Get rid of as much debt as we can before we take out the giant mortgage

banwa

Hi all

This is going to be a sub diary on the deft-free journey. We are in the process of selling our house and buying a new one.

Will resume the old diary once we have moved

https://forums.moneysavingexpert.com/discussion/3540963

To summarise
We are 35 and 42. No children but Mr B has 4. 3 boys 18, 20 and 22, and one girl, 16.
Have lived in tiny 2 bed house for 9 years and it is really unsuitable when they come to stay and we are finally in the position to do something about it.

I have worked at same company for 7 years, and my wages have nearly doubled since I started. Mr B had a run of bad luck in last 18 months and after a lot of stress and poverty, he now works at same company, steady income, fewer hours and nicer conditions.

It's been a horrible 18 months for one reason or another, but we have finally turned a corner.

Anyway, we have an offer on our house, had an offer accepted on another house and we are about to make a huge financial commitment on a huge mortgage.

With this in mind, I want to see how much of the debt we have we can shift. No dates set for the move yet but the indication is that we will be out of our house before we move into somewhere else which means living with my parents for a few weeks.

They have said we can live rent free to do some serious debt busting.

We started out with £25k of debt in 2011. I want to get this number to somewhere near £10k before we move because I think we can only pay around £400 per month after that.

Today debt stands at £15440.

Wish me luck!

banwa

So I will stick to the old faithful format


Good Things

• Looks like Mr B has paid £900 in tax too much between Jan and March. So this is to come back.
• Paid off a £1400 overdraft this month PLUS £150 on a credit card. Plus usual payments. Around £2k in total
• Have sold £100 stuff on ebay that have cleared out of the loft while decluttering for house moving.
• Mr B's ex-wife has agreed to reduced CM payments, and has been an all round good egg
• Now that we can see an actual goal (of getting new house), Mr B has been much more focused on debt busting

Bad Things:exclamati

• Had to pay £130 to get exhaust replaced on Rubbish car.
• Therefore now have £30 til payday on Tuesday

To do

• Paint under guttering outside
• Clear out rest of loft
• Paint behind wardrobe in spare room
• Store more stuff/furniture around the county in various friends and family's garages.
• Brace myself for moving in with the parents

debtfreewannabe321

:j You're back! Hello!

Great news all round really??! Look forward to seeing how you do :T

And love the format you do, so easy to read (unlike my witterings :rotfl:)

Am subscribing, good luck! :beer:

banwa

Oh DFW321 how lovely to see you here. I got a yummy warm rush when I read your post. How are things? I have been awol for such a long time; I am so out of touch. I know you were having an awful time with your husband, how are things now?

And v impressed by your sig. What's your debt at now?

banwa

Good Things

• Done some more calculations on the tax rebate and I think it might be more like £1500
• Have been to my sisters this weekend. Mr B drove like a saint and we got 57mpg for the journey. My sister and brother in law were the perfect hosts, we cheekily turned up empty handed and they were charming about it.
• Baked biscuits using contents of larder rather than buying biscuits.
• Only one day til pay
• Will get a lift to work tomorrow, last day before payday. Which is nice

Bad Things:exclamati

• NOTHING left in the bank. Nothing

To do

• [STRIKE]Paint under guttering outside[/STRIKE] - done
• Clear out rest of loft
• Paint behind wardrobe in spare room
• Store more stuff/furniture around the county in various friends and family's garages.
• Brace myself for moving in with the parents
• Take stuff to charity shop

banwa

Just occurred to me it might be useful to list my debts here, so I can track our progress

Targets in red

Credit cards
Virgin £ 1,970.92
Virgin £ 482.00 (30% )
Virgin £ 3,012.00
Halifax £ 1,931.00
RBS £ 5,141.07

Other
Loan £ 404.00
Overdraft £ 2,000.00
Overdraft £ 500.00

Overall £15440.99

debtfreewannabe321

banwa wrote: »

Oh DFW321 how lovely to see you here. I got a yummy warm rush when I read your post. How are things? I have been awol for such a long time; I am so out of touch. I know you were having an awful time with your husband, how are things now?

And v impressed by your sig. What's your debt at now?

Ahh thank you :happyhear you've been missed on the dfw diaries my debt stands at just under £9k now :T we've lowered payments a few times since you were last on here. But DH & myself were under so much pressure to give the creditors every single spare penny (and then some) it was horrible. We're back on track and so is the debt repayments, albeit at a slower rate

p.s my bank account is the exact same as yours! Thanks to a non paying tenant and pay day being 2 weeks away :eek: at least yours is tomorrow :rotfl:

xx

beanielou

Happy shiney new diary
You can do this.

bigdog13

Good luck and look forward to seeing your posts.
Subscribed

banwa

beanielou wrote: »

Happy shiney new diary
You can do this.

Thanks beanielou, it feels like we have been going at this such a long time. But it is going down

bigdog13 wrote: »

Good luck and look forward to seeing your posts.
Subscribed

Thanks bigdog

banwa

Good Things

• Had lunch a lovely friends house (live 5 minutes from my work luckily). Good job cos I might have starved otherwise! Had a good catch up too of course
• Can't remember if I mentioned a lovely book I got off freecycle for Mr B. I joined in order to give away stuff that we cleared out of the loft that we couldn't ebay. The intention was NOT to more stuff that we would have to move around the county but I couldn't resist whenI saw someone was giving away a Classic British Motorbikes book. He loves it.
• We made it to payday which is tomorrow. We Made It!

Bad Things:exclamati

• Not making much progress with To Do list. In fact just adding to it and making it longer

To do

• [STRIKE]Paint under guttering outside[/STRIKE] - done
• Clear out rest of loft
• Paint behind wardrobe in spare room
• Store more stuff/furniture around the county in various friends and family's garages.
• Brace myself for moving in with the parents
• Take stuff to charity shop
• Post 2 gifts
• Clean oven
• Paint behind fridge.