Wobbling my way out of debt

findingthisdifficult

Panic not, I have not fallen off the wagon in my time away from here.....just over a month no less!!

Payday weekend so done a bit of money moving:

• I've put some money in to my Christmas fund (this is now complete and guilt free shopping can commence when I can finally figure out what I'm going to buy people)

• I've added some money to our savings, that looks ok (ish) still a work in progress.

• I put some money towards something Mr FTD wants to save for and finally....

• I paid £441 off the credit card, just another 3 months of payments (maybe 2, now I don't need to save anymore for Christmas)

This payment to the CC takes me to 94.97 (pretty much 95%) of debt paid off! 

Hope you are all well and staying safe. 

findingthisdifficult

Another pay day and another update from me

• I've added some money to Christmas fund as a just in case (don't think i will need it as I'm pretty much done but it's nice to have a buffer)
• Moved a chunk of money in to savings (easily accessible if I do need it, but happy to have it there)
• Added some more money to Mr FTD's savings fund for a new thing he wants
• Paid £441 off the CC, could have this gone by the end of December but I'm enjoying seeing a bigger balance in my savings and the balance is interest free until next year so I'm going to hopefully have it gone by end of January instead

Today's contribution to the debt payoff takes me to just over 96% paid, in to the final 5% I go.  We're hoping to sell up and buy a new house in the new year, fingers crossed before stamp duty holiday ends (this will increase our mortgage payment significantly but will hopefully be our 'forever' home so I think it's worth it.  I just need to research a little more about Help to Buy as well as I'm not 100% sure how that works but we may need it. 

vixx_123

I thought Help to Buy is only for first time buyers? And the stamp duty holiday is only until 31st March, so you'd need to complete by that date (only 17 weeks away). 

findingthisdifficult

Help to Buy is open to all buyers wishing to purchase a new build property.  The property we hope to buy is already being constructed and our house has been valued and nearly ready to go on the market, it's going to be tight but we may just get there.

IrishSean

Youre doing great!

I had to change car; I might get told off but borrowed £7500 (well DW did), but interest rate means that with overpayments total interest will be £129, £9k emergency fund in place & touch wood more reliable & better motor in place. 

I definitely agree with sarah, its an on going mix of savings, spending & living, providing theres no more danger debt I think all of us diary-ists are in a much much better place.

GL & heres to you finishing off that CC in 2021!

findingthisdifficult

Hey @IrishSean Thanks for stopping by
No judgement from me, a reliable car is a necessity and at least you've got a strong emergency fund in place, that will be my mission after I've paid off the CC.

Hopefully January 29th, I'll be able to post in here that the CC is gone but it's interest free until Dec next year so plenty of time to get rid if anything unexpected crops up.

IrishSean

👌👌👌 good plan. It was a push pull on the cars; one came up for sale the same as mine, silly expensive, private sale. DW wanted to change was keen on 4x4 7 seater (2013 seems recent to us, lol), sold my own for £550 more than I paid for it 18 months ago so sometimes such an offer is too good to pass by. 

I think cars are a bit like houses, sometimes we're happy to pay a bit more for newer, a bit bigger than the cheapest as like a home you have to live with it every day. 

Affordability is the key, striving for dfw improves choices on future spends while swerving danger debt: im definitely finding that, even if full dfw status is further away than it was. 

Have a great Christmas & New Year, dfw diary ppl hopefully heading into a properly positive 2021👍😀

findingthisdifficult

I agree @IrishSean , I would pay a little more for a newer car.

Today my credit report updated and it was genuinely so good to see in the affordability section lots of green for:
debt ratio
credit utilisation
disposable income
affordability for loans and CC's

My CC still shows a higher balance than I actually have but we're heading in the right direction.

ohdearhowdidthathappen

Well done on the debt, nearly there! Good luck on the house plans

findingthisdifficult

findingthisdifficult said:

Happy New Year Fellow Debtbusters!! :T

Thanks for visiting again CMD, just like that Christmas is over - luckily it passed without too much drama, although I was ill for most of it - starting to feel better now though.

Thought I best pop in and update my numbers, one is really good and one not so much
1 - the loan is finally in the £6k bracket :j
2 - the credit card has gone up to £3.4k

Sadly I had to use my CC to help a relative out, this is where things have been super tough in the real world. The payments are still affordable for now and our contracts on our mobiles end in a couple of months so hoping we can reduce those bills and put the extra money towards paying off the card. I'm still managing to squirrel away savings as well so it's not all bad.

Last day of 2020 so here's a bit of reflection, above was my first post of 2020.

Was I starting to feel better?  Apparently not, my long term symptoms of Glandular Fever stayed with me and are still lurking even now (that's a depressing thought)

In a year filled with such uncertainty, I managed to clear the loan (the same loan that had been consolidated numerous times over the last 12 or so years)

Today I paid £441 off the CC, this balance should be cleared in full on January 29th hopefully.  Updated my signature, this now shows 98.33% debt paid off - I don't even know how this has happened.

Thank you for your support and kind words over the last year, wishing you all a Happy New Year, may next year be good to you all.