Nat's Diary:One Down...FOUR To Go to DF Forever!!!

nellis10 · 19 January 2009 at 10:28AM

Hi Folks...I'm starting my own diary to prove to myself that I can get DF Forever!! My Current Account is going to become my BFF (Best Friends Forever) and thus I can do no harm to it!!

Debts:
Virgin Credit Card 0% until May 2009 - £2150
Car Loan (Top Loaded Interest) £5K over 5yrs until Jan 2013 - £5230
Business Loan (Top Loaded Interest) £5K over 5yrs until Jul 2012 - £4320

Total Debt - £11700

We also have a mortgage of £184000 Interest Only (was £90K but we added £94K to buy out his partner from my husbands business) at a rate of 0.79 above base rate tracker.
So total absolute Debt is £195700 :eek: :eek: :eek:

My job is to get rid of the £11700, hubby is saving on the mortgage rate to bring the capital down on the mortgage.

We have 3 main assets....our house (worth buttons...lol...no seriously we have about 150K in equity there)...my husbands company building....(assets of about £90K)...and an investment property I bought with my mum (half the assests would be about £25K)

So I'm not too worried about the mortgage debt as we have assests we can use as and when to bring this down to a resonable amount when we decide to down size.

The £11700 I would however like to get rid of ASAP so that we can afford to go for IVF to expand our family!!!

At the moment I am putting lots of bits and pieces on ebay, doing the PAD challenge and also challenging myself to balance my current account every month.

I totally lost the plot at Christmas and didn't add up spending...so I ended up paying £350 in charges!!! :mad: My own fault, I had the money in bonuses coming in, but went over my £500 overdraft limit before it hit....anyway I've paid up but they've removed my overdraft...and have given me £850 O/D temprarily which is being reduced by £48/month...this is probably the best thing they could have done...and I actually don't think I will be using much of it this month....I have £200 cash left and most of my DD have been paid. I've done the monthly shop and don't have any big purchses needed for the rest of the month.

Come Jan 31st I will get my balance and if there is a surplus it moves to the savings acct until my account is zero..if it;s in the minus, I need to use my savings (meagre though they are) to bring the acct to zero...that way t'll pay to live within my means and have the money flowing only one direction!!!

Gosh if anyone is still reading this at this point, I'd be surprised...lol....but I am determined to keep at this diary and plot my way to being DFF!!!!
:T

doodledo_2 · 19 January 2009 at 10:41AM

Good luck with the diary Nat

nellis10 · 19 January 2009 at 10:44AM

Thanks Doodledo!

Yay!! I've just reached my 600th post!! :j :j

doodledo_2 · 19 January 2009 at 10:48AM

Yay you :T

I sometimes look at my post count and think :eek: I must talk a lot of twaddle on this site :rotfl:

nellis10 · 19 January 2009 at 10:50AM

I must go get an offcial DFW number now that i have named and shamed myself!! But I was justifying it by saying that the CC was my ownly frivilous spends (which in theory that and the O/D are) - the car is a must and the business loan was taken out to assit my hibby's business at a crisis point...which is now thankfully doing extremeely well again....but I'm committing myself to paying off the loan so that hubby can get on with the mortgage!

nellis10 · 19 January 2009 at 10:52AM

Oooooooooooo I already have a DFW number....I'm 141!! Obviously I haven't learned from past mistakes!!!!

nellis10 · 19 January 2009 at 12:07PM

Just found Green Metropolis and adding all my books onto it! Even if I only make 50p from each book I will be very happy!!

nellis10 · 19 January 2009 at 12:23PM

I have a CC Limit of £6300 on my Virgin CC until 11th May. At the moment my balance is £2150 leaving £4150. My abbeyloan if I was to redeem today would be £3675 (I'm rounding up actual figures for ease).

Should I get my loan onto my CC until May 2009 with a balance of £5825? It would mean I would have to find another 0% in April to ensure I still don't pay any interest other than BT Fee. I would probably be able to get the balance down to about £5000 in that time, if not lower. Having the Virgin card means I can get the money into my current account and then onto my loan. And it would also save me about £600 in interest on the loan!

nellis10 · 19 January 2009 at 6:14PM

I'm in the money...woohoo...i'm in the money...woohoo!!!

Just got an email from my solicitor to tell me the insurers are paying me £400 for damages when my car was totalled by a drunk driver 2 years ago! plus still waiting on a no claims refund from my old insurers in respect of this too!!

£400....the temptation is to keep it in my current account when I get it...but I know it would slowly get spent! Better to take it as soon as the cheque clears and get it off the CC!!

nellis10 · 20 January 2009 at 10:30AM

Well I have been mulling over how I can pay off my CC before May 11th when the interest free period comes to an end!

At the moment my account stands at £2143 and change.

Additional money coming in....

Child Benefit to May 11th - £360 @ £20/wk
Insurance Money - £400
Ebay Money - £72 so far

That makes a total of £832 leaving a hole of £1311 still to find.....I am doing the PAD challenge and pay off approx £150 over my £25 min payment per month....So Jan-May gives me £750 plus £125 min = £875 in regular payments.

£2143 Balance
Minus £832
Minus £875
Leaves Balance of £436 still to find!

If I work at making £100/month via ebay and other means hopefully I should be able to clear my credit card by the end of the 0%!!

I've seen sigs where other people have done this but never thought I could set myself such an agressive target....but here goes nothing!!! :T

nellis10 · 22 January 2009 at 11:50AM

OK the bane of my life...The Monthly Budget!

We are a family of 3 - 2 Adults and 1 4yr old. My hubby pays for the Mortgage, Electricity, Sky, Telephone etc

I pay for Gas, House Insurance and all Grocery shopping. We have totally separate accounts and a joint savings account.

OK so am am going to be starting with my next pay (30th Jan can't come soon enough!!!) and get myself organised with budgeting!

I have a trusty spreadsheet already set up (it had fallen by the wayside from last year, hence the mess I am in now!!! :rolleyes: ).

I'm desperate to clear my CC by May 2009 so I can start to hack away at my 2 loans and hopefully get one paid off by the end of the year!!!

I'll put up an SOA and see if you guys can see what's best.

Nat's Diary:One Down...FOUR To Go to DF Forever!!!

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