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Cakeys debt free diary. Day 1, OH's wardrobe :)

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Comments

  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    oh i won't be running mine back up again, though we are planning on getting a house so that will mean a bigger mortgage but we're planning on borrowing as little as possible and making the best choices that we can. As with many things i've made mistakes along the way, 3 consolidation loans are just a starter, but i have eventually learnt from my mistakes
  • cakey
    cakey Posts: 337 Forumite
    edited 30 October 2009 at 6:51AM
    consolidation loans are the worst.. they just make evrything worse! if i could go back to the first time i consolidated i would tell me... NOOO! its always great looking back in hindsight
    STARTING BALANCE JAN 09 £47,400
    Debt left 24th December 2010 - 13611!!!!!:j
    Update may 2013 - debt left £8000
    Update oct 2014 - £2500
  • cakey
    cakey Posts: 337 Forumite
    Well, just had some really good news yesterday. i received a letter from HSBC bank. my PPI claim is successful, i thought it was around 900 ish, i just gots 2081!!! now, what should i pay off first :)
    STARTING BALANCE JAN 09 £47,400
    Debt left 24th December 2010 - 13611!!!!!:j
    Update may 2013 - debt left £8000
    Update oct 2014 - £2500
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    that's wonderful news. bet you've decided already what to pay it off, if not see what effect it makes in the snowball machine.
  • savingholmes
    savingholmes Posts: 29,087 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    wow that is really good news. You could always clear the overdraft and take some pressure off there? As long as you trust yourself not to overspend again and go back in there?
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.8K Equity 36.37%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
    (If took bigger lump sum = 60.35K or 47.6%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £5K updated 10/10/25
  • cakey
    cakey Posts: 337 Forumite
    i was thinking about the overdraft, but i dont want the temptation there. i would rather let that stay higher, i am more aware of spending then. Got our cheque through from the court case, so thats another 200 straight on debt :) whoop whoo
    STARTING BALANCE JAN 09 £47,400
    Debt left 24th December 2010 - 13611!!!!!:j
    Update may 2013 - debt left £8000
    Update oct 2014 - £2500
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    you could always reduce your overdraft as it comes down, that's what i did so that i wasn't tempted
  • cakey
    cakey Posts: 337 Forumite
    the OD is currently at around 2,800, when i get it to 2500 i will reduce down, then at 500 stages each time :) did you know every time you reduce your OD that affects your credit rating!! even for reducing it!
    STARTING BALANCE JAN 09 £47,400
    Debt left 24th December 2010 - 13611!!!!!:j
    Update may 2013 - debt left £8000
    Update oct 2014 - £2500
  • savingholmes
    savingholmes Posts: 29,087 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Look forward to seeing sig updates! I didn't know overdraft reduction affected your credit score - I would have thought it would improve it. I wouldn't know anyway as we have good credit scores....
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.8K Equity 36.37%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
    (If took bigger lump sum = 60.35K or 47.6%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £5K updated 10/10/25
  • cakey
    cakey Posts: 337 Forumite
    i cant wait either!! have you started your new job now? how is it going? :)
    STARTING BALANCE JAN 09 £47,400
    Debt left 24th December 2010 - 13611!!!!!:j
    Update may 2013 - debt left £8000
    Update oct 2014 - £2500
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