D - 16 Months

Money_mess

Thought I would do an update.

total debt is now £17,934.28
Meaning a total of £9060.23 paid off
£1876.10 of that paid off in 2019.

We are now down to 8 creditors.

Loan - £5952.43
Very - 3339.14
Aqua - 2514.72
Natwest- 2000
Next - 2090.44
Cap 1 - 990.25
Council Overpayment - 350
Natwest - 697

So I've been snowballing lowest amounts as we are pretty much interest free thanks so so many defaults.....

The plan is to tackle that list bottom to top. So next on the list is Natwest £697. I think I can clear that in 3 months by paying £250 twice and £297 once. Meaning in the 4th month o can clear the Council Overpayment which will be £275 at that point.
Once that is clear I can concentrate on the capital one and get that paid in 4 months with any luck taking me to November.
That will then leave us with 5 debts. granted these are much bigger ones, but 5 seems so much more manageable for going into 2020.

I originally wanted to be debt free March 2020 but I know now that won't happen. I was budgeting far too little for us to live on and was not coping.
With the current plan we will go into 2020 with 5 creditors and around 13k of debt owed which with any luck we will clear that year.
My DH is due a pay rise and two bonuses in that time so who know it may be sooner. But we are not putting the pressure on.

Still trying to save money where we can and have NSds.
Plodding along!

Kitten868

Hello there,

You're doing really well. The thing I'm most impressed by is that you haven't used credit in just over a year! That's totally fab. And your debt hasn't gone up because of spending in all that time. I think your plan is great and I love how you're kicking all your creditors to the kerb.

Best of luck with picking somewhere new for the move.

How old are your kids? X

Money_mess

Thank you Kitten .
It's been a complete mindset change to accept that once money is gone that is it until payday, due to this we have had a few seriously skint periods, but we've stayed strong and as the months have passed I have tweaked the budget to more manageable amounts to live on.
As long as the debt it going down then that's the main thing - we will get there in time!


The move is looking to be around june/July. we haven't found anywhere yet though.

My kids are all under 10. 4 of them gets quite crowded and busy. I'm so pleased we have managed what we have in the circumstances and I know we will never get into debt again.
When I look at the amounts owed to catalogues I hang my head in shame. I'm a hand me down convert now and often check the charity shops and eBay. The amount wasted on new things we didn't need makes me feel quite ashamed!

pidge04

Wow, this makes for really impressive reading.
You are doing brilliantly.
You sound so well-organised and you sound in control of this.
Your debt is really reducing.
I came to the diaries this afternoon looking for some inspiration/motivation ... so happy I read your diary.

Money_mess

Haven't logged in for a good few months which isn't good. thought I would update.
All still going in the right direction if a little slower than if have liked due to other things. We have moved house which has had a huge positive impact on us and is a great weight off worry wise.
Since my last update we have paid off another £1560.13
we are down to 7 creditors from the original 13 in February 2018.
Since then we have paid off £10,620.36 Off that total £3436.23 has been repaid in 2019.

I have decided too many targets is counter productive for me and the original debt free date of March 2020 is unlikely to happen. but im fine with that.
I'm just going to continue ticking off my debts one by one. my next target is a £275 debt and I will have that gone by September. then it's onto my 2k overdraft.
It's all going in the right direction and I can't believe how far we have come.

savingholmes

Hi - good to see that you have kept going even if it it taking a bit longer than you hoped.

Money_mess

Morning!
Quick update.
Current situation £16119.03 total debt across 7 creditors.

That's a reduction of £4100.90 and 5 creditors paid off since I started this diary in December 2018.

I'm feeling really optimistic. No more payments for July and I'm not anticipating being able to do any overpayments as it's a busy time of yr with birthdays, school holidays, new uniforms needed etc.
However come August I will finally be in the 15k brackets!! it feels such a huge achievement. I honestly can't believe how far we have come.

batch cooking on the cards today filling the freezer for the holidays. I did chilli and Bolognese yesterday and some cupcakes. Today will make some courgettes soup as we have a glut from our plants, a shepherds pie for tonight and one for the freezer and some muffins and a lemon drizzle....
well thats the plan! also need to bake more scones for school and if time make a lost of free /extremely cheap ideas for the school break.

[Deleted User]

I just found your diary and read it all. You've made some impressive progress! I've subscribed and will be cheering you on!

Money_mess

Debt total is £16093.03
Total debtors is 7.

I am paying off a £275 Debt next week which will take me down to 6 debts and finally under 16k.

Summer hols going well with minimum spending. Food budget going well, actually better than term time as I can't nip to shop so easily. For the hols I'm getting one delivery each tuesday.

So I'm not sure how much I will pay off by new year. I've been playing with the spreadsheet. It will be at least another 2.5k however could be more with overtime and a possible bonus.
I am.now prioritising putting no money away for Xmas, birthdays, the Mot in October and getting my EF built back up. Moving put a stop to all this but I just can't relax knowing these pots aren't there and so will be sorting that. I'm really pleased on our debt busting progress and I'm optimistic that in 18months time we will have paid it all as will have had two bonuses to knock off quite a chunk.
It's a long game and my original plan hasn't worked out but I'm ok with that

Poppy1984

Hi, I've just read your diary from start to finish. Wow well done, you have done amazing!!!
I completely understand where you're coming from when you talk about the amount of debt and how long it will take to pay. I feel the same, I just want it gone...now! But time will pass and our debt will decrease. Keep going you're doing fab!