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    • FoxFace
    • By FoxFace 20th May 17, 9:11 PM
    • 238Posts
    • 2,577Thanks
    FoxFace
    Fox's Debt Free Diary
    • #1
    • 20th May 17, 9:11 PM
    Fox's Debt Free Diary 20th May 17 at 9:11 PM
    Hi I'm FoxFace (Foxxie or Fox usually) and it's time I get this finance thing under control.

    We have had a tough few years, followed by a bountiful but frivolous few years. We have more debt than we want, but not more than we can manage (thankfully!). However I want rid, and as I always do when I need to tighten my belt, I revisit MSE (should stay here really).

    Anyway, I haven't posted for a long time and usually not outside of the grocery challenge threads. But my food budget is fine. I just need to work out how to clear this debt as quickly as possible.

    Starting debt is as follows:

    Overdraft ~ £3000.00
    Mastercard ~ £1901.55
    Visa ~ £2994.96
    Paypal Credit ~ £ 170.00
    Bank Loan ~ £2953.50

    Total of £11,020.01p. Way more than I am comfortable with. I will update my sig and this thread as I go. I am hoping to pay these off in small, frequent payments. I have signed up for overtime at work and will be looking at a fair few sales of un-needed things too

    Wish me luck! I got this!

    Fox
    x
    Last edited by FoxFace; 23-05-2017 at 6:47 AM.
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
Page 4
    • FoxFace
    • By FoxFace 26th Jun 17, 5:35 PM
    • 238 Posts
    • 2,577 Thanks
    FoxFace
    *early Xmas post klaxon*

    I was reviewing our budget to end of the year this morning and realised that I have no contingency for the festive period

    So I have set up a weekly transfer into an otherwise unused savings account,from now to 9th December. This will be my gift budget for presents etc. I know it seems a little early, but I'd rather plan ahead now than end up just banging a load of stuff on the card in a blind panic last minute Also, if we do spot any good presents on offer now, we will have a fund building up to pay for them as we find them

    We also started discussing school holiday budget. We aren't having a family holiday this year, but do plan to have lots of(cheap/free) days out. For the most part we will be going to free places and will take food with us, but I think it's realistic to assume that we will need *some* money... and it's better to plan and not use it, than to end up being caught short and going totally off piste.

    I also looked at possibly increasing the loan to cover the overdraft, but the additional payment just isn't realistic so we have made the decision to keep chipping away at it for now, possibly sell some unused items and review it once some of the other debts reduce. Looking at the interest vs what it is costing, it might not be the most cost effective way to tackle it anyway.

    Still counting the days to payday, so I can update my sig once more payments go out

    Edit: Also just realised we got through the first month with no slip ups, yay!
    Last edited by FoxFace; 26-06-2017 at 5:37 PM.
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • FoxFace
    • By FoxFace 5th Jul 17, 7:58 AM
    • 238 Posts
    • 2,577 Thanks
    FoxFace
    Small update. Took out a new loan yesterday, to repay the overdraft and the old loan. My credit score has increased massively since I took out the loan and I was offered a really good interest rate, so I grabbed it

    I know people aren't keen on consolidation, but it has worked for us in the past... also I notice Martin's e-mail this morning advises people to do exactly this, so more than happy with the decision to be honest

    The new repayment interest only equates to 10m of the interest I was paying on the old loan and overdraft fees and there is no way we would have cleared either in that time, so saving more money this way too!

    Just need to nip to the bank today to close the old credit card account (which has been sat unused since I paid it off a while back) and overdraft, as they won't let you do it online and I don't use the phone.

    Updated sig, quite happy to see how much it has decreased already and with another big payment due this week off the 0% card, things are going pretty well
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • FoxFace
    • By FoxFace 5th Jul 17, 6:04 PM
    • 238 Posts
    • 2,577 Thanks
    FoxFace
    Overdraft and old CC cancelled

    Kind of scary to have no buffer on the account, but by my forecast we really don't need it and shouldn't rely on it anyway... We've just lived in overdraft for about the last decade, so it's really odd not to have one... it's great though and with all the recent changes, we will have a cash contingency fund behind us soon enough
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • Hiddenidenity
    • By Hiddenidenity 5th Jul 17, 7:01 PM
    • 4,736 Posts
    • 20,567 Thanks
    Hiddenidenity
    Well done Amazing progress! Especially cancelling the OD and CC x
    DFW £1313.71/£7348.71 Rent Arrears £466.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • jackieblack
    • By jackieblack 5th Jul 17, 7:26 PM
    • 7,083 Posts
    • 9,242 Thanks
    jackieblack
    Definitely a good idea to plan ahead (the dreaded 'C' word is banned in my house until November). I put a set amount aside every month to cover all gifts, for that and birthdays.

    And school holidays, as you say it's best to be prepared but there are lots of free things you can do, and you live in a fab part of the country for getting outdoors
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • FoxFace
    • By FoxFace 6th Jul 17, 7:26 AM
    • 238 Posts
    • 2,577 Thanks
    FoxFace
    Well done Amazing progress! Especially cancelling the OD and CC x
    Originally posted by Hiddenidenity
    Thanks Got up this morning and saw "Overdraft facility £0" and had a little panic... it's just so weird! But I am currently reminding myself there is no difference between having £x in the bank, to having £x left of your planned overdraft, except the direction in which the interest is paid, I suppose ... I'm sure I'll stop worrying about it soon enough. It's a total shift in mindset though, I can see why people struggle to get rid of the available credit once it's paid off... it feels like a safety net of sorts... anyway, pleased that it's gone


    Definitely a good idea to plan ahead (the dreaded 'C' word is banned in my house until November). I put a set amount aside every month to cover all gifts, for that and birthdays.

    And school holidays, as you say it's best to be prepared but there are lots of free things you can do, and you live in a fab part of the country for getting outdoors
    Originally posted by jackieblack
    Thankfully I LOVE the outdoors! We all have adequate walking gear so hopefully will be scooting off up the Lakes quite a bit! Lots of castles and museums about too, which the kids love, so feeling pretty positive about that

    As for the C word... other than opening a savings pot, I am not particularly open to discussion about it... but it's nice to know I won't have to panic about the last minute cost this year
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • FoxFace
    • By FoxFace 10th Jul 17, 7:52 AM
    • 238 Posts
    • 2,577 Thanks
    FoxFace
    1st dd payment of £250 gone from the 0% card... really nice to see the balance decrease by the full amount of the payment!

    Sig updated, can't believe nearly £1000 has gone already! Wanting to get an extra £91 gone, to get the balance under £10k... so close!
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • Hiddenidenity
    • By Hiddenidenity 10th Jul 17, 9:19 AM
    • 4,736 Posts
    • 20,567 Thanks
    Hiddenidenity
    You'll be into the 9's before you know it Well done!

    Have a lovely day x
    DFW £1313.71/£7348.71 Rent Arrears £466.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • FoxFace
    • By FoxFace 1st Sep 17, 9:10 PM
    • 238 Posts
    • 2,577 Thanks
    FoxFace
    You'll be into the 9's before you know it Well done!

    Have a lovely day x
    Originally posted by Hiddenidenity
    Sorry for the extended absence... Life has been crazy and I'm at that part of the journey where it's just keeping an eye on things and making the regular payments

    I can assure you that all is going well and I haven't fallen off the wagon... Current remaining debt is £9119.66p... that's a reduction so far of £1900.35p...

    honestly I haven't been checking all too closely, but when I realised how much we have paid off earlier today I was absolutely speechless (in a good way obviously)
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
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