In need of encouragement...

in Debt Free Diaries
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  • IrishSeanIrishSean Forumite
    397 Posts
    100 Posts First Anniversary Name Dropper
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    Quick update:

    Sold my car for a fantastic price of £2k. Have bought a 2013 7 seat 4x4 for £10400. Deposit & part payment done; DW sorting loan of £7500 3 years @ 2.9%. The plan is to pay this over a year until Nov 21, then clear balance with savings. My plan is to put an initial £1k against it in Dec. 

    In truth though my plan is to have car paid off by the Spring with exception of monthly payments to the autumn (redemption fee is only £19 on those terms). 

    Not entirely DFW friendly I know, but we do need a newer car and total interest on above will be less than £130. I'm also getting a basic service done; car doesn't look like it needs anything plus it's taken it's main depreciation hit already so a nice balance; £49 insurance difference moving from a £2k car to £12k (retail) is pretty good too. 

    I'm starting p/t work on Monday which is great. It's not long term but is something I can build in to other work ventures. 

    Ironically I have ££ to clear my own credit card which I probably will, suspending Nov savings for remaining Christmas spend and leaving monthly income to clear final few hundred on DW 0% card.

    Broadband switch yielding a £660 a year saving all done on Fri, which is great. Only £40 back from old open golf bets from Jan but all helps. 

    Parental house sale & discussion about our home location is still frazzled so im parking having to think about those until the new year.

    So as 2020 draws towards a close i'm in an infinitely better position; financially, physically & emotionally from this time last year. Thx to forum contributions I can face into 2021 onwards in much better shape and nearing DFW status.

    Again GL with all DFW journeys...
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • SarahwithloveSarahwithlove Forumite
    1.7K Posts
    1,000 Posts Third Anniversary Name Dropper
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    That's great news and sounds like you have a plan in place. At least you didn't take the finance out with no way or intention to clear or early. Sometimes needs must. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £3600
    Total debt *£3600* £11,416.71


    Emergency fund/Sinking Fund - £2500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • IrishSeanIrishSean Forumite
    397 Posts
    100 Posts First Anniversary Name Dropper
    ✭✭
    Ty @Sarahwithlove 👍😀

    I literally transferred funds there now so shiny motor to lift in the morning :)

    Im super motivated to clear the balance asap, DW is a bit shocked by my DFW stance, lol. As you said its as much mindset & attitude as it is getting ££ paid & saving on interest.

    Only thing that bugged me about purchase was dealer couldnt take card payment so with bank being a bit slow to process loan & work on Mon I offered to pay on CC (no charge to me from CC company) then pay off  CC next week with loan. His car dealer friend said for a CC theres a 3.5% fee; I explained these were scrapped in Jan 2018, girl in the office said "tough, that's our company policy". I said i'll save the £270 loading charge & wait 2 more days, 😂. 

    I couldnt argue with them too hard as it was a '3rd party favour' so to speak. Anyway, bank transfer to dealer I bought from made directly so all sorted but im nearly sure his colleague's company are contravening card fee rules; then again im no finance legal eagle, lol. 
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • IrishSeanIrishSean Forumite
    397 Posts
    100 Posts First Anniversary Name Dropper
    ✭✭
    Car loan is £7500; having watched ML Tue & Thur saving rates are close to farcical so priority is paying that down; we'll have it comfortably cleared in a year saving £250 in interest, meaning we'll pay just £129 for the borrowing, which we're both happy with. 

    I got this newer 4x4 serviced £130 for oil & filters, only needs shocks for MOT in May, so no rush. 

    Early Jan car payments all but clear my card (£298 @ 0% til Sept), so focusing then as I said on the car loan.

    4 months completely gamble free tomorrow (not even a £1 scratchcard or 50p football bet). Feeling great. Diet is on hold, work was stressful but great to get back to (in on 11/01), hope to have a total of close to £500 - £1000 xtra income from my Dec & Jan work & selling stuff. 

    I did damage my A6 on Fri which was gutting but with patience & the right part I can get it fixed in the spring for a smidge over £100, so having patched it, i'm surprisingly calm about it, lol.

    GL with the diaries & stay 'spend aware' this festive season 
    💪😀
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • IrishSeanIrishSean Forumite
    397 Posts
    100 Posts First Anniversary Name Dropper
    ✭✭
    £25 from Ernie in the Premium Bonds draw; all helps.

    I haven't been paid for work from 2 weeks ago; I'm not sure how long into December I leave it before chasing the payment. It's a supplementary payment from a school so no Covid or cash flow restrictions: I'm not sure of the etiquette. DW said enquire from now but I think i'll wait until next week. My worry is they've incorrectly entered my account details and someone else has my payment 😱. I had to give the office my name, acct. No. & sort code on a post-it.

    Waxed nearly £400 on a dishwasher this week but took 5 year Currys Cover as last machine had 1 year warranty but broke down in 1 year 7 months & have been let down horribly by 2 repair guys. #learningfromthemistakes
    :(
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
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