No regrets. We only have debt.

edited 4 June 2019 at 12:16PM in Debt Free Diaries
87 replies 18.9K views
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  • kazwookiekazwookie Forumite
    12.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    You mention children, do they go to clubs/ after school clubs / swimming etc, if so what ££ does this cost.? or have I missed it?

    Also vets, pets etc food / costs / etc for these?
    :) Sun, Sea :)

  • TakmonTakmon Forumite
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    MrGorsky wrote: »
    Rental property is 50% shared ownership, with no mortgage.
    Value around £80k, we get half of the rental @ £221 net of tax.

    Your best bet is to sell this property and use the money to pay off your debts, but first make sure you won't start building up debt again after you pay it off.

    £221 a month is not a lot of money considering that you will need to pay for the maintenance of this property and other costs associated with owning a property and renting it out.
  • MrGorskyMrGorsky Forumite
    128 Posts
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    Update:


    Jul'19 - Unsecured Debt update:

    AA Loan £13100
    Hitachi Loan £11614
    Nationwide Loan £1489
    Sainsburys Credit Card £11989
    Post Office Credit Card £3874
    Family loan £30k
    Total unsecured debt ....£72066




    Now - Unsecured Debt update:

    AA Loan £9842 3.2% currently repaying £325 mnth
    Hitachi Loan £7403 7.6% repaying £360 / mnth
    Post Office Loan £8955 14.0% £740/ mnth

    TSB Credit Card £8266 0% til 09/21.............280 /mnth
    Post Office Credit Card £390 0% til 06/20.................100 /mnth
    Family loan £30k

    Total unsecured debt ....£64,856



    I thought it would've moved more than that, but still, not bad progress?
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • jbkmumjbkmum Forumite
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    Do you know why it hasn't moved much? How do you feel about it not moving as much as I assume you might have liked it to?
    £5000 left to pay on credit cards, down from 40k!!
  • MrGorskyMrGorsky Forumite
    128 Posts
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    I don't think I've given it the attention it deserves. I'm going to commit to more regular (monthly) updates of this thread, and really push to pay it down. I've overpaid, but no where near what I want to. Change starts now.
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • jbkmumjbkmum Forumite
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    Maybe look at starting a Debt Free Diary, I've got one in the DFD section and I find it really useful to stay accountable
    £5000 left to pay on credit cards, down from 40k!!
  • MidsHollieMidsHollie Forumite
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    You must have a wealth of experience from when you paid off the debt in 2017. What did you do then that you aren't doing now? The fact that you are surprised that you haven't cut your debt by more suggests that you aren't keeping a track of your budget and your spending.
    Since my lightbulb moment, I have kept track of every penny I have spent, and tried as much as possible to earn extra money. This means daily updating of a spreadsheet which also involves looking at the amount I owe. Every spare penny goes towards my credit card debt. And at the moment, I consider myself too poor to go on holiday, unnecessary spends are very, very carefully considered (including a take out coffee, buying lunch at work, going for a cheap meal out). I have been listening to Dave Ramsey - his show has a preachy, american focus, but his followers have incredible results with paying off their debt. I'd strongly recommend having a listen.
    Good luck!

    https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1

    True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000



  • moo842moo842 Forumite
    446 Posts
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    Have you taken on another loan? You have a PO loan listed that wasn’t there before?
  • dirtycreditdirtycredit Forumite
    179 Posts
    Sixth Anniversary Debt-free and Proud!
    That aside, I do see many people (not just you) not willing to save and loading up on debt because they want the nice house NOW! I could, like many, splurge 25k and have an amazing kitchen, bathroom and living room, but I'm happy to do one after the other when I can afford. I guess it's the NOW generation these days...someone I know just took out 5K on a credit card because they couldn't live with the living room furniture anymore and wanted new all at once. Oh the despair :-)

    It works out more expensive doing it bit by bit. If you get it done all at once you get much better prices from tradesmen.
    LBM-November 2019 - Total Debt £28,000/now £14,000
  • edited 22 May 2020 at 2:38PM
    MrGorskyMrGorsky Forumite
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    edited 22 May 2020 at 2:38PM
    2015 £59k debt
    2017 £0 debt, all paid off
    2018 £25k debt, cleared off by 2019.

    Jul'19 - Unsecured Debt due to refurb £72k
    Jan '20 balance @ £64k
    Now - Unsecured Debt update: £57k

    AA Loan £4075 3.2% currently repaying £325 mnth
    M&S loan £9500 2.96% repaying £1140 / mnth
    TSB Credit Card £3104 0% til 09/21.............280 /mnth
    Natwest Credit Card £10674 0% til 03/22.................100 /mnth
    Family loan £30k

    Total unsecured debt ....£57,353

    Winning Winning Winning! :smile:
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
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