Debt free by 40 -- 19 Months and counting

Verbatim

That's great Steph. Well done. Hope you're feeling better today.

misstara

Wow that's fab about the emergency fund Steph, well done

eco_farmer

hi have been out of the loop for a while,but can't say I ve seen any mention of your debt going below 9K.so here's a whoop whoop from me.


eco

abba1772

Wow busy lady well done on the sales, the savings and getting under £9k woo hoo xx

StressedSteph

Thanks guys, yes I paid my last debt for April and it pushed me just under 9k :beer:

Hoping once I can get the emergency fund up to £1,000, then i will sort getting the mortgage back on track. THEN I can start making larger payments against the debt. At the moment I am barely paying £400 per month against the debt (all minimum payments) so I can work on the emergency fund.

Hate freezing the debt payments but if I don't get organised and get an emergency fund sorted before hubbys operation then we will have a real financial disaster.

Not sure what to do about the mortgage payment.

I need to get some sort of system set up so that I divide the mortgage payment up over four weeks and put that amount away every week, so that if hubby doesn't get paid on time the week before the mortgage is due i don't then bounce the direct debit.

I basically need to make the mortgage payment on the due day (1st) and then that week onwards, put away £200 per week until the next mortgage payment is due :eek:.

Thats my next challenge :)

tootallulah

You are doing so well Steph and your plan looks a good one, once the operation is over, the mortgage is back to the first of the month you can kick on with much more confidence. Below £9k? excellent.

Verbatim

Woo hoo under 9k!! That's brilliant. And look at that savings fund. That's all looking sooo good. You are a fantastic manager.
Vx

debtfreewannabe321

Is it an option to have a holiday from paying the mortgage for one month whilst DH is out of action? It could give you breathing space and also perhaps be the break needed to get it back on DD the month after?

Well done on the savings! :T :j xx

StressedSteph

tootallulah wrote: »

You are doing so well Steph and your plan looks a good one, once the operation is over, the mortgage is back to the first of the month you can kick on with much more confidence. Below £9k? excellent.

Thanks so much Toot, its been a weird start to the year. After spending the whole of 2014 ploughing EVERYTHING into the debt busting it has been weird to try to change focus slightly to get these two issues tackled.


Its been super slow but I really feel like I am winning, I have done a little forecast on YNAB and I could meet the 1k by the end of May if I keep our belts tight.


Thanks so much for posting xxxx

Verbatim wrote: »

Woo hoo under 9k!! That's brilliant. And look at that savings fund. That's all looking sooo good. You are a fantastic manager.
Vx

Hi Verbatim,

Not so sure of me being an fantastic manager but it is made a lot easier by hubby being a super star and somehow keeping a wage coming in every week. Its very hard being self employed sometimes.

Its such a slow process but I feel we are slowly getting there xxxx

debtfreewannabe321 wrote: »

Is it an option to have a holiday from paying the mortgage for one month whilst DH is out of action? It could give you breathing space and also perhaps be the break needed to get it back on DD the month after?

Well done on the savings! :T :j xx

Hi DFW,

I am fairly sure I asked that question back in the beginning on 2014 when our financial world was falling around our ears and they were less than sympathetic.

I am struggling to get my head around the mortgage payments and the way I need to work it in YNAB.

We get paid weekly which makes it tricky, also adding in unreliable payment from customers it is super scary thinking of committing to an £800 direct debit again :eek:.

The only way I can think of making it work is to pay my mortgage on the 1st (when saved up enough money).
Then every week after that put away £200 so that when we get to the next 1st of the month payment we have accrued virtually all of the mortgage payment. I am too scared to hope that a large enough wage will come in just before the direct debit is due. Looking back I have no clue how we EVER did it.


Although that explains the massive bank charges I used to pay with Barclays. Bank charges from fail direct debits I expect. :mad:


I will get the 1k saved, hopefully by the end of May, and then I will get my head around the mortgage problem.


My ideal situation is if I could have two £400 direct debits set up but don't think they do split payments.


Eugh I need to win the lottery .


I might give them a call DFW, worst they can say is NO.


xxxx

debtfreewannabe321

ahhh yes I thought you might have already asked for a payment holiday before but I couldn't recall off the top of my head (I can just about remember what I ate for dinner last night! :rotfl: ) Perhaps they might reconsider though so i'd try again anyway as you say the worst they can do is say no and you do have a valid reason with the main breadwinner out of work for a while! Hope you have a lovely day xx