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  • FIRST POST
    • Mummy_bear
    • By Mummy_bear 4th Jun 17, 9:02 AM
    • 22Posts
    • 56Thanks
    Mummy_bear
    On a Mission
    • #1
    • 4th Jun 17, 9:02 AM
    On a Mission 4th Jun 17 at 9:02 AM
    So this is me holding myself accountable, publicly, albeit anonymously, for my spending.


    To be fair I'm not so bad, sort of, ish.


    DH on the other hand has issues!!


    Why am I doing a Diary? Well it all came to a head when DH spent his entire wage (£1500) within a week of being paid. Of course a portion of this went to bills etc. But equally a lot was wasted on games for his playstation.


    It's frustrating because between us we bring in over £3k a month and literally have nothing at the end of it. I'm sick of it.


    So I've took on this challenge. I will do my utmost to rein DH in and fully intend to get us out of this debt.


    My intention is to tackle the different debt one at time.


    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


    I'm going to list our current debt.... GULP


    Outstanding on Mortgage - £84451
    Credit Card 1 - £2803.37 - interest free for 2 yrs
    Credit Card 2 - £1490 - interest free for 2 yrs
    Hitachi finance (for new Boiler) £3093 (includes interest)
    Littlewoods £518 (includes interest)
    Next £444
    Newlook (DH has no idea about this eeek) £130
    Loan 1 - £10865
    Loan 2 - £5964
    My overdraft currently stands at £150
    Dh's overdraft £700


    DH got a loan out last October - not sure what is outstanding on that so I'll have to update on that later.
    I do know that it's £155.12 a month payment.


    DH also has finance on a bicycle - again I need to get the outstanding on that
    Finance for a new TV - he got this against my advice - total amount was £899 - obtained earlier this yr - need the outstanding


    AND - he's recently took up a hobby that's resulted in the purchase, finance, for some items - again need to total figure on that one.


    See - he likes to buy things


    Without knowing DH's total outstanding I've totted up known figures.
    So including the mortgage we owe at least £110,608.37





    I also have a student loan that's £150 out of my wage every month. I believe I'm due my yearly statement this month so I can see what is outstanding hopefully. With 2 lots of Mat leave in the last 5 years it's taken longer to pay off. I'm hoping that I'm nearing the end though as that would be a huge help once gone.


    I do have some good habits!


    I overpay on our Mortgage. I think it's a monthly overpayment of around £120. I'll have to double check. Been doing that for years although previously the overpayments were more I the region of £75.


    I think initially I will concentrate efforts on overpaying the Hitachi finance and the Littlewoods account. Luckily with the Littlewoods account that is a buy now pay later (expires Jan) and I'm well on course to pay that off in time.


    With the Hitachi finance I currently pay just under £72 a month. I was the shittiest deal ever. However, it was Dec 2012. Our ancient boiler died. I was on mat leave. We needed a new boiler and in desperation took up the worst ever deal from British Gas. Ugh - shameful. I then just let it run it's course. I don't have figures at hand but I believe it was an 8 year deal and a disgusting interest rate.
    I logged into the account yesterday and found that it ends in Dec 2020. If I make just £18 a month overpayment it could end in Jan 2020!! I'm unbelievable peeved at myself for not concentrating on getting rid of this sooner. So that is my main goal!


    I aim to update at least once a week.


    By for now
    Last edited by Mummy_bear; 04-06-2017 at 9:05 AM.
    LBM May 2017 - Total Debt (not Including DH personal debt or Mortgage) £26157.37
    £812.66/£26157.37 3.1% paid

    Debt Free by Christmas Challenge
    Total cleared £444.17/£9091.72 4.8% paid
Page 2
    • Mummy_bear
    • By Mummy_bear 15th Jun 17, 4:49 PM
    • 22 Posts
    • 56 Thanks
    Mummy_bear
    Payday is finally here.


    I've made the following payments today


    £28 to the Hitachi Loan
    £40 off my Next balance
    £20 towards my overdraft
    £34.79 off my Littlewoods balance. This has paid off one of my BNPL purchases which means that I've also knocked £162.26 off on the interest


    I have future payments coming out throughout the month such as the Hitachi loan DD and the credit card payments.


    I've updated my signature. Decided to include all debt (excluding DH's personal debt at the moment & Mortgage)


    I love seeing these figures. It's a huge motivator.


    Not had my student loan statement through yet. Looking at all the previous statements they actually come a random times of the year. My last being July 2016. However, I managed to log into the Student Loans Company site and saw that my outstanding as of 31st March 2017 was 3262.42. Based on currently monthly payments I've calculated it should take me around 18-19months to pay off. Hopefully this will be another debt I can overpay when I get the chance.


    Sold a few things on Ebay. Sold one thing for 99p. I've worked out that after Ebay charges and Paypal charges I actually make a whopping 27p profit!!!! Must think positively. This is 27p I never had before, for an item of clothing that may've been binned or given to charity. Mmmmmm
    LBM May 2017 - Total Debt (not Including DH personal debt or Mortgage) £26157.37
    £812.66/£26157.37 3.1% paid

    Debt Free by Christmas Challenge
    Total cleared £444.17/£9091.72 4.8% paid
    • enthusiasticsaver
    • By enthusiasticsaver 15th Jun 17, 5:05 PM
    • 3,544 Posts
    • 6,178 Thanks
    enthusiasticsaver
    I think your DH needs to be careful he does not dig you into a deep hole financially. A mortgage that is only just out of negative equity and £26k of unsecured debt is a lot so well done for deciding to tackle it now. It does seem like your DH is reckless with spending. Do you have an emergency savings account? That should be one of the first things you should sort out or it leaves you very vulnerable should your credit dry up and your car or house needs some urgent repair or one of you loses their job.

    Overpaying the mortgage will mean that when a remortgage deal comes up then the lower DTV deals are usually lower interest rates so that is worth doing.

    Tackling the high interest deals are again a good thing. Do you have the option of transferring the Hitachi loan onto a 0% money transfer card?

    Money burns a hole through my DHs pocket too on his hobbies and unwillingness to look for bargains etc. Consequently we both have a personal account in which the same amount goes into both each month for pocket money. No overdraft. He is always running out but I just tell him he has to wait until the next payment goes in. Food and fuel is paid for through our current account and he knows it would be more than his life was worth to spend out hobby money from there . Hobbies are a luxury not a necessity. Needless to say I always have loads left so built up a tidy sum which I can spend on whatever I wish as my hobbies are much cheaper.
    Debt and mortgage free and saving for early retirement
    • Mummy_bear
    • By Mummy_bear 15th Jun 17, 5:26 PM
    • 22 Posts
    • 56 Thanks
    Mummy_bear
    Hi enthusiasticsaver


    Thanks for taking the time to write on my diary




    I think your DH needs to be careful he does not dig you into a deep hole financially. A mortgage that is only just out of negative equity and £26k of unsecured debt is a lot so well done for deciding to tackle it now. It does seem like your DH is reckless with spending. Do you have an emergency savings account? That should be one of the first things you should sort out or it leaves you very vulnerable should your credit dry up and your car or house needs some urgent repair or one of you loses their job.
    Originally posted by enthusiasticsaver

    Money is probably the one thing we argue about the most. To be fair to him though, as soon I demanded that things change he's picked up loads of overtime and has put a few high value, non used items for sale. I think he is starting to see the issues. However, he has these annoying moments of weakness which I'm trying to address.


    So at the moment there is also no emergency fund
    The only money that gets put away in any form of savings is £25 for each child in their Isa's and £40 towards Christmas.

    .

    Tackling the high interest deals are again a good thing. Do you have the option of transferring the Hitachi loan onto a 0% money transfer card?.
    Originally posted by enthusiasticsaver

    I'll have to look at this. As I'm not sure how it would work. I could potentially pay off the balance with one card and then do a money transfer to another card on a 0% transfer deal. I'd have to look at credit limits though. Alternatively I could look into a new credit cared altogether (least favourite option) that offers 0% on new purchases and see whether that could be used to pay the remaining balance (roughly £2300 without the interest)


    I really need to think about this.
    Last edited by Mummy_bear; 15-06-2017 at 5:28 PM.
    LBM May 2017 - Total Debt (not Including DH personal debt or Mortgage) £26157.37
    £812.66/£26157.37 3.1% paid

    Debt Free by Christmas Challenge
    Total cleared £444.17/£9091.72 4.8% paid
    • enthusiasticsaver
    • By enthusiasticsaver 15th Jun 17, 5:31 PM
    • 3,544 Posts
    • 6,178 Thanks
    enthusiasticsaver
    A money transfer card will just put the money into your bank account which you then use to pay the loan off. Depending on the fee it could save you a fair bit providing there are no penalties for early repayment.
    Debt and mortgage free and saving for early retirement
    • enthusiasticsaver
    • By enthusiasticsaver 15th Jun 17, 5:41 PM
    • 3,544 Posts
    • 6,178 Thanks
    enthusiasticsaver
    There is a 0% virgin money deal for 2% fee over 25 months. So the fee would be £46 on £2300 and if you paid £93 per month it would be cleared within the 25 months so £21 more than you pay now but it would be cleared in July 2019 rather than January 2020.
    Debt and mortgage free and saving for early retirement
    • Florence J
    • By Florence J 15th Jun 17, 6:21 PM
    • 1,399 Posts
    • 7,675 Thanks
    Florence J
    Hi Mummy_Bear,

    I stumbled across your diary and have enjoyed reading it.

    I think you may need to do what you can to guide your partner towards more Money Saving Expert-ish ways (not that it should be your responsibility when they are a grown adult), and I say that not because I have been in your situation, but because at one point in my life I was shamefully in your DH's position. My OH kept bailing me out, the day he refused to bail me out was my Light Bulb Moment and I am grateful every day it happened because I was heading to financial ruin and probably would have got there if he hadn't refused.

    I have enjoyed reading what you are have been up to, have you seen the 'Payment a Day' thread? It's a thread where the concept is you make a payment every day to your debts, even if it is just a few pennies. Don't worry, you are not forced into making a payment every day, but it can be satisfying to see the amounts go down, I just thought I'd suggest it if you haven't seen it because it seems you are already in that spirit.
    Sealed Pot Challenge 10 #553 (£90) Wombling free 2017 = £851.64 Pay off all your debts by Xmas 2017 #53 (£1850.88/£3000) Debt to OH paid back £601.75/£1001.75
    June 2017 Credit Card Debt: £4746.99
    • Mummy_bear
    • By Mummy_bear 16th Jun 17, 11:39 AM
    • 22 Posts
    • 56 Thanks
    Mummy_bear
    Hi Mummy_Bear,

    I stumbled across your diary and have enjoyed reading it.

    I think you may need to do what you can to guide your partner towards more Money Saving Expert-ish ways (not that it should be your responsibility when they are a grown adult), and I say that not because I have been in your situation, but because at one point in my life I was shamefully in your DH's position. My OH kept bailing me out, the day he refused to bail me out was my Light Bulb Moment and I am grateful every day it happened because I was heading to financial ruin and probably would have got there if he hadn't refused.

    I have enjoyed reading what you are have been up to, have you seen the 'Payment a Day' thread? It's a thread where the concept is you make a payment every day to your debts, even if it is just a few pennies. Don't worry, you are not forced into making a payment every day, but it can be satisfying to see the amounts go down, I just thought I'd suggest it if you haven't seen it because it seems you are already in that spirit.
    Originally posted by Florence J

    Hi thanks for stumbling across my diary

    Years ago I tried not bailing DH out, but that resulted in him extending his overdraft further and getting a credit card he didn't previously have. Periodically he will try and go it alone so to speak and he will always fail.

    I'm obsessed with lists. I write lists every day. To-do Lists, budget lists etc. I've mithered him so much about do a budget list for his finances and he just won't ever do it

    Last night we sat down and went through his outstanding debt.

    He has a personal loan which is outstanding £8376 as of the 4th of May.
    £225 left to pay for a bicycle
    £771 left on finance for a TV

    Thankfully he has no other credit cards in his name.

    I do like this 'payment a day' idea. I will most definitely check it out. It's so satisfying paying bits off.

    LBM May 2017 - Total Debt (not Including DH personal debt or Mortgage) £26157.37
    £812.66/£26157.37 3.1% paid

    Debt Free by Christmas Challenge
    Total cleared £444.17/£9091.72 4.8% paid
    • Mummy_bear
    • By Mummy_bear 16th Jun 17, 11:54 AM
    • 22 Posts
    • 56 Thanks
    Mummy_bear
    There is a 0% virgin money deal for 2% fee over 25 months. So the fee would be £46 on £2300 and if you paid £93 per month it would be cleared within the 25 months so £21 more than you pay now but it would be cleared in July 2019 rather than January 2020.
    Originally posted by enthusiasticsaver

    Had a look through some credit card deals.

    Went on a comparison site. Said a 2/10 chance of getting that credit card so didn't want to risk a knock back affecting my credit rating.

    So I found an MBNA card offer. 0% money transfer for 36% with an initial fee of 2.99%

    I've decided I'll do a money transfer for 2400, which will be a fee of £71.76.
    This will pay off the Hitachi loan which will cost £2243.82 to settle. I'll also pay off my NewLook store card which has around £130 on it - then I'll cut that up.

    I will then pay minimum £115 a month on the card which means I should look to have paid it off in around 21-22 months. So whats that? Around April 2019 ... Oh wow, so much better than Dec 2020.



    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~

    Just posted the sold Ebay items. After taking into account all fees I've made a profit of £5 for 3 listings. Better than nothing. Will put this towards paying off the Next account which has interest added each month.

    Will try and list a few more things over next couple of days


    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~

    Done my weekly shop today. I've budgeted a max of £60 a week. I've managed to do it for £40. I will allow £10 over the week for the top shop.
    I also nipped to Asda to get a couple of items for my shop and grabbed any receipts lying around. Been on the price guarantee thing and managed to get a voucher for £1.38

    MB
    Last edited by Mummy_bear; 16-06-2017 at 5:08 PM.
    LBM May 2017 - Total Debt (not Including DH personal debt or Mortgage) £26157.37
    £812.66/£26157.37 3.1% paid

    Debt Free by Christmas Challenge
    Total cleared £444.17/£9091.72 4.8% paid
    • Mummy_bear
    • By Mummy_bear 22nd Jun 17, 1:17 PM
    • 22 Posts
    • 56 Thanks
    Mummy_bear
    Been quiet for nearly a week on here.
    Not a great deal to report to be fair.


    Been very busy with work and I've been doing some overtime so that will help.


    The extra money I earn will be split between debt repayment and the staycation we have booked in August.


    Had a few unexpected expenses already. My mobile phone broke So I've bought a cheap (69.99) smart phone.


    And we think there is something wrong with DH's car as it's making funny noises We'll know better at the weekend what the issue is.
    LBM May 2017 - Total Debt (not Including DH personal debt or Mortgage) £26157.37
    £812.66/£26157.37 3.1% paid

    Debt Free by Christmas Challenge
    Total cleared £444.17/£9091.72 4.8% paid
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