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It's time to begin.....

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KakisteKakiste Forumite
235 posts
100 Posts Name Dropper
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So I'm 15 months in to my journey to becoming debt free and after reading loads of the diaries for inspiration across the last year and a bit, I've decided to start my own. 

 I hugely messed up in 2014 by not saving up anything (putting no thought into anything) for my maternity leave and went into it with no savings and at the end of my overdraft and ended up in a huge pit of debt. My monthly outgoings remained the same as my wages reduced to SMP and then I ended up taking out credit cards, loans and the dreaded consolation loan in an attempt to keep my lifestyle the same. I also finished my teaching degree during my maternity leave and for the 6 week final placement I put my daughter into a nursery and took their word for it that UCAS would cover all the childcare as a grant- I totally failed to get this in writing and then was shocked when this didn't happen. 

I think at the time I was burying my head in the sand so much and just kept working towards "When I go back to work I'll pay it all back...." but then hadn't realised (again total lack of preparedness) that my childcare for 40 hours a week would be sky high and then I embarked on paying £680 a month in childcare for the next 2 years until the free 30 hours kicked in when she was 3. 
By that time I had run up astronomical debts. Somehow during all of this I kept the extent of my debt concealed from my husband who is ace with money and would have supported me. He found out (by total accident) in February last year and made me sit down with him, look at all my debts, assess all my options and then came up with a plan together. 
So I started a DMP in April 2019 and I've worked out quite a strict SOA with Stepchange and by a lot of cut backs, an incredibly frugal household food budget of £30 a week (hard going but we've managed to stick to this for 15 months :) ) as well as doing a lot of free stuff for entertainment rather than paying

I've so far in 15 months; paid back £3,889 to creditors through my DMP, completely cleared the £3000 loan that my uncle gave me to pay back a really high interest loan last year and £2500 back to my in laws who lent me a lot of money. 
I have also (with my husband's help) repaid a £3,800 overdraft that I had run up but was on a joint account and was adversely effecting his credit score and he repaid another £2200 loan that a friend was a guarantor for so that starting a DMP couldn't impact on him or his home ownership. So I'm £15,389 repaid with quite a lot left to go. 
  
After all of that in May 2020 I'm left with three main debts;
£16,917.21- My DMP (£14,500 of which is to HSBC) and the remaining £2000 odd is between Very, Argos, Capital one and Barclaycard 
£7,500 to my inlaws -paying £200 a month back to them. 
and £4000 to my father which I'm just about to start paying back on June 1st- as the agreement with him was that I clear my debt to my uncle first which was finally repaid on May 1st. 

So a long way to go; £28,417 in fact. However it's all moving in the right direction. A new shiny bank account with 'pots' for everything, no overdraft so all the money there is mine, a new job which I love and an emergency fund up and running that has been built up and then used a couple of times (new washing machine, car MOT, dental treatments) and kept me from putting anything else on credit. I'm feeling positive about the next 15 months. :) 

Bottom line; 
£28,419 paid off 
£20,587 left to go. 
«13456725

Replies

  • KakisteKakiste Forumite
    235 posts
    100 Posts Name Dropper
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    So a nice NSD today. As part of our £30 week shopping budget I've started picking up 2 frozen pizzas so that way £2.50 spent as part of food shopping sits in the freezer until we really fancy a quick and unhealthy tea and saves us £15 extra outlay. Worked well tonight and only a 17 minute wait time! :tongue:
    Last day of half term tomorrow so need to grab some popcorn on way into work tomorrow as my form came second out of the school for behaviour points which for an SEBD school is very impressive. 
    Bottom line; 
    £28,419 paid off 
    £20,587 left to go. 
  • CreditCardJunkieCreditCardJunkie Forumite
    380 posts
    Third Anniversary 100 Posts Name Dropper
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    Just wanted to say hello, you've done amazing so far! Keep up the momentum! 
  • daniellemairedaniellemaire Forumite
    21 posts
    10 Posts
    Wow, this is so inspirational! 
    I'm a few weeks into my journey of becoming debt free, currently £181k in debt (which includes my £124k mortage).  
    I'll be following your journey :) 
    Follow my debt free diary here. 
    Debt to start with: £182963.42 
    Paid off so far: 1706.83 
    Total outstanding: 181256.60
  • KakisteKakiste Forumite
    235 posts
    100 Posts Name Dropper
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    Thanks both- :) It was really uplifting to figure out how much I've paid back whilst writing the entry as sometimes I have days where I still feel like I've made no progress. How do I follow other people's diaries? 

    Spent £2 on way to work on the popcorn and we all watched a car refurbishment program on Netflix instead of doing English. It's the last day of half term and they've all worked really hard. Chuffed with them. :s:smile: 

    I was immediately ambushed in the staffroom this morning for two collections which is another £8 gone. £3 to a collection for one of the TAs 60ths- we're getting him a cake and a bunch of beer and some fishing bait. Then £5 for a retirement present for another colleague. I've only been at this school since September but I was in my previous school for 10 years and over half the staff team are people who 'defected' down the road across the last few years. My previous school was horrible- properly ground me down so coming to a lovely school filled with friends I'd already worked with for years was like coming home. :smile:


    Bottom line; 
    £28,419 paid off 
    £20,587 left to go. 
  • edited 22 May at 2:59PM
    joedenisejoedenise Forumite
    9.3K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    edited 22 May at 2:59PM
    To follow a thread go to the top of the page and your'll see a box on the left saying Bookmark, just click on it.  When you want to see the thread's you've bookmarked at the top on the right you'll see a box headed Bookmarks and there will be a list of the threads you've bookmarked.

    I've bookmarked your thread to follow!

    Hope that makes sense!

  • KakisteKakiste Forumite
    235 posts
    100 Posts Name Dropper
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    It does. Thank you for explaining. :smile:
    Chicken and chips for dinner tonight- using up some of the freezer stash. 
    Bottom line; 
    £28,419 paid off 
    £20,587 left to go. 
  • KakisteKakiste Forumite
    235 posts
    100 Posts Name Dropper
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    It's trés windy here this morning (on the coast on the Lancashire/Cumbria border) 
    Off to Aldi in a bit for shopping. 
    Bottom line; 
    £28,419 paid off 
    £20,587 left to go. 
  • joedenisejoedenise Forumite
    9.3K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    Same here on the South East coast but great for drying the washing!
  • KakisteKakiste Forumite
    235 posts
    100 Posts Name Dropper
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    See I've hung ours up in the conservatory as the sea is about a mile away over flat fields and the wind is raging. I'm pretty sure I would have lost some clothes if they'd gone outside. 
    Bottom line; 
    £28,419 paid off 
    £20,587 left to go. 
  • MumoffourkidsMumoffourkids Forumite
    1K posts
    1,000 Posts Fifth Anniversary Name Dropper Combo Breaker
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    I was going to dry my washing outside on the line but we’ve just had a heavy shower here and I don’t trust the weather not to shower again. 
    Emergency fund £257.38/£1000
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