Cleared the OD

LittleMissKitty

Sorry, desperate to share and everyone I know's at work.Today I have officially cleared my first debt since becoming a DFW. I now have no overdraft for the first time in my married life! :j

Many many more to go but this has just fuelled the fire to pay off everything else. Yay!

Kitty x

Numpty_Monkey

:T:T:T:j:j:j:j:T:T:T:T
Well done

DVardysShadow

Like, well done. But looking at your sig, your non mortgage debt has gone up from £17534 to £17895 [ignoring the +£6431 which is not clear and the overpaid tax credits]. Hopefully, you have about £250 now as a minimum balance in the bank. Because if you haven't, your extra borrowing from the in-laws actually means that you are going backwards.

Pleas take a careful look at your figures - you might be fooling yourself about your progress unless I have missed something.

Little_Miss_Uni-Debt

Wow, well done! I'm sure that will make day-to-day living a lot simpler.

Have you decided which one you're tackling next?

It's so exciting when you can pay something off finally! All your hard work is paying off!

Keep at it!

LittleMissKitty

DVardysShadow wrote: »

Like, well done. But looking at your sig, your non mortgage debt has gone up from £17534 to £17895 [ignoring the +£6431 which is not clear and the overpaid tax credits]. Hopefully, you have about £250 now as a minimum balance in the bank. Because if you haven't, your extra borrowing from the in-laws actually means that you are going backwards.

Pleas take a careful look at your figures - you might be fooling yourself about your progress unless I have missed something.

Lol, they are quite confusing aren't they. I thought twice about putting the in-laws extra lending in there as it's not how it looks at all. We 'borrowed' £3k off them in preparation for buying a car (which is going to be completely paid off with my maternity allowance, money NOT included in our budget as I haven't worked since November). Then when we actually bought the car they (the in-laws) wanted to pay then and there and not wait around for us to transfer the £3k so they 'lent' us another £2k to pay. They told us to keep hold of the initial £3k and offset it against our mortgage because they weren't getting much from it and thought it'd be more use in our account than in theirs. So technically we have had £5k of their money since February but the £3k is just hanging around helping with the mortgage.

Told you it was confusing! I'm more keeping it as a tally for me as, although we could pay them back, they want us to look after the money so I still count it as 'owed' to them for my own budgetting purposes.

The £6431 is made up of the tax credits (which we found out about in Mar) and the £3k+£2k from the inlaws.
The reason the overall debt has increased £361 (obviously plus tax credits) is because of the new car which, believe me, wasn't a choice but a planned necessity.

Hope that makes it a little clearer!

Tax credits is next off the list. Hoping to have it cleared by the beginning of July!

Kitty x

pixiechick_2

:j:j:j Well done!!!! :j:j:j

DVardysShadow

So the 3673 to the Inlaws is 5000 you borrowed minus 1327 you have paid back?

It is making sense now. I think. It is looking like you have cleared your OD, bought a car and increased your borrowing by only £361, which is looking quite good. What is the goal after becoming debt free? I would suggest buying the next car from savings!

LittleMissKitty

DVardysShadow wrote: »

So the 3673 to the Inlaws is 5000 you borrowed minus 1327 you have paid back?

It is making sense now. I think. It is looking like you have cleared your OD, bought a car and increased your borrowing by only £361, which is looking quite good. What is the goal after becoming debt free? I would suggest buying the next car from savings!

I'd LOVE to buy the next car from savings! The aim after debt Free day (April 2013, hopefully sooner) is Mortgage Free which will take me to my 45th birthday :eek: unless DH gets a few rather tastey payrises. Then saving up, buying some land and building our dream home

Kitty x