£46k in debt.....at 24.

tootallulah

Good to hear from you I hope everything continues to go well.

YoungBusinessman

Thanks guys, back to work today for 11 hour graft, straight home to housework, just showered and sat down now!! Plenty housework/TV to keep me occupied this next few weeks, hoping to see out March with alot of no spend days(other than budgeted for needs/direct debits!) Filled the van up with fuel today, got 543 miles and it cost £66 to fill up, going to keep note of my MPG figures and try to drive alot more economically(not like most 24 year olds do!!!!!) As every penny helps here, a few quid a week could knock weeks/months off my DFD!!!

First lump sum is planned for end of July(this allows me reasonable time to save up for it and allows for an unexpected expense/one pay smaller than expected!)

£4,000 target so 10% will be wiped off in one hit. The PCM payment will stay the same so the DFD will be alot closer. HMRC got back in touch saying they dont want a lump sum payment from me(which i thought was weird, if im owe them money) and said tax code has already been ammended starting next month to gradually come out over the next financial year. They are sending me details of this and i will post them here to check im not being mugged off!

Amazing to think what you could spend £1,700PCM on if you pay it for a few years towards debts then suddenly its all yours!!

YoungBusinessman

That finishing line had me wondering today.....£1,700 PCM overpaid on my mortgage would clear it in the same time im going to clear this debt off. What a thought!! Motivated more than ever to get out of this position i find myself in!! Nevermind, work done for another day, roll on April, better weather+more daylight hours so can crack on with paying this down!!!

YoungBusinessman

What a day, made some ok money! Trying to get down below £40k by the end of this month/start of next!!

YoungBusinessman

What a wind tonight..........outside i mean, not from me!! Going to get into bed, watch billion pound hotel and get some shut eye, going to try and get up at 6am every day this week(maybe 7am on Sunday as only day off!!) So hard to get out of bed that early but so glad for it once im up and on the go!! If i can start work at 7 oclock 4 days a week instead of 7.30 that extra 2 hours a week could be ££££s of a difference by the end of the year!! Same at the end of the day, a little extra time+tidying up+setting off the next job and il be well on my way to my targets for this year.....

tootallulah

I hope you get to your first paying off target if you can get rid of "lumps" it will make such a difference to how long everything takes. Good luck.

YoungBusinessman

Cheers toot!! Have you got a BTL/how come two mortgages? Was going to go for a NSD today but one of my work tools broke first thing this morning so had to purchase a new one just now,£23 down. Not too bad as on cc that fuel goes onto and gets cleared at the end of every month so il just try to use £23 less of fuel this month!! I'm working for a different company to my normal for the next 3 Saturday's as overtime, might even go as far as asking the guy il be working with to pick me up on the way to the job, purely to save money, is that bad?!

Cracking on at work this morning, suprised I'm not a zombie after the wind keeping me up half the night, it was brutal out there. Usually get up 6.50, managed 6.30 today....need to get at least one 6am this week!! Just find it hard to fall asleep, once I do I find it hard to wake up! Another aim iv got is to be taking packed lunches this week, day 2/6 with one, hopefully continue with that. Iv a lad that works for me and with bullying(I hope) I'm trying to get him to crack on to make me a little bit more than he has been doing. With the overtime I'm doing, this April-april starting next month should see an increase of 6k in my p60 come next April. If that becomes an extra £3,600 in my pockey(high tax to cover fines from lovely hmrc) then that's an extra wee % off my debt this year!! My solicitor said I can change the payment after a review if I think it's too high, as much as I think £1,700 PCM is a lot of money, I'm going to stick with that as a minimum.

2 weeks wages due on Friday plus iv 3 days wages made so far this week....all coming together now, all that's on my mind is money money money, this debt won't be around forever!!

MFW_ASAP

You've been at this since November and the amount in your signature hasn't changed. When I'm on a financial challenge I find it to be more motivating if I update my balance every time a payment is made (in your case it'd be once a month as you make the normal payments). It's great to have a couple of figures, one showing the original balance and one showing the current, reducing balance. Just a thought.

YoungBusinessman

Sig updated. Thanks for the suggestion, quite surprising over 11% paid off just under 4 months in!! Working in %s looks a lot better/more motivating. If I get under the £40,000 mark this month, even £1 under that's 14% gone!

Making a lot more progress than I thought I would be, with better weather still to come = bigger wage...bring it on!!

YoungBusinessman

Hey all, sig looks alot better now with that percentage on show!! The weather today is just brutal, windy and raining quite heavy so did just about enough to cover todays expenses and thats about it, fingers crossed for a better day tomorrow....

Now home and got a few hours before Gf gets home from work so sat infront of heater reading through MSE! Iv been reading through an old 2011 thread from "mrsmcr" who doesnt appear to post anymore but she was in £518,000 of debt repaying £6,000 PCM!! If only i could find £6k PCM the debt would be gone in under a year. Ahwell, back to the drawing board, at least its payday Friday and iv only got £250 of outgoings left in March(surely iv missed something!!!)

This weather making is so tempting to give into gfs pressure to book a holiday......must refuse! Debt to be cleared first!