Finally making an effort...

danzx2

Hi all,

I’ve been wanting to start a thread for a while but decided to wait until our remortgage completed. It has now!

Repayments to the mortgage were non-existent for nearly all of the first 5 years, but it is now my focus.

To get the remortgage we had to find 10% to get a 85% deal. With offered and requested financial support this has been possible. Now the repaying begins.

I’ve colour coded the debts in priority of what to clear first.

I’m not a big spender, the wife does my share, so I’m hoping to quickly make dents in the amounts.

I’ll update this at least once a month after payday and you’re more than welcome to check in.

Thanks

Dan

alfiesmum

Best of luck with it all Dan! Look forward to see how your doing with it all.

sweetdaisy

Good luck Dan

danzx2

Pay day!

Although I'm unable to make any payments other than the standard mortgage repayment and a little over the minimum payment on the CC.

1st payment on the mortgage includes interest from last month so its £900+ and I was OD from scraping all the money together to get the remortgage.

The aim is to not get too OD this month to be able to make a £150 payment to the CC and £200 to the B1. Aiming to clear both by August pay day.

Wish me luck!

Sepa74

Hi,

Is the minimum repayment on debt B1 £200? If not, then just make the minimum repayment, and pay the rest off the credit card then when you have paid off the credit card, you pile both the cash you had been paying to the credit card to B1 and see it reduce faster... then when B1 is paid, pay all your payment money on the next debt etc.

It's called snowballing

danzx2

Hi,

No, but this is a loan from a family member and I am prioritising it over the CC. Yes, it will cost me maybe £30-40 in interest over the period but I'd feel better and thats what its all about

danzx2

Had a nice surprise today. B3 is being bumped to £12,000 to clear CC. We can then focus on repaying at 0% interest, starting with B1.

danzx2

Happy April!

Payment made to clear CC. Just need to clear interest once calculated.

Should have B1 cleared on July pay day!

danzx2

Pay day!

Credit card is now clear!

£250 payment sent to B1

Will be trying very hard this next month to stick to the food budget. Aiming to be able to pay a minimum of £500 to B1.

Have a good weekend everyone

danzx2

Another £100 paid to B1.

Food budget isn't looking too bad!

danzx2

Another £50 to B1