Washing Away My Debts By 2024

vampirotoothus

Hi Squirrel can I ask what your mortgage rate is? Unless it is more than the APR that CC1 hits when the 0% runs out I don't agree that you should be overpaying. If you are planning to Balance Transfer it and you are sure that the fee will be less than what it being charged on the mortgage I think CC1 is the thing to focus on and get rid. Then CC2, then your mortgage. Maybe just get your mortgage DD rounded up a little, so you begin that journey. Good luck V x

LittleMissDetermined

Squirrelz92 said:

On another note, does anyone know why after I edited my signature, it has all merged together? On the signature editing screen they all have a gap between each line and this has never happened before? Ruddy annoying!!!

I’ve had to double space mine, spent far too long trying to sort it out 🙈 very annoying!

Keedie

So glad that your new job is going well and you're feeling empowered and appreciated and most of all motivated. That makes such a big difference doesn't it? I won't say no to a copy of your spreadsheet please, I'll send you a PM, so when you get a chance to remove all your data, if you're able to send the template then I'll be really grateful.

I think clothes can really boost our confidence and I think having a new look, new job and renewed enthusiasm for your career and debt busting is vital to success as it's a very hard slog to stay motivated at times.

Squirrelz92

LittleMissDetermined said:

Squirrelz92 said:

On another note, does anyone know why after I edited my signature, it has all merged together? On the signature editing screen they all have a gap between each line and this has never happened before? Ruddy annoying!!!

I’ve had to double space mine, spent far too long trying to sort it out 🙈 very annoying!

I cant work out how to do it It's driving me mad! Will just delete the whole lot if it carries on as I cannot cope seeing it in the current format as its god awful. 

HI @Keedie, yes it really does make such a big difference. I have spent a few hours both yesterday logging back into the server to get a bit more work done as I am enjoying being so busy and appreciated for what I have done so far  

Yes I shall send you a copy of my spreadsheet. Even if you end up using a small part of it and incorporating it into your own, every little helps doesn't it? Hope you are doing well!

Hi @vampirotoothus, thanks for stopping by. My new mortgage rate is a 5 year fix on 3.56%. I am well organised in the fact that I always switch 0% deals when they are due to charge interest and have never had a problem with this so far I shall be continuing to overpay on CC1 regardless after throwing £200 each month towards the mortgage

Waywardgirl3

Long time no check in! How you getting on in your new job? Xxx

Getridofdebt66

Hope everything is going ok? X

Squirrelz92

Wow ... it has certainly been a while! Nearly 7 months. Think I remember having a big fight with the signature and because I couldn't fix it, I decided to throw a tantrum and pack the diary in. Silly silly me. In all fairness the signature was one of the big reasons as to why I kept coming back here. I had it set out in the way that best showed me my progress and when the glitch destroyed it, I was beyond gutted. Stupid reason to simply quit blogging my debt free journey but hey ho, what is done is done! Moving onto pastures new ...

So, what's happened over the last 7 months? I am still with the same company that I told all you lovely people about. It has certainly presented its challenges and there have been times where I nearly threw in the towel. Lucky for me, I am massively valued and appreciated because I have grafted my !!!!!! off fixing the mess left behind by the previous finance team. It has been incredibly rewarding and satisfying! I haven't had a moment to scratch my behind, but this is what I had hoped for coming into this position. 

The easiest way to comment on the financial side of things is to work through my old signature before I go away after this post and update it all! I have pasted my old signature below for future reference and to make it easier to comment on as I go

Mortgage Overpayments £0 || Halifax CC1 - £3013.80/£2657 Paid Off 11.8% || Tesco CC2 - £1853.13/£0 Paid Off 0% || DWP - £766.56/£606.86 Paid Off 20.83% || Mum - £1300 Paid Off 0% || Emergency Fund: £404/£1000 || Aim To Be Debt Free By Dec 2024

Mortgage Overpayments £0
WRONG! Since Oct I have made a decent dent and have so far overpaid £467.27 on top of my normal mortgage payments. The round up ability on my banking app has proved successful here! On the evening before pay day I tend to have around £30 accumulated in the pot and add whatever else is needed to get to £50. Didnt do this at the start but it is now a reoccuring habit and one that will stay. 

Halifax CC1 - £3013.80/£2657 Paid Off 11.8%
This credit card ran out of the 0% interest in March and it caught me off-guard! I got slapped in the face in April with being charged £34.75 My minimum payments at the time were only £25.20. This prompted the immediate rush to find another 0% balance transfer deal to get rid. Although I found one, I ended up getting hit with another interest charge. The end figure that was transferred across to the new CC1 was £2,237 which was another £420 paid off since Oct 22. As usual there was a balance transfer fee of £64.88 so the current CC1 total is standing at £2,301.88. Silly me didn't read the fine print where it stated that this particular CC has a minimum payment each month of 3% of the total balance which came as a shock when a prompt for my first payment came through for the 1st June! This has now put a spin on what would have normally been an easy choice for where to make overpayments to first!

Tesco CC2 - £1853.13/£0 Paid Off 0%
This one hurts ... my current balance is £4,397.14  This will shortly decrease by £154 once work reimburses me for an exam fee. Unfortunately the bulk of this is vet fees, vet fees and more vet fees. I no longer have my horse as I lost the love for the hobby throughout the last year of non stop treatment and rehab. She is now with a lovely lady half an hour down the road from me on a 'Loan With A View To Buy' contract. I am receiving a set amount each month for 6 months which ends in Sept 2023. It is a massive weight off my shoulders and has freed up more time to spend with my family and to take on additional things (naturally feel the urge to fill the free time right back up again!)

DWP - £766.56/£606.86 Paid Off 20.83%
I have continued on with this monthly payment and I am now down to owing just £383.28. Big progress from when I last reported as this now calculates as having paid of 50% It is my plan to clear the balance this evening, but more on that later!

Mum - £1300 Paid Off 0%
Very excited for this update ... I have paid this in full! 100% balance paid! Nothing more owed! It took 4 months but it was a big relief knowing that I no longer owed my Mum any money. 

Emergency Fund: £404/£1000
I have since reduced the target balance to £500 to give myself a boost and am pleased to say that I have hit that target. I have had £500 EF for a good few months now. It has not been touched and will hopefully stay that way for the foreseeable. I have plans to increase this target figure once my debts are cleared.

Aim To Be Debt Free By Dec 2024
I cannot believe that the last time I checked in that this was the best date I could manage to become debt free (minus the mortgage). As you will have gathered, a few things have changed which has enabled me to recalculate my DFW goal date. Drum roll please ..... my new debt free target date is December 2023!!! This will squeeze every last penny out of me, my house will continue to go to ruin (no more reno work) and I plan on forfeiting a family holiday next year to free up the cash needed to push me that little bit further before the new year. 

I feel soooooo much better for writing all of that! Excited to update my signature and get moving again with posting on here regularly. I really did enjoy writing everything down and getting all of your opinions!

Quick update on non financial topics - 

I am now actively studying for my ACCA again and intend on sitting one exam every 3 months. The hope is to pass both the Sept exam and Dec exam first time so by the time my annual review comes at the end of January, I will be officially part qualified and could use this in my attempt in asking for a cheeky pay rise!

 The downstairs cloakroom has been renovated and is now complete. Thoroughly chuffed with the result of it. Has taken me three years but with lack of funds the last few years, I simply haven't been able to afford it. Shall post a picture of the before and after if anyone is interested

Flying away to Egypt for a week to cook in 40 degree heat on the 4th June. It cannot come soon enough! I am as pale as a ghost and after working for 6 months non stop without taking more than a days holiday, it has been well earned!

No doubt I will think of more stuff to tell you all about but for now I think that is enough information for everyone to read!

Hope you are all well and doing amazing on your own debt free journeys! I shall now attempt to catch up on everyone's diaries!!! Wish me luck!!

Gemma x

Squirrelz92

So payday is tomorrow and as per, I like to utilise whatever I have left in my current account the evening before and spread across the many pots that I have (shout out to M*nzo, my saviour!). 

I have a huge spreadsheet with tabs for each of my credit cards and one for my mortgage and after playing about I found a potential route to becoming debt free by the end of Dec 2023.

For the next 5 months I have an additional £350 coming in from the sale of my horse from the current loaner so I want to use this in addition to whatever I have left in my bank to put towards paying off my debts.

I asked my partner for his input on where I should throw my spare cash for the month and he said split between my renovation pot and clearing some debt. In one sense I do want to do this as I am so keen to continue on renovating my home. However, the only rooms left to gut and redo are the big ones being the kitchen diner, spare diner, back garden and the porch/driveway. Either way, each project is going to cost thousands and by only saving up a few hundred a month it is going to take forever! So, I think I have decided that I am going to go full on freight train and plough every spare penny I have into clearing my debt

This payday eve, I have £1,147 to throw at my debt. For me it makes sense to clear the DWP that I have left. My current balance is £383.28. My balance will then become 0 and I will have 100% paid this debt off *celebration*

After wiping the floor with that debt I have £763.72 left to throw at one or both of my credit cards. Now before I applied for the Capital One card, I would have said I would use the rest of the money to pay off the Tesco card as the 0% interest will run out before the other. HOWEVER, Tesco only requires a 1% minimum payment each month and the balance is just short of double the other. For this reason I am steering towards making a stab at clearing the Capital One CC first as the minimum payment is 3% of the balance. 

Due to me definitely clearing the DWP balance today, this will mean I will no longer need to put the regular payment of £31.94 into a pot ready for the DD to go out on the 1st June. Instead I have decided to snowball this amount onto the Capital One payment which will take it from £69 to £100 per month commencing 1st June. 

With these calculations, I will be able to clear the balance on the 24th July 2023

Short Term Future Thinking
The plan is to then snowball this £100 regular payment from Capital One CC across to Tesco CC on top of its own DD being £42 totaling a monthly repayment of £141 before any overpayments are made. I should roughly be able to make overpayments of around £1000 from the 25th August onwards, clearing the Tesco balance on the 24th November (if everything went to plan). We all know it never does though. Here's to hoping!

Definitely keeping up with this diary again to track progress! 

Gemma x

LittleMissDetermined

Ah! So lovely to see you back on the forum and updating your diary. Well done for not falling off the wagon even if you weren’t updating us.

I half wondered if things had gone awry with the new role and I’m so glad it hadn’t!! 

LMD x

Squirrelz92

Well, that's it. I have spent all £1,147 of my remaining funds before pay day tomorrow where I start afresh. 
Slight change of plan with what I had remaining to pay Capital One CC with. My fridge freezer decided to finally pop its clogs this morning after 13 years of service. Everything had defrosted overnight and needed a replacement appliance asap. Ended up finding one on FB marketplace for £130. I as going to dip into my EF but thought better of it considering I had the money sat in my account ready and waiting.

So that's another debt paid off in full! Goodbye DWP payments! 
£633 was sent to CC1 leaving me with a balance of £1,668.88 Hoping to throw around £1000 at this again next month pending no more appliances break down!

Gemma x