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Head Up, Keep Positive, Eye on the Prize
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Another plus is that the 0% for my Virgin balance transfer card expires in June, so I have transferred £5000 to my M&S card with a balance transfer and paid the remaining £755 from a little pot I have been saving into for this reason.
I've been averaging a total monthly pay off at around £350, so this month will be better due to that.
I can't wait for the day that I don't have to be pleased that £755 has vanished, with nothing really to show for it, apart from whatever I bought years ago and can't even remember. It's a chunk off my debt ... but how lovely would it have been to spend that money now!Debt at LBM July 2017 - £42,002 (cards & loans) + £37,421 (2 mortgage consolidations)
Car bought in Dec 2020 - £12,500
Total Debt - £54,502 (£91,923 including mortgage consolidations)
Total Debt Jan '23 - £19,061.56 (credit cards) + £20,562 (mortgage consolidations)
Consolidated debt onto my mortgage twice in the years before LBM, so it's all consumer debt. Just focusing on clearing card debt first and letting the additional mortgages reduce with the monthly payments.DFD (credit cards) - December 2024 (24 months) 🤞🤞🤞
My Diary - Head Up, Keep Positive, Eye on the Prize
'You can't go back to the start and change the beginning, but you can start where you are and change the ending.' C.S.Lewis1 -
You are doing great! Any money thrown at debt is a win and your debt is going down at a great pace!Debt Remaining: £8,781.53
3 Month EF: £1,000/£4,494
2025 MFW Challenge #9: £999.00/£4,0001 -
ThankyouSquirrelz92 said:You are doing great! Any money thrown at debt is a win and your debt is going down at a great pace!
Yes, you are right. It's going in the right direction. When I think back to when I first started debt busting, I was on fire! (5 years ago nearly to the month) Selling everything I didn't need and being really strict with not buying anything I didn't need. All that really made a difference and moved the debt down at a good pace. I've had a bit of a lull, so now need to up the pace again.
Debt at LBM July 2017 - £42,002 (cards & loans) + £37,421 (2 mortgage consolidations)
Car bought in Dec 2020 - £12,500
Total Debt - £54,502 (£91,923 including mortgage consolidations)
Total Debt Jan '23 - £19,061.56 (credit cards) + £20,562 (mortgage consolidations)
Consolidated debt onto my mortgage twice in the years before LBM, so it's all consumer debt. Just focusing on clearing card debt first and letting the additional mortgages reduce with the monthly payments.DFD (credit cards) - December 2024 (24 months) 🤞🤞🤞
My Diary - Head Up, Keep Positive, Eye on the Prize
'You can't go back to the start and change the beginning, but you can start where you are and change the ending.' C.S.Lewis1 -
Just downloaded a debt payoff app which I saw recommended on another thread. Its really good! I've put my debts in and the minimum payments of £370 and it gives me a debt free date of April 2027 (4 years and 10 months)!! I've got £19,930.55 left to pay.
That's given me a kick up the bum as I've just been paying the minimums over the past year really.
Just adding an extra payment per month of £100 brings the debt free date to March 2026 (3 years 9 months) It knocks a whole year off!
Adding an extra payment of £200 per month brings it forward to July 2025 (3 years 1 month)
Food for thought and I think this will really motivate me throw as much at it each month to see that date come closer.
Debt at LBM July 2017 - £42,002 (cards & loans) + £37,421 (2 mortgage consolidations)
Car bought in Dec 2020 - £12,500
Total Debt - £54,502 (£91,923 including mortgage consolidations)
Total Debt Jan '23 - £19,061.56 (credit cards) + £20,562 (mortgage consolidations)
Consolidated debt onto my mortgage twice in the years before LBM, so it's all consumer debt. Just focusing on clearing card debt first and letting the additional mortgages reduce with the monthly payments.DFD (credit cards) - December 2024 (24 months) 🤞🤞🤞
My Diary - Head Up, Keep Positive, Eye on the Prize
'You can't go back to the start and change the beginning, but you can start where you are and change the ending.' C.S.Lewis1 -
In other news, my remaining debt is now in the teens - £19,930.55 Debt at LBM July 2017 - £42,002 (cards & loans) + £37,421 (2 mortgage consolidations)
Car bought in Dec 2020 - £12,500
Total Debt - £54,502 (£91,923 including mortgage consolidations)
Total Debt Jan '23 - £19,061.56 (credit cards) + £20,562 (mortgage consolidations)
Consolidated debt onto my mortgage twice in the years before LBM, so it's all consumer debt. Just focusing on clearing card debt first and letting the additional mortgages reduce with the monthly payments.DFD (credit cards) - December 2024 (24 months) 🤞🤞🤞
My Diary - Head Up, Keep Positive, Eye on the Prize
'You can't go back to the start and change the beginning, but you can start where you are and change the ending.' C.S.Lewis1 -
That's truly insane knowing that just making that extra additional payment brings your debt free date back by a whole year!!! Utter madness but that's where the paying off addiction starts, knowing you could make that happen with a few extra pennies! I have been doing this for only a week and already its become an obsession!
Which app did you try as I have looked at a few but they don't really make it fun to look at (nothing like a good spreadsheet!)Debt Remaining: £8,781.53
3 Month EF: £1,000/£4,494
2025 MFW Challenge #9: £999.00/£4,0001 -
It's called Debt Payoff Planner and has a picture of a dove on the icon. You can play about with the difference between paying largest interest first, or smallest to largest debt value. I've bought the pro version as it was just $1 a month so paid $24 for the year. I think its worth it just to get rid of the adverts! But it does have some extra features which I think will be worth it.
It's really brought it home the difference those extra payments make.
Good luck @Squirrelz92. Hit that debt hard! Debt at LBM July 2017 - £42,002 (cards & loans) + £37,421 (2 mortgage consolidations)
Car bought in Dec 2020 - £12,500
Total Debt - £54,502 (£91,923 including mortgage consolidations)
Total Debt Jan '23 - £19,061.56 (credit cards) + £20,562 (mortgage consolidations)
Consolidated debt onto my mortgage twice in the years before LBM, so it's all consumer debt. Just focusing on clearing card debt first and letting the additional mortgages reduce with the monthly payments.DFD (credit cards) - December 2024 (24 months) 🤞🤞🤞
My Diary - Head Up, Keep Positive, Eye on the Prize
'You can't go back to the start and change the beginning, but you can start where you are and change the ending.' C.S.Lewis2 -
Thislife you are doing great! I love the idea of the £10 in the coin purse, will have to do this.
I don’t know what line of work you’re in, but is there anyway you could negotiate working from home a day or 2 a week to help save on fuel costs? A lot of companies are a lot more open to this since the pandemic - if you don’t ask you don’t get.
Keep up the good work x1 -
Thanks @Lykke I'm not able to work from home unfortunately as I work in a school. I've asked to go part time next year, as I can't handle the length of commute full time any more - I've done it for many years! A bit worried about the rising cost of living, so I'll need to pick up something else to plug the gap. Possibly tutoring?
Seriously considering buying a heated throw for when the weather turns cold again, so we don't need the heating on quite so much. Does anyone have one, are they worth it?Debt at LBM July 2017 - £42,002 (cards & loans) + £37,421 (2 mortgage consolidations)
Car bought in Dec 2020 - £12,500
Total Debt - £54,502 (£91,923 including mortgage consolidations)
Total Debt Jan '23 - £19,061.56 (credit cards) + £20,562 (mortgage consolidations)
Consolidated debt onto my mortgage twice in the years before LBM, so it's all consumer debt. Just focusing on clearing card debt first and letting the additional mortgages reduce with the monthly payments.DFD (credit cards) - December 2024 (24 months) 🤞🤞🤞
My Diary - Head Up, Keep Positive, Eye on the Prize
'You can't go back to the start and change the beginning, but you can start where you are and change the ending.' C.S.Lewis0 -
Wow, nearly 7 months has flown by! I'm still here, plodding along. I did consider starting a new diary, but on reading back over the past year, it was interesting to read my plans and ambitions, so I'm continuing with this one
I'm still budgeting and paying down debt ... £22,459.19 debt remaining from last December to £17,943.75 debt remaining this December. I have unfortunately spent on my credit card over the past few months for a car service and MOT and some work that needed doing after the MOT, so that now has a balance of £1,117.8.
So total personal debt is now £19,061.55 (plus £7,140.64 which I'm not counting at the moment as that balance is the remaining cost of our wedding and a holiday already booked pre Covid and got rolled over, so it's getting paid down slowly from our joint funds)
So current scores an the doors are:
Nationwide - £1,117.81
HSBC - £1,710.00
M&S - £4,265.00
MBNA - £11,968.75
Total - £19, 061.55
HSBC/M&S on 0% until the Summer
MBNA 0% until next December
So less debt than last year, but it just seems to be dragging on forever.Debt at LBM July 2017 - £42,002 (cards & loans) + £37,421 (2 mortgage consolidations)
Car bought in Dec 2020 - £12,500
Total Debt - £54,502 (£91,923 including mortgage consolidations)
Total Debt Jan '23 - £19,061.56 (credit cards) + £20,562 (mortgage consolidations)
Consolidated debt onto my mortgage twice in the years before LBM, so it's all consumer debt. Just focusing on clearing card debt first and letting the additional mortgages reduce with the monthly payments.DFD (credit cards) - December 2024 (24 months) 🤞🤞🤞
My Diary - Head Up, Keep Positive, Eye on the Prize
'You can't go back to the start and change the beginning, but you can start where you are and change the ending.' C.S.Lewis0
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