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  • FIRST POST
    • DaringToDream
    • By DaringToDream 22nd Apr 17, 8:48 PM
    • 144Posts
    • 462Thanks
    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 5
    • DaringToDream
    • By DaringToDream 16th Jun 17, 4:06 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    So big day, loan has come in so i have transferred it over to pay off the car finance, and also the remaining money over to pay off a chunk of cc1.

    CC1: £1186.47
    CC2: £0
    OD: £876.13
    Consolidation Loan: £14000
    Total debt £16062.60

    So new total is eye wateringly high, but includes everything except student loan. No burying my head in the sand or 'forgetting' any debts, this is them all and is the shock i need to make some real progress in getting them down. Aim is to try and smash the eb*y sales and try and make £62.60 to get to under £16000 by payday (2 weeks today).

    Plan is to focus on killing off CC1 and then start making overpayments to the loan whilst chipping down the OD seeing as it is interest free.

    Working this weekend so should be low spend. 2 weeks til payday until i can start chipping this total down!

    Happy weekend all!

    DTD xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 18th Jun 17, 3:14 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Picked the wrong weekend to do 2 long shifts for job 2- booking hot in my uniform and stuck indoors . On the plus side should be £120 pay in augusts pay check so all helps, and has been a low spend weekend and no alcohol consumed!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 20th Jun 17, 9:33 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Busy week so have been neglecting my diary, and was shattered yesterday having worked 14 hr shifts both days of the weekend, and then straight back to the day job . On the plus side i've been barely spending and have been on an eb*y frenzy so things are ticking down. Also forgot that because i'd paid off the car finance i wouldn't need to pay my normal direct debit this month so have £120 extra in my budget,so £55 has gone to paying for my yoga class and £50 to cc1, with the remaining £15 saved in my current account to cover my train fare to London for a friends birthday this weekend.

    CC1: £1135.48
    CC2: £0
    OD: £821.06
    Car Loan: £14000
    Total debt £15956.54
    Total Paid 103.06/16062.60 (0.64% )

    Progress (ish)! And under that pesky £16000 mark!!

    Working from home today, so going to pop out to post office to post an eb*y parcel, and then also need to go to Ald* to get some food in, but hopefully a low spend day.

    11 days til payday, and then i can start making a decent dent in the debt.
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 22nd Jun 17, 8:11 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Plodding along, thank god this week has gone quickly. Low spend day today, and gym and healthy dinner so all feeling pretty positive.

    Payday is a week tomorrow. Things are going to be tight until then, but hopefully I'll be able to get by, and have £5.00 of nectar points I can use an an emergency to buy fresh bits. Otherwise the freezer and cupboard are looking ok so I should be able to get most of my meals out of them.

    Only expense left this month is friends birthday. Starting to wonder if the expense and stress of going into London is worth it, but she's a good friend, it's a big birthday and she made the effort to come out for my birthday so I really want to make the effort, just need to try find the money without breaking my credit card ban!

    Missing OH today, still over a month until he is next back, but means I can legit be a hermit and focus on my diet- reckon I'm becoming one of those dull people who can only talk about the gym

    DTD x
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 24th Jun 17, 11:49 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Off into London today. Going to have to pay for train fare on cc as am now officially skint this month- had i not had to pay for the hen do i would still have over £100 in the pot . Got to try not to think of that though and focus on what a lovely weekend i'll have in a few weeks time! Driving to the station though and just won't drink at the party so i don't spend loads on taxis- definitely a good change in behaviour and better for health and wallet- in the past i'd have just drunk loads and spent on cabs!

    Still have some expenses due, and also have been on an eb*y frenzy this morning listing some dresses from my wardrobe, so even if one of those sells i'll be able to pay off the train fare. Also opened up a non-payment claim against someone- why do people bid if they don't intend to pay .

    6 days til payday. Won't need to buy any food, although may need to put a tenner in the car, but this will come out of the expenses i'm due if this ever gets paid!!

    Hope you are all having a lovely 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 25th Jun 17, 2:21 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Spendy day in London yesterday, stupidly forgot to take the prosecco I'd bought so had to buy another bottle (obviously at london prices), and then had to buy a birthday pressie for my friend. Really nice to see everyone though, and didn't drink and drove home so only had to spend on train and parking and not on taxis.

    Making up for the spendy day with a no spend day today. Having a massive clean of the house, exhausting but definitely needed as it was quite messy after working last weekend and generally being shattered. Still a few rooms to go, but the kitchen is done which was the worst room! Yoga later which is prepaid, and then home for some love island gotta love my trash.

    Got a busy day tomorrow, working a full day in London with job 1 and then a couple of hours in the evening with job 2 so will be an extra £20 to the debt repayment!

    5 days to payday, and 4.5 weeks til OH is home- anyone else feel like they are constantly counting down to the next payday etc?!

    DTD x
    Last edited by DaringToDream; 25-06-2017 at 3:31 PM.
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • Hiddenidenity
    • By Hiddenidenity 25th Jun 17, 2:29 PM
    • 4,230 Posts
    • 26,372 Thanks
    Hiddenidenity
    We are weekly paid and I still find myself counting down

    Glad you had a lovely time x
    • DaringToDream
    • By DaringToDream 25th Jun 17, 3:34 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Haha thanks Hidden- glad its not just me constantly counting down to something!!!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • enthusiasticsaver
    • By enthusiasticsaver 25th Jun 17, 3:58 PM
    • 4,674 Posts
    • 8,840 Thanks
    enthusiasticsaver
    Just caught up on your diary and you seem to be doing really well. Generally speaking consolidation loans are not a good idea to clear existing debts because they delay the inevitability of dealing with overspends. The caveat to that is if the person taking the loan is disciplined, has addressed reasons for overspending and the interest rate is lower on the consolidation loan than the existing borrowing.

    In your case I think it was justified as you seem to be pretty good at budgeting, the loan was for an asset (car and furniture on credit cards) rather than living expenses and you are able to overpay to get rid of it quicker without penalties. I also agree with you that PCP deals are a very expensive way of buying cars. We never use them. Better off using a 0% credit card or low rate personal loan.


    Good luck with the debt busting.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DaringToDream
    • By DaringToDream 25th Jun 17, 4:28 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Thanks enthusiastic saver! Although the consolidation loan scares me a bit, it was definitely the right decision so good to have a bit of reinforcement on that!

    I'm still kicking myself at the PCP to be honest, and not doing my research properly when I took it out (lesson learnt!!). When I took out the PCP my intent was that I would pay off a chunk of it, but keep the monthly payments the same, and then have a smaller balloon payment. But when I tried to do this I was told it wasn't allowed so I'd have to either pay off the whole loan (which I couldn't afford to do) or reduce my monthly payments so I was in the ridiculous situation of basically just paying the interest each month until I could save enough to pay off the balloon payment. Ridiculous! At least now I can overpay as much as I want, and now that the house move is done and all the major expenses are out of the way I can knuckle down and really focus on making a dent in the consolidation loan!

    Paid off £33 yesterday as the interest was front loaded and I wanted to get it down to a nice round number, but counting down til payday to start really making some progress!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • enthusiasticsaver
    • By enthusiasticsaver 25th Jun 17, 4:38 PM
    • 4,674 Posts
    • 8,840 Thanks
    enthusiasticsaver
    My brother took out a PCP deal for his new car as he needed a reliable one for work. His circumstances have now changed in that he has been diagnosed with MS so may need to exchange it before the 4 years is up for a car which can be adapted for his disability. The penalty for him doing this is horrendously expensive so he is trying to last out the four years when he can just hand it back and not pay balloon payment.

    Car salesmen tempt people with the possibility of having a brand new car which is always nice to have at an affordable monthly payment without laying out full conditions or total cost although to be fair the information has to be available but I understand it is easy to turn a blind eye to it. Research beforehand is vital as you have said but it is a lesson learnt so don't beat yourself up too much about it.

    My husband has recently retired and always had brand new company cars every 3 years up until now. We bought a 2 year old low mileage car for about 50% less of the cost of a brand new one with savings and he is perfectly happy with it and it is perfectly reliable. I did the same with mine a few years ago.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DaringToDream
    • By DaringToDream 26th Jun 17, 6:56 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Thanks enthusiasticsaver- hopefully this car will last me a long time, but given the amount of miles I do for work I did need something reliable. Didn't buy the car new but got it a year old and managed to negotiate a good discount with 2 years free servicing if I took the finance, so thought I'd had a fairly good deal until I realized I couldn't overpay. But as you say lesson learnt and that's a mistake I won't be making again!!

    Working in London today and doing both jobs so gonna be a long one, but will be on expenses so should be a low spend day. 2 more eb*y items sold overnight so will post them today.

    DTD xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • Hiddenidenity
    • By Hiddenidenity 26th Jun 17, 9:28 AM
    • 4,230 Posts
    • 26,372 Thanks
    Hiddenidenity
    Well done on the ebay sales

    Have a lovely day x
    • DaringToDream
    • By DaringToDream 26th Jun 17, 10:13 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    On my way home finally after a very long day- quite depressing to be on the 6.30am train and the 10pm train home, but thinking of the extra money from the extra shift at job 2, and how that'll be extra in the holiday pot!

    Was on expenses today so only spent about £4 over my expenses allowance so it too bad. Back in my normal office tomorrow so should be a no spend day! 3 days till payday and then I can update some things xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 28th Jun 17, 7:03 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Another day in London today and so another day on expenses- should hopefully be a low spend day!

    2 days till payday, and got my meals sorted until then so shouldn't have to spend anything. Had to put £20 of fuel in the car to get me to the end of the month and put it on cc1, but will pay this off as soon as my expenses come in.

    3 pounds lost this week which I am super pleased about. Target now is to lose another 6 pounds before OH comes home. Works out at around 1.5'pounds a week which should be do-able, but have a hen do and a few other things so will be harder to do I think.

    Working hard to try and reduce debt and lose weight, so another month of eating well, exercising lots and spending very little. If I can keep on track I should be looking good and have some money in my pocket to do nice things when OH is home!

    Hope all your weeks are going well.

    DTD xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 29th Jun 17, 8:23 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Made it to the end of the month and payday tomorrow, thank god! Have an online shop coming tomorrow night to fill up the freezer with lots of lovely healthy things for next month, and took advantage of a £10 off voucher. Normally I'd get a takeaway or something as a payday treat, but instead have bought an oven pizza which looks just as good, so behaviors are definitely changing!

    Will update totals tomorrow once I have sorted out all the figures, but loan doesn't go out til the 15th so figures won't be complete until then.

    Our made to measure blinds for our crazy shaped windows get fitted mid-next month, so will have to pay the £200 fee on credit card, but my pay from job 2 in next months payday will pay that all off so that is all budgeted for. That is then the last big house purchase.

    One more eb*y sale today, and £1.50 cashback payable. Still waiting for a big lump of £63 yo become payable so hopefully that will be soon and go towards overdraft!

    Chilled weekend this weekend, then working next weekend with job 2 and then hen weekend the weekend after (although all paid for except for fuel), so got to take the chill this weekend while I can.

    4 weeks til OH comes home, so 4 more weeks of eating well and spending little so I can relax a bit and enjoy him being back!

    Happy early weekend all

    DTD xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 30th Jun 17, 5:26 PM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    So time for the payday update.

    CC1: £1021.82/1186.47 (-£164.65)
    CC2: £0
    OD: £847.03/876.13 (-£29.10)
    Loan: £14000/£14000 (£0)
    Total debt £15868.85/£16062.60 (-£193.75)

    First loan payment isn't due until mid-month so looking forward to seeing that go down!

    £200 in pot left for petrol and food,which isn't a lot, but also have £330 of fun budget so some of that will likely get requisitioned for living costs. However got a few days on expenses so won't have to spend on food then, plus have a big shop coming tonight which has already been paid for, so will be batch cooking/portioning and freezing tomorrow so that will also help keep the food spends down!

    Am working job 2 next weekend (and will get fed at work), plus a hen the weekend after (already paid for), so if i can keep on the straight and narrow in the working week then suddenly the budget doesn't look bad. few eb*y sales still going too, so hopefully will be able to chip down at CC1 and at the OD and get them to under £800 and under £1000!

    Happy Friday

    DTD xx
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • mummytogirls
    • By mummytogirls 1st Jul 17, 9:11 AM
    • 5,545 Posts
    • 17,968 Thanks
    mummytogirls
    Sounds like you're very organised DTD

    Have a lovely weekend xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £6936.45 - 04/09/17 - 70.99% paid off
    • DaringToDream
    • By DaringToDream 1st Jul 17, 9:51 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Thanks Mummytogirls! Not sure if i'm organised or just pretending to be , but it's certainly easier when it is just me here- all goes out the window when OH and stepson are home!!!
    Total Debt Paid: £316.12 / £16062.60 (1.96% debt gone)
    Holiday fund £1400/ £1400
    Holiday Spends £0/ £250
    • DaringToDream
    • By DaringToDream 2nd Jul 17, 11:39 AM
    • 144 Posts
    • 462 Thanks
    DaringToDream
    Morning all, gorgeous sunny day and annoying Neighbour seems to be having a domestic and jet washing his decking at the same time-
    So noisy!! .

    £12 spent this morning in l*dl, had to get some white onions and balsamic for my batch cooking, and then also picked up some cotton wool and flowers and biccys as have my brother and his gf popping in for a brew later. They've not seen the new house yet, so want it to look lovely!!

    Also spent £200 this morning on Pilates classes. They should last me a few months and also includes some 1:1 sessions. £100 has come out of fun fund and £100 has gone on cc and will be paid off out of fun fund next month. Big initial spend but definitely worth it, I have back problems and Pilates really helps. I look at this as an investment in my health so if I look at it that way £200 is a bargain .

    Need to tidy the house and mow the lawn before Bro comes over. Taking advantage of the nice weather to catch up on laundry so have one lot already dried and another lot in the machine. Working next weekend so need to get on top of the house today!

    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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