32 PM
    • 5,314 Posts
    • 26,055 Thanks
    Hiddenidenity
    No idea if its a good idea, I'm useless.

    IF you can afford the new payments and it wont leave you struggling then yes it looks like a much better idea. I think not much help am I
    DFW £1783.71/£7348.71 Rent Arrears £571.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • DaringToDream
    • By DaringToDream 10th Jun 17, 5:49 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Thanks for the comments. Loan is over 42 months, but want it gone sooner so my intent is to overpay as much as i can. I think with PCP they want you to just hand the car back and then take out new finance, but with the amount of miles i do for work, i'd have been hit with a really big mileage bill if i went down that route. With hindsight it was a stupid idea to take out PCP so lesson learnt! At least now i can start making headway on the car repayments rather than burying my head in the sand and only counting the cc debt. From here on in (or at least once the loan comes in and i have paid off the car) my sig will reflect all my debts and not just my CCs and OD. Then i will know where i stand!

    Budgets are going ok Blue_eyed_girl. Have you got much food in to help make that £4.85 last? I had the nutritious (?!) and cheap dinner of super noodles last night- felt like i had gone back to my skint student days!!

    I met a friend today at a national trust place so had to pay for fuel there and entry fee, but my friend bought me lunch because i had apparently paid last time, so actually only spent on entry, coffees, and then some biccys on the way home as another friend was popping in for a cuppa and i had nothing in! Went with £40 in my wallet from my fun fund and still have £26.50 so pretty pleased.

    Will have to pop out and get some bits tomorrow for the week, mainly yogurt for breakfasts and kitchen roll, but will have to try not to go crazy. Going to do a combination of Mr W (because i need to go into town and it is actually cheaper to pick up a few bits there with my loyalty card and then get free parking than having to pay for parking elsewhere) and L*dl for the rest.

    Had a bit of success on the eb*y front this weekend. My mum gave me a bunch of stuff of hers to list coz she didn't know how and said i can keep 25% of the profits. Reckon i've made about £30 for her so far and £10 for me after fees which is great, and there is still more to sell. Every little bit i make is a bit more in my account to help me at the end of the month and stop me reaching for the credit cards!

    Slow progress but am proud at how well i have done not spending on credit so far this month so long may it continue!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 11th Jun 17, 1:56 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Gorgeous weather here today so having an admin day catching up on laundry so it can dry outside and generally pottering around the house. Will be working next weekend with job 2 so need to make the most of this weekend and get on top of the house!

    Good news is that i have a job interview lined up for Thursday. Is a job I applied for 6 weeks ago so i was starting to wonder if my application had got lost, however i got an email on Friday inviting me to interview- fingers crossed!

    Popped out this morning to get food- first supermarket shop in a week so really pleased with myself. Spent £32 (although will get 5% cashback for paying on my debit card), which leaves £18 in the food budget for the rest of the month (although maybe a bit more if i can get away with filling up the car less!) Got enough yogurt for 2 weeks breakfast though, plus frozen berries, meat, veggies and some store cupboard bits so reckon i can go at least another week without a supermarket trip, and that will only be for fresh stuff. The bonus of working next weekend too is that i will be fed lunch and dinner at work, so will only have to plan for breakfasts next weekend (crumpets from the freezer-yum!!)

    Also spent £9 in £land on 3 herb pots for the house (gorgeous things and needed as mine have outgrown their current pot so really chuffed and great value), plus kitchen roll and some postage bags for eb*y sales, plus spent £8.56 in smiths. Annoyingly one thing i need to post is a weird shape and breakable so i needed a postal box. All the cheap ones in £land and wilk* were the wrong shape (big but really flat) whereas i needed a square one so ended up in smiths getting 2 boxes in case the item didn't fit in the smaller box (it didn't, so glad i did get 2 sizes!).

    All the £land and smiths stuff were paid for out of the left over cash from yesterday, so now have £9 in my wallet for the week.

    Must go and continue tidying the house now, although very tempted to go make a cuppa and enjoy the sun for a bit!!

    DTD xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 11th Jun 17, 1:59 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Forgot to say- if you are selling on eb*y this weekend, check your invoice as there is a glitch that means some people are getting charged final value fees twice. I just noticed and spoke to them online and they have credited my account so worth checking!!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 12th Jun 17, 8:28 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Monday done, spent £13 posting 5 eb*y parcels and then £2.30 on a coffee coz I needed to get out of the office.

    Work still horrific, ended up having a massive (but hopefully constructive) discussion with my boss today because we've already had one colleague signed off wth stress, and there are 2 of us teetering on the edge very stressed and unhappy at work. Hopefully they'll realize soon that the current tempo and understaffing just isn't sustainable if they want any staff left!!

    On the plus side I was so stressed today that I took it all out in the gym and had an epic cardio and weights session after work to get it out of my system. Job interview on Thursday so just need to keep calm and confident and try not to overthink my opportunity to escape horrible job!!

    London tomorrow, so on expenses and no fuel costs which is good! Just need to get through a horrible meeting about a situation that happened while I was on leave but nobody dealt with in my absence (thanks team!!!) so has turned quite negative. Once that is done hopefully some stress will be lifted!

    DTD xx

    DTD
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 12th Jun 17, 8:29 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Oops, signed that one off twice- damn iPhone posting!!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 13th Jun 17, 6:53 AM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    On the train for London with a cuppa. Wearing heels to work the first time in ages, normally I never bother but decided I should power dress today for my big meeting. Just a shame my legs are like jelly after all those weights yesterday so I'm walking like a plonker , maybe I'll have to switch into flats......
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 13th Jun 17, 8:22 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Meeting went well, must have been the power dressing

    Spent £5.80 posting some more eBay parcels on my way home, and then 1.99 on a drink at the station because realized I hadn't really drunk anything all day coz I'd been so busy and was so warm I was worried I'd faint on the train home if I was standing the whole way! Luckily made it home without incident and am Now relaxing in the bath .

    Loan people have emailed with some more security checks and wanting bank statements, so fingers crossed it all goes through and I can start paying down that car loan!!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 15th Jun 17, 8:41 PM
    • 156 Posts
    • 449 Thanks
    DaringToDream
    Low spend day today, was supposed to have a job interview but was cancelled at the last minute because the lead interviewer was sick so ended up psyching myself up all morning for nothing. Only spent £2.80 on a coffee which wasn't really needed, but cheered me up a bit. BBQ this afternoon/evening with work team. Really good fun but deliberately didn't drink so didn't have to spend on taxis.

    Nearly the weekend, although working all weekend. But at least should be low spend apart from train fares to/from work.

    Loan should be landing in bank account tomorrow/monday, so can't wait to pay off the car finance and start making overpayments on it`!

    Hope you are all enjoying the weather.

    DTD xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
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