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  • FIRST POST
    • Nicnak
    • By Nicnak 10th Sep 17, 8:30 PM
    • 550Posts
    • 2,726Thanks
    Nicnak
    Debt Free Year
    • #1
    • 10th Sep 17, 8:30 PM
    Debt Free Year 10th Sep 17 at 8:30 PM
    Hi,

    I've pretty much buried my head in the sand over the past 15 years about debt and what it means. I've always seen it as 'normal' to have debt for things, and never thought twice about it. Recently though, I have wanted to think about cutting down my work hours, and I just can't. I can't be the mum I want to be to my 4 year old because I need to work to make sure I can pay the bills and debts. That is when it hit home, that I can't continue like this. I am having a wedding reception in December, which I know is going to take up most of my 'spare' cash, but from January 2018, I will make a difference to my debts.

    Currently have
    £485 0% credit card. It was £2000 in July, So I have been ensuring that I am working on it.
    £7500 Tesco loan at 3.2% - Paying £220 a month and due up in Three years
    £17,450 car loan. Car is in negative equity and I'm stuck in the PCP. The car also is over mileage and has damage. I am 10 months away from handing it back, but with excess mileage and damage, I am thinking this might not be the best idea. Currently paying £351 a month for this luxury that I am thinking I don't need. (I shouldn't have got it, but I did, I can't change what I have stupidly done, and now need to work on the best options).
    I spend money every month on things I don't need, and really need somewhere to record and focus on what it is I am doing, and the inspiration to keep going when I see progress is being made.

    I've started a written diary as well to try to help. If I pay off these debts, then I know that I will be £500 better off. In April, my phone is due up for renewal, and I have already looked at the SIM only deals which will take it to the £500 a month mark.

    i am going to try to earn some extra per month to pay off the debts, which in the short term might reduce the time I have with my daughter.

    Here goes...

    I really need to do this now.
Page 21
    • Nicnak
    • By Nicnak 27th Nov 17, 6:56 PM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    NSD today! Yay!

    I've looked at consolidating and I am going to leave it till January and review it again then. I need thinking time as I don't want to fall into the trap of not paying anything off as I just get more debt.

    I'm going to review where I am then and see what benefit it might be, or not as the case may be.

    Very very tired today. I am wishing this Christmas break would hurry up!

    X
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • DebtFreeDuo
    • By DebtFreeDuo 27th Nov 17, 6:58 PM
    • 630 Posts
    • 3,050 Thanks
    DebtFreeDuo
    What are the interest rates on your current loans? What kind of deals are available to you elsewhere?

    The Christmas break will be here before you know it and you can have some well deserved rest.
    Loan:1780.49 2207.38 Car Loan:2039.22 2419.64 0% CC:984.98 1063.48 Overdraft: 860 Overpayment:1781 Total: 7445.69 DFD Dec 18
    SPC 586
    • Nicnak
    • By Nicnak 27th Nov 17, 9:15 PM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    That’s what I’m trying to work out. I’m still waiting for the official paperwork from the car for me to see everything.

    X
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • 117pauline
    • By 117pauline 27th Nov 17, 9:49 PM
    • 464 Posts
    • 5,671 Thanks
    117pauline
    I think you are right to consider this in January rather than make a rushed decision now.

    So here's my take on your recent posts -
    • things are the worst since you started teaching
    • you are very tired and a bit overwhelmed again
    Now the good stuff
    • wedding, wedding, wedding
    • 30% debt reduction in three months
    I would recommend this month is where you should focus on enjoying the wedding. Keep a rein on the spending but enjoy!

    There are so many emotions involved in debt reduction. Enjoy the fact you made that difficult decision regarding the car.

    Most of all enjoy the wedding. If that means you have to evaluate what you actually do at work, so be it. Do your best, do not over-do.
    Don't get it perfect - Get it going
    Better Than Before
    • DebtFreeDuo
    • By DebtFreeDuo 27th Nov 17, 9:55 PM
    • 630 Posts
    • 3,050 Thanks
    DebtFreeDuo
    If you aren't sure of the interest rates then I would definitely wait, you won't know whether you will save anything if you aren't sure of the rates. I know consolidation is usually cheaper as a monthly payment but usually that's because people increase the term which you would ideally avoid as this usually costs more.

    I agree with Pauline that you should enjoy the wedding this month whilst not going over budget, enjoy the festivities and your time off.
    Loan:1780.49 2207.38 Car Loan:2039.22 2419.64 0% CC:984.98 1063.48 Overdraft: 860 Overpayment:1781 Total: 7445.69 DFD Dec 18
    SPC 586
    • Nicnak
    • By Nicnak 28th Nov 17, 6:28 AM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    Thank you,

    I’m so tired this week already so not going to do anything rash xx
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 29th Nov 17, 6:24 AM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    Yesterday was almost a NSD but I don’t feel bad about spending.

    I went tutoring and got stuck in huge traffic which meant I was 20 mins late. I’d agreed to meet a friend afterwards so couldn’t make up the time and reduced my cost down to £20.

    I’ve been struggling with my joint pains, my hips in particular. In my last car I had heated seats which made the aches a lot easier to manage. This car doesn’t have them and with it being so cold this week, I think yes making them worse. I’ve googled electric blankets and you can get one for the car, so I spent £17.50 buying it. It’ll benefit my health dramatically Which is probably why I’m not upset at my purchase. X
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • pennywisepoundstupid
    • By pennywisepoundstupid 29th Nov 17, 7:02 AM
    • 4,437 Posts
    • 13,870 Thanks
    pennywisepoundstupid
    Morning Nicnak, well done on sorting out the new car, really pleased everything is going well for you.

    I think you have done the right thing with the car seat, I suffer with joint pain in my hip and found having an electric blanket in winter in bed eased it immensely, I didn't know you could buy heated car seat pads, Dh has heated seats in his car but mine doesn't and I love his car seats. Guess what I've just been and put on my amaz0n wish list.
    Be mindful of your self-talk. It's a conversation with the Universe."

    Debt free and saving for my future
    • DebtFreeDuo
    • By DebtFreeDuo 29th Nov 17, 9:05 AM
    • 630 Posts
    • 3,050 Thanks
    DebtFreeDuo
    I think having these small things will help you, you won't resent the fact that you had to give up your car and therefore will more likely stick at your debt busting. We are still allowed to spend our money sometimes, especially for things that are going to help make our lives a little easier.
    Loan:1780.49 2207.38 Car Loan:2039.22 2419.64 0% CC:984.98 1063.48 Overdraft: 860 Overpayment:1781 Total: 7445.69 DFD Dec 18
    SPC 586
    • Nicnak
    • By Nicnak 29th Nov 17, 12:46 PM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    Thank you,

    That’s what I thought. I’ve saved £200 this month and do as a result, spending £17.50 won’t break me too much.

    The health benefits will outweigh the bad points. I have a blanket at home too. I love it x
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 29th Nov 17, 7:24 PM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    Just got home to find a refund cheque for the car tax of the old car. Not tons but £12.50 so that will pay for 3/4 of the electric blanket I have just bought!

    I'm still catching up on a late night, and being really tired so not really able to do much tonight.

    The car refund for the credit card hasn't come through either, which is quite frustrating. I picked it up last Saturday and although the refund might take a few days, usually I can see it in pending transactions within one day. It isn't even in there yet, which means I will be paying more interest. If it isn't in by Friday, then I will be complaining. I rang with a settlement figure three weeks ago, which I think is plenty of time to complete the refund. I dropped off the paperwork two weeks ago as well.

    I wanted to achieve £1000 as well this month in extras.
    Not really hitting near that at the minute, but will continue trying. so far coming in,

    £351 none car payment
    £12.50 refund
    £50 tutoring
    £15 vouchers

    I'm sure there is more, but can't remember what! x
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 30th Nov 17, 6:59 PM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    NSD yesterday, but not today.
    I needed fuel today. A full tank cost me £54, which is about £12 cheaper than the other car.

    I needed a few bits from lID L and spent £3.52 in there. Not too bad.
    I had cash from tutoring so used that. x
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 30th Nov 17, 7:06 PM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    13 NSDs for the month. Not too bad. I know I could do better. x
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 30th Nov 17, 7:11 PM
    • 2,272 Posts
    • 11,045 Thanks
    HairyHandofDartmoor
    Well done on the car you've done it and what a big reduction in your debt .

    I wouldn't consolidate if I were you because owing one big lump sump would be very demoralising. Paying off and closing down individual debts makes you feel like you are really getting somewhere, you get lots of little victories.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
    • Nicnak
    • By Nicnak 30th Nov 17, 7:22 PM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    I think this is what I keep coming back too. I need those small wins to feel like I am getting somewhere. I won't have those huge car gains every month so will need to see things paid off. x
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • ladymay
    • By ladymay 30th Nov 17, 10:29 PM
    • 720 Posts
    • 3,324 Thanks
    ladymay
    Lurker here...

    The heating in my car is rubbish, the fact that I now know you can get an electric blanket for the car has BLOWN MY MIND
    Debt 14/04/12: £15736.77
    Debt 09/12/14 ZERO POUNDS
    Debt 15/10/17: £1714.40
    Debt 16/12/17: £1539.60
    Moving back to the UK 05/01/18
    • Nicnak
    • By Nicnak 1st Dec 17, 6:13 AM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    Lurker here...

    The heating in my car is rubbish, the fact that I now know you can get an electric blanket for the car has BLOWN MY MIND
    Originally posted by ladymay
    Got mine from e bay xx
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • ladymay
    • By ladymay 1st Dec 17, 8:00 AM
    • 720 Posts
    • 3,324 Thanks
    ladymay
    Thanks Nicnak! I'm on it
    Debt 14/04/12: £15736.77
    Debt 09/12/14 ZERO POUNDS
    Debt 15/10/17: £1714.40
    Debt 16/12/17: £1539.60
    Moving back to the UK 05/01/18
    • Nicnak
    • By Nicnak 1st Dec 17, 9:43 AM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    It was cheaper than AMA zon, when postage got added.

    I’m really annoyed this morning. I’ve gone into my overdraft. My old car payment has been taken so the Finance hasn’t been updated to say I’ve paid. I’ll get it back, but while I’m waking I’ll accrue fees, which makes me annoyed when I’ve tried so hard.

    It’s just one of those things. I over paid on somehi knowing it wid be paid and probably should have waited till I had confirmation the Finance has been paid off.
    Putting my tree up tonight x
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 1st Dec 17, 9:48 AM
    • 550 Posts
    • 2,726 Thanks
    Nicnak
    Typing on my phone is not good for spelling and grammar! Sorry!
    September 6th 2017 start Updated 25th NOV 17
    Credit Card £430 now: £1181 Tesco Loan £7500 = £6700 Car loan £17,500 = £9,875 Total = £25,330 £17,756 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
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