Quidsy debt free diary

quidsy

So here it is;

I earn alot, I spend alot & over the years I have taken on alot of debt (Holidays, land, surgery). :eek:

Last year I decided to take control, after being out of work for a few months in 2011 & then working only part time for 8 month of 2012, I went full time in August & decided to get my life on track, I managed to clear approx 10k worth of debt including a 6k tax bill between September & March this year but I still have a way to go.

I'm self employed & in a guaranteed contract till Jan 2014, so I want to be debt free by the end of this year. I am on a mission to never be in this much of a state again .

My current situation as at 01/06/13 is;

Who Rate Outstanding balance
Nationwide Credit card 16.9% 5,480.00
Barclaycard 16.9% 550.00
Next Account 25.99% 880.00
Lloyds Loan 0% 8,511.00
Taxman 2012 0% 6,000.00

Total 21,421.00

I'm looking to pay of between 2-3k a month & of course want to pay off the NW, BC & Next accounts first. The Lloyd loan is in default with no interest so this will be the last thing to pay off but the tax man must be satisfied by the end of November. :think:

I've worked out that if I stick to my budget (I have a spreadsheet & have accounted for household expenses, childcare costs, food, personal & commuter expenses etc, such a geek, lol) I should have all but approx 2k of the Lloyds loan paid off by December.

Well, that's the plan anyway, of course some unexpected expenses will probably pop up but I have given myself a very wide budget margin, with approx £100 a month left over for "extras" so I am hoping staying on track isn't too hard.

I'll keep this diary updated as to how much is paid off & when & use it as a record of how the payment schedule is going.

I hope I can achieve this & to all the other debt free wannabees, I hope you can manage it too :beer:

quidsy

Looking at this months budget plan, the next account should be paid off in full this month.

I'm also doing a boot fair next week, I have SO MUCH stuff to sell, it is stupid, all my fat clothes, all my really thin clothes (I'm now in the middle!) kids toys, books, clothes, garden toys etc so I hope to make around £2-300 which will go straight to the barclaycard to pay that off by then end of this month too.

I am on a mission, my biggest weak spot is Saturdays, random thoughtless, spending so from this weekend, I am dealing only in cash, no cards will leave the house. I hope I can cope

quidsy

1st June Pay day of 4 today;

Default amount on LL to be paid today = 296

Must stick to food & personal budget this week, I usually go over so this is the first week of strictness. Happy Friday all.

Eyebright

Wow Quidsy you seem to be on a mission! Best of luck to you, and could you send some of your determination my way please??? I'm having a bad (=spendy) week!:eek:

It will be such a morale boost for you if you can pay off two debts in one month!!

:j*cheers from the sidelines*:j

quidsy

Well now, that is a bit of a touch. I called to pay the amount overdue on the LL & was told that I wasn't 296 in arrears after all

As this is a 0% intertest debt I juggled my spreadhseet around & paid 400 off my BC instead, meaning that BC is 132 from being cleared & I am 296 better off in terms of shifting debt forward each month. yay.

Eyebright

That's fantastic news, you must be well chuffed! :j

quidsy

I really am, if I can get rid of both the next & BC this month (after my bootsale next weekend maybe possible?) I will be so happy, they are 2 of the highest interest rates I have & just seem to never go down.

I just have to NOT spend any extra money tomorrow!

ilovelondontown

Sounds like you've got it full steam ahead!:T

Good luck with the bootsale and I hear you on the Next account. I've been chipping away at mine for what seems like forever and I've only realised since I've taken on my debt free challange just how rediculous the apr is on the account, so will be paying off the account on payday this month too!

quidsy

ilovelondontown wrote: »

Sounds like you've got it full steam ahead!:T

Good luck with the bootsale and I hear you on the Next account. I've been chipping away at mine for what seems like forever and I've only realised since I've taken on my debt free challange just how rediculous the apr is on the account, so will be paying off the account on payday this month too!

For some reason I had the impression NEXT were low APR & like you, it was only when I decided to take better control that I saw they are 25.99% :eek: Sneakily it isn't mentioned on the online statement (I do all online) but hidden in their T&C.

Eyebright

Blimey that is one hell of an APR! No wonder you want that got rid of ASAP :eek::eek::eek:

ilovelondontown

quidsy wrote: »

For some reason I had the impression NEXT were low APR & like you, it was only when I decided to take better control that I saw they are 25.99% :eek: Sneakily it isn't mentioned on the online statement (I do all online) but hidden in their T&C.

I had no idea, it was only when someone here asked me what the apr was and I had to admit I didn't know. I though it would be quite low too. I had to Ctrl+F on the t & C to find the information, it's not very clear at all. The most annoying thing is they keep upping my limit without even writing to me to let me know!