Fighting for a Debt Free Future

SkintLittleFingers

Hi Everyone, after being a long time lurker of MSE I decided to start this diary of my journey to debt freedom.

I had been debt free until June this year, when I had to change my car because the old one was becoming to costly to run. Unfortunately, I had not had my lightbulb moment yet and purchased (with my wife's agreement) a nearly new car. We had sat down and done a SOA and we could afford it........Then disaster struck (Life has a habit of getting in the way of plans)......

My wife's mother became terminally ill with chronic renal failure and subsequently passed away, leaving us with approx £6,500 debt for medical and funeral expenses.....

We have 2 C/C's a bank loan and a family loan to repay......
In total approx £30,000:mad:

Fast Forward to now....

The fight for a debt free future begins now :eek:

SkintLittleFingers

Since having my LBM, My wife and I have plotted and planned the following:

1) She will pay C/C 2 from her wages at £100 pm (+ Interest)

2) I will pay C/C 1 each month at least £500 pm (+ Interest)

3) The Family loan payment, with the very kind agreement of the Lender, will be deferred until C/C 1 has been repaid.

4) A separate amount of £100 pm to be put aside for next year's car expenses.

5) Any "spare cash" at the end of the month will also be paid onto the credit cards.

Hmmm, looks good on paper.... now just have to keep to it

SkintLittleFingers

Throughout my adult life I have always believed that the power of a positive mindset, even during the darkest of lifes moments, can lead to a positive result. Now I have to apply this belief to my current financial situation......

I am currently on staycation at the moment and have used the opportunity to research this website....

I have been amazed and moved by the various diaries on here, YOU are truly inspirational and I wish you all every success in reaching YOUR life goals......

Buckle up, its gonna be a rollercoaster of a ride :j :j :j :j

Have a great day Everyone.

SkintLittleFingers

Hello Diary, I hadn't forgotten you!

Good News, the C/C bills for Sept have just arrived, and the news is not as bad as I first thought!!

C/C 1 = 1954.58
C/C 2 =416.64
Bank Loan = 21,266.76

Signature will now be altered to reflect this.

Will be back later.... TTFN

beanielou

Happy shiny new diary
Wishing you well on your journey to being debt free.
CC2 is not to big,anything you can ebay/carboot to help it on it's way?

SkintLittleFingers

Hi Beanie Lou, thanks for your good wishes and encouragement.

I have worked out this month that I will pay the following amounts on 03/10/13 to the dreaded C/Cs'

C/C 1 = £955

C/C 2 = £167

I am really pleased that I have been able to do this, but realise this is due to receiving a backdated pay award in this months salary. Next month will not be so easy....:eek::eek:

Best wishes to all DWDer's and keep going.... we will get there!!

Raggydoll85

Good luck on your debt free journey wish my credit card had your figures rather than the one its actually on lol

Determined_diva

good luck and wishing you all the best. so sorry for the sad news on yhour mother in law also
DDx

SkintLittleFingers

Hello Diary,

Had not forgotten you, just not much to report.....until now.

Yesterday, payments made to C/C's as follows:

1) C/C 1 = £554.58

2) C/C 2 = £416.64 (fully paid off......Yay!!! :j:j:j)

I also have a Halifax C/C (Clarity) which has kindly offered me a 0% deal for six months, so I have decided to do a balance transfer from C/C 1 (£1400). As this is the only card debt, I will be clearing it in under six months..... oh yes I will!!!

Other News, I have been looking at some of the challenges on here and I have decided to see how many SFD's I can have this month. I think I will set a target of 10. I have already had 1 on 02/10/13 and hopefully today will be my second.

Now going to update my signature to reflect the changes....

Thank you Raggy Doll and Determined Diva for your kind comments and as always, I wish all DFW's best wishes on their journeys.

TTFN

beanielou

Looking good

SkintLittleFingers

Some Good news!!! I hold a Ha**fax M/Card and have been able to do a 6 months 0% B/T for the remaining £1400 on C/C 1. (Signature to be updated). Allowing for the balance transfer fee (£42), I reckon this will still save me approx. £50 in interest. Just checked and the transfer has been done (Gee, you gotta love the Interweb!!). To pay off debt without incurring further interest charges I need to pay a min of £242. I am hoping to pay £400 a month, so lets see how it goes.....

Also today will be another NSD..... :j

I cant believe the inspiration I am getting in dealing with my debts, from reading the other diaries on here. Thank you all. Take care, chat soon.