Too much month left at the end of our money...

debtfreeoneday

Thanks Mummypops and MrsSmith - so good to know people are reading my ramblings. Will find your diaries as well.

Today is a PJ day! I've found 2 x 50p to go into my 50p pot, and have a few things selling on eBay. Apart from that, it's very quiet.

Emailed my bank to see if we can pay extra bits off the loan and if so how do we do it, how does it affect interest etc. Can't decide whether to keep building our payoff pot or just fling the money at the loan. We live pretty close to the breadline at times and although the money is for payoff if we absolutely had a nightmare, I would use it elsewhere, whereas if I've paid if off the loan, it's gone.. Thoughts anyone?

Feeling a bit up and down about going back to work, I'll be fine once I'm there, it's just getting my head back into it again. I shouldn't complain, it's only 6 weeks till my next week off.

Hope everyone is having a great Sunday. x

beanielou

I would pay it off but that's just me.......

themarsbargirl

Do you have an emergency pot already? If not I'd keep 500 as an emergency pot and throw everything else at the loan-assuming it's a flexible loan.

debtfreeoneday

Thanks both, I think I will wait for the response from the bank and see how January pans out with the arrival of the credit card bill and then see what emergency pot we have.

Sold £19 worth of stuff via a selling site, so pretty chuffed with that. Need to get to the PO tomorrow to post a few things.

Also had our food delivery and milk was leaking from the top of the bottle, bananas were bruised, so we got both of those refunded, but got to keep them. I rang up to complain about the bananas as they are regularly coming bashed or split and got a £5 voucher to use, so that will help next week and with the refunds, the shopping came in at just under £40, well within budget.

And on that note, back to work it is then. Alarm reset. At least I have a bit of Sherlock to look forward to tonight! Happy evening all x

debtfreeoneday

What a night!

So, took the plunge and spoke to the bank who confirm yes I can pay off money whenever against the loan and the interest recalculates daily, but when checking what I owed, seems I'd got it wrong and it was in fact £11658.91.. so much for thinking I'd got under £11,500. With that in mind, I have used all of the money we had saved towards paying off the loan, £250 towards the loan - meaning the amount owing is now £11,408.91 which means I am officially under £11,500 now.

The rest has gone to pay off DH's overdraft. Rightly or wrongly we don't count this in our debt as we thought it was interest free and were just flinging a £10 or £20 here or there at it without actually increasing it. Turns out yet again, that isn't free and we are paying £6 a month for the pleasure, so we cleared that tonight from the money we were given for Christmas, so annoying to do it, but if it's cleared, then it's gone. This means I can now fling any extra pennies at all at the loan payoff. Feeling rather brave that I've done this, considering I saw the loan payoff pot as a back up, back up for us. Anyway it's done now.

Now we've wiped out our Christmas money, I don't feel much better for it. Time to start searching the house for bits and pieces to sell to have some savings again.

On a plus side, I bagged up all my 5p's yesterday and I have £5 worth. And I potted 3 x 50p into my 50p pot.

Anyhoo, signature updated.

No real house news, had a viewing last weekend and have two this weekend. One couple have offered a low price, but they have concerns so they are having a survey done to clarify if they still want to make the offer, then we can properly consider whether we are in a position to accept.

Sorry for rambling and thanks for reading x

beanielou

Good news on loan & OD.

MrsSmith2013

Good News that you can overpay on the loan! I would throw what you can at it, because if you're anything like me and you have a spare £20/£30 you could just throw at debt, you will keep it in your purse "just incase" and fritter it on nothing in particular!

I'm determined this year that won't be happening!

Just think how good it will feel when the loan is gone and all that extra money a month you will have to throw at other debts, or build up savings.

Keep your chin up!
Mrs S x

debtfreeoneday

Feeling a lot better today about overpaying on the loan and clearing the overdraft.

Had the new childcare bill today and so braved ringing tax credits to tell them of the decrease due to the free funding hours. With the overpayment we had, I reckon our payments will go down to about £50 or so a month, so I've reworked our whole budget assuming we will get no tax credits and after everything goes out, we will have about £200 clear.

I'm massively relieved we are in the black with this as it means I can save some and fling some at the debt.

We didn't get the places at the other pre school yet, but are on the waiting list so that move will save us another £80 a month, so fingers crossed that comes through soon.

I was messing around with a loan calculator last night and worked out if we manage to pay an extra £50 a month off the loan, we would reduce the length of the loan by 18 months! That's madness, so that a target of £600 this year, with £250 already paid off.. Another goal to aim for!

Happy evening all, thanks for reading.

debtfreeoneday

Having a lazy day at home with the little people, one of whom can't go back to pre school yet as just waiting for him to be 100% better. Should be fine for next week.

Not don't much at all and they have just gone for a nap, so chance for a cuppa and a read of diaries.

Strange, but for the first time ever I think, I can see us clearing this debt. I know that sounds silly as we've cleared so much, but I never allowed myself to think about THE END of debt. Just keep thinking how amazing would that day be. I'm tempted to try and work out an estimate for us, a goal for when we will be free of debt. Obviously at that point, we start hitting the mortgage, but that's a whole different diary!

To have no debt, except the mortgage -that would just be amazing!

StressedSteph

Hi Debtfreeoneday,


Thanks for replying to my PM, just as you replied, I found you :-)


I definitely think you could work out a debt free date with what you have left. I have set one and I have double your debt.


Its just incredible the amount you have paid off, you have done so well. I am so rubbish at sticking with things, that's why I keep failing at this.


I have subscribed to your thread so I can keep coming back and getting inspiration xxx