A Thread for After Debt?

Mort

JulieGeorgiana wrote: »

in 2 years we've shortened the mortgage by an additional 18 months

That's brilliant.

Mort

It's been an interesting week for me. I have been given the Debt Free and Proud badge.:D

Ironically I have also applied for and been accepted for a credit card.:eek:
I have posted a couple of times that I am wary of such a move and I still am. It's been just over 8 years since I last had a card and in that time a hard won financial re education has taken place. Even before the card has been activated a direct debit has been set up to pay the balance in full and I have arranged for the payment to come out just after pay day.
The plan is to use the card just once a month for fuel and pay it off in full. Hopefully this will improve my credit rating which is on the low side.

moohound

I got 10p:T interest on my newly opened ISA this month:D , this is the first time I've had money in savings in my own name and received interest on it in nearly 8 years it may be very small, and a first step, but I am really chuffed to see it go in my account :j

Mort

Well done moohound, it's odd getting interest coming in rather than being charged isn’t it.

I may not be emotionally ready for a credit card. I spent on it and paid it electronically 10 days later, well before the direct debit. I just didn't like the idea of owing the money.
On the plus side my free Noddle credit report is looking better, I have gone from 1/5 to 3/5 since getting the card.

JulieGeorgiana

Mort - What a milestone! I am very good with my credit card and I pay it off in full as soon as the statement shows online, which is 19th, because otherwise they don't take the money from my account until something stupid like 10th of the following month!! Also I feel that if I pay it off on the 19th it means that when I buy something I have to know that I have the cash to pay it off right away, by waiting until after payday I am always owing myself, therefore I am in debt IYSWIM. But well done on your first HUGE step


Moohound - WOOHOO!!!! Definitely the best feeling getting money paid to you. I do a regular savers with FD every year with my savings, and after tax I get £96 interest, and even though I am currently doing my 4th one, I still stare at it at the end of the year thinking 'how did I do that...'


Anyway, for us over here life is MANIC! LOL having a 12 year old, 2 year old and a 9 month old makes life very full!!! We just came back from a week caravanning (MIL/FIL let us borrow their 35 year old caravan... I've been spoilt! We're used to camping)


Financially we are saving for a new car still (ok a 3 year old car) and have our eye on a Renault Grand Scenic (7 Seats!!) and hope to be able to buy it between 1st-11th July 2015... very specific?? Well the Savings mature on the 1st and the insurance expired on the 11th, and being cheap I refuse to pay 'admin costs' to exchange the insurance. The car only just passed it's MoT (Catalytic Converter need replacing... they quoted £800 to fix it on a car worth £350-£600!!! but a friend said he could get the part for £125, and FIL has a friend who could fit it... so apx £200... spoke to the dealer and they cut the cost to £220 and offered me my MoT at £20 less!!)


And yet the exhaust is still not 100%, so my 13 year old car needs to retire before the next MoT is due in August.


On top of that we have finally saved enough to get the garden wall rebuilt, and we have signatures from all the neighbours for permission to get rid of the party wall... and one neighbour (of the 6) paid for half of the party wall costs


The contractor is appointed and it gets done in a month.


After the car next year we were going to save for a bathroom, but we're thinking a caravan... since we were looking into trailer tents, and it ends up a 10 year old caravan is the same price! I fell in love with one already (2 sets of bunkbeds in a room you can close off... perfect for the kiddies)... but we have to wait!


That's it from me... off to sort out my terrors! Honestly... non stop!

rising_from_the_ashes

Hi folks Mort - well done on the card .... big step - I can def recommend using it for say fuel & clearing each month as a great way to build the credit score up again

What have I been up to ...... errr good & bad

I seem to have bought a new car (some may remember cars were one of my downfalls) - but I am aiming to keep this one at least 5 years (which I've never managed my entire life :eek:)

Old one needed about £1k spent on it - which you never get back - and was pretty terrible on fuel ..... this was a great deal - incl 3 years servicing (which was my other gripe about the other one)

It's already better on fuel (and engine still bedding in so it should get a bit better) - even if I save £5 / week on fuel, that pays for my insurance :T



I've been carrying a bit of an OD for a while BUT got a lovely cheque from CCP claim for £415 a couple of days ago :money: so that will clear that off & leave a little left over ....


Apart from that - well I took finance on the car but only because you got an extra discount for doing so

It was £1k :eek: so a lot of money to say no to

I took the min amount (£2,500) and can pay it off after 3 payments - which is my intention (although if I let it run the full 24 months, it will only cost £140 in interest)

Similar to Mort, taking it out & making a few payments (and then clearing in full) should help the credit score a bit


Take care everyone

JulieGeorgiana

Rising - How's the foot? Has the new car helped?


So glad you're doing well x

Mort

rising_from_the_ashes wrote: »

Hi folks Mort - well done on the card .... big step - I can def recommend using it for say fuel & clearing each month as a great way to build the credit score up again

Thanks Rising, it was a step into the dark. Just applying for and getting it seems to have done something positive.

rising_from_the_ashes wrote: »

I seem to have bought a new car (some may remember cars were one of my downfalls) - but I am aiming to keep this one at least 5 years (which I've never managed my entire life :eek:)

Congratulations on the car.

JulieGeorgiana wrote: »

Mort - What a milestone! I am very good with my credit card and I pay it off in full as soon as the statement shows online, which is 19th, because otherwise they don't take the money from my account until something stupid like 10th of the following month!! Also I feel that if I pay it off on the 19th it means that when I buy something I have to know that I have the cash to pay it off right away, by waiting until after payday I am always owing myself, therefore I am in debt IYSWIM. But well done on your first HUGE step

Thanks JulieGeorgiana. It was the Sword Of Damocles effect for me. Despite knowing that the payment was safe and sorted didn't seem to count. I felt more sanguine about the tens of thousand that I owed on the DMP than I did on a small routine spend on the card.
Congratulations on your manic life! You sound like you are on top of.

My plan to use the credit card on a regular basis failed on Friday. I filled the tank and for the life of me couldn't remember the bloody PIN number :wall: so I used the debit card.

rising_from_the_ashes

It's funny how the fear never really goes (maybe that's a good thing)

I took the min finance / shortest repayment term I could on the car - and purely to get the extra money off BUT my heart was still in my mouth and I was def sweating while waiting for the approval / rejection decision to come through!


Even though it's a very small amount of interest over the full repayment period, I still intend to pay it off after the 3 months are up ..... I really don't like that it's not mine

MaDMaX**

just though I would post my experiences here i will try in keep it short.....honest !

after a heart breaking split from my partner in 2003, i got myself into some serious debt (well so i thought) ended up owing £33K !

after pulling myself together i took out an IVA, which paid off in 2009

unfortunaltey while paying it off i was going thru a difficult period with the CSA and 1st ex wife! anyway after my IVA finished and i had The CSA off my back for good i decided i needed to treat myself,

well a few years later and this mtime i was basiacally 52K in debt:mad:

anyway I kinda had a plan, as i was due some money from ashare scheme due this year!

i got 72k! yeap was like wining the lottery

I I am completely debt free and own my two year old mini and 1 year old motorbike outright, and looking forward to marrying the girl of my dreams ( at 46 kinda left that dream a tad late)

moral of this story! try learn your lessons 1st time round, and never count your chickens..........

BUT if one should hatch,,,,,, take it as a blessing from the almighty and use it wisely,

I never want to be in debt again, unless i get a mortgage, but thankfully i have a good job and plan on saving a £1000 a month for 5 years then i wont have to much to worry about