Small Business, Big Debts

OldTimer2023

Update time again, folks, and I guess this will be the penultimate update of 2025!

	LBM Oct-23	Nov-25	Repaid	Repaid %
Loan (MBNA)	£12,263.16	£6,310.31	£5,952.85	49%
Bank CC	£971.95	£0.00	£971.95	100%
CC1 (Bcard)	£0.00	£0.00	£0.00
CC2.1 (Halifax)	£7,375.50	£6,336.77	£1,038.73	14%
CC2.2 (Halifax)	£1,470.00	£0.00	£1,470.00	100%
CC3.1 (Virgin)	£12,388.88	£8,348.64	£4,040.24	33%
Bounceback Loan	£48,315.97	£33,488.36	£14,827.61	31%
TOTAL	£82,785.46	£54,484.08	£28,301.38	34%
Challenge Total	£34,469.49	£20,995.72	£13,473.77	39%
Emergency Fund	£1,000.00	£700.00	-£300.00	-30%
Credit Score	582	615	33	"Good"

Yet another month with no overpayments, but I'm still chipping away (as usual) - and I managed to get £700 back into my Emergency Fund this month 

Sooo it turns out that my end of year Bonus won't be quite as big as I was expecting it to be... which means that I was perhaps a bit premature declaring 'victory' over my Challenge Debts by March/April 2026 on my last post.

I am however feeling confident that I have a really good chance of getting my Challenge Debts paid off by the end of 2026 - so that is the new target that I am getting laser focused towards.

I've also been doing a spending experiment this month, to force me to become a bit more intentional with my day-to-day spending - which has had good results so far!  I could sense that I had gotten a bit leaky with eating out, small treats etc, so I need to get back on track there.

In the background to all of this, we are currently in the process of expanding the business to a new location, so by the end of 2026 I'm hoping that a) my Challenge Debts will be paid-off and b) my underlying Income/Net Worth will have (at least) doubled.

So, as usual with me, it's a bit more 'jam tomorrow' - but if I can just knuckle-down and focus on my debts for one more year then by the end of 2026 the ship will finally be starting to turn around.

On that positive note, I'll sign-out here and go catch up on other diaries.

Sending my best to everyone,
Old Timer

Humdinger1

Doing brilliantly @OldTimer2023! Keep going love Humdinger xx