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Making a move on debt

edited 11 April 2017 at 2:59PM in Debt Free Diaries
239 replies 28.7K views
muppetsmuppets Forumite
1.4K posts
Part of the Furniture 1,000 Posts Debt-free and Proud!
✭✭✭
edited 11 April 2017 at 2:59PM in Debt Free Diaries
I have finally decided after a number of years of being on this site to start my own diary. A few things have happened in the past few days which have given me the kick up the backside to help clear (some of ) my debts.
1. Some money that I was owed has been promised to be paid back in the next month or 2
2. I found out that at the end of the year I could be losing some hours in work, which could mean having to cut rightback on most things.:eek:

I have been in debt on and off for the last 18 years of my life, finally after having enough of the debt I decided that most of the reason for my debt was my ex, while he wasnt the only reason for the debt he was the most cause of it. I finally decided that 2 things needed to happen, (1) was to finally stop getting further into debt and start clearing some of it, and (2) was the ex had to go, the only problem with this was I also lost my job as I had to move away as my ex would have just cause me stress and pain if I had stayed around, so I moved in with some family and started to clear the debt. I vowed to never get into debt again!

I was able to arrange a payment plan to pay off my creditors, I had about 13 at the time and debts of £20,000 all in my name but run up by both me and the ex.

In the meantime I met my OH and decided to move to be with him, we lived in a shared house for a few years I got myself part time work and we saved like crazy to move into our own place. I was still paying my debts and managed to get full and finals on a few of the debts saving me even more money to pay off the other debts.


Last year we needed to rent a vehicle and had to pay the deposit by credit card, I had to bite the bullet and get the credit card just for this one deposit, we now use the CC a few times a month just to pay for online things from Amazon and iTunes, but make sure the CC is cleared each month.

I was lucky enough to get full time work within the same company, so we decided to buy our own home, we spoke to the bank who told us we could get a mortgage for 100% of the cost of the house we wanted to buy, we also had to pay solicitors fees and registraion costs for the property which was 5% of the cost of the house. We were able to get a loan for some of these costs but were told by the solicitors the day before we signed the final papers for the house that we had to pay 10% registrations cost instead of 5%, and that after a year or so we would get approx 10 % of the registraion costs back, immediate panic set in as we would need another 5,000 to cover this extra cost, or lose the deposit we had already paid, glad to say bank of mum and dad came to the rescue.

We signed the final papers for our house a year ago, and have just been paying the monthly amount on both the loan and the mortgage for the last year, in the meantime we have saved for all the yearly costs for the house and to run a car and are able to pay them when they are due without getting into anymore debt or adding it to the CC.

At the start our joint debts were inc interest
Mortgage - 249,480.00 euros Now - 240,700.19
Loan - 7,015.07 euros Now - 4,486.38
Bank of mum n dad - 15,000.00 euros Now - 15,000.00

The main aim is to pay these debts of 1st and then pay the UK debts. The UK debts are still being paid but i'm in no rush to pay these are they all have interest frozen and the creditors still seem happy with the payment plan that was set up a few years ago.

UK debts back in Aug 2009 were:
£20,155.54 and now are £12,666.47

The UK debts are being paid off at a very very small amount each month, while I will pay back these debts eventually I see no reason to rush to pay them when I am paying interest on my other debts.
If you haven’t already, join the forum to reply! [purplesignup][/purplesignup]
PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
SPC12 #59 MFiT-T5 #36
3-6 mth EF #5
€2,445 / 11,100
Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
[URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
:staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
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Replies

  • muppetsmuppets Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Cycled to work most days this week for both the morning and evening shifts saving myself approx €15 so I have transferred that over to my overpayments pot and will pay that off in the next week or so, hoping to cycle to work again next week so will be able to save the same amount again next week.

    Checked the bank account this evening and seen that both OH and my life insurances have come out of the bank yesterday a total of just over €500, hated seeing such a big amount coming out of the bank in one go but at least it has now been paid for the year.
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
    SPC12 #59 MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
    [URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
    :staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
  • muppetsmuppets Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Been a spendy few days, some was budgeted for some not, need to get it back under control. Was hoping to cycle to work again this week but it has been wet for the last few days, today is the 1st dry day this week but need to take a few bits with me to work and would be too much to bring on the bike.
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
    SPC12 #59 MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
    [URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
    :staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
  • muppetsmuppets Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    LSD today, needed to buy a few items for lunch total spend 10€.

    Work has been really tiring the last few weeks as my hours has shifted around, can't wait till next week when my hours return to normal, the total hours have been the same just finishing later in the evenings and then still having to be in work early, so have not been getting enough sleep and then waking up grumpy, have been napping in the day having about 2 or 2 1/2 hours nap each day which has helped slightly.

    Off to bed now as have to be in work again at 6am
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
    SPC12 #59 MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
    [URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
    :staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
  • NoOneAroundNoOneAround Forumite
    1.8K posts
    Fifth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    Good Luck Muppets,
    I just started my diary yesterday and already have had lots of positive suggestions and encouragement, spurs you on :)
    Feb2014 Total unsecured debt £72,520>>01/06/16 £68166>01/02/17 £66,600=8.18%PAID
    Mortgage Jan14=209,800 Jan15=£200,300 Jan17£180,700>OCT17 £170,200
    Health/Fitness Challenges Priority#1 Stay Fit and healthy - whatever it takes:)
    Wombling Free Cash May2016 £51
  • muppetsmuppets Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    A small payment of £6 made to the UK debts. Slowly moving in the right direction. Still wanting to concentrate on my europe debts as these are the ones that I am paying interest on.
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
    SPC12 #59 MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
    [URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
    :staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
  • muppetsmuppets Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Yesterday in was a long day, started work at 6.am and was finished and back home by 10am. OH had an appointment which was over an hours drive away, we left earlier then needed to and stopped by the outlaws on the way past, appointment lasted much longer then it should have :( . Got back home with no time for dinner so a quick sandwich was all we had at about 4.30pm, rushed off to work and didnt finish till 10.15pm :eek: by this time we were both too tired to cook so grabbed a McDonalds. As soon as we got home we had a quick coffee then went to bed. had to be back up again for work at 5am, not sure how I managed to work this morning I was so tired. A nap was needed by us both, we had time for dinner then it was back to work again :sad: So glad this week is over.
    One load of washing got done as soon as we got home tonight from work and will have another to do tomorrow.

    Apart from the McD's yesterday no other money was spent and today we managed a NSD:T
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
    SPC12 #59 MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
    [URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
    :staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
  • muppetsmuppets Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Another LSD today as OH needed some smokes, why he didn't get them when we were out yesterday i'll never know, we went on the bikes so at least we saved some money on petrol there.
    Tomorrow we return to normal with our work schedule, wont be easy working longer hours again in the morning, but will be so much better working less hours in the evenings and we get back our 2 afternoons off work a week. Mondays is always our longest days of the week so will be good to get tomorrow over and done with.

    Still waiting on the money that we are due back, we had to pay it out quick enough but have to wait over a year to get some of it back.

    Hoping that the tax office sorts out the taxes, we have some of the taxes taken out of our wages each month, and then at the end of the tax year we have to submit our taxes and then have to pay within a month of them telling us what we have to pay etc, have the money in the account waiting to pay them, just waiting for them to confirm if the taxes we done online was correct the amount.
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
    SPC12 #59 MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
    [URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
    :staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
  • muppetsmuppets Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    My mortgage payment went out of the bank yesterday of 840.72€ :)

    A small payment of £5 paid to my UK debs today. :)

    Still waiting for some money that I am due back, have already planned how I will use the money once it arrives in the bank account, some of it will be used to pay some money back to the Bank of Mom 'N' Dad and the rest will go towards my loan.

    Have added 49.50 € left over from last months food shopping to my overpayments pot and will pay that off the loan when the above money comes it. In total manage to add 65€ last month to the pot and so far the 49.50€ from this month meaning I have 164.50€ waiting to be overpaid to the loan.

    So far been a NSD and hoping to keep it that way.
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
    SPC12 #59 MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
    [URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
    :staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
  • Goodluck :)

    I need to cut back on petrol too since my partner has come home from work for a bit...gone from £25 a month to £50 a month :(
  • muppetsmuppets Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    ✭✭✭
    Managed a NSD today :j
    Need to do the monthly shopping this week, we have enough food in till saturday, don't really feel like doing the shopping but needs must, at least when it's done thats the main shop done for the month.
    I think there is enough cat food for approx 2 weeks so undecided about going to the pet stop, maybe it would be worth getting the cat food this week as it's a few shops away from Aldi and can combine the 2 together, then it's only the main shopping left to do.:undecided

    Cycled to work this evening as the weather is still good, saving myself about 2.06€ in petrol so I have added that to the loan overpayment pot.:A

    Going to have a look round the boards then might have an early night.
    PAYDBX 2019 - #01 Pd £12,915.19 / £17,000 - 75.97% :T
    SPC12 #59 MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 100,861.55/ 271,495.07 37.15% MF [STRIKE]Aug 2038[/STRIKE] Sept 2035:shocked:
    [URL="http://forums.moneysavingexpert.com/My long slow journey to mortgage freedom"]:starmod:My long slow journey to mortgage freedom[/URL]
    :staradmin[STRIKE]My diary - Making a move on debt [/STRIKE]
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