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    • emmie26
    • By emmie26 21st May 17, 9:15 PM
    • 446Posts
    • 1,871Thanks
    Oops I did it again, I played with my cards!
    • #1
    • 21st May 17, 9:15 PM
    Oops I did it again, I played with my cards! 21st May 17 at 9:15 PM
    Well I’m back…Back in debt and back being a Debt-Free Wannabe!!

    I am gutted but need to take some decisive action because at the moment every month we seem to have more going out than is coming in and that is a recipe for financial disaster.

    I have been here before. 7 years ago (when I was 26 – hence the name) I grabbed the bull by the horns and knuckled down and cleared my debt. Fast forward 7 years and we are in a slightly different position than the last time. Last time we had built up loads of debt and had literally nothing to show for it. This time the debt was planned.

    18 months ago, we had an extension on our home. We went from a typical 1930’s semi with 2 bedrooms and a box room to a large semi with 4 double rooms and a box room, this made good financial sense because we could not find a 4-bedroomed house that we could afford and we liked our location and neighbours.
    To finance the extension, we added £40,000 to our mortgage without increasing the term. We used around £20,000 of savings and for the final finishing touches such as bathrooms and appliances we borrowed £8000 on 0% credit cards. I had read about stoozing and felt that this would save us money on the mortgage interest rates but I did not anticipate that it would stretch us quite as much as it has.

    I have just finished reading through the debt-free diary that I completed in 2011 and it has inspired me to jump back into the frugal way of living. I have done it before and I can do it again.

    The only difference is that I have got used to having savings in the bank and having a lot of disposable income (we were managing to save around £1000 a month in the run up to the extension). I have not had to watch the pennies for so long but I did quite enjoy it last time and hopefully I will get back into it this time.

    I will post a SOA in a separate post, feel free to berate me about my spending and the amount of debt we are in. If anyone can see anywhere we can save please shout up.

    Total Debt: £24,359.79 £19,963
    debt reduced by 18%
    Debt free date: May 2019
Page 13
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 7th Oct 17, 11:21 AM
    • 647 Posts
    • 2,567 Thanks
    It does sound like you've had a lot on.
    Enjoy the chilled out weekend and look after yourself.
    (Try and delegate a bit more to other cub leaders - especially while You are doing your course.)

    Also.. It's not fair (or right) that you've spent out for cub camp and parents have paid you backdirectly. There is no audit trail. Even if you had to pay it out (which I don't agree with, your group scout treasurer should arrange payment from the group or section account) you should be able to put the receipt in and get all your money back in one go.
    My dad has been treasurer for many youth organisations, he has been a scout dc and is now a district chairman, he would flip if he found out you were in his district. (Not at you, he'd flip on your behalf)

    Have a lovely weekend.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • emmie26
    • By emmie26 7th Oct 17, 11:34 AM
    • 446 Posts
    • 1,871 Thanks
    That's really good to know for future camps, I have really been a bit left in the lurch with cubs, our dc and assistant dc have left. The cub leader left and now there is just 2 assistant cub leaders (who are parents who volunteered to help out) left manning he fort with very little guidance. It would be so much better if I could have paid from the cub account, but it has taken weeks and weeks to chase all the money and I've had people pull out at the last minute and had to try and fill there places, it has been a nightmare, never ever again!

    Total Debt: £24,359.79 £19,963
    debt reduced by 18%
    Debt free date: May 2019
    • Hiddenidenity
    • By Hiddenidenity 7th Oct 17, 3:52 PM
    • 4,230 Posts
    • 26,461 Thanks
    Lovely to see you Emmie, sorry to hear things have been so busy.

    Make sure you take some time to yourself this weekend and relax x
    • emmie26
    • By emmie26 7th Oct 17, 9:20 PM
    • 446 Posts
    • 1,871 Thanks
    Debt Summary
    Just a little debt update.

    Car loan £14581 £13587
    Credit Card 1 £4325. £3875
    Credit card 2 £2400. £1950
    Kitchen loan £875 £551

    Total £22182 £19,963

    Debt reduced by £4396 since I started in May!

    A fantastic 18% reduction

    I'm looking forward to cracking 25% by the end of this month hopefully. It has taken me 4 months to do 20% so my DFD is looking at being another 16 months which I'm hoping will fly by.

    I am trying to keep my eyes on the prize, which will be having nearly £750 a month 'spare' when we have paid of the debt, that will be amazing

    Total Debt: £24,359.79 £19,963
    debt reduced by 18%
    Debt free date: May 2019
    • Hiddenidenity
    • By Hiddenidenity 7th Oct 17, 9:40 PM
    • 4,230 Posts
    • 26,461 Thanks
    That's some amazing progress! Especially when it's been the summer holidays and things being so busy x
    • DrSpendLittle
    • By DrSpendLittle 7th Oct 17, 10:17 PM
    • 208 Posts
    • 770 Thanks
    Congratulations! That's great progress
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • louby40
    • By louby40 10th Oct 17, 9:21 PM
    • 1,192 Posts
    • 3,269 Thanks
    Great progress! It’s great to see those numbers going down!
    Parent loan PAID IN FULL
    Emergency fund £670/£1000. Christmas savings £50/£600 Car maintenance £100/600
    Kitchen July £12,493 NOV £10,493. 18% paid off
    Barclaycard £90
    Car loan £2696 Mortgage £94,992
    TOTAL DEBT (with mortgage) = £108,323 (without mortgage) = £13,331
    • Cherryfudge
    • By Cherryfudge 10th Oct 17, 11:23 PM
    • 955 Posts
    • 4,281 Thanks
    Brilliant - well done!
    • AdventureWanted
    • By AdventureWanted 11th Oct 17, 10:37 AM
    • 166 Posts
    • 585 Thanks
    Well done, you’re doing a fantastic job with your debt payments.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • mummytogirls
    • By mummytogirls 13th Oct 17, 7:25 PM
    • 5,617 Posts
    • 18,455 Thanks
    Well done on how much you have paid so far Emmie xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £6936.45 - 04/09/17 - 70.99% paid off
    • emmie26
    • By emmie26 14th Oct 17, 1:28 PM
    • 446 Posts
    • 1,871 Thanks
    Thanks everyone, I am kind of shocked it has all added up to that much myself. You don't actually realise how much you are chipping away until you add it all up. Like I said before I am just so looking forward to that money going into savings or holidays.

    I have a had a great week back at university, which I have loved. The only problem is that I now have to start writing a 5000 word assignment, but I will be so proud to get a law masters so will have to think about the end result (before everyone starts to hate me, I aren't a lawyer, I'm a nurse but my new job requires me to have legal knowledge as there will be court work). I was going to say I won't be on the forum very much but the truth is I will probably be here more as I will try and get out of doing work lol!

    In other news we NEED a new bathroom and I am going to have to use my emergency fund for it. Our main bathroom has been out of action for nearly 12 months as it leaks into the kitchen below and the taps have seized up. It is overdue being replaced really but when we have friends to stay there is not bathroom for them to use which is embarrassing, but over Christmas we have family staying for a week so really need to just get cracking and replace it. I had a plan done by b&q and the quote was £1600 just for the fixtures, not including tiles, flooring and fitting. There is no way I can afford that so I have been looking at online companies and have found I can get the same bathroom (ish) for £890. It will cost £300 to fit and then we will have to get tiles and flooring as cheaply as possible.

    Right I am off to do some research for my assignment ... Well maybe I have time for a snack and a coffee... Oh and maybe put a load of washing on

    Total Debt: £24,359.79 £19,963
    debt reduced by 18%
    Debt free date: May 2019
    • Hiddenidenity
    • By Hiddenidenity 9th Nov 17, 12:26 PM
    • 4,230 Posts
    • 26,461 Thanks
    Hope everythings going well Emmie x
    • emmie26
    • By emmie26 17th Nov 17, 12:39 PM
    • 446 Posts
    • 1,871 Thanks
    Things are going good thanks Hidden.
    I am slogging through my first assignment which is due in next Friday - although I'm not feeling that confident about it at the moment although I have got Sunday, Monday and Tuesday to get it finished so hopefully it will turnout ok.

    I have been trying to stay on top of money and slowly slogging away. I haven't done an update as to be honest I just haven't had time, but I'm pretty sure that I have paid off at least £750 this month. The only problem is that my savings have taken a massive hit this month with having to completely do the bathroom. I'm hoping it comes in under £1600, I have spent £1200 on the bathroom, radiator and the tiles so just hope the plumber comes in under £400.
    I have managed to save £500 towards Christmas and hope that on payday I will have another £600 which should pay for everyone's pressies and the big food shop and then in the new year I will have to work on building up the savings pot again.

    Sorry its only a quick update and I haven't had chance to look at anybody else's diary but as soon as my assignment is completed and handed in I will get back into the forum.

    Total Debt: £24,359.79 £19,963
    debt reduced by 18%
    Debt free date: May 2019
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