Mola makes it HALF WAY!!!!!!!

Molanole · 9 August 2007 at 2:14PM

Imelda wrote: »

well done Molanole, surely the second half will go down quicker as you're now paying a lot less interest?

I hope so. That's what most people on here say so we'll see what happens! I'm attacking the Egg Loan first.

Imelda wrote: »

Have you checked through your SOA recently to see if anyone can suggest further tightening?

Thing is, I've moved in with the in-laws so aside from the small amount for board and lodgings, my travel card, and then car, mobile and internet expenses everything else is debtwards bound!

I've just (last month) shelled out £550 for MOT, service and repairs, am putting aside £50 a month for next year's car expenses, renewed my insurance only after doing all the price comparison sites (how can some people charge me £900 and some £230

!!). My internet is a fabulous £9.99 for 8MB which I got as a reward for being a valued customer! My mobile was a great Vodafone deal of £13 pcm with lots of inclusive minutes and I'm tied into an 18 month contract unfortunately.

I've got no utilities or food bills to be shaving down so am very lucky right now. This is the only way I can manage so much debt reduction, and saving for the wedding at the same time. I feel a bit of a fraud but needs must! I could potentially lose my job this time next year so getting ourselves straight is number one priority for me right now. I might go insane but at least I'll be almost debt free!

ltm07 · 9 August 2007 at 2:14PM

Thanks Mola. I know the feeling about OH's not being as motivated. My OH hasn't been the best with money(& neither have i to be fair,but a little better than OH;) ) to be honest but has been alot better since our lbm at the start of July. We know we've got to deal with our debts otherwise we'll be stuck in a rut forever. About the wedding,we are also saving,& had managed to save £32 since the start of July(not much i know but it's a start)! We originally set a date for August 09,but decided to put it on hold until August 2013 when we should be debt free by at least a year(DFD August 2012) Started to put our cash into our ISA,but a kind forumite on here suggested that instead of saving,we should use the money towards paying off our debts to bring the DFD closer. Even if our DFD doesn't come down,which we are determined it will,we can save the £650 a month for 12 months giving us £7800 + interest. That said,you have already saved an impressive amount towards your wedding. Good luck & all the best.

hypno06 · 9 August 2007 at 2:19PM

You can do it!!! Go girl!

Molanole · 9 August 2007 at 2:20PM

Ah thanks ltm. Being on here certainly helps when you need to rant about demotivated OH's. Your diligence and hard will, I'm sure, eventually have an impact. Seeing the debt go down is the best motivator of all.

ltm07 wrote: »

That said,you have already saved an impressive amount towards your wedding. Good luck & all the best.

I wouldn't read too much into this. It was a combination of some back-pay and a very generous 30th birthday present from my sister which I was told under no circumstances was I allowed to put towards debts and absolutely had to treat myself with. What better treat than a wedding!! My actual month on month saving has been pretty shocking so far!

redfaced · 9 August 2007 at 2:24PM

Just wanted to say WOW and congratulations on your success.:T You're an inspiration to newbies like ltm and myself, news like yours makes me determined to "stay with the pragramme" .

ltm07 · 9 August 2007 at 2:29PM

Yes i can see what you mean about using 'gift money' to pay off debts. It probably is the most sensible option,but it doesn't seem right,everyone has to treat themselves now & again,& like you say what better way to treat yourselves than getting married! Anyway got to go now & get everything sorted for our hols,going in morning,can't wait. Nice chatting to you & all the best.

Molanole · 9 August 2007 at 2:30PM

You'll get there redfaced. I won't deny that the last two years have been really tough. Renting in extortionate London made it very difficult to find savings anywhere and there were a few times when my hold on the wagon was very shaky indeed. But, staying in touch on here definitely helps, even if only as a lurker. I fully expect things to be much easier financially over the next year.

Storm · 9 August 2007 at 2:31PM

Big congratulations Molanole

As others have said, at least at this point the monthly payments are going more towards the actual debt than just interest repayments, so finger's crossed for the total coming down nice & quickly!