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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  • edited 28 July 2020 at 6:43PM
    MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    edited 28 July 2020 at 6:43PM
    So this is going to be the biggest update in the whole of my debt free journey, which has been some journey over the past 6 years. A one off bonus from work.
    M&S loan Cleared
    TSB Credit Card Cleared
    Natwest Credit Card £10177 0% til 03/22
    Family loan £30k
    Total: £40,177
    ... This is where purple fairy tells me to pay off another £177 from the CC .... maybe tomorrow. Lovely feeling paying that £11k+ paid off today. Possibly another £1k spare this month to get that CC down more. I think I'll dp a new SOA tonight aswell...... 


    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.
  • DancingInTheRainDancingInTheRain Forumite
    883 Posts
    Fifth Anniversary 500 Posts Name Dropper Photogenic
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    Fabulous result, well done!
    01.06.19 Debt £13,636
    Debt Free 25.07.20
    Started again 31.12.21 - WWOTW: £59,875 (Mortgage/CC/Student Loan)
  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    So ... a new SOA.
    £11k paid off today. A different car compared to last time (more fuel efficient, lower tax, and less problem lights on the dashboard), and a new job, zero child benefit now.
    I'm also going to set myself some tasks within the SOA on ebay earnings. I feel I need to focus on that.

    S.O.A.

    Adults: 2
    Children: 2 (aged 9 and 11)
    Cars: 1
       
    Income

    £GBP£
    Monthly Salary after tax.................... 3790 (12 months a tthis rate, then £600 increase net of tax)
     Wife's Salary............................... 1541  
    Income from rental property .................220
    Ebay ........................................40 (task to achieve this)

    Total Income................................ 5591

    Expenditure

    Home
    Groceries..................................380 
    Fibre Internet.............................23 (includes wifes mobile, a good deal)
    Home insurance............................ 10
    Council Tax............................... 185 (10 months)
    Gas & Electric............................ 80 (optimised)
    Water......................................55
    Mortgage...................................891 
    Mobile telephones..........................10 (childs unlimited)
    Life Insurance.............................22 (top up only)
    Hair cuts..................................20 (Wifes only)
    TV Licence.................................13 
    Clothing ..................................75
    Dentist.....................................7
    Vets .......................................10


    Entertainment:
    Going out.................................. 80 (likely this will be nearer zero in current climate)
    Hobbies.....................................165 (likely less in current climate)
    Caravan expenses............................20 (insurance and club fees)
    Holiday.................................... 100 (will fund caravan hols, and half term and xmas breaks) 
    National Trust Membership ..................11 


    Transport:
    Fuel........................................170
    Public transport............................40 (likely to be zero until Jan 21 due to covid, but included due to prudence)
    Car Insurance...............................25
    Car Tax......................................2 (£20 per year)
    MOT & maintenance...........................70 (probably excessive, MOT + oil change + pads should only be £200 per year)


    Other:

    Union.........................................2
    Takeaways......................................25
    Lottery........................................5
    Presents.......................................70



    Monthly Expenses..........................2571


    Monthly Income.............................5591
    Monthly Expenses...........................2571
    Net Income before debt payments............3020 (oh but to have this as savings and spending money :)



    Debt repayment:
    Natwest Credit Card 0% .....................900
    Family loan ................................2000

    Surplus ....................................120

    Surplus will be spent on things like ice creams out with the kids etc .... and then anything left after that added to debt repayments.


    Assets & Liabilities:

    Debt: £GBP£ Balance
    Mortgage Balance......................215k 26 years left
    Value of house is £375k, mortgage rate 1.84% ... 5yr  fixed mortgage deal


    Natwest Credit Card £10177 0% til 03/22
    Family loan £30k ... 

    Total Debt...................... £255k

    Total debt excl Mortgage ....£40k 

    Current Account balances:
    Daily current Account.........................£2317
    Emergency Fund ...............................£0


    Value of house: £375k (was bought in 2018 for £252k)
    Value of owned car 1: £7k, 
    Value of Caravan owned £10k
    Pensions:
    Wife has final excellent final salary scheme.
    My pension is contribution, currently I put in 10%, employer 5%.

    Thanks for reading through, feedback would be welcome. Thanks.
    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.
  • PurpleFairy26PurpleFairy26 Forumite
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    That’s amazing - well done. But yes, if you can find that £177 that would be good 🙃

    I love that you’ve had a plan and stuck to it, you took some big loans but with big repayments but they were calculated and now they are all paying off for you. It won’t be long before the rest is gone!
  • edited 28 July 2020 at 9:30PM
    MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    edited 28 July 2020 at 9:30PM
    ... and a little bit extra (£190) for purple fairy.... takes me under the £40k
    Natwest Credit Card £9987 0% til 03/22
    Family loan £30k
    Total: £39,987

    I'll sleep well tonight. :smile:

    You are right though PF ... I've had a lot of debt and big loans, but I guess having a plan and sticking to it works. As long as you consider everything in your original plan, you can forecast where you'll end up. I'm lucky / or have earned the ability to have the surplus income to service the debt quickly ... in my position, preventing lifestyle creep and sticking to the plan is the challenge, and it's rewarding in itself. I've been at times, down to my last £10 cash for a few days, only because I became obsessed with sticking to the planned repayments and over payments. 


    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.
  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    most bizarre thing happened on ebay. Someone bought something from me on June 29th, value under £5. They paid for it. I dispatched it. They received it, and sent me a messege today saying, and I quote: "I have not ordered this item"

    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.
  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    Payday. I’ve shuffled the money around our 6 bank accounts to maximise the bank incentives, and tomorrow I can either.......
     pay off some of the 0% cc which has £9k on and the 0% deal ends in 14 months or so.
    or
     pay back parents a bit
     or
     over pay some mortgage
     or open savings isa 

    might Do a couple of the above??

    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.
  • mark55manmark55man Forumite
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    wouldn't hurry to pay off the 0% as long as you are on track.  I think for short term savers you may be better in one of the regular bank savers - I'm not doing them this year, but could be 3% on 6 months money.  Mortgage is a different matter, if you can get more interest from savings  then why do it?


    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    2022: Weight-loss 3/20kg, Steps 39.3k/3000k
    Total Debt 01/22: £54.5K -- Mortgage Neutral Pot:£31.9K/£86.4K - EF:£1.5K/£10K
  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    I’ve made mortgage payments to catch back up to where we should be after I took a mortgage break while on furlough. The rest is going to my parents. That feels ..... right. :)
    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.
  • DrawingalineDrawingaline Forumite
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    I would be inclined to catch up on the missed mortgage payments. Not an overpayment as such really.
    Debt free Feb 2021 🎉
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