The Double Debt Attack by Double Trouble

Double_Trouble

Well my planned paperwork day went down the pan my godmother decided to visit haven't seen her for about 5 years she has been living in Spain then London and now has moved back to Wales. Said she would stop a couple of hours 5 hours later . I did however ring for an appointment with the accountant which is 9.30am on Tuesday so I have to get my accounts finished by then and I have made a couple of phone calls to get figures I needed so that is a step in the right direction.:rolleyes:

I was looking at my bank account and realised that my last school fees DD went out on 1st July so that is a huge burden lifted as it was getting on for five times my mortgage payment :eek:. That was one expense I just could no longer afford but it does mean I am either going to have to get debt and mortgage free in the next 7 years so I can pay for school fees or I am going to have to move house as I will not be sending them to the local secondary school

DTxx

shaun40400

having a great time with the heat and two winge kids,,,
they just about have me worn down now,,,have them watching ice age 2,,,
helping a little...
been looking at a pile of pots since 9am which is growing as the day goes on floors have to be washed as not been done since wednesday and baby is getting grubby crawling in the hall way..
just a tired and fed up and oh working till 9pm....
was looking for my get up and go ,,,,but it seems to have got up and gone on with out me:o

Double_Trouble

shaun40400 wrote: »

having a great time with the heat and two winge kids,,,
they just about have me worn down now,,,have them watching ice age 2,,,
helping a little...
been looking at a pile of pots since 9am which is growing as the day goes on floors have to be washed as not been done since wednesday and baby is getting grubby crawling in the hall way..
just a tired and fed up and oh working till 9pm....
was looking for my get up and go ,,,,but it seems to have got up and gone on with out me:o

know how you feel have whingey baby perched on my shoulder at the mo and she woke early this morning and she is grubby from crawling too and the mini DTs must have had hyperactive drops at school as they are going crazy at the mo and now one is whinging too :rolleyes:

DTxx

hypno06

I could do with some hyperactive drops :rolleyes:

I know what you mean re the schools - we moved house to get the children into a good secondary school. Made a bit of a faux pas though when the lady who was selling the house asked why we wanted to move. I said because I don't want them going to the local school where we currently live. She asked which school that was, and I replied.....to which she said "I teach science there".

Foot......mouth......wanted a spade to dig myself out of that particular hole!!

shaun40400

Foot......mouth......wanted a spade to dig myself out of that particular hole!!

:rotfl::rotfl::rotfl:

,,,,, on those occasions you need a jcb, something big and quick:rotfl:

Double_Trouble

hypno06 wrote: »

I could do with some hyperactive drops :rolleyes:

I know what you mean re the schools - we moved house to get the children into a good secondary school. Made a bit of a faux pas though when the lady who was selling the house asked why we wanted to move. I said because I don't want them going to the local school where we currently live. She asked which school that was, and I replied.....to which she said "I teach science there".

Foot......mouth......wanted a spade to dig myself out of that particular hole!!

Oh dear :rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

shaun40400

ok doki
floors are washed
baby is now drying said floor ,,,,:o
with the cloth ive attached to him......
no i jest,,,opened the door to get a trough draft,,,,but it did cross my mind

Double_Trouble

shaun40400 wrote: »

ok doki
floors are washed
baby is now drying said floor ,,,,:o
with the cloth ive attached to him......
no i jest,,,opened the door to get a trough draft,,,,but it did cross my mind

That particular thought crosses my mind a lot it seems such a pity to waste all that energy :rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:and I would have a lovely shiny floor

DTxx

Double_Trouble

Morning

Just realised it is 12 months since my LBM where did that year go

So I thought I would have a look at what we have achieved
1. We have reduced our CC debt by £21,108.41:j
2. OH has bought his car £19,500 how I would have loved to have used that money for debt reduction but it will have to last him for ever:rotfl:
3. Transferred all remaining CC to 0%:D
4. All this was done whilst we were still paying school fees for 4 children:eek:
5. Have finally realised that our previous spending pattern was unsustainable and confident that when we are debt free we will remain so. We have paid off our CCs in the past from investments (which are all gone now :mad:) and then proceeded to max them out again CC debt at its highest was £89,000:eek:

Looking forward to the next 12 months
1. This year will be difficult in that we have already taken a £15,000 pay cut and there is no guarantee that we won't have to take another one
2. This month we will have to use our overdraft which we haven't used in the last 12 months - partly due to the above and partly due to me not having a complete grip on the budget and repaying debt too quickly using money from letting the property in Lanzarote but not allowing for the expenses we are now having to pay for those lets:o this will have an impact on our ability to pay off debts over the next 4 months as it will have to be clawed back
3. Determined to also start tackling our mortgage which is approx £207,000. £190,000 of which is interest only. I rang them yesterday for the details of the interest we had paid in the year up to 5th April as I needed it for my accountant's appointment on Tuesday £9,300:mad: £25.48 per day, the worst was they then tried to offer to lend me more money:rolleyes:. To this end I have joined the MFiT -T2 which starts in December and finishes on 12/12/12. I have pledged to pay off £75,000 in the three years whilst still clearing our CCs anticipating that I will still be able to get 0% deals when I need them so that the focus will be on the mortgage as interest rates can only go up and we need to get the balance down we can pay 10% off our balance in the next 12 months and at the end of the 12 months we will be coming to the end of our tracker deal and will need to look for a more flexible mortgage deal.
4. School fees are a thing of the past (or at least they are for the next 7 years see yesterdays post for explanation of that. OS will be at university so we will need to work out how much we will need to support him he has applied for all the loans available but has been told that he will not be able to work during term time as his course is very demanding. He is working hard now and hopefully he will be able to get work placements in the holidays.
5. No expected one off receipts this next year, last year we had an insurance cheque for car written off, a small inheritance and expenses for dealing with Estate, and money from the sale of folding caravan so it will be down to hard budgeting.
6. There is one thing that has been bothering me and I think it is Hypno :Athat is making me write this after she confessed to the total amount of her debts some time ago. I too have unconfessed debt I have a £20,000 loan from my Mom it was used to buy our present house so is 11 years old the understanding was that it was interest free as it was used to buy a bigger house so that Mom could live us but that I would repay it when she dies or at least £15000 of it as there are 4 children and £5,000 would be mine anyway. She is 93 so I have to be realistic about this and I would really like to pay it all back so that it is sitting in her bank account I know she doesn't want it and doesn't need it but neither is she swimming in money and this will be the main bulk of what she leaves and my brother and sisters do not know about it and I am feeling uncomfortable about it. I won't add it to my sig yet but it is something I will have to come back to and address at some point and of course if the worst happens I will have to address it immediately.

So I am trying to concentrate on what we have achieved as the next 12 months is going to be tough and it feels a bit of a struggle at the moment.

Sorry for the ramble but it is useful to have an annual review I think.

DTxx

Keeping_Motivated

DT you have a achieved a fantastic amount :T thats a really inspiring post :A

Is your husband completely on board? I bet he is so glad you found this site seen as you have whipped so much of the debt into shape in the last year.

Not only have you reduced your debt by £21k but imagine how much interest you have saved yourself in the coming year by getting all your CC's in 0%.

KM