Operation Debt Clearance

Lacherlich

So few updates since last month. I made a decision not to consider moving home later this year. I’d previously been considering this with my partner but came to the conclusion that would be a silly move considering i am trying to get OUT of debt not accumulate more. Instead i will be adding him to my mortgage on my current apartment. We are both happy there and have no real reason to move; plus it is pretty cheap! A new house would be costly plus the additional need for a car we dont have at the moment as we live in the city. He is going to buy onto the mortgage by paying half of what i put in. Another benefit is that lll be then be able to pay off a chunk of my loan with that money so i should be clear by July.

Im also currently waiting on a callback from a second interview that I had. It seemed to go well so fingers crossed. Plus that will have a big impact on my ability to repay debt!

Lacherlich

Still on track By the end of this month I will have under £10k of debt to my name. I cant remember the last time it was lower than that! Can't believe its nearly all gone. Hopefully I will have paid it by July/August. Either way I'll be so happy. I won't know what to do with myself!

I will be getting the apartment valued next month in preparation for adding my partner to the mortgage. I have been told there is a provider likely to accept him onto it; and also pay off the Help to Buy loan in the process. Another good thing as it will all 100% be in our name.

[Deleted User]

Woo Hoo!! Well done, you'll soon be rid of the debt x

Lacherlich

Yes; I can't wait. It will be weird post-debt! But good to know I can buy things in future with my income rather than taking out finance; definitely a change in mindset since my 20s!

Lacherlich

I discovered an app to track spending; I think its similar to YNAB but totally free! (I'm not sure if this means its not as good; but I've found it useful!) - Yolt. It has effectively linked all my accounts together including credit cards and categorised my spending. Its been eye opening with how much I spent on eating out and takeaways in Dec-Jan! But I have been much better recently.

I'm pretty happy with my spending/ budget plan now and I have been using my AMEX card since December. I spend throughout the month; and then clear the balance after the following payday. I've accumulated a decent number of points already which I will soon be using to purchase a portable air con unit for my home - totally free . Last year the heat was unbearable as the apartment is so well insulated; so I'm planning ahead this year!

There are only 4 - 5 months left until I'm debt free. It still seems a while; but nothing compared to before. There isn't much else I can do to clear my debt any sooner now. I have a few trips planned between now and August; mostly long weekends away for which a chunk has already been paid for. So I shouldn't risk delaying repaying debt because of these. I've postponed making any big plans until the end of the year once I am certain the debt is gone!

Once the debt is gone; I am planning a treat yo'self day. This probably sounds pretty reckless and against everything preached on these forums... BUT I have been cutting back for so long and been swamped with debt I have never really been able to experience spending money without getting into/remaining in debt! It will be a one off celebratory shopping trip; and then business as usual! Also that is keeping me pretty motivated

Lacherlich

Payday has arrived so another £1600 paid off my debt. Starting to look good now!

Lacherlich

Monthly update - unfortunately I haven't been able to overpay this month. A combination of buying a portable aircon unit for my apartment in preparation for the summer and a cheap getaway for my friends birthday etc. I'm not too disheartened by that though; the next few months I can buckle down again and still aim to have everything paid by September now. These last few months do seem to be dragging though; just need to keep focused! My debt does now stand below the £10k mark; so mini achievement!