Adventure wanted, but first we must rid ourselves of debt

remote_control

Hi Adventures, just skim read your diary, nice to see how quickly the figures are coming down. Do you still home school the children? Is most of the money coming from husband's work and selling then? This time next year you'll be nearly ready to plan the holidays you talked about in your first post, that's so exciting!! What's your debt free date?

Good luck! I have subscribed

abba1772

Well done on getting the card under the £10k mark bet that's put a spring in your step xx

enthusiasticsaver

The debt is coming down nicely now.

AdventureWanted

remote_control wrote: »

Hi Adventures, just skim read your diary, nice to see how quickly the figures are coming down. Do you still home school the children? Is most of the money coming from husband's work and selling then? This time next year you'll be nearly ready to plan the holidays you talked about in your first post, that's so exciting!! What's your debt free date?

Good luck! I have subscribed

Hi remote,
Thanks for stopping by. Yep I still home educate 2 of my 3 children (the 3rd is only 2 at the moment!). The money coming in is mainly from DH working. We try and sell bits when we can, as well as using cashback websites. Luckily there's been quite a bit of extra work available recently, so it's helped bring the debts down and pay off the extra on the mortgage.
Not 100% sure when the DFD is as I'm forever tinkering with my CC spreadsheet to see how quickly I can pay it off! If things carried on at the usual DD amounts I think it'll be around March 2021, but I'm forever hopeful that we can knock a few months off that. If I could wrap it all up by the end of next year I would be absolutely ecstatic, But not sure how likely it is. Realistically I need to keep building up an EF in the business just in case there are quiet periods, but I often find it hard to curb my enthusiasm to pay the debts! I cannot wait to start going on adventures with the DC and visiting some of the countries we want to go to. I have to keep reining DH in, as he would happily put a big trip on a 0% card and pay it off after the event rather than save up for it.

AdventureWanted

Thanks Abba & enthusiasticsaver. Getting under £10K on CC4 has given me a huge boost. It still seems daunting the thought of tackling that card once DHs course CCs are gone as the amount is so high, but it definitely seems more achievable now it's under £10k. Looking forward to being able to start properly tackling it!

AdventureWanted

Today I've paid £20 to DHs CCs. I've spent some time updating my Cc spreadsheet (again!), reviewing the October budget on ynab and also managed to complete & submit both mine & DHs tax returns. Feeling pretty organised! The net result of the tax returns is a £140 refund .

jwil

You are doing really well

AdventureWanted

Thanks Jwil .

I'm still trying to catch up on all the diaries I subscribe to - it's taking ages! It is nice reading how everyone is getting on and definitely helps me feel more motivated to pay the debt down, so I will continue with the reading later today.

Yesterday I paid £16 to DHs CC and today I've rounded down my bank account sending £8 to the same card. Am enjoying getting back in to the swing of daily payments. Debt as of today is £15,469.17. I am hoping that by the end of the year I can get this figure to about £11k. It's pretty exciting to think that by early next year the debt may be below £10k. Can't even remember the last time we didn't have large debts. Next year the plan will be to increase savings as well as pay off the debt, as we really do need a safety net with DH being self employed. Would be amazing if I could get to £5k EF by end of next year and pay the debts down.

With the small mortgage being almost cleared (need to phone up for a final settlement figure on it) DH and I are debating what to do with the £30 overpayment he was making to that mortgage. My suggestion is to put it against the other mortgage account, as it'll help to reduce the term and interest being paid. DH thinks we should save it, as we are hoping to move house in the next few years. I think it makes more sense to choose the mortgage overpayment route. Does any one have any views?? The monthly mortgage amount has also reduced this month due to our overpayment on the small second mortgage, so think I'm going to set up a monthly payment for the difference to go to the mortgage. I'm used to paying that amount each month, so I may as well continue! Hopefully it'll all help in the long run.

DC3 was up in the night with a hacking cough, so we're going to have a quiet weekend staying in the warmth of the house. Hoping if it is a bug that she'll get over it quickly. Going to make cupcakes with the DC in a bit and then all snuggle up on the sofa watching a dvd. Love weekends like this (minus the potentially ill child!). Hope everyone has a good weekend.

AdventureWanted

Morning :wave:,

Have been fairly productive so far this morning! Banking has been checked & YNAB updated. Have transferred £92 to DHs course CC. I think this should be completely cleared in Feb next year, which will be brilliant. Spent ages looking on Barclays website to try and see if I can get a final settlement statement for one of the two mortgages we have, but it doesn't seem possible, so have messaged them about this and a query on the final exit fee. Has anyone settled one of two mortgages with the same mortgage provided on same property before? Trying to find out if we will be charged the £275 exit fee when we clear the small mortgage or if it's just when the large mortgage finally goes (in many many years time!). Really hoping we only get charged the exit fee once.

Off swimming with DC3 in a bit. Hope everyone has a great day .

AdventureWanted

Have had a very muddy day at forest school with the DC today. Going to have to wash everything and scrub all the wellies before the next session. The DC absolutely loved it as usual, in fact the muddier it is the more they enjoy it!

Today one of the Dd payments for DHs course Cc has come out (£280), so again the debt is slowly reducing. I've spoken to Barclays about the mortgage and we won't be charged the exit fee when the small bit of the mortgage is paid off, so I've transferred £19.88 to clear the balance. Now down to the one large mortgage..

Hope everyone's had a good day today .