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Determed To Do It

edited 30 November -1 at 1:00AM in Debt Free Diaries
435 replies 24.1K views
SSDD23SSDD23 Forumite
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edited 30 November -1 at 1:00AM in Debt Free Diaries
Yes... this a new diary... again :A

There is a new plan of action in place, so I felt things needed a clean thread. For anyone who was reading along on my last diary, my OH is in the process of selling his old marital home and was going to be in a position whereby he would clear my debts and I would just repay him monthly.

This is now no longer the case, the asking price has been reduced and with fees etc included he would not be left with much of a nest egg past paying his own substantial debts, so I have told him to keep his hard-earned money for himself and I will do this the way I should always have been doing it.

Since we first had the discussion about clearing both of our debts, I have been somewhat complacent with paying them i.e the bare minimums and not a lot has really gone down! I have spent my time at work and at home today since making the decision to do it alone, calculating and calculating.

At present I have just opted to increase my contribution to the household (having taken on a second job) until his house is sold and he has more disposable income to not need extra money from me - I have seen his projected I & E sheet, he will be living a very easy life - but will reduce this amount slightly once he has heaps of disposable income, even after savings.

So, with all of the above in mind I have input my figures into a snowball calculator as they should be around the time he gets the money from the house, at which point the total will be around £4.5k. This is input with my current balances minus three months worth of payments (factoring in interest, etc) and these are minimum balances in the sense of, I am aiming for them to be slightly lower but that is a definite figure they will be. The good old calculator tells me this will be 10 months of paying down the debt to get to zero, and my aim is to get that done much sooner!

I have calculated it with £500 per month in debt payments, I could push to £550, and obviously I will have income from surveys and other bits and pieces to overpay them, too. I am confident I can actually pay off one debt before the snowball starts, and that £30pm can be thrown into the mix to pay more off of the other debts.

Pots I currently have in place:
"Carry Over" pot for leftover/extra money to be carried to the next month
"Car 2020" pot - insurance and tax money as a minimum, preferably service and MOT costs too
I also have a HTB ISA with a whole £5 in, but I was aware they would not be around to open one for much longer!

The positives:
- I actually feel really good about doing it by myself, I was wary of mixing so much money into our relationship and I will feel really proud when it is done
- I just won £12 absolutely free in a promo room on bingo online and have withdrawn that :rotfl:

Bear with me if you have read my previous diaries, and are rolling your eyes at the thought of another one, this is the new plan and it is the final plan!

I am off now to print off my snowball sheet to show OH, and go for a quick stroll before tidying the house.

How do I feel right now? Determined. :dance:
VSP #12 £102.63
LISA - £87.37
EF - £0.00
«13456744

Replies

  • SSDD23SSDD23 Forumite
    2.5K posts
    1,000 Posts Name Dropper First Anniversary I've been Money Tipped!
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    Post 1000 on MSE - I'm looking forward to my new badge ;)

    So - target debt to have paid off before the official snowball starts stands at £228, and would have £90 in usual repayments deducted before then, so I only really need to find £138 extra across the next few months which should be easy-peasy. It's on a repayment plan with the ability online to make "catch up payments" so my plan as it stands is to use the money in my "Carry-Over" pot each month to make those payments, and any other money I feel I can throw at it, too.

    Positives for today:
    - last day of my full time job for the week
    - all of my debt repayments have gone out for the month
    - 2 of my CC's which were lower interest and I had intended to keep once we had cleared our debt, have been cut up

    OH has been persuaded to cancel his monthly DD to Equifax when I pointed out that you don't need to pay for your credit reports, so he is saving £6.99 a month there (he hasn't had any emails from them since 2014 and certainly hasn't logged in until at least then as he did not know the details on the account - £420 over those years for nothing :eek: )

    My petrol has gone about as far as I had hoped it would this week even with driving to the second job over the weekend, I do try and car share with OH on the days that it works out but his hours have just increased massively due to staffing issues, so that's unlikely to happen for a while.

    Off to update my signature with my debt target numero uno...
    VSP #12 £102.63
    LISA - £87.37
    EF - £0.00
  • Purplemumof2Purplemumof2 Forumite
    7.8K posts
    Part of the Furniture 1,000 Posts I've been Money Tipped!
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    Happy new shiny diary xx
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    BC: £7070.00 :mad: Lloyds: £7850.00 :mad: MBNA: GONE :)
    Feb LTW 2/20
    PAYDBX 2020 #041 PD £298.03/£8000
    Xmas Pot £52.85/£500 ~ EF £280/£500
    20p Savers 2020 :) £2 Savers 2020 :) 50p Savers 2020 :) SPC 13 2020 #003
  • Choccygirl123Choccygirl123 Forumite
    798 posts
    500 Posts Fourth Anniversary
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    You do sound very determined! It's amscing how much the little DD add up over the years. I use ClearScore which updates everything monthly for free. Good luck with your journey.
  • Treadingwater02Treadingwater02 Forumite
    101 posts
    Second Anniversary 10 Posts
    You've got this! I will be cheering you on along the way :D
    LBM Debt at: £47454:eek:
    Debt Total June 7th 2019 - £35,580.98
    Debt total June 25th 2019: £34,728.35
    Debt Total September 25th 2019 - £32961.11
    Debt Total November 25th 2019 - £31783.53
    April 25th 2020 - £29068.23
    May 25th 2020 - £28515.55
  • SSDD23SSDD23 Forumite
    2.5K posts
    1,000 Posts Name Dropper First Anniversary I've been Money Tipped!
    ✭✭✭✭
    Happy new shiny diary xx
    You do sound very determined! It's amscing how much the little DD add up over the years. I use ClearScore which updates everything monthly for free. Good luck with your journey.
    You've got this! I will be cheering you on along the way :D

    Thanks everyone :D:D:D
    VSP #12 £102.63
    LISA - £87.37
    EF - £0.00
  • charlotte1988charlotte1988 Forumite
    57 posts
    Tenth Anniversary 10 Posts
    Good luck, I remember reading your first diary.

    You sound very determined :D
    Pay off all your debts by Christmas #179 1,318.46‬ / 3,741.73

    Sealed Pot Challenge #140
  • db2016db2016 Forumite
    332 posts
    Third Anniversary 100 Posts Name Dropper
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    following -



    dont forget there are 3 CRA's though, with each "brand" looking at one or the others, eg i think the MSE credit club looks at only experian data.



    so get signed up to whichever ones cover all 3 for a fuller picture - all for freee!



    Dan
  • SSDD23SSDD23 Forumite
    2.5K posts
    1,000 Posts Name Dropper First Anniversary I've been Money Tipped!
    ✭✭✭✭
    Good luck, I remember reading your first diary.

    You sound very determined :D

    :D
    db2016 wrote: »
    following -



    dont forget there are 3 CRA's though, with each "brand" looking at one or the others, eg i think the MSE credit club looks at only experian data.



    so get signed up to whichever ones cover all 3 for a fuller picture - all for freee!



    Dan

    Hiya - yeah I've told him there's three, I've got them all already :rotfl:
    VSP #12 £102.63
    LISA - £87.37
    EF - £0.00
  • SSDD23SSDD23 Forumite
    2.5K posts
    1,000 Posts Name Dropper First Anniversary I've been Money Tipped!
    ✭✭✭✭
    A truly No Spend Saturday so far - I need to go and do the food shop but that's all budgeted for and I've got my list ready to go, and meal planned for the week so I know exactly what I need to pick up and what I won't need this week. My personal challenge is to not end up throwing away half the stuff in the fridge every week, to be fair a lot of it should have been used for work lunches but the fridge at work broke so plans had to change!

    I have just completed a User Test for the first time in a while, $10 coming my way next Saturday. I looked and I've done 10 so far this year which is $100/£78. My first reaction was impressed, then annoyed that it was probably £78 frittered! No more of that...

    A few hours done at the second job today, and a few more tomorrow. I was back by 1pm today so it didn't impact much on my day at all! OH is working til late tonight and tomorrow anyway, so the rest of my day today is basically housework and food shopping! All of the washing is done already, and I should have it all ironed by tonight.

    It hasn't stopped raining here today, but at least I don't need to worry about watering the plants! Most of my little tomato plants got wiped out by the torrential rain we had recently out of nowhere, but I think 2 of them look like they'll make it and 2 is plenty! Now I just need my strawberry plant to hurry up and grow :D
    VSP #12 £102.63
    LISA - £87.37
    EF - £0.00
  • FootyFanDanFootyFanDan Forumite
    691 posts
    500 Posts First Anniversary Name Dropper
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    Hey SSDD23

    Just wanted to pop in and say super impressed with your determination and progress! I have been a long time lurker and i always find your..many diaries :) very interesting reading and one of the diaries that spurred me on to eventually start my own.
    Debt Figure as of June 28th - £2649.00
    Target DF Date - 28th December 2020!

    Mistakes have the power to turn you into something better than you were before
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