I have the power!

Jena666

Hi all

I've been a long term lerker (like many many people) and finally decided now is the time to go live..... Whilst i havent got a penny in my pocket!

For some this would scare the life out of them, for me i am smiling from ear to ear as ive gotten through the worst year of my life and it has rapidly turned around to the best.

Here's a bit about my rollercoaster... Started the year a newlywed which didnt last long and saw me move back in with my parents after 6 years with only £50 to my name. Stupidly, all bills, debts etc were in my name due to ex being bankrupt, leaving them free to walk away (kick me out) and move on with their new fancy piece.

Fast forward 5 months and i was facing redundancy due to my role becoming extinct *luckily* i was able to secure a promotion before this happened.

Fast forward 2 months and the company went into administration (high street mobile phone retailer)

Fast forward 1week and my store was one of the lucky 58 that got bought by another company and now trades under a different name.

Being bought out by the other company means that i got quite a good payrise (6.5k) as they wanted to bring their new employees in line with their existing :T

The here and now:

I have since met someone who has changed my life incredibly and make me believe in love and trust again and theyre understanding about my financial situation. Things have moved quickly between us as we both feel this is right and we are very open and honest with each other.

We were looking for houses to move in together and have decided to buy due to renting being roughly 200pm more expensive:eek:
we are due to get completed around 10/12/14 and at this moment in time will soley be in OH's name due to my debt but we will be looking to put it into both our names after the fixed term is over (3/2/2017) so i need to get debts gone completely by then!!!

I have never defaulted on any payments, my credit is just terrible due to the amount of lending i have.

You may be reading this thinking, damn this girl is crazy... Why is she smiling from ear to ear? Well, since i got my payrise, all of the extra money has been going into the deposit fund. Meaning that when we actually get the house I WILL HAVE MONEY for the first time in a year(pretty much)!!!!!!!

My debt as it currently stands is at £11970.
My monthly income is £2000
And my outgoings are £1400 (inc the mortgage)

Leaving me £600 per month to make a lovely dent in my debts :T

This will all fall into place on 18th dec which is when i get my first pay after buying the house!!!

At this moment in time i dont want to post an SOA but i may do in future when it doesnt feel so daunting.

Sorry for the rambling

Jena666

Back again, with a shiny new signature

My plan of action is to be debt free by christmas 2015 or as close to this date as possible!!

Im lucky that my OH is on board with my plans and understands that i need to get rid of the debt because its tied to my past.

We keep our money seperate but have a bank account (in my name) that the house direct debits are getting set up to so we can set up a SO from our seperate accounts into there for the bills and mortgage etc.

I have a graduate account which is seperate to my other accounts with a low interest £2000 limit which is currently maxed (grr) i am using this going forward to build up an emergency fund/debt clearing account so it is sat there accessible but i can easily add money to it to lessen what i owe.

My first plan of action is to get rid of an old vodafone contract i have that ends in April 2015 @ £33 and then use this £33 as a starting snowball (a la Dave Ramsay)

I have three credit cards, two of them i can adjust the DD's on which are currently set at £35 and £50 which is roughly double what i need to pay on them. I will add the £33 to the £35 (and throw in a cheeky misc £2 to round up) making this £70pm.

Next i aim to tackle my Argos card which has had a measley £300 on there for a year or two. I did quite well with the Payment a day challenge on this until i moved back to the parents and needed to buy a bed (grr) aiming to have this gone with minimal fuss by payday in Feb (25th). The direct debit for this is variable and only £8-9pm i will round this upto £10 and throw it onto the CC making it £80pm (£45 snowball)

Thats all for now as ive got writers block from all the thoughts buzzing around in my head haha

Calling14

Hi welcome shiny new diary.

Only comment I would make is that you are being incredibly trusting putting your savings into a house, when you name is not on the mortgage. Haven't you got to live together for a few years to be entitled to half?

I have learnt the hard way still paying for a conservatory for an ex. which I was stupid enough to put onto my credit cards.

Just be careful. Well done on pay rise.

Jena666

Thanks Calling, yes I am but my partner is also taking the risk too as they wouldn't really be able to afford to pay the mortgage without me so its a double bubble.

Just a quick update while I'm on the train to a meeting, ITS 10 DAYS UNTIL PAYDAY!
I cannot wait!

We still haven't completed on our house- solicitor said this Friday (12th) but we haven't even received the contracts yet and they need to be returned and received by our solicitors before they can give 5 days notice to the bank for the mortgage funds �� so the earliest it could be now is 17th-ish ��

Really just want to get in there and have our own space now and make it feel like home, were both worried that it won't feel like home for a long time too but other than buying new things for the house I can't think how to do this? Definitely not something I want tobe doing whilst debt fighting!

Just waiting on my payslip to be available (sometimes its available online, sometimes it comes in the post quicker) then I can see what's left as I need to put asside Januarys mortgage payment (if we're in there by then grr) also I'm itching to get rid of the pesky Vodafone contract that I've been paying for a year an a half for no reason other than I stupidly took out the contract and hated the phone ��

Nearly at my stop so best pop off for now
Bye x