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  • FIRST POST
    • Reb2016
    • By Reb2016 6th Jun 17, 10:30 AM
    • 130Posts
    • 241Thanks
    Reb2016
    Don't want to spend my life in debt
    • #1
    • 6th Jun 17, 10:30 AM
    Don't want to spend my life in debt 6th Jun 17 at 10:30 AM
    I've finally had my lightbulb moment, I found myself last week applying for a consolidation loan, thankfully I was turned down, and this got me to take a proper look at my finances. I worked out that I could pay back all my debt by Aug 2020, possibly even earlier depending on work bonuses. The loan I was looking at was 10 years, I would have paid back so much more interest and risked my house as it was a secured loan. I am now really glad that I was turned down.


    So now its time to really get this all sorted, I don't want to spend my life constantly in debt, so I am starting this diary to keep myself focused.


    So far, I have checked my SOA and noticed my Broadband contract was about to come to an end and go up by £10 a month so I have contacted the provide and now have another 12months on the same rate.


    My mobile contract is a high cost by comes to an end in Feb next year so I will change that to a pay as you go contract, as I really don't use my phone much at all.


    I have started having a clear out, and have sent some books, DVDs and CD's to a buy your books place which will give me £52, this will be used to make the final payment for some dental treatment I have coming up, instead of me doing my usual and putting it on a credit card.


    I have also listed some items on ebay so fingers crossed there. I shall continue the clear out and see if I can come across anything else.


    Reb
Page 4
    • Reb2016
    • By Reb2016 25th Sep 17, 12:17 AM
    • 130 Posts
    • 241 Thanks
    Reb2016
    Hi hairy hand, Last week the sales were about 50% of what I listed, but I did list a lot, and really wasn't sure about some of it, although interesting some of the things that sold had been listed previously, and I didn't change anything, not even the price I think it's just luck on who sees the listings. Overall I would say probably ably 80% sells. I've given up in books with eBay they never sell.

    Mr Jester there is a whole thread here http://forums.moneysavingexpert.com/showthread.php?t=5701386 dedicated to NSD's in September this is the first month in quite some time that I have signed up, but I do find it helps me to really think about what I am spending and why.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • Reb2016
    • By Reb2016 25th Sep 17, 12:19 AM
    • 130 Posts
    • 241 Thanks
    Reb2016
    Just checked my auctions and already have a bid on one item,

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 25th Sep 17, 8:57 PM
    • 1,409 Posts
    • 3,678 Thanks
    HairyHandofDartmoor
    Wow 50% sales sounds really good! Good way to get rid of clutter too .
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt at highest = £58,766
    Current debt = £16,234, Emergency Fund = £200
    Long Hauler No. 156 Spendaholics Anonymous No. 47
    • Reb2016
    • By Reb2016 1st Oct 17, 6:52 PM
    • 130 Posts
    • 241 Thanks
    Reb2016
    So time for an update, my total has gone down and now has an 11 in it rather than a 12, and the overdraft is now down to £16000, thatís including todayís ebay sales so feeling very pleased with that.

    Iíve also realised that my energy payments include an overpayment to pay of arrears, thatís now almost paid, so that payment will be going down in the next month or so, and I can also move to a slightly cheaper supplier, not very much cheaper but it all helps.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • MrJester
    • By MrJester 1st Oct 17, 8:53 PM
    • 977 Posts
    • 487 Thanks
    MrJester
    So time for an update, my total has gone down and now has an 11 in it rather than a 12, and the overdraft is now down to £16000, thatís including todayís ebay sales so feeling very pleased with that.

    Iíve also realised that my energy payments include an overpayment to pay of arrears, thatís now almost paid, so that payment will be going down in the next month or so, and I can also move to a slightly cheaper supplier, not very much cheaper but it all helps.

    Reb
    Originally posted by Reb2016
    I got really confused there for a moment. I think you meant the overdraft is down to £1600?

    This is awesome dude you went from 13, to 12, to 11! I'm in awe!
    My new 2017 Batman-like debt free diary (£26k+)!
    • Reb2016
    • By Reb2016 2nd Oct 17, 7:48 PM
    • 130 Posts
    • 241 Thanks
    Reb2016
    Hi Mr Jester yes I did mean the overdraft is down to £1600, it made sense in my head honest

    And I now have a new debt free date of 31st Jan 2020, and to think I was going to take out a 10 year loan, that would have ended June 2027 I think I will be able to get this date down a little more, we have an annual bonus at work, donít know for sure what it will be next year, but it is looking good, so crossing fingers that will take another couple of months of for me and bring my debt free date to 2019.

    Hope everyone has had a good Monday

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 2nd Oct 17, 9:22 PM
    • 1,409 Posts
    • 3,678 Thanks
    HairyHandofDartmoor
    You're doing really well Reb, thank goodness you didn't get that consolidation loan
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt at highest = £58,766
    Current debt = £16,234, Emergency Fund = £200
    Long Hauler No. 156 Spendaholics Anonymous No. 47
    • Honeysucklelou2
    • By Honeysucklelou2 3rd Oct 17, 4:32 AM
    • 438 Posts
    • 1,418 Thanks
    Honeysucklelou2
    Well done Reb on getting the figures down in a short space of time.
    paydbx #90 £325/£10,000.
    365 day penny challenge £37.66/£667.95
    Loan £17k - paid off in Aug 2017. Home improvement loans £3342 March 2017
    • MrJester
    • By MrJester 3rd Oct 17, 7:18 AM
    • 977 Posts
    • 487 Thanks
    MrJester
    Wow just shaving off the years with some sheer hard work and dedication. A bonus would be very juicy!! And if it can shave off an entire year, that's 365 days, 52 weeks, hard work less than you'd have to do otherwise. Incredible!
    My new 2017 Batman-like debt free diary (£26k+)!
    • Purplemumof2
    • By Purplemumof2 3rd Oct 17, 9:19 AM
    • 5,222 Posts
    • 17,446 Thanks
    Purplemumof2
    Well done on the ebay sales, you're doing brilliantly.

    Have a great day x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £7250.00 Cap 1: £540.91 BC: £5196.94

    AFD 3/10 NSD 2/10 LTW 3/15

    20p Savers 2017 £2 Savers 2017 50p Savers 2017 SPC 10 2017 #003
    • Reb2016
    • By Reb2016 6th Oct 17, 9:11 AM
    • 130 Posts
    • 241 Thanks
    Reb2016
    I've started my energy switch so will soon be paying a little less for that, and just in time for the cold weather.


    Looks like I will have a couple more ebay sales this week, it's slowing down now, most of the things I have on there have already been listed before and not sold, but one of those items already has a bid this time around so its worth doing.


    Mr Jester, it's not a full year of my DFD quite yet, its 7 months I've managed to reduce it by, which I am so pleased with, my aim is to try and get my DFD to 30th Nov 2019, then 1 min past midnight on new years eve, I'll be able to say I'll be debt free next year. :-)


    So this weekends plan is to get wood in from my shed for my wood burner, as that will mean I can keep the heating of a bit longer, and to make up next weeks lunches, planning ahead like that really helps with the NSD.


    Hope everyone has a great weekend
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • sauceoclock
    • By sauceoclock 6th Oct 17, 11:23 AM
    • 806 Posts
    • 740 Thanks
    sauceoclock
    So jealous you have a wood burner! I love how cosy a burner makes the house feel!

    Well done on your eBay sales. I ended up making £75 after you inspired me to list those items I'd been putting off! After fees etc. it worked out to about another £65 towards my car insurance which was expensive so thank you for the motivation!
    Loan: £3,600 £2,889.62
    Credit Card: £1,337.84 £1197.84
    Unsecured Debt Total: £4,087.46
    Goal Debt-Free Date: February 2019
    • Rachel24
    • By Rachel24 6th Oct 17, 5:55 PM
    • 87 Posts
    • 273 Thanks
    Rachel24
    Well done Reb you’ve fairly cut down your amount for your DFD.
    Can I ask how you’ve worked it out, have you used an app or that? Xx
    • MrJester
    • By MrJester 7th Oct 17, 3:23 PM
    • 977 Posts
    • 487 Thanks
    MrJester
    DEBT free date sounds cool to me too, any tips for working that out accurately and maintaining it?

    Obviously manually working it out but anything to make that easier easier. I think then itís an a great way to look at your debt, time based till complete freedom which is much Moreno emotionally motivating than a simple number to bring down especially for those of us who are less money motivated and more lifestyle/freedom motivated.
    My new 2017 Batman-like debt free diary (£26k+)!
    • Reb2016
    • By Reb2016 10th Oct 17, 11:22 AM
    • 130 Posts
    • 241 Thanks
    Reb2016
    So a couple more sales on ebay, which has helped, I will relisting the items that didn't sell this weekend, as it's surprising how many thing sell second or even third time round.


    Mr Jester and Rachel24 I don't use an app to work out my DFD, I use spreadsheets that I update myself, (I love using Excel bit sad really) and it means I can put in upcoming changes and see how that affects it, such as paying less for my energy.


    But there are some good calculators out there this is one often recommended on here, http://www.stoozing.com/calculator/soa.php its stores your info, so you can make changes without needing to enter everything again. You can also use it to play around with figures so that you can see what would happen if you were to cut down on expenses.


    sauceoclock, yes I love my wood burner, there is something about a real fire that is just so cosy, and well done on ebay, that's a great amount.


    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • Kittychick
    • By Kittychick 10th Oct 17, 3:08 PM
    • 198 Posts
    • 469 Thanks
    Kittychick
    We have a woodburner too, can't agree more about how great they are...there are downsides-it gets dusty and they're not as instant as heating but to be honest we pay less monthly for our utilities here in our big 3 bed, attic, cellar house than we did in our previous dinky 2bedder, and it's down to the woodburner. We very rarely pay for wood or kindling as well which is definitely another plus point!
    • Reb2016
    • By Reb2016 15th Oct 17, 11:26 PM
    • 130 Posts
    • 241 Thanks
    Reb2016
    I often find I can often get away with just using the woodburner, it throws out loads of heat, I know what you mean about the dust though

    Interesting weekend, I sold three things on eBay which I was very impressed with, as I hadnít listed anything I had a couple of people contact me about things I had listed previously so I offered to do buy it now and they accepted so very pleased with that. Relisted some more items today along with a few new (to eBay) items I think one may be worth a bit more than I thought and it already has quite a few watchers so cautiously hopeful, iíll update next Sunday on how it went.

    Have spent a little too this weekend, bought some lovely yarn for my crochet hobby, I feel itís a worthwhile spend, as iíll enjoy both making and wearing the items.

    Hope everyone has had a good weekend
    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • sauceoclock
    • By sauceoclock 16th Oct 17, 10:46 AM
    • 806 Posts
    • 740 Thanks
    sauceoclock
    I wish I could crochet! My Mum is amazing at it but every time she tried to teach me it resulted in an argument as I'm just so rubbish!!

    Great news on the eBay sells, it's so odd how people suddenly become interested in something you've had listed for weeks!
    Loan: £3,600 £2,889.62
    Credit Card: £1,337.84 £1197.84
    Unsecured Debt Total: £4,087.46
    Goal Debt-Free Date: February 2019
    • MrJester
    • By MrJester 16th Oct 17, 12:59 PM
    • 977 Posts
    • 487 Thanks
    MrJester
    like the idea of a woodburner if you are able to use it, it's free energy and heat after all!
    My new 2017 Batman-like debt free diary (£26k+)!
    • Kittychick
    • By Kittychick 18th Oct 17, 8:06 AM
    • 198 Posts
    • 469 Thanks
    Kittychick
    Oohh crochet..another addict here, luckily I'm not addicted to the expensive stuff, but it's probably not a good thing that my daughter has a craft shop near her house that stocks my favourite and it's a really good price-pretty much equal with the big online sellers!
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