millionth time trying but this time we will do it!

hi everyone,

so.....i have been here many times before and have been an avid reader (lurker) on here for about the last 6 years.

A bit of background for you....i have been in debt for approximately the last 11 years since i took out my first credit card. i've cleared it off and built it back up and cleared it off and built it back up. it got to the point 3 years ago where between myself and my boyfriend we had about 13k of debt and i was made redundant. luckily i got a good package and we cleared off everything bar around 4k. then we had a baby and the debt built up again. It was just living outside of our means, plain and simple. so last month we made the decision to take out a loan and consolidate everything. i know this isn't advised but for us this was the only way we could take control of things. psychologically we needed to see the cards were cleared otherwise we would just think 'sod it, theres already X amount on there whats another £50'. so this is where we are today.....

currently we've got a loan with nationwide and a car loan with ford and we took these out to finish at the same time. the aim of the game this time is to overpay on either the car or the loan as much as we can. i'm going to aim for £50-100 a month and then any bonuses etc we get will go towards it too. once one is cleared then we will put the money towards the other one to clear it quicker. Any advice on which one you think we should start with first will always be willingly received! i'm in 2 minds as the overpayments would make more of a dent in the car but then once the loan is cleared off we'll have more money to put towards the car......

in the long run we would like to be in position where we can start making overpayments on our mortgage and judging by how much we are paying on the loans we will eventually have at least £500 a month extra to pay. so we would like to get there as quickly as possible!!

so this is the start of our FINAL debt payment journey and hope to get there as soon as possible!!!:)
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  • So I've been thinking already....

    I work self emp and emp and at the moment my self emp wage isn't allocated to anything except extra spending money or restocking my products. I'm thinking I'm going to take half of the money to do the overpayments and keep the other half for restocking and tax. I think for the time being this will work. Also any extra money at the end of the month, which is always scarce, I will add to this amount and just make one payment the day before pay day.

    Just some thinking aloud.....
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  • well pay day arrived yesterday and i'm trying to think ahead of time at christmas as elc have got offers on happyland and i have a lot of children to buy for! today i will be sorting my finances out and seeing what i can afford to allocate to christmas this month and what extra (if any) i can use to make an over payment. Good news is that next week will mean another payment will be made to both loans so one month closer to being debt free!
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  • Hi Penguin,

    Didn't want to read and run, so thought I would say hello and welcome! I love this forum too, have had so much support and advise and motivation from it... although I do have some dips in motivation but I think we all do!!

    Will subscribe to your diary and keep track of how you are doing.

    Good Luck on the journey!
    Mrs S x
    1st Jan 2014 £20,600 / 1st Jan 2015 £15,572.90
    **Feeling Hopeful that 2015 will be our Debt Free Year**
  • thanks for the reply mrs smith! its nice to know theres people reading my ramblings! there are def dips in motivation which is why this bored is even more important! my motivation is now to be able to see my mortgage term coming down in a few years once these loans are paid off!

    looking at finances i don't realistically think we will be able to make an overpayment before christmas or possibly soon after as my OH is waiting to hear whether he will be made redundant or promoted the in the second to last week in november. oh joy! well we will just have to wait and see what happens!

    in the mean time i received a cheque for PPI for £1270 which i have put away £1k into our savings and we have bought ourselves new bedding and a lampshade as we havent had one since we moved in 6 years ago and have bought a few christmas presents with the extra. lucky i put the 1k away though as my OH's car has just cost us £430 today after service and MOT and both our car tax is due tomorrow which will be another £170. the good thing is though that we have the money there. just a couple of months ago we wouldn't have done and that would have gone straight onto the cards!

    anyway enough of my ramblings for the time being. i will go back to my planning and organising and trying to get everything in order for november........
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  • Hello to anyone out there and hope you had a good weekend :hello: I had a successful weekend in that i didn't spend anymore than i wanted to. It was my friend's 30th and we went for afternoon tea which cost £28 and although i had to drive a 160 mile trip i did factor in my petrol cost to my monthly petrol budget. I now have enough petrol to last this week at work so wont have to fill up until next week. Have also been very good with my food shop and have bought enough to last us and the kids for a couple of weeks. I may have to get inventive but i could possibly stretch this to 2 1/2 to 3 weeks but will get over to one of my favourite forums for ideas on this!

    I also made good use of the elc 20% off this weekend and have bought my daughter's christmas present, niece, nephew and friends kids and have also bought my nephews birthday presents too. All were within the budget we wanted to spend so very happy with that! also gives me a couple more months to save up for the other presents we will need to buy too. Luckily no more birthdays until november now so have the rest of the month off.

    I've now paid my car loan and consolidation loan for the month so will go off to update my signature now too. Hopefully i will get some more bookings in for my part time work so i can get some more cash in for christmas!.......
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  • well food wise i ended up having to get inventive yesterday as the tesco van had a break down and had to deliver my shopping a day late! i did end up getting £16 in vouchers to say sorry though so will be using them for my next shop! :money:

    other than that i didn't quite work out my budgets too well this month and seem to not really have any money left already :o ....i have spreadsheet upon spreadsheet where i record everything so you'd think i'd have a hold on things but it is still not to be! so now to batten down the hatches and spend as little as possible over the next 2 weeks until pay day comes and i can get some food in again!
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  • HOK3YHOK3Y Forumite
    1.7K Posts
    Debt-free and Proud!
    Hiya Penguin! Keep plodding along - you are doing well. I hear you on the misbudgetting issue. I have done the same thing this month and it's a bit frustrating to feel like you might have to undo some of the debt busting just to get by. There is a really good challenge on here called the 'Make £10 a day' challenge which has helped me come up with additional funds to help us manage the regular expenses.......and this evening I'm sitting down with hubby to discuss some of the overspends! :)
    Credit Card Freedom gained 14 Feb 2014!!
    Total Debt Freedom gained 29 Apr 2014!!
    Savings goal 30/9/23: £72,000/£538,001.....yes I'm serious!
    Total Debt August 2013: [STRIKE]$21,587[/STRIKE] April 2014: $0!!!!:j
  • thanks Hok3y! it is very frustrating when that happens thats for sure! it looks like i might not have been as bad off as thought though which is good as tesco charged me for the delivery that didn't turn up monday and then refunded me bacj again and then charged again when it turned up tuesday! very confusing but things seem to have straightened up again!! the challenges on here are fab and i've done quite a few over the last few years. the £10 a day one is good for ideas thats for sure! i think i'll pop over there for some extra ideas as have now sold everything i can possibly sell! thanks for stopping by and good lick with your journey too, you look like you've done really well sinceyou started!
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  • Another week is almost over and i'm debating about having to spend a lot of money on petrol over the next 2 weekends. I'll be travelling from sussex to london on sunday and then again next weekend too. i've got £100 left for the month for food, petrol etc and it costs £60-70 to fill up my car. i'll have about 200 miles left by the time i travel up saturday so hopefully it will mean i will only have to fill up the once beginning of next week. i do hate paying so much for petrol! I'm also going to be good and take up food from my stores and make a cake on saturday to take with me so we don't spend money on lunches and things. i don't like turning up anywhere without taking something with me!

    Have been planning my christmas spends too as i've just booked my train ticket up to liverpool to see my sister for a bit of shopping. should have £150 in savings by then and hopefully a little extra from my part time job too fingers crossed! this should get me pretty much everything i need for everyone apart from the secret santa we do with my family. this can be done in bits as and when i have the money over the next couple of months to spread the cost a bit.

    who knows a windfall could come at anytime!!!:rotfl:
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  • Feeling a bit 'meh' today. Thoughts of redundancy, childcare and Christmas all keep rolling into my head. Trying to think of a plan but for once I'm stumped.....I think I need to sleep on it....
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