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Journey to reduce my £30k debt to Zero by 24th December 2024

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  • MakingMoves
    MakingMoves Posts: 36 Forumite
    Eighth Anniversary 10 Posts Name Dropper Combo Breaker
    edited 27 August 2023 at 8:32PM
    Hi! Well done on deciding to crack on with getting it paid off. I was thinking a similar thing with my debt. I have a loan of £11k and would like to have it paid off by next autumn. Are all your debts on 0% cards? 
    Hi Remote_control,

    Thank you, Lets do it together...I think we can :).. My credit cards are on 0% at the moment one ends April 2024 and the other May 2024. I plan to move them to another 0% deal around March :)

    Debt: £30k...Target: Clear by Dec 2024 - Current total £20,896.07

    Remaining Debts:
    1. CC2- £7,420.6  Now £1,870 
    2. CC3- £10,865  Now £13,581.75 
    Breakdown: £4131.20- 0% till 01/01/2025
                         £5200.00- 0% till 06/02/2025
                         £4250.55- 0% till 11/08/2025
    3. Loan: £7,223.3 Now £2,974.51 (pay off early balance- £2,320)
    4. CC4:  £2470 0% till 30/11/2027
  • foxgloves said:
    We were also in our early 40s when we started tackling our debts (£35k at its worst). It's never too late to start budgeting properly. Having been in debt from the age of 19 (partner too), learning to live within our means was game changing for us. No bag of impulse-bought shopping could ever make me feel as good as being debt-free. Stick with it & you will get there. Think of it as building a more secure future for yourself & your daughter.
    Best wishes,
    F
    Hi Foxgloves,

    Thank you, I think so too, never too late! I've been in debt as long as I can remember. It makes me feel so encouraged to hear you and your partner were in my situation and are debt free & on the other side of it :) Aww I cant wait to have that feeling too...Thank you so much, I will definitely stick with it. :)

    Debt: £30k...Target: Clear by Dec 2024 - Current total £20,896.07

    Remaining Debts:
    1. CC2- £7,420.6  Now £1,870 
    2. CC3- £10,865  Now £13,581.75 
    Breakdown: £4131.20- 0% till 01/01/2025
                         £5200.00- 0% till 06/02/2025
                         £4250.55- 0% till 11/08/2025
    3. Loan: £7,223.3 Now £2,974.51 (pay off early balance- £2,320)
    4. CC4:  £2470 0% till 30/11/2027
  • lucielle said:
    Good luck on your journey. Can you use top cash back for your car insurance. 
    L
    Hi Lucielle :)

    Thank you so much, sadly I didn't :( I stayed with my current provider but I did manage to get them to knock £100 off the renewal quote as I found cheaper quotes elsewhere :) Will use cashback next time though :)

    MM x

    Debt: £30k...Target: Clear by Dec 2024 - Current total £20,896.07

    Remaining Debts:
    1. CC2- £7,420.6  Now £1,870 
    2. CC3- £10,865  Now £13,581.75 
    Breakdown: £4131.20- 0% till 01/01/2025
                         £5200.00- 0% till 06/02/2025
                         £4250.55- 0% till 11/08/2025
    3. Loan: £7,223.3 Now £2,974.51 (pay off early balance- £2,320)
    4. CC4:  £2470 0% till 30/11/2027
  • MakingMoves
    MakingMoves Posts: 36 Forumite
    Eighth Anniversary 10 Posts Name Dropper Combo Breaker
    edited 27 August 2023 at 10:18PM
    Evening All,

    I hope you're all well. Sorry I didn't get to update sooner, its been an insane few days... So busy at work :blush: Yesterday was spent in recovery- other than a trip to the park and then the supermarket. DD and I spent the best part of the day indoors painting and watching movies. I did manage to update my monthly budget and transfer over the remainder of my emergency fund to the savings account, so debt 3 is cleared!! yay!!. :)<3 

    Other tasks I completed was cancelling some subscriptions: My Prime/Netflix/Amazon Prime/Now Tv and My nuticheck app all got cancelled (total of £24.96pm saved). Small savings but we can get by on free view and Youtube for a while...at least until the new season of the Witcher or stranger things comes out lol!

    So here's my budget for this months salary. If I pay the debt payment figures as set  below, I will be £114.64 short of this months goal. I need to hustle to find the rest. I know I was over target last month but I don't want to count that. I want to have a minimum debt payment target  of £1680 every month, anything over is a bonus:

    Income
    Salary  £3,157.91
    Money left over from last month  £     68.19
    Car insurance money  £   415.00
    Ebay Sales  £     30.90
    Income total:  £3,672.00
    Spend/Budget
         
    Debt Payments Credit Card 1 -£   313.26 Min payment
    Credit Card 2 -£     72.73 Min Payment
    Loan -£   201.00 Min Payment
    Debt 3 -£   851.51  Completes £1K emergency fund💕
    Debt 4 -£   126.86  
    Internet -£     27.51
    My Mob -£       7.95
    Mums Mob -£       4.95
    Council Tax -£     92.00
    Rent -£   725.00
    Car Tax -£     15.75
    Life Insurance -£     52.36
    Electric -£     60.00 Approx. from Last month
    Car Insurance -£   533.23 renewal, reduced by £100 
    MOT -£     70.00 estimate
    Amazon Kids -£       3.99
    Baby Stuff -£     40.00 spend for days out with bubs £10pw
    Charity Giving -£       5.00
    Petrol -£     80.00
    Food -£   180.00
    Gifts/Birthdays -£     30.00 Birthdays upcoming
    Beauty  -£     20.00 incl. prescription payment
    Clothing -£     31.50
    miscellaneous -£     50.00 for unforeseen costs
    socialising/personal spends -£     50.00
    Sisters anniversary gift -£     20.00
    oyster travel -£       7.40
    Expenses total -£3,672.00
         
    Balance Remaining  £           -  


    Night All, MM x

    Debt: £30k...Target: Clear by Dec 2024 - Current total £20,896.07

    Remaining Debts:
    1. CC2- £7,420.6  Now £1,870 
    2. CC3- £10,865  Now £13,581.75 
    Breakdown: £4131.20- 0% till 01/01/2025
                         £5200.00- 0% till 06/02/2025
                         £4250.55- 0% till 11/08/2025
    3. Loan: £7,223.3 Now £2,974.51 (pay off early balance- £2,320)
    4. CC4:  £2470 0% till 30/11/2027
  • Hi, yes I'll join you on your journey! I'll set myself the challenge of paying off my loan by Dec 2024 to line up with you then 😁. The only thing is is that we'll remortgage in the new year and at this rate our new mortgage rate will be above the loan interest so I might change my mind. 

    Glad to hear you're on 0% on the ccs. 

    I took some photos of things to eBay today and I promise I'll get them on tomorrow! 
  • Hi, yes I'll join you on your journey! I'll set myself the challenge of paying off my loan by Dec 2024 to line up with you then 😁. The only thing is is that we'll remortgage in the new year and at this rate our new mortgage rate will be above the loan interest so I might change my mind. 

    Glad to hear you're on 0% on the ccs. 

    I took some photos of things to eBay today and I promise I'll get them on tomorrow! 
    Amazing!! I look forward to u crushing these debts together, I'll also be praying for the interest rates to come down so you can get a good deal come the New Year :) Hope you got those bits listed and have lots of bids!! :)

    MM x

    Debt: £30k...Target: Clear by Dec 2024 - Current total £20,896.07

    Remaining Debts:
    1. CC2- £7,420.6  Now £1,870 
    2. CC3- £10,865  Now £13,581.75 
    Breakdown: £4131.20- 0% till 01/01/2025
                         £5200.00- 0% till 06/02/2025
                         £4250.55- 0% till 11/08/2025
    3. Loan: £7,223.3 Now £2,974.51 (pay off early balance- £2,320)
    4. CC4:  £2470 0% till 30/11/2027
  • MakingMoves
    MakingMoves Posts: 36 Forumite
    Eighth Anniversary 10 Posts Name Dropper Combo Breaker
    edited 31 August 2023 at 10:43PM
    Evening All, 

    I cant believe how quick the week is going, it kind of goes by in a blur lol! The weekend is almost here and I haven't updated yet so I'd do a quick one before bed :)  My MOT came in at £40 which was awesome as I'd budgeted £70 so the difference was sent to debt payment (£30).

    My monthly catch up with the girls came in at £35 and I'd budgeted £50 so I also used the difference as debt payment. I probably should've held it back just in case but I am slightly addicted to colouring in those jars lol!

    I was also adding up the debt totals and realised that I had a payment missing on my tracker. Not quite sure how I missed this, perhaps I did a manual payment made and direct debit taken or I recorded the current balance wrong. Anyhow I have now corrected this (double and triple checked it). So that's an additional £200.66 payment reduction on my loan. :D I wont complain a step closer to freedom! 

    I'm going to leave it there as I'm so tired but I will update again over the weekend.

    Night All,

    MM x




    Debt: £30k...Target: Clear by Dec 2024 - Current total £20,896.07

    Remaining Debts:
    1. CC2- £7,420.6  Now £1,870 
    2. CC3- £10,865  Now £13,581.75 
    Breakdown: £4131.20- 0% till 01/01/2025
                         £5200.00- 0% till 06/02/2025
                         £4250.55- 0% till 11/08/2025
    3. Loan: £7,223.3 Now £2,974.51 (pay off early balance- £2,320)
    4. CC4:  £2470 0% till 30/11/2027
  • Hey MM,

    Thanks for your wishes and prayers! So kind of you. I did get all my things listed on Monday  o:). I only have a couple of bids so far but I'm sure they'll come. 

    My big news is that I sold my old car and have taken that off the loan. The loan was for the new car so technically I knew this day would come, but I didn't know how much I'd get for the old car. Anyway, I paid £2000 off the loan! It is now in the 8000s! 

    There won't be any more large sums like this coming so the rest will be through small things like eBay. 

    Have you got anything to list on eBay? It was actually easier to save it all up and list in one go. 

    Have a good weekend xx
  • benbenandme
    benbenandme Posts: 12,349 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    Just read your diary and its great, you are making huge progress already, well done! Can I ask about the money from dd's Dad - if/when he pays where does this go? Could this go into your emergency fund which would allow you to focus your money on your debts, that way it would still be benefitting dd if she/you need anything you would have some funds there? x
    Mortgage Total: £51,549 / £75,000
    Mortgage Overpayments Pot £1079
  • Hey MM,

    Thanks for your wishes and prayers! So kind of you. I did get all my things listed on Monday  o:). I only have a couple of bids so far but I'm sure they'll come. 

    My big news is that I sold my old car and have taken that off the loan. The loan was for the new car so technically I knew this day would come, but I didn't know how much I'd get for the old car. Anyway, I paid £2000 off the loan! It is now in the 8000s! 

    There won't be any more large sums like this coming so the rest will be through small things like eBay. 

    Have you got anything to list on eBay? It was actually easier to save it all up and list in one go. 

    Have a good weekend xx
    Good Morning Remote_control,

    Congrats on the sale, that must've felt so good to pay off that chunk :) £8000 is a much nicer figure <3 hey small payments little and often quickly mount up, your debt will soon be gone...as long as we stick with it :)

    I have a couple of bits listed on ebay, I had a buyer not pay or show up for an item so if its still here next week will relist, I keep tripping over it in the hall but no where else to hold it lol! It has to go! I will spend this week  taking pics of thigs to be listed and get them all on this Sunday. Don't think there will be much but its worth a shot :)

    Hope you had a wonderful weekend!

    MM x


    Debt: £30k...Target: Clear by Dec 2024 - Current total £20,896.07

    Remaining Debts:
    1. CC2- £7,420.6  Now £1,870 
    2. CC3- £10,865  Now £13,581.75 
    Breakdown: £4131.20- 0% till 01/01/2025
                         £5200.00- 0% till 06/02/2025
                         £4250.55- 0% till 11/08/2025
    3. Loan: £7,223.3 Now £2,974.51 (pay off early balance- £2,320)
    4. CC4:  £2470 0% till 30/11/2027
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