Working Hard Debt Diary - Here goes

WorkingHardDFW

Thanks for that firesidemaid. I do feel quite motivated at present. Since I know that if we can clear the loan by the end of the year (six months early) that will give us an extra £287pm to throw at the debts.

I'm also motivated since I've already earmarked where most of the £1600 will come from its just the last bit. I'm really not sure that I've got £600 of stuff to get rid of, although I'm always suprised at what stuff fetches.

Being pratical that means getting another source of income. I do mystery shopping but that really doesn't being in a huge amount since I only tend to do one or two a month.

I think my best choice to make up the difference along side my ebays sales would be matched betting. I read the MB threads a few times but I think next week I'm going to concentrate my efforts on that. I'm planning to open an account for the MB money and put in say £50 :eek: and see what that generates between now and the end of the year. I'm lucky in that I've got plenty of time to find the money (only pressure is from us) so in four months hopefully (if my maths can stand up to the job) I should be able to generate a £100 or so. Its got to be worth trying.

WorkingHardDFW

Just made all the CC payment for this month when we are paid next week.

Good news is that our debt is now under the £35k marker :T signature update on its way, always a good feeling:D . At this rate we'll be well on track to being under the magic £30k by Christmas and are on track to be debt free by 11/09.

The next big thing for us to look at is our mortgage. We are currently on a fix which ends at the end of Jan 09. Our focus for improving our situation was to enable us to be in a much better position when we remortgage which hopefully we will be. When we took the mortgage out we did that dreadful thing and consolidated our debts at the time. Now we need to think about how we go forward. From the little investigating I've done already we should be able to knock a few years off the term whilst still having affordable repayments and this will be some way make up for the consolidation we did three years ago.

When we are DF we want to be able to overpay this mortgae considerably each month but we've got to get there first. I am definately running before i can walk here......small steps. Focus on getting DF.

Only rambling post - sorry

hypno06

Oh no, you are not getting ahead of yourself....you are just formulating a long term plan to ensure you get the best out of your newly acquired financial savvy-ness.

My fixed rate doesn't come to an end for almost 5 years but I still found myself distracted by rates/arrangement fees/overpayment opportunities on a mortgage related spam email sent to me this morning!!!

As for the matched betting - yes you will have that loan cleared in no time once you get the hang of it. Just don't rush in. Also, don't do it when tired, drunk or in a rush. Read, read and read again.....and then enjoy the benefits of the extra money!!

WorkingHardDFW

Thanks for those words of wisdom Hypno especially about when not to do the matched betting! Drunk, tired, rushed..............doesn't sound like me!!!:rotfl:

On the matched betting front how long did it take you to get the hang of it and how much time did you invest in it? I'd be interested to know since its about managing my time......I am assuming whatever the investment was worth it?

I guess we are starting to focus on the mortgage because our fix is ending fairly soon. But I guess you are right its about keeping savvy with our money long term...we'll get there.

pepe2008

:beer: Great diary,

Only been concerned with reading the more panicky posts, thanks to my own situation regarding a certain collection Agency!!
However, after reading yours, the inspiration has hit and I must look at other income/disposal opportunities.
Dont be afraid, or feel guilty, to think long term. Until Feb 2014 I'm stuck with the Mortgage ( gratefully at a Guaranteed 1%over base until Aug 2012, my ONE good financial move in life!!) Then I should be able to quadruple my current debt repay to clear the lot by end of 2016 (£60k now:eek: ).
Found out that I was so disorganised I'd forgotten THREE old Co Pension PLans...one had £25k in it, want it now!!!!!! Yes, my head has been in the sand ( or somewhere equally dark ) for years.

Keep up the good work, we will overcome.

Pepe, who can also waffle for england at times:rotfl:

amyandjon

Hello working hard hows you ??? not had a bad day steady away will be up early delivering leaflets for oh hehe we decided to save the 30 quid he was paying someone hehe :dwhatsthe plans for tonight ??? xx

WorkingHardDFW

Trust me I/we've had plenty of moments of panic even after our LBM.

Although I think we've come back from the brink we've still only one month's payday from disaster but we've moved on considerably and we've done it ourselves which we are proud of.

I suppose long term/short term is getting the balance right. For the next 16 months we've got to focus on paying off the debts but in a few months time the mortgage needs reviewing and its getting the balance right. We don't want to jump in and knock loads of term off the debt and be saddled with high payments which stymie the debt clearance for the next year but after than we'll be able to cope. We'll see...

We've kept ourselves going by small steps and keeping a positive frame of mind.......that not to say it hasn't been tough though:cool:

WorkingHardDFW

Hi amyandjon Ok and you?

I don't feel like I achieved much today. I should be doing a load of jobs tonight since we've friends coming tomorrow but hey a night in front of the TV with a glass of red :T much more attractive...

hypno06

Ref the matched betting - it took me a few weeks to pluck up the courage to start.......but Mizmir tried it first and then told me not to be such a wuss.....!!

It doesn't take too much time, really, once you know what you are doing. The time consuming bit is reading the instructions before you do the first one......once you have done the first one or two you will be able to do them much quicker!

amyandjon

I am not bad... no debt busting today im waiting for pay day hehe ..... oh has gone out so its me icecream and the tv hehe...... im feeling pretty positive ... i too am thinking about getting mortgage free also hehe i mean wow what an achievement that would be ...... if we can live like we are now i will have a good lump of cash saved after we are df and so we can lump it down on an house when the housing market is much improved lol i havent spent any credit cash just cash we could have saved but i cant save all the time... oh off all week so we will be delivering leaflets tomorrow and all week to get some more customers in fingers crossed i thought we may aswell save the 30 quid we are paying someone to deliver the leaflets lol hehehehe xxx