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Feast or famine

edited 30 November -1 at 12:00AM in Debt Free Diaries
55 replies 4.9K views
1235

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  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    Oh dear, nearly a month since last post and I have a confession to make - the debt has increased. OH has bought (and I agreed to) a project car to restore. Lots of reasons why for justifying it to but the long and short of it is we have taken on more debt to do it - current balance £29,700.

    I have created a spreadsheet for the expiry dates and balances on all our credit cards and we need to pay off £1,600 per month to be debt neutral by the time they start to expire. I am not counting on being able to BT again so that's my target.

    Added to which we have just had some work done in the living room and are now considering having our preferred choice of solid wood floor laid instead of the laminate we have already bought so that could be extra expense to come. Plus OH needed two new tyres which were eye wateringly expensive today.

    On the plus side, I have some consultancy work which should bring in around £400; I will need to put aside money for tax next year but shouldn't need to pay NI.

    Other mitigating actions are to list my motorbike, OH's motorbike and his guitars which should bring in a fair bit towards the cost of the project car.

    Weight loss has stalled somewhat but have lost 11lb of 42lb target so still going in the right direction.
  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    Far too long since I posted but OH got paid a bonus so after money shuffling our debt stands at £25k. Great to reduce it so much and hopefully will motivate me to get selling to try and drop it to £23k next month
  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    Both been paid, money to be shuffled but we are now at £23.6K. Also both due in money which should add up to around £1k (expenses, consultancy work and compensation) and hopefully will be in this month but won't include this until we receive it.
  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    Oh dear, over a year since I posted! 

    Debt is currently £26,500 - sad to see it has increased since I last posted but we have completely finished refurbishing one room to use as an office including plastering, rewiring, new radiator, new solid wood floor and new window ledges which cost a lot but is completely as we want it.  We have started on the living room having it plastered, rewired and new lights, just need to do flooring which won't be cheap but again will be finished as we want it. 

    We have assets well in excess of the debt so comfortable we could cover it if necessary and it's all at 0% but new balance transfers are not possible for me (due to debt utilisation although we are covering minimum payments are reducing at least £1k a month) so relying on deals from existing cards. 

    By the end of this month, the debt will be down to £24,500 but I would like to get it under £24k so my target is to raise £500 to do this.  I have an invoice to raise for £120 so that's a start but won't be paid for a month so won't count that until I receive it.

    We're on annual leave next week and ebay have £1 FVF until Sunday so time to get decluttering and listing!
  • edited 29 June at 2:21PM
    CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    edited 29 June at 2:21PM
    Have listed a couple of things on FB which could sell for £150 (although likely to get less) and had someone interested in one but waiting to hear back.

    As the next couple of days are due to be rainy, lots of indoor jobs will be getting done and I hope to do more sorting and listing over the weekend.  Back to work on Monday after a week off but my organisation have said we will be working from home until September at the earliest so no commuting costs etc.

    Expensive month on the credit card with several big bills due (insurance, six month water bill etc) but should still be able to knock almost £2k off in July, then we will have the flooring expenses so unlikely to get under £20k until September or October but we will see.

    Current debt £24.9K.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    Got someone coming tomorrow to look at one of the items on FB (listed for £100, already had someone else offer £50 and got two other people interested so hopeful it will sell).

    Requested £430 back from energy provider as we had a huge credit, should be in account in next few days. 

    Current debt £24.8k, hoping to get under £24k by pay pad on 23rd July but need to get sorting, decluttering and listing to achieve this!
  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    So, we also have a large mortgage which we overpay each month by £500. As our debt is at 0% I am happy with this.  Mortgage is currently £280k so our WIOTW total is around £305k.  By my calculations this will be under £300k in September so that's something to look forward to and celebrate when it happens.
  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    Great weekend, sold two lots of items for £150 and hopefully got a buyer for my motorbike in two weeks.  Quite sad that I was talking about selling it a year ago but talked myself out of it but at least it will be moving on soon and that will be a bit more in the pot.

    Got a house-related project which is becoming rather pressing - it will be a big capital outlay but will reduce our outgoings significantly and, depending on how much it actually costs, will pay for itself in two to three years.  However it will mean a significant increase in debt in the short term.  It is pretty much unavoidable sadly but will resolve a number of other issues so will be good in the long run.  Just means I need to keep hitting the debt as hard as I can to offset the increase.
  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    Refund in from energy provider.  Got someone coming to look at item listed on FB for £40 either today or tomorrow.  More items listed.

    Total debt - £24.3k.
  • CCW007CCW007 Forumite
    126 posts
    100 Posts Second Anniversary
    Payday tomorrow and debt is £24,025 so didn't quite get it under £24k but I do have around £400 cash to pay in to bank not included in that plus £120 in consultancy work to be paid in the next couple of weeks.  

    Once all money juggling has occurred I will have a better idea but I think the debt will be under £22k by the end of the month.
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