Never too old to learn

jools1985

Car failed the MOT as it needed new brake pads and discs. Cost with the fee for the MOT £174 . I paid for it via my debit card. It would have always gone on a credit card before. I haven't had time to save any 'pot' for car repairs etc yet. I was able to pay it because I have not paid my credit cards this month.



action point for me - get savings up and running and budget budget budget`

Willing2Learn

jools1985 wrote: »

Car failed the MOT as it needed new brake pads and discs. Cost with the fee for the MOT £174 . I paid for it via my debit card. It would have always gone on a credit card before. I haven't had time to save any 'pot' for car repairs etc yet. I was able to pay it because I have not paid my credit cards this month.



action point for me - get savings up and running and budget budget budget`

Don't forget about saving into an emergency fund too...

Well done on your lbm, beginning your debt free journey, and especially well done for not gambling these last 9 months

jools1985

Willing2Learn wrote: »

Don't forget about saving into an emergency fund too...

Well done on your lbm, beginning your debt free journey, and especially well done for not gambling these last 9 months

Thank you. I've been trying since January to pay back the debt. I've been paying over £1200 per month but getting hit for around £500 in interest. Then because I'd run out of money I was using 2 of the cards again. It just has to stop.


I do actually have a small amount of savings - about £900 which I've been saving in a regular savings account for years - like about 20 years. It used to be for holiday spending money and I'd withdraw from it once a year for holiday spends. I save £55 per month in it and have kept it up. Its with the Brittania Building Sociey and I have to actually go into the branch with my passbook to withdraw the money - I used to think this was a pain, but it's been a good thing or I'd have withdrawn it ages ago and wasted it. This is the starting point for my EF.

enthusiasticsaver

Well done on tackling this now. The emergency funds are crucial for anyone on a DMP as you wont have access to credit. I think you are doing the right thing though if almost 50% of your monthly payments are going on debt interest. Budgeting and saving needs to be the plan going forward but if you have £1200 going towards debt each month this is positive and a plus if your mortgage has less than 2 years to run. Do you have an occupational pension in addition to your state pension?

jools1985

Yes I do have an occupational pension. I actually get most of it now. I did a partial retirement 6 years ago which released a lump sum - all gone unfortunately. It makes my pay up to a full time wage even though I only officially work 27 hours per week. I am building up another pension lump sum and payment though. I've built up an additional pension of £1500 per annum so far. The last pension statement I had - earlier this year predicted £4000 by the time I am 65 and a lump sum of around £6000. I plan to work until I am 66 so it should be a tiny bit more.



I did some MSE things today:


I had an appointment for an NHS dental check up this Friday. As I'll be 60 the following week I have cancelled it and made another one for October. The last one I had in February cost me £20. Once I reach 60 check ups are free although I'll still have to pay for treatment.



I noticed I had a free cup of pumpkin spiced lattee to redeem on my Greggs app so I got that (didn't like it much and won't buy one).


I cashed out £19.78 from imutual - all from daily clicks. The old me would have immediately sent that to one of my credit cards to help pay it down. It's going into my EF this time though. I just have to figure out where to keep this 'extra' EF as I can't pay it into my trusty old Brittania Regular Saver. I do have a 'spare' current account with no credits cards attached to it. No direct debits go out of it either. Think that will be the home for my EF.

anita55

Hi just read your diary, well done on the gambling 9 months is great, any addiction is hard you must be proud of yourself.


I'm 63 and have 3 years left of my debt to pay everything off they finish the same time as the mortgage and I could retire but I only work 16 hours a week and would quite like to continue if my old body will let me.


Will subscribe and see how you get on - good luck

jools1985

Thanks Anita. Let's crack this being debt free before retirement age together!

Like you I may carry on working beyond retirement age as long as I am fit enough to do so. I work with a lot of much younger people and I really enjoy their banter and being their 'work mum'. I say I'm going to retire at 66 to spur me on with the debt repayments. If all goes according to plan the debt will be paid before I am 66.

jools1985

My monthly email from the MSE credit club was waiting for me when I woke up this morning. My actual credit score has improved. Of course it doesn't show any missed payments yet. It's made me feel a bit flat as it has been improving in recent months. I'm expecting it to do a sharp nosedive after this month. I know in the grand scheme of things it doesn't matter, bt still...........

jools1985

Came home from work last night to loads of letters on my doormat - many many years since that's happened as I have been doing everything online for years now - paying all bills by DD having online statements etc. It was s bit weird seeing all that physical post and knowing what it would all be about


There were 4 letters from MBNA, 2 of them acknowledging my breathing space letter - I have 2 accounts with them and advising no interest or charges would be applied for 30 days. The letters were dated before my phone call last week when they applied a 60 day freeze to my account.



There were other letters advising about returned direct debits and inviting me to set up new ones.



The worst one was from RBS also acknowledging my breathing space letter and advising me they would not suspend interest but would not charge any late fees before 7/10/18. I was hoping they'd suspend the interest but it seems it is not to be. I've had that account since 7/7/97 (it said so on the letter) This is the month I've ever missed a payment. Never even been late before. It's made me feel quite sad.....

Willing2Learn

jools1985 wrote: »

My monthly email from the MSE credit club was waiting for me when I woke up this morning. My actual credit score has improved. Of course it doesn't show any missed payments yet. It's made me feel a bit flat as it has been improving in recent months. I'm expecting it to do a sharp nosedive after this month. I know in the grand scheme of things it doesn't matter, bt still...........

jools1985 wrote: »

There were other letters advising about returned direct debits and inviting me to set up new ones.

The worst one was from RBS also acknowledging my breathing space letter and advising me they would not suspend interest but would not charge any late fees before 7/10/18. I was hoping they'd suspend the interest but it seems it is not to be. I've had that account since 7/7/97 (it said so on the letter) This is the month I've ever missed a payment. Never even been late before. It's made me feel quite sad.....

Of course, you could look at this from the opposite perspective and view the progress you have made with pride.

I mean, you have addressed and continue to address your gambling.
You are in the process of setting up your DMP. Which is essentially a gentleman's agreement, to honour your debts. You are, after all, only amending your original contractual terms to one that is affordable, given your circumstances. That has to be something to feel good about