New plan...time to see some movement!

jwil · 23 August 2018 at 4:29PM

:wave: Hello!

I've decided it's time for a new diary. I've been doing a lot of thinking recently and have come up with a new plan.

My debt is all at 0% on my DMP and is just clearing, albeit very slowly at £1 a month. This will increase when little miss gets her free hours at nursery next year.

Our mortgage is £118,511 and the only interest bearing debt, on a tracker rate so vulnerable to interest rate rises. I'm very happy with the rate though, and we can make unlimited overpayments, so for the time being, not looking to fix.

I still need to pay back £2400 for my car.

We need to start doing some of the work to the house that we've been putting off for years. So we need to get saving for that before it gets to a stage where we have no choice but to do the work as an emergency.

My new plan therefore is that I am going to let the DMP run itself, focus on paying back the car, the mortgage and saving for the house work. I will be trying to build the emergency fund/F&F fund, so that if my creditors offer a settlement I will hopefully be able to take advantage.

I hope that by changing my focus I will keep my motivation rather than getting fed up about not seeing any progress towards my debts. The mortgage will go down regardless of whether I manage to make overpayments, and hopefully the savings will increase!

jwil · 23 August 2018 at 4:30PM

There is me, DH, little jwil (DS) and little miss (DD). Little jwil is at school and little miss at nursery. We both work full time, but neither job is overly secure, so we want to sort things out. My job has a lot of benefits and so I am trying to cling on as long as I can. I’ve just survived the latest restructure which is a relief.

jwil · 23 August 2018 at 4:31PM

The debts.

I originally had 8 debts at £34,557. A bit of luck last year with complaints, refunds and PPI meant that I managed to settle 2 debts and I also had one written off. This means that now I have 5 creditors and £21,256 remaining. All are defaulted with the earliest default due to fall off in 2020, most of the rest in 2021. By then little miss will be in school and I hope to have a lot more available to clear them with. My debts are mine, and I won’t allow DH to contribute to them. He has bailed me out before and I didn’t learn, so I am dealing with it myself as it’s my lesson to learn. He did pay for my car, so I am paying that back too at my insistence.

Balance at Aug 18

1. [STRIKE]£2301[/STRIKE]/£2276
2. [STRIKE]£8388[/STRIKE]/£8326
3. [STRIKE]£4022[/STRIKE]/£3989
4. [STRIKE]£2380[/STRIKE]/£1889
5. [STRIKE]£4813[/STRIKE]/£4776

jwil · 23 August 2018 at 4:32PM

The house.

Our house needs almost complete refurbishment. It hasn’t been touched since it was built. We put heating in before we moved in, but the rest needs doing – windows, doors, electrics, plumbing, kitchen, bathroom, carpets, decorating etc. Even our cooker is 40 years old!

Part of the reason we haven’t done the work is obviously finances, but also the sheer amount of stuff we have makes it inaccessible! We have been decluttering for years as readers of my previous diaries will know, and the income from selling off my stuff has literally been a lifesaver for me. I am getting towards having cleared my stuff, though more creeps out of the woodwork! DH is making progress although I do moan about the speed of it

The kids also mean we’ve got a regular in and out of stuff. We both love car boots so that doesn’t help, though I have learned to not buy so much stuff!

jwil · 23 August 2018 at 4:35PM

The targets:

Debt: [STRIKE]£34,557[/STRIKE]/£21,256 = £13,301 or 38.49% cleared.

Car: [STRIKE]£3,500[/STRIKE]/£2,400 = £1,100 or 31.4% cleared.

Mortgage: [STRIKE]£119,124[/STRIKE]/£119,124 = £0 or 0% cleared.

Emergency/F&F fund: £100/£1,000 = 10% achieved.

House savings fund: £0/£7,500 = 0% achieved.

There isn’t any spare on the SOA at the moment, so any payments will come from selling things, savings on groceries etc and surveys.

jwil · 23 August 2018 at 4:51PM

I've redeemed £4 on amazon vouchers today from a survey site, though have promptly used them ordering DH's birthday present. I've also pre-ordered an item for him for Christmas, so that's him done. The item is limited edition and likely to sell out quickly so pre-ordering it will guarantee he gets it, but I don't have to pay for it until it comes out in November.

I've got some sales going out tonight on eBay and have got a load of listings to do as well.

I deleted the stuff I was trying to sell on FB, I can't cope with the timewasters! I'm hoping to car boot this weekend so will take it there instead.

abba1772 · 23 August 2018 at 5:58PM

Hi jwil :hello:

Happy shiny new diary

jwil · 23 August 2018 at 6:12PM

Thanks Abba

swimminginaseaofdebt · 23 August 2018 at 6:39PM

Hi Jwil,

Read all your old diaries and just wanted to say good luck with your new plan!

I’m also on a DMP and saving for an emergency/F & F fund so will lurk about and hopefully pick up some useful tips/inspiration

Swimming

AdventureWanted · 23 August 2018 at 8:58PM

Hi Jwil,
I've subscribed to your new diary and will be cheering you on

.

HairyHandofDartmoor · 23 August 2018 at 9:10PM

I've subscribed to your new diary Jwil. You sound very motivated.

New plan...time to see some movement!

MSE NEWSFLASH 07/08

New plan...time to see some movement!

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