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Our Journey to a Debt Free 2016

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Comments

  • Pay has gone in for the month so I'm drawing a line under September and cracking on with October!

    Onwards!
    Total Starting Debt August 2014- £38,061
    Current Debt- £3600

    Mortgage Offset Savings- £600
    90.5% paid off so far...
  • Hi Pink

    I shall be following you as we have similar amounts of debt and I agree that seeing it come down is motivation enough for now.
    Take Care
    DF
    Debt - CCV £3792
    CCB £1383 (took a hit for a holiday)

    Loan 1 £1787
    Loan 2 £1683
    Total £8601 Was £39302
  • Thanks DF!

    I must admit I am a little bit guilty of predominantly following diaries which involve similar or higher levels of debt. I suppose they are easier to relate to and it's always interesting seeing what approaches people take to tackling long term debt reduction.
    Total Starting Debt August 2014- £38,061
    Current Debt- £3600

    Mortgage Offset Savings- £600
    90.5% paid off so far...
  • Totally agree - I like to know I am not alone lol
    Debt - CCV £3792
    CCB £1383 (took a hit for a holiday)

    Loan 1 £1787
    Loan 2 £1683
    Total £8601 Was £39302
  • PinkPoppies
    PinkPoppies Posts: 562 Forumite
    edited 2 October 2014 at 1:37PM
    October at last!

    Just checked our online banking and most of our DDs have come out now, just two more to go later in the month, one of which is the CC min payment. Have paid off the rogue CC that seems to end up being used a little each month (that the replacement washing machine was put on a few weeks back) so a clean slate there and time to focus on main CC and the £900 we want to pay off this month.

    I should have about £700-£800 income coming in this month, if I am paid by clients for my work on time, which will go straight over to the CC when it comes in, so hopefully only another £100-£200 to find on top of that.

    Sat with my coat on at home as I'm determined not to put the heating on! Definitely a chilly day here!

    Starting to get excited about getting under the £30k mark, maybe even next month! How lovely it will be to see a figure starting with a 2 rather than 3...
    Total Starting Debt August 2014- £38,061
    Current Debt- £3600

    Mortgage Offset Savings- £600
    90.5% paid off so far...
  • DebtFree2012
    DebtFree2012 Posts: 3,573 Forumite
    That will be amazing seeing a 20 something figure! I can't wait for that myself (April next year in my case).

    Are you closing out the rogue CC or not?

    I am freezing here at work today :(
    Debt - CCV £3792
    CCB £1383 (took a hit for a holiday)

    Loan 1 £1787
    Loan 2 £1683
    Total £8601 Was £39302
  • April will soon come around! :beer:

    No, we aren't going to close the rogue CC, as it's useful for secure online purchases, and also because we only have one debit card for our main spending account (DH's) so whichever of us is without the card uses the CC for odd bits if needed. We have a pot put aside each month to pay it off (or pay off the main CC, if there is any of the money left at the end of the month) so we don't pay interest on it- just a bit of a backward way of spending (and a bit of a pain when DH uses it more than I realise he has). I have my own current account too but we try and keep a max of £50 cash in it (for small emergencies) with everything else coming into it being skimmed straight off onto the CC.

    Sounds a bit of a bizarre way of doing it but it seems to be working ok! We used to have a fair few credit cards but didn't bother cancelling any once they were paid off... probably a good £40k worth of available credit on them all combined these days but we haven't been tempted to use them for spending and they have occasionally proved useful for 0% balance transfers. Last week we had a letter from one of the unused cards to say the account had been dormant for so long that they were closing the account, so perhaps they'll all close themselves eventually!
    Total Starting Debt August 2014- £38,061
    Current Debt- £3600

    Mortgage Offset Savings- £600
    90.5% paid off so far...
  • DebtFree2012
    DebtFree2012 Posts: 3,573 Forumite
    It's great that you're of the mindset not to use them just because they are there :)
    Debt - CCV £3792
    CCB £1383 (took a hit for a holiday)

    Loan 1 £1787
    Loan 2 £1683
    Total £8601 Was £39302
  • Yes, I think our attitudes to money have changed drastically over the last couple of years!

    Will feel like winning the lottery when we have all the debt cleared! But then of course there will be the mortgage to focus on...
    Total Starting Debt August 2014- £38,061
    Current Debt- £3600

    Mortgage Offset Savings- £600
    90.5% paid off so far...
  • DebtFree2012
    DebtFree2012 Posts: 3,573 Forumite
    That's what I am thinking - all that spare money will feel like a lotto win every month!
    Debt - CCV £3792
    CCB £1383 (took a hit for a holiday)

    Loan 1 £1787
    Loan 2 £1683
    Total £8601 Was £39302
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