Skipping my way to debt freedom

Skips79

I thought I would start a debt diary so I can look back if I start to lose momentum and see where I started at and where I need to get to.

I'm concentrating on the debts that I have control over (my OH has another credit card and loan that I don't have the details of at the moment but I know the CC is 0% and he is very good at shifting this if needed and the loan is the largest debt so going to be tackled last or we'll lose the will very early on).

I have the following:

MBNA Visa: £10,400 0% until 9/9/2014
Creation Finance Car Loan: £10,272.50 8.9%
Creation Finance Sofa Loan: £1909.00 0% until 27/7/14
Hitachi Finance Dresser: £639.56 0% until April 2014

Total to be paid: £23221.06

Once we have cracked these I will be moving onto the other card and loan.

The next couple of months are a little unusual as I've just changed jobs and I'm flying to the US over Christmas and New Year to see family so I have to take unpaid leave. The tickets were booked and paid for months ago before I came to my senses and I should only need a small amount of spending money, which shouldn’t be much (if any) more than my usual monthly spending. Also, OH didn't get his timesheets signed off so I need to make sure we have enough to cover two months of bills before I overpay anything as there will be a four week gap between paydays. Hopefully, as he should then get four weeks at once, I will be able to pay a large lump sum off. He is totally on board with paying the debts off as soon as possible and is happy for me to take charge of who gets paid when. We have had a few chats about ‘learning to budget’ but I think he is getting there (and I suspect over the next few months we'll have more).

sleepygirl126

good luck!!!:T

it's surprising how debt starts to disappear when you get going on it!!

Skips79

Thanks, I'm feeling all positive at the moment but I need to keep that momentum going. Especially as it's going to be very slow until the new year/my January pay due to disjointed pay between now and then. At least the minimum payments will be made so I will see the debts reduce a little in the meantime and if I keep posting on here I should (hopefully) see the small amounts making a difference and I can keep track on the others ways I can make/save money.

Carol1999

Good luck! I am trying to get rid of my debt too, when I wrote it out I started to get stressed! Hoping to be debt free very soon ��

Skips79

Payday today and due to starting part-way through the October I got paid more than I usually would. I have put that overpayment (of sorts) into my savings account to cover the shortfall next month when I take unpaid leave. OH confirmed the dates that he would get paid leading up to me going away so I can ensure the bills all get paid and hopefully a little into the 'overpayment' pot.

We talked last night and agreed no Christmas gifts. There isn't anything either one of us needs (plenty that we want) and we'd rather put that money towards either clearing a debt or doing more to the house we just moved into. The radiator in the dining room doesn't work so I'm guessing that will be our Christmas gift to each other.

Skips79

Not a lot to report this morning. Checked Quidco and £1.30 cashback paid that will go into my debt paying pot.

Skips79

Another day with little to report. My payday for years used to be 24th of each month so I have always run my bills from that date for the month. So I shifted some money about and have the bills money for the next month covered in my account. :j

I also transferred the £1.30 to my debt savings account so it didn't get swallowed up and forgotten about.

This weekend I have a birthday party to go to. Overnight stay and breakfast accounted for and the host has said there will be plenty of food for dinner. I just need a gift and petrol. I have some John Lewis vouchers so I think I will take a trip to Waitrose later and get a bottle of champagne or something for the birthday girl to save myself a bit of money.

I must also look to see where the cheapest place is to get petrol near here.

Skips79

So, I got the gift for Saturday on the gift vouchers so no spend there! I did fill up with petrol over the weekend, but due to upcoming plans I'm unlikely to need to refill until the new year as I'm away from the 13th December until the 6th January.

Credit card payment came out today so I shall update my spreadsheets so I can see the debt coming down. :money:

I explained snowballing to Mr S over the weekend so he's got his head around the order I am going to clear the debts and the fact that the same amount will be cleared without any overpayments due to using the difference between the credit card payment and the amount budgeted to clear. I'm also hoping to be able to start putting money into the savings to cover the 0% offers as they come to an end.

Vix1978

Sorry to resurrect an old thread. Also sorry that I couldn't remember my username or the email address I registered it under. :rotfl:

The reason I am back is that as of the 19th January 2018 I am officially debt free and will continue to remain so for the forseeable.

This was essentially down to divorce and a house move, but I certainly took a lot on board and had reduced the debts significantly beforehand.

I'm due to get married this year and move into a new house with my fiance. He is very much a save and buy rather than buy and pay off kind of guy so although the new house needs a lot doing to it none of it will be done on credit.