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£46,000 possibly more debt I want it gone..
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so my insurance is due on the 26th of Jan, car goes on the market on the 1st of Feb, however i don't know how long it will take to sell.. I've spoken to the renewal team, and run a load of quotes through the meerkat website. Essentially they have rejigged things to make it cheaper for me while i have both cars, and when I want to drop down to one car, the price of insurance for the car i'm keeping is matched to the lowest quote i got back from the comparison site. however i intend to run another set of quotes through the system before I remove the other car, as it might be worth my while haggling again with them when the time comes as they will charge a £25 fee to remove one of the vehicles which I'm sure if i make a good case they may well be able to overlook in return for my loyalty.
My brain is in "if you don't ask... you don't get" mode... I've been sitting here all night crunching numbers trying to figure out how i can squeeze things more to get my monthly expenditure down further...13/08/2024 This needs updating its years out of date
Fresh start & LBM #2: 21/12/2017 : DFD: 02.02.2024
Debt at 21/12/2017: £46,506.94
Status at 12/05/2019: £29,623.32 | FD Loan: £6,076.68/£35,700.00 | O% finance: £3191.80/£3191.800 -
vickthestick wrote: »Everything is starting to look so much better for you.
Well done!
thankyou, Im still concerned the numbers may not be correct but i am thinking constantly about reducing my bills and shrinking my debt so lets see how it goes... I never thought id be in this mess, and when i found out i was i never thought id see a light at the end of the tunnel but i do and that is encouraging at the moment. Its People on this forum that have really motivated me and reading others posts...
I work hard for my money and I deserve to get through this and be able to live a better life. If nothing else this has been an invaluable lesson to my three children who are actively involved in helping me find ways to save money and pay off this debt. There is no better financial education than to live through it.
I will clear this debt might be 7 years, but i will clear it, im aiming for 2 years... eeek13/08/2024 This needs updating its years out of date
Fresh start & LBM #2: 21/12/2017 : DFD: 02.02.2024
Debt at 21/12/2017: £46,506.94
Status at 12/05/2019: £29,623.32 | FD Loan: £6,076.68/£35,700.00 | O% finance: £3191.80/£3191.800 -
The interest on your First Direct loan hasn’t been front loaded. Interest is calculated daily so the more you overpay the less interest you’ll pay in total.0
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Sorry for being nosey but I assume that FD loan is secured against your home?Current MFD 1st July 2026
Target MFD 1st April 20230 -
That’s good to know, when I phoned about over payment I was told they didn’t have the facility to recalculate it... which worries me as I wasn’t sure how I would know how much my overpayments would affect the interest ... I guess I’ll have to build my self a spreadsheet to do the calculations...13/08/2024 This needs updating its years out of date
Fresh start & LBM #2: 21/12/2017 : DFD: 02.02.2024
Debt at 21/12/2017: £46,506.94
Status at 12/05/2019: £29,623.32 | FD Loan: £6,076.68/£35,700.00 | O% finance: £3191.80/£3191.800 -
Do you still want this thread moved to the diaries section?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80000 -
Having consolidated your debt on to such a high loan I strongly suggest you don’t use credit cards or take out further borrowing.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80000 -
enthusiasticsaver wrote: »Having consolidated your debt on to such a high loan I strongly suggest you don’t use credit cards or take out further borrowing.
I agree, so here's the copy of my new years resolution on Facebook, its more of an affirmation though...
2018 debt repayment year ... im tired of interest and overpaying for things... from now on three rules ....
1) No new credit cards
2) No new car finance
3) No new loans
I’m done with paying interest ... it’s time someone paid me interest ...
I figured since its affected every aspect of my life its not a bad thing to shout about... My girlfriend of five years broke off with me in November for not commingling to her and letting her down, and this debt is a massive reason for that as i was keeping it from her... I am not making that mistake every again... She now knows about the debt and we are talking... I don't know what the future holds but I am not letting money control my life... I work too hard to let that happen.. Im using this as my kick up the backside to get things moving... in the right direction.13/08/2024 This needs updating its years out of date
Fresh start & LBM #2: 21/12/2017 : DFD: 02.02.2024
Debt at 21/12/2017: £46,506.94
Status at 12/05/2019: £29,623.32 | FD Loan: £6,076.68/£35,700.00 | O% finance: £3191.80/£3191.800 -
enthusiasticsaver wrote: »Do you still want this thread moved to the diaries section?
Yes please, I want to keep this rolling so I keep motivated this time.. :-)13/08/2024 This needs updating its years out of date
Fresh start & LBM #2: 21/12/2017 : DFD: 02.02.2024
Debt at 21/12/2017: £46,506.94
Status at 12/05/2019: £29,623.32 | FD Loan: £6,076.68/£35,700.00 | O% finance: £3191.80/£3191.800 -
Ashingtonian wrote: »Sorry for being nosey but I assume that FD loan is secured against your home?
So I don't know... now feeling a bit like i should have read more small print... going to pull the paperwork and take a look... eek.13/08/2024 This needs updating its years out of date
Fresh start & LBM #2: 21/12/2017 : DFD: 02.02.2024
Debt at 21/12/2017: £46,506.94
Status at 12/05/2019: £29,623.32 | FD Loan: £6,076.68/£35,700.00 | O% finance: £3191.80/£3191.800
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