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  • FIRST POST
    • jwil
    • By jwil 23rd Aug 18, 3:29 PM
    • 11,077Posts
    • 40,531Thanks
    jwil
    New plan...time to see some movement!
    • #1
    • 23rd Aug 18, 3:29 PM
    New plan...time to see some movement! 23rd Aug 18 at 3:29 PM
    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!
    "If you can dream it, you can do it". Walt Disney
Page 1
    • jwil
    • By jwil 23rd Aug 18, 3:30 PM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    • #2
    • 23rd Aug 18, 3:30 PM
    • #2
    • 23rd Aug 18, 3:30 PM
    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. Iíve just survived the latest restructure which is a relief.
    "If you can dream it, you can do it". Walt Disney
    • jwil
    • By jwil 23rd Aug 18, 3:31 PM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    • #3
    • 23rd Aug 18, 3:31 PM
    • #3
    • 23rd Aug 18, 3:31 PM
    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 wonít allow DH to contribute to them. He has bailed me out before and I didnít learn, so I am dealing with it myself as itís 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. £2301/£2276
    2. £8388/£8326
    3. £4022/£3989
    4. £2380/£1889
    5. £4813/£4776
    Last edited by jwil; 23-08-2018 at 3:47 PM.
    "If you can dream it, you can do it". Walt Disney
    • jwil
    • By jwil 23rd Aug 18, 3:32 PM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    • #4
    • 23rd Aug 18, 3:32 PM
    • #4
    • 23rd Aug 18, 3:32 PM
    The house.

    Our house needs almost complete refurbishment. It hasnít been touched since it was built. We put heating in before we moved in, but the rest needs doing Ė windows, doors, electrics, plumbing, kitchen, bathroom, carpets, decorating etc. Even our cooker is 40 years old!

    Part of the reason we havenít 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 weíve got a regular in and out of stuff. We both love car boots so that doesnít help, though I have learned to not buy so much stuff!
    "If you can dream it, you can do it". Walt Disney
    • jwil
    • By jwil 23rd Aug 18, 3:35 PM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    • #5
    • 23rd Aug 18, 3:35 PM
    • #5
    • 23rd Aug 18, 3:35 PM
    The targets:

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

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

    Mortgage: £119,124/£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.
    Last edited by jwil; 29-08-2018 at 1:57 PM.
    "If you can dream it, you can do it". Walt Disney
    • jwil
    • By jwil 23rd Aug 18, 3:51 PM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    • #6
    • 23rd Aug 18, 3:51 PM
    • #6
    • 23rd Aug 18, 3:51 PM
    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.
    "If you can dream it, you can do it". Walt Disney
    • abba1772
    • By abba1772 23rd Aug 18, 4:58 PM
    • 6,310 Posts
    • 25,483 Thanks
    abba1772
    • #7
    • 23rd Aug 18, 4:58 PM
    • #7
    • 23rd Aug 18, 4:58 PM
    Hi jwil

    Happy shiny new diary
    NEXT TARGET BARCLAYCARD WAS 04.09.19 £4299.29 NOW £1398.10
    POAMAYC 2011 £6378.35 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90
    POAMAYC 2017 £7278.80 POAMAYC 2018 £13039.59
    POAMAYC 2019 £11564.21
    • jwil
    • By jwil 23rd Aug 18, 5:12 PM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    • #8
    • 23rd Aug 18, 5:12 PM
    • #8
    • 23rd Aug 18, 5:12 PM
    Thanks Abba
    "If you can dream it, you can do it". Walt Disney
    • swimminginaseaofdebt
    • By swimminginaseaofdebt 23rd Aug 18, 5:39 PM
    • 863 Posts
    • 5,238 Thanks
    swimminginaseaofdebt
    • #9
    • 23rd Aug 18, 5:39 PM
    • #9
    • 23rd Aug 18, 5:39 PM
    Hi Jwil,

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

    Iím 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
    SPC11 #564 - £186.83
    SPC12 #22 - In Progress

    VSPC 2019 #10 - £132.88/£100
    • AdventureWanted
    • By AdventureWanted 23rd Aug 18, 7:58 PM
    • 1,274 Posts
    • 4,421 Thanks
    AdventureWanted
    Hi Jwil,
    I've subscribed to your new diary and will be cheering you on .
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 23rd Aug 18, 8:10 PM
    • 10,567 Posts
    • 84,356 Thanks
    HairyHandofDartmoor
    I've subscribed to your new diary Jwil. You sound very motivated.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    EMERGENCY FUND 1 = £3,000/£5,000. EMERGENCY FUND 2 = £1,505/£5,000.
    CHRISTMAS SAVINGS = £159.37/£500
    PREMIUM BONDS ME = £200. PREMIUM BONDS DH = £200
    • in need of direction
    • By in need of direction 23rd Aug 18, 9:37 PM
    • 6,070 Posts
    • 37,921 Thanks
    in need of direction
    Cheers from me too
    Mortgage at 01.01.14 £119,481.83 today £65379.50 target £65,000 by 05/04/19 Offset fund today £826.16 target £1000 by 31/12/19
    Emergency fund £4250/5.5k & £200/200 cash.
    Weight 24/02/19 14st 7lb now 13st 8lb
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • jwil
    • By jwil 24th Aug 18, 8:20 AM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    Hi Jwil,
    I've subscribed to your new diary and will be cheering you on .
    Originally posted by AdventureWanted
    I've subscribed to your new diary Jwil. You sound very motivated.
    Originally posted by HairyHandofDartmoor
    Cheers from me too
    Originally posted by in need of direction
    Aww thank you guys
    "If you can dream it, you can do it". Walt Disney
    • jwil
    • By jwil 24th Aug 18, 8:23 AM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    Hi Jwil,

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

    Iím 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
    Originally posted by swimminginaseaofdebt
    Wow, that was brave reading my old diaries, thank you!

    Good luck with your DMP, do you have a diary? I'll have a hunt.
    "If you can dream it, you can do it". Walt Disney
    • in need of direction
    • By in need of direction 24th Aug 18, 8:26 AM
    • 6,070 Posts
    • 37,921 Thanks
    in need of direction
    Hey jwil, look at your emergency fund percentage. There's Sumat not right.
    Mortgage at 01.01.14 £119,481.83 today £65379.50 target £65,000 by 05/04/19 Offset fund today £826.16 target £1000 by 31/12/19
    Emergency fund £4250/5.5k & £200/200 cash.
    Weight 24/02/19 14st 7lb now 13st 8lb
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • jwil
    • By jwil 24th Aug 18, 8:32 AM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    Today hasn't started well. Little miss is poorly so I had to call DH back from work to stay with her. He's not overly impressed as he won't get paid for today, but I've got deadlines and I'm off next week so really could do with being in today.

    I sold several items on eBay yesterday but didn't get a chance to pack them this morning, so that's a job for tomorrow. Pleased with the amount gone though
    "If you can dream it, you can do it". Walt Disney
    • jwil
    • By jwil 24th Aug 18, 8:36 AM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    Hey jwil, look at your emergency fund percentage. There's Sumat not right.
    Originally posted by in need of direction
    Thank you! Well spotted That's a reflection of my good maths skills No wonder I'm in debt

    I originally put £10,000, but decided to change it to something a little more realistic to start with because of everything else I'm trying to do.
    "If you can dream it, you can do it". Walt Disney
    • dawnybabes
    • By dawnybabes 24th Aug 18, 9:06 AM
    • 1,620 Posts
    • 4,162 Thanks
    dawnybabes
    Ooh all sounds positive - what are you going to do first in the house ?
    Sealed pot challenge 822

    Jan - £176.66
    • Linz4383
    • By Linz4383 24th Aug 18, 11:19 AM
    • 13 Posts
    • 97 Thanks
    Linz4383
    Happy New diary. Following over from your previous one x
    • jwil
    • By jwil 24th Aug 18, 12:54 PM
    • 11,077 Posts
    • 40,531 Thanks
    jwil
    Ooh all sounds positive - what are you going to do first in the house ?
    Originally posted by dawnybabes
    No idea yet, whatever looks most urgent. Probably sorting out the kids room - it has no carpet down so a ripe candidate for getting the electrics in there sorted (plus whatever else can be accessed through the floor), it desperately needs a new window, and then obviously carpet and decorating.
    "If you can dream it, you can do it". Walt Disney
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