Shifting this debt one £ at a time.

jwil

abba1772 wrote: »

Wow that's a lot of items to leave the house I don't think people realise just how much stuff they have until they start clearing it out ...........well done xx

Thanks abba, it's crazy. Especially as I can easily do it again more than once!

jwil

Happy New Year everyone!

Hope 2017 is a good one for us all.

Quiet night for us last night, I was in bed just after 9pm :rotfl: I did declutter a bottle of vodka (miniature!) which was my first drink in 2-3 years.

jwil

It's all change for me this year. I've been messing around with my debt for years now, paying off thousands, but not getting anywhere due to interest and robbing peter to pay paul.

I decided a few months ago that I'd had enough of living like this and not getting anywhere, so I've decided to go into a DMP.

I've been paying token payments and as a result nearly all of my accounts are now defaulted and interest free. The last remaining one is going to default me in the next couple of weeks unless I pay up (not going to happen!)

That means that the 6 year clock has started ticking and my credit file will be clear again. I have no access to any credit now, and no savings either, so that needs to be a priority now, especially as we had a scare with my car yesterday and I'm concerned there is a potential breakdown on the way.

The only problem is, due to childcare etc, there is not a lot of spare cash still so the payments are still going to be minimal so the debt isn't going to be reducing very quickly. Hopefully in September when little jwil goes to school this will reduce the childcare bill somewhat.

Hopefully DH will get a job quickly as that will be a problem otherwise, and depending on what he winds up doing we might need to change our childcare arrangements which could save money or cost us more.

We still have loads to declutter so hopefully will be able to raise lots of cash through that.

I've set myself some annual targets this year and will see how I can do.

I'm fed up with all the struggling so hopefully this year will be the year I gain control and finally start reducing it all.

jwil

Targets for 2017

1. [STRIKE]£2000[/STRIKE] - £2000 MCA
2. [STRIKE]£13,000[/STRIKE] - £13,000 NW
3. [STRIKE]£400[/STRIKE] - £400 JOD
4. [STRIKE]£1200[/STRIKE] - £1200 ACS
5. [STRIKE]£200[/STRIKE] - £200 ABC
6. [STRIKE]£430[/STRIKE] - £430 HS
7. [STRIKE]£280[/STRIKE] - £280 AS

Total: [STRIKE]£17,510[/STRIKE] - £17,510

Total mortgage/debt: £190,975 - £190,975

jwil

Those targets are super ambitious and reflect where I'd like to be at the end of the year.

It's a combination of savings, debts and some money I owe DH.

I'd love to make a big dent in it!

abba1772

Sounds like you've got a plan that's best for you and your sanity and I wish you all the best xx

brizzledfw

Hi jwil :wave:

Sorry have been missing recently...and not keeping up with the goings on as much.

This sounds like the right decision for you. Well done. I am sure it wasn't easy but sometimes you just have to do what your gut tells you. Keep up the amazing decluttering it'll make you feel more clear headed and put some pennies in your pocket too.

Here's to a fantastic 2017 for you all

Xx

pennywisepoundstupid

Happy New Year Jwil, I hope 2017 is a good one for you.

Well done on all your decluttering.

Take care.x.

retiredandskint

Happy New Year jwil. It sounds as though you're heading in the right direction. If no interest is accruing on your debts would it work if, for the first six months of this year, you just paid minimum payments and threw any spare cash into savings including bay of e sales. With access to credit you do need that emergency fund.

jwil

Thanks everyone, I didn't want to do it, but I'm fed up with not getting anywhere reducing the debt. At least now it can only go down!

You are right retired, and that will be my first focus, trying to get some emergency funds.