Single mum to 5, striving for debt free life

savingholmes

Great news on the sofa cancellation. Woohoo. 

Jill12

Hatton garden metals received my scrap jewellery today, gave me a valuation which I accepted and then transferred the money which landed in my account before 3pm today..... fab service. I got £511.74 which I am delighted about as thought I would be lucky to get £200!!! Just amazing.... I have paid this straight to PP which brings the balance to £1282.67. So, so happy x 

lucielle

Great result on the jewellery 
L

savingholmes

Fantastic result. May give them a try myself.

Jill12

Thanks everyone for the continued positivity and encouragement, it is very uplifting ❤️ I received deposit refund from cancelled sofa this morning. This has allowed me clear the last of the tesco loan. It is gone, gone, gone. Next one to get tackled will be PP £1282. 

I have been offered APR of 5.9 to refinance car but think I ll just stick with current provider as difference in interest repaid is minimum. I might not have to do balance transfer with PP if I am able to get it repaid between now and end of Feb. My living expenses the last 6 weeks have been the absolute minimum and this has allowed me to make such fast progress with debt clearing, that and some big wins like cancelling the not needed new sofa I compulsively bought and scrap jewellery sale. Paying small amounts, tilly tadels I think it is called, has also been a game change in debt repayment. This level of repayment has been aided by the terrible British winter and no-one wanting to leave the house! The next couple of weekends I will be out with friends and in April I am due to holiday to Finland (Covid allowing). This is being pad for by a third party so all I have to get is a passport and spending money. 

The debt I have came from renovating my house so in general I don't overspend on wasteful things. I do though impulse buy but since August this has been much better controlled. I upgraded my car in August last year too as the kids were all too tall for the last car and there was no dog or luggage room. This is now rectified and the car should be good for next 5 years plus as only 35000 miles on clock.

Have decided against EF at moment until PP is gone as I have a credit card for emergencies that I have never used in all the time I have had it but would more than enough to cover an emergency. I am disciplined enough not to use it. 

Working from home today so will take this opportunity to see what else I can flog. Happy Tuesday all 😊

mark55man

Just a hint on the CC that you never use.  Maybe use it for one small thing eg Petrol and then either pay off immediately or move money aside for monthly.  Then when you do need it in an emergency you lower the risk of it bouncing - I once nearly lost a holiday booking for that reason and only just managed to find an alternate card that worked

savingholmes

On the car finance thing - it's your call - but how I like to compare it - is if the money saved was lying in the street - I'd stop to pick it up - so how is this different?

Glad that you have managed to make so much progress so quickly on clearing the debt. I know that takes effort and sometimes that last edge of energy that we have - so well done.

DancingInTheRain

Just wanted to say a big thank you for mentioning your success with Hatton garden metals as, after reading about you sending some items to them, I did the same and have also just received just over £500. I'm in shock but very thankful I read the tip on your diary as I don't think I'd have thought of it otherwise.

Good luck on the rest of your journey too x

Jill12

Thank you @mark55man, good advice about the credit card and @savingholmes your advice hit home to me I was being a tube and I have accepted the loan at 5.9%. Just waiting on the funds being transferred over and I will close down the and settle the old loan.

Mood has taken a plummet this week and I am feeling the weight of debt round my neck tightly. Never have I ever not wanted to be in debt as much as I am just now. I truly realise I am in a fortunate position to repay back the debt and my goal still is Dec 22. I am embarrassed that I have nil savings and will be hitting 40 in just over a year. It is days like this when I could give in and go on a shopping spree but I wont do that today. I went to the local shop instead and bought a colour to put through my hair and will go out with friends for dinner instead. I know this money could go on the debt but I need to breath today, just for 24 hours. The debt free journey at times can be suffocating and intense but I need to keep focused on the end goal. @mark55man I am sure you posted about the daily slog being the toughest bit and you really are right about that. Maybe I find that more so being on my own with 5 kids?? Or maybe today is just a not so good day. I ve also went via Maccy D's after school drop off and got me and my brother a breakfast lol. Perhaps some days you just need to be a little sad so tomorrow can be a better day. 

Currently PP £1222.67, Car 13138.66, paid off £3291.75. PP will be cleared by the 26 January all going well. 

Jill12

Goal for today is to stay dressed and get through until tomorrow- one year today since my mum left this world