Countdown to a new life...2.5 Years to Debt-free ....Revisited

Sellurgranny

Hello and Welcome One and All to My First Debt Free Diary!

Feel free to pull up a chair and read my sad and sorry tale - well its not really sad or sorry just a bit predictable and riddled with debt.

I've been on MSE for a fair while but recently only in sporadic dribs and drabs. Back in 2013 I purged all my non secured debts - approx £3500 of them in a 10 month long slog. It was a challenge but so rewarding when I paid off the last one.

So why am I here? Well there's still the pesky nuisance of 2 BIGdebts that stand between me and my "proper " life which is waiting in the wings for me. More on that in a bit.

So, a bit about myself first. Im approaching middle age - gawd that sounds tragic - ok... lets rephrase that... Im in my mid 40's, divorced since 2010 with 3 wonderful daughters. DD1 flew the nest last Sept to Uni (though periodically arrives home to eat all my food, use all my loo roll - seriously I dont know what she does with it all and generally make a mess.) DD2 is 16 and taking GCSEs this summer and DD3, my lil baby, is 11 and going to Secondary this September.

I managed to keep the house in the divorce settlement though HE that shall not be named, is still on the mortgage. That is definately one goal i need to achieve... get him off it as soon as....:(
Had all sorts of trials and tribulations with him mainly in regard to the kids/custody etc. been to hell and back with that but generally all is settled now. The girls see him fortnightly and he pays ZERO Child Support. A very long story for which I'll spare you.... he's been found guilty of fraud re. child support but STILL no child support. Have pretty much given up any hope of ever getting any.

Im soon to be starting a new job within the same organisation working full time/term time. :j Thats a leap from my current 24 hrs/pw - more hours and a higher grade so Im envisaging being able to pay off my debts a bit quicker than I have so far. Im a bit scared of the full time hours but only in as much as making sure DD3 is ok getting to and from school as I'll have to leave before she does. Not sure how its going to work yet as she'll have to lock up the house when she leaves. I know I need to give her more responsibility seeing as she's going to secondary in less than 6 months. Once she's at secondary DD2+DD3 will leave same time.

So, to the debtmobile..... currently they stand at £11k which is my Legal Aid Bill from said messy divorce (Debt 1) charging a hefty 8% interest and (debt 2) £14.5K Mortgage current account which is attached to the mortgage and was run up by Ex-husband without my knowledge before we parted. As I pay the mortgage, I am also chipping away at this debt too. Debt 3 is actually part of Debt 1 as i took a money transfer CC at 0% to make a lump sum payment off debt 1 last October. So debt 3 is currently £3500 approx and needs paying off by Oct 2016.

I've spent the past couple of weeks since I found out I'd got my new job reading through all your brilliant diaries. Honestly, they've been an inspiration. So much so that I felt I needed one of my own - I know everyone's situation is different and always feel much more drawn to those in similar circumstances, namely single parents who are bringing up children on a very fixed/low income whilst trying to tackle whatever debts they've been left with/accrued through just trying to get through it all.

Won't keep you much longer...promise...but just wanted to lastly explain why I've given myself 2.5 years to try and get rid of the debt (£25.5k) well as much as I can of it - (I dont actually think its gonna be possible to completely get shut of it). Im engaged (slight blush there - feel too old to have a fiance!!) to a most marvellous man - proposed to me on my birthday last year at Tintagel....v. romantic and ecstatic! and Im planning to move down to marry/live happily ever after when DD2 goes off to University. Obvs will be taking DD3 with me! We've been together for nearly 4 years - he's a single parent aswell to 2 teenage boys but its long(ish) distance.... 56 miles to be precise.... just that bit too far to commute between our homes so we only see each other at weekends/holidays. When the time comes....December 2017 I want to have achieved the following:

1. Re-mortgage in my sole name which means I need to clear:

2. LSC debt which is secured on the house

3. Whittled down as much of the mortgage current account as is humanly possible.

This will happen through higher wages = bigger payments, tight budgeting, selling my rubbish on fleabay, cash for clothes.

I need to get back on the snowball calculator. Last time I did it for these two debts it frightened me off ALOT. I used it successfully for the smaller unsecured debts but these just seem too big. I think I need to chop them down into smaller amounts and focus on that. The 1% challenge helped me last time but whenever I think about the big debt my brain goes a bit fuzzy and I put it off again for another week.

Really I need to have an action plan together before I get my first new (hopefully much plumper) wage at the end of April. March's pay will be more aswell as Ive done some overtime last month plus they mucked up a pay rise I should've had in November 2014 so some backdated pay to come too. So, I need to have a plan by 25/3 which is payday.

Right, I think that's me in a rather large nutshell. Hope you're still awake?

Be great to hear from anyone really! Im not fussy!

Sellurgranny

Sellurgranny

So first things first i need to update my signature which is out of date and secondly i must do the snowball calculator....

I've got 6 days left in my old job before i move to fresh pastures. ... The closer it gets the more I'm sure I've made the right decision to change jobs. I dont know if im just feeling a bit sensitive but it almost felt liked I'd already left today.... felt ignored/overlooked. I won't miss the drama that seems to constantly surround my colleague/line manager. Thought it was just a temporary blip but every day is like ground hog day with her. Meanwhile i just plod on getting the work done and getting not much thanks. I kinda hope they struggle when i leave! Bit uncharitable of me innit!
Toodle-pip xx

in_need_of_direction

Hello and welcome. I too was in a similar situation 10 years or so ago in terms of debt, unreliable ex, etc. you sound so positive and have such a great incentive, I can't wait to see your progress

monz

Way to go making this diary is a fantastic way to keep yourself on foot x

Sellurgranny

Thanks for stopping by INOD and Monz - sure is nice to have some encouragement.

I think this diary is going to be really good for me - normally by now with tea cooked and cleared away, Id be thinking about slumping in front of the TV for most of the evening with only occasional spurts of activity sorting out the kids. I've set myself the task of updating my signature with current totals and will shortly face the snowball calculator.

I made a payment of £60 to top up the DD to Debt 2 today so for encouragement I've added this to my signature.

Got some stuff listed on fleabay at the moment, finishing between now and Sunday evening. Just things I had lying around the house - I actually can't believe some of it has bids on! Amazing what peeps will buy! Not that Im complaining. The real challenge will be putting whatever I make after fees straight into paying off a debt. In the past if its just been a little bit in my paypal I'll just end up buying something else with it. I really do need to keep the mantra EVERY PENNY COUNTS in my head!

Work was ok today, spent a while clearing out old paperwork and putting together information for whoever takes over my job. Feeling ALOT in limbo at the moment but trying to focus on the future and the positives that it will bring - namely more money to pay my debts. Seriously hoping that I dont get hammered by Tax credits, as my wage will be increasing by more than £2.5k. Had a go at the calculator that Gingerbread have on their website and it looks like I'll be ok.

Right.... off to throw some snowballs.....

SUrG x

Sellurgranny

Well YIKES :eek::eek: that's all I can say....

Just plugged the debts into the snowball calculator and its going to take me 45 months to be completely debt free if I service the debts to the tune of £700 per month. Im not even sure that's realistic at the moment. I currently pay £500 each month so perhaps it will be when I get my new monthly wage.

My total debt is £29,767.00 WOWZERS. Half of that debt was worth it.... to get my divorce and my children living with me permanently but the other half is a symptom of what caused the divorce... i.e gambling (not mine I hasten to add!).

Right, next step is to break it down into 1%'s .....quickly runs to the abacus....£298.00

That still feels too big a number to work with. Think I need to break it down into separate debts so I'll keep a running full total of my progress plus individual ones to keep me motivated.

Debt 1 = £115
Debt 2 = £35
Debt 3 = £148

elly68

Love the name lol,i'm up £50.00 in my ebay account selling the same junk .hope all goes well with your plan .

Sellurgranny

Thanks elly..... i spoke too soon... 1st sale tonight wants to cancel their order.....flipping fuming why do they do that? ? Hope you're having better luck!

SUrg x

Ccarter

Oh my goodness I'm sorry your divorce cost so much and was difficult! Also that you don't get any CSA. Mine is not much and is always late but he does give it to me.. Well done mangaging it all on your own.

:beer:

Hadalbm

Hi I've found your diary. Sounds like you've had a really tough time with your ex but main thing is that you have your children and what sounds like a happy future in front of you.
Good news about your promotion. The extra money will be a big help. Looking forward to keeping up with your debt free journey and sharing experiences x

Sellurgranny

Thanks guys.....I'm sure its a common theme amongst us debt busters, a tale or two to tell but at least we're dealing with the debt!

Its my last week on my old job next week and people are slowly finding out at work. ..its a big place....been getting some lovely emails from academic staff who i work for (I work in higher education ) thanking me....its really given me a lift after the shaky start to the week. Only hope my next team are as nice as the one I'm leaving. And if not then it's only a job and the sooner i pay off my debts the closer I'll be to my ultimate goal of moving.

Sold 2 things on the bay today but no payments as yet. Got tomorrow off so going out with my bestie for our Friday Frenday which will consist of charity shops and lunch. I LURVE charity shops. I can barely bring myself to buy anything in a real shop. Even got my DD2 into it. Oh and roll on car boot sales in the warmer weather too.

Hope y'all having a good Thursday evening anyway...i watched the 70s pop music prog on i.t.v. not really my era...I'm an 80s child but was fun to remember the songs from when i was a bit smaller. Gloria Gaynor brings back memories of my mum playing "II will survive" on repeat..... she was getting divorced from my dad at the time.... good old Gloria!