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  • FIRST POST
    • Pip Boy 111
    • By Pip Boy 111 27th Mar 19, 12:45 PM
    • 181Posts
    • 554Thanks
    Pip Boy 111
    Venturing Out of the Vault (of Debt)
    • #1
    • 27th Mar 19, 12:45 PM
    Venturing Out of the Vault (of Debt) 27th Mar 19 at 12:45 PM
    Hi all. After a suggestion to start a diary in my first thread here: https://forums.moneysavingexpert.com/showthread.php?t=5983080

    I have decided to start a diary to both motivate myself and record achievements (and errors) in my journey to debt free-ness. First off, some may notice on the original thread that the debt figure has increased to what I originally posted. Hold off on the wagging fingers people, I haven't spent more on credit, I had simply put what was left to pay on my loan account and missed off adding in the other debts (it's been edited to reflect the true figure now). This hasn't changed my debt free target date (I simply read the wrong line of my spreadsheet)

    Anyway, to the figures. Debts remaining as of 27/3/2019:
    HSBC personal loan: 21,212.36p
    Barclaycard: 3432.24p (currently on a 0% deal and aiming to clear before the end of this)
    HSBC Advance Overdraft: 800
    Total Debt Remaining: 25,444.60p

    As I said in the original thread, this figure has come down from around 30,000 (I don't have exact figures because my new-found organisational prowess had not yet developed, not that it matters too much now).
    Now the rambling. After the fantastic advice received from various posters (in particular Sanctioned Parts List, shout out ) I have decided to curtail the emergency fund saving and use the money to pay down debts instead. The Barclay card has a 4000 limit so there is a buffer there in the event of an emergency. in the event of no emergency, the debt is paid quicker. MATHS!
    This diary will be about facts, figures and general ramblings to keep myself motivated and on track. Comments are most welcome, and if anyone spots me being financially stupid or has suggestions to make this process better, please feel free to speak up and chastise/congratulate/educate.

    Today: After a late rise after night shift, and several strong coffees, have sat down and worked through online banking and spreadsheets. The spreadsheets match the bank to within 2p WIN DW salary is paid tomorrow so have "tidied" what's left in the spends account and paid the princely sum of 11.66 towards the Barclaycard. Tomorrow will pay another 50 off the overdraft (they only let you reduce in a minimum of 50 increments ). The budget is set for the next 2 weeks (until I get paid again) and all is looking positive. My payday is when most of the DFW action happens so tune in then for more edge of the seat, debt busting action!

    Todays ramblings: Is it sad that I eagerly await wages? Not to spend, spend, spend anymore, but to pay another chunk of debt off and watch the spreadsheet figure tumble? It's become almost like a game now. Since the LBM I have a different view of life. I now see that having the latest of everything is actually pointless for the most part. For example, part of the long standing debt is an iPhone from years ago. I "had" to have it. The phone is long dead but the debt is still there, bundled amongst the other pounds borrowed for instant gratification. I spent last Saturday playing with the kids in the sunshine and had free cake (with vouchers) and made a homemade "takeaway" for tea. Total spend 0 (aside from the obvious shopping bill earlier in the month but let's not get picky ). We had a fantastic day and the memories and photographs from such a simple thing will last forever. Maybe our parents weren't old and boring, maybe, just maybe, they were right all along...……...
    Last edited by Pip Boy 111; 28-03-2019 at 12:09 PM.
Page 3
    • poppytattoo
    • By poppytattoo 8th Apr 19, 8:49 AM
    • 57 Posts
    • 151 Thanks
    poppytattoo

    If I didn't look at the figures, it didn't exist [...]

    Ironically, when i was on a low wage and we didnt have tuppence 'apenny to rub together, my attitude was one of reckless abandon. We had no money, so we may as well use credit to buy stuff that made life more enjoyable. Now i have the income to support that stuff, i don't do it anymore. Partly because i'm paying the debt back to get rid of it, but mainly because I've realised that all those things are long gone now but the debt remains.
    Originally posted by Pip Boy 111
    This. Exactly this. It's good to see there are others in the same boat. I feel bad sometimes for whinging when I got myself into this situation. Sure, there were factors that contributed, but at the end of the day it was my decision to take out the credit. I never bothered about the debt at all until I realised that the majority of my wage every month now goes on paying it off. Then I think of what we could be doing with all that money - saving for a bigger house deposit, holidays etc - and I want to give myself a knock on the head!

    But, at least we're on the right path, eh! Hope bike shopping went well, and the bargain McDs (we have one five minute's walk from our house, it's a major challenge not to go in every time I walk past.
    Debt-free wannabe since January 2018.
    Car repayments: 12986.46/15895.40, Credit card:4496.32/5000, Dental fees:972/ 1558, HSBC dc loan:7662.76 /11767.81, HSBC overdraft:5000/5000
    Total debt: was 39220.58, now 31,414.53

    Make 5 a day in May challenge: 44/155
    • Sanctioned Parts List
    • By Sanctioned Parts List 8th Apr 19, 10:37 AM
    • 443 Posts
    • 1,127 Thanks
    Sanctioned Parts List
    Anyway, as a result i came across a thread where someone posted a useful link to a retirement planning tool to estimate possible pension outcomes. Very useful. As much as I've tried to gauge where we'll be and work on the theory that more is better when paying in, I've never been sure as to whether we're doing enough, other than to think I'm doing more than the average person my age so SHOULD be OK. Having played around with various scenarios, it seems we're well on track to exceed my MINIMUM target of around 20k p/a in retirement (barring a MAJOR financial disaster). This is good and has set my mind at ease now.
    ....
    Getting into a right ramble today!! Long story short, looking at the long off future has made it even clearer that long term debt has more of an effect on life than just emptying the bank account each month. Once again, thankyou everyone for helping me come to this realisation. It's not too big a statement to say that this LBM could, literally, have changed our lives just in time.
    Originally posted by Pip Boy 111
    This has been weighing on my mind, too. Now, don't forget to include yours and your wife's state pensions, which in today's money would be worth 17.5k per year between them if you took the full value. Admittedly, if you're anything like me, it doesn't kick in until age 68, whereas I was thinking 55 was a nice time to stop...

    Could you copy in the link to the tool you saw?

    Just reading through my diary, it seems as though I'm rambling away and talking to myself
    Must watch for the men in white coats coming to the door. Off to make a tinfoil hat and sit in the cupboard where no one will find me...........
    Originally posted by Pip Boy 111
    We're reading... we're always reading...

    • Pip Boy 111
    • By Pip Boy 111 8th Apr 19, 11:21 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    https://www.aviva.co.uk/retirement/tools/my-retirement-planner/

    Voila! One link as requested.
    I haven't been factoring the state pension for two reasons. 1) i want to know we can get a comfortable retirement even without it because 2) it may be at age 90 by the time I get to retirement

    I'm aiming for 58 but I think 60 is more realistic.
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 8th Apr 19, 11:29 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    This. Exactly this. It's good to see there are others in the same boat. I feel bad sometimes for whinging when I got myself into this situation. Sure, there were factors that contributed, but at the end of the day it was my decision to take out the credit. I never bothered about the debt at all until I realised that the majority of my wage every month now goes on paying it off. Then I think of what we could be doing with all that money - saving for a bigger house deposit, holidays etc - and I want to give myself a knock on the head!

    But, at least we're on the right path, eh! Hope bike shopping went well, and the bargain McDs (we have one five minute's walk from our house, it's a major challenge not to go in every time I walk past.
    Originally posted by poppytattoo
    It did thanks. Wee man finally had the penny drop about saving when he kept asking if he can afford this and that. His face when I told him he had enough saved to buy ANY bike he wanted in that display was a picture
    The McD was good. We live in a seaside village so things like that really are a once in a while treat. Plus it cost next to nowt
    Off for golf on a budget on our beautiful local links course soon. The weather is stunning today. A sense of contentment and calm is to be found here today. Just proves you CAN have luxuries even on a budget
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Sanctioned Parts List
    • By Sanctioned Parts List 8th Apr 19, 6:12 PM
    • 443 Posts
    • 1,127 Thanks
    Sanctioned Parts List
    I haven't been factoring the state pension for two reasons. 1) i want to know we can get a comfortable retirement even without it because 2) it may be at age 90 by the time I get to retirement
    Originally posted by Pip Boy 111
    Thanks for that - it's good to see one that illustrates drawdown as well. It's fairly similar to the spreadsheet I made for myself, with similar assumptions, so I'm glad I wasn't too far off.

    • Pip Boy 111
    • By Pip Boy 111 8th Apr 19, 6:52 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Thanks for that - it's good to see one that illustrates drawdown as well. It's fairly similar to the spreadsheet I made for myself, with similar assumptions, so I'm glad I wasn't too far off.
    Originally posted by Sanctioned Parts List
    Yeah I was getting a bit fed up of seeing low incomes due to most calcs using annuity figures. The drawdown illustration is exactly what I was after and I was pleasantly surprised. Just gotta get rid of this blasted debt now. Weird that they see low investment growth as -0.5% though. That's not low, that's catastrophic
    Last edited by Pip Boy 111; 08-04-2019 at 7:19 PM.
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Sanctioned Parts List
    • By Sanctioned Parts List 8th Apr 19, 7:54 PM
    • 443 Posts
    • 1,127 Thanks
    Sanctioned Parts List
    Weird that they see low investment growth as -0.5% though. That's not low, that's catastrophic
    Originally posted by Pip Boy 111
    Indeed, which is why I'm always left wondering why cash ISAs are so popular, as they pretty much lock in a real-terms "growth" of -0.5%.

    Next few years will be interesting... I'm planning to stay semi-expat until the mess settles down a bit. Feel sorry for you island-dwellers, though

    For my own situation, this might be useful. I stopped being eligible for child benefit slightly before DW became British. If we can back-claim that far based on ignorance, then I can save about 7k of make-up payments for her...

    • Pip Boy 111
    • By Pip Boy 111 9th Apr 19, 11:45 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    So just had the bill for the car service and safe to say i'm not impressed. It came to around 70 more than i'd budgeted for. I suppose that's the ongoing price you pay for taking a PCP deal (having to use dealer services). Counting the days until this deal ends and i can walk away and NEVER go down that route again. Next time i will be buying a car outright, and it'll be one that's "pre loved". By that time we should be debt free, so the plan is to look around at 3-4 year old models and, if necessary, see what rates are available on traditional loans. We're talking 7000 tops here. Not after a Ferrari If nothing suits it'll be back to good old bangers for a few hundred quid. I actually miss my old bangers. They had "character"
    Before anyone thinks this will be a return to buying things on credit on a whim, let me allay those fears, dear reader. This time round it will be a calculated decision, based on what's available that is SUITABLE for our needs, interest rates available, and a solid budget to work to. Research and due diligence will be thoroughly carried out. Being rural we NEED a car. Just not a flashy car. A necessary debt, if you will. Again, if nothing is suitable (in terms of interest rates and car) I won't jump just because. We'll make do with a banger and save instead.

    Anyway, back to the present. The higher bill is not a disaster. I have moved some stuff around in the budget. Mainly debt overpayments. Another win for having a budget and actually tracking spends instead of guessing. I don't like the fact that my nice shiny debt repayment spreadsheet with projections (yes i have one of those too ) is now out of whack and needs adjusting, but it is a far better fate than having to add to credit, which would also put it out of whack but mean we owe more. Lesser of two evils.
    No matter. Next month SHOULD (cutbacks and the like) be bonus month, which means i can make up the missed overpayments and then some. I never include them in the budget as we shouldn't be relying on them. If it doesn't come i can work a couple of overtime shifts to make it up. No biggie, although my early retirement thoughts give away how much i actually like having to go to work . If it does, we'll be better off and a couple of months ahead.

    DAILY RAMBLINGS
    On the plus side, the weather is fantastic again and our 5p jar (that i've been filling but not checking much) seems to be growing nicely. I hate 5p coins, so fiddly and pointless, so just throw them all in the jar. ALL coppers go in a seperate jar. I hate them too. I'm sure anything less than 10p was designed just to weigh down the pockets and take up space in a wallet as a mickey take. There doesn't even seem to be anything such as penny sweets any more either. The last time i looked a Freddo was 10p. Apparently they've doubled in price
    Have a good day all
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 9th Apr 19, 11:52 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Indeed, which is why I'm always left wondering why cash ISAs are so popular, as they pretty much lock in a real-terms "growth" of -0.5%.

    Next few years will be interesting... I'm planning to stay semi-expat until the mess settles down a bit. Feel sorry for you island-dwellers, though

    For my own situation, this might be useful. I stopped being eligible for child benefit slightly before DW became British. If we can back-claim that far based on ignorance, then I can save about 7k of make-up payments for her...
    Originally posted by Sanctioned Parts List
    This seems very close to a political post on Brexit and I kindly request that you refrain from turning this thread into a Brexit cesspit.
    I'm past caring what happens now. I'm sure the sun will rise (or not here in the North but daylight will come ) whatever happens. Unless the price of fresh air and grass rises, i'm sure we'll be fine here either way (i'm not that simplistic by the way, i realise the implications of the whole mess but realised a LONG time ago, it matters not what i or anyone else actually thinks. politicians will do as they please either way and there's no point getting stressed.)
    I turned my thread political didn't i? Off to crawl through nettles then bathe in vinegar as self punishment
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 10th Apr 19, 7:33 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Morning all. Another stunningly beautiful day here again. Unheard of round these parts

    Had a look at DS's bike online last night through top cashback. Can get the same bike with 3% cashback AND Halfords are doing a "scrappage" scheme where you get 20% off the price if you take your old one in! WIN

    Gonna look into the FD current account switch today. 100 plus a 250 0% overdraft sounds like a savvy thing to do. Knock 33% of my owed overdraft onto 0% and pay off another 100 with the switch money My only reservation is that I have all my accounts together at the moment and I've been with HSBC literally my whole adult life. It's silly because it's the same thing just with a different (ish same group and all) bank. I also worry that disasters will happen with the DD switching and they'll all go unpaid. Irrational, but we'll give it a bash and see what happens.

    Not much else on today other than to enjoy the weather. It's NEVER this nice at half term
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Sanctioned Parts List
    • By Sanctioned Parts List 10th Apr 19, 11:07 AM
    • 443 Posts
    • 1,127 Thanks
    Sanctioned Parts List
    So just had the bill for the car service and safe to say i'm not impressed. It came to around 70 more than i'd budgeted for. I suppose that's the ongoing price you pay for taking a PCP deal (having to use dealer services).
    Originally posted by Pip Boy 111
    I'm still ambivalent on car finance - I've done both the "buy a 4 year old car and run it for 5 years" and the "lease a car and just give it back" thing. In the end, especially with how thirsty some of these cars can be for parts between years 5 and 10, I can't say that buying the older cars worked out particularly cost effective.

    Possibly I need to be happier to chance cars breaking down on me, but foolish me tends to replace components when recommended by the manufacturer.

    This seems very close to a political post on Brexit and I kindly request that you refrain from turning this thread into a Brexit cesspit.
    Originally posted by Pip Boy 111
    That's your interpretation - I just said it looks messy over there

    Gonna look into the FD current account switch today. 100 plus a 250 0% overdraft sounds like a savvy thing to do. Knock 33% of my owed overdraft onto 0% and pay off another 100 with the switch money My only reservation is that I have all my accounts together at the moment and I've been with HSBC literally my whole adult life. It's silly because it's the same thing just with a different (ish same group and all) bank. I also worry that disasters will happen with the DD switching and they'll all go unpaid. Irrational, but we'll give it a bash and see what happens.
    Originally posted by Pip Boy 111
    I switched to FD about a year ago - completely painless, don't worry!

    • Pip Boy 111
    • By Pip Boy 111 11th Apr 19, 8:44 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Morning all. The sun is out again (surely this can't be summer already? Worried this could be it for the year )

    Pretty financialistic (new word TM me) day yesterday.

    win no 1 set in motion a switch to FD for my bills account. Offered a 500 OD, of which, 250 is at 0%. Will also get the 100 switching incentive.
    win no 2 wee man's birthday money purchases were ordered through topcashback and have attracted 6 odd cashback. This on top of the new mower means i have 10 and a few pence pending. Also got 20% off the bike for trading in his old one. With the saving he bought a new computer game
    win no 3 BT have messed up downgrading our sim plans. Rang about it and they're refunding this month's higher payment and giving us a month free for the hassle
    win no 4 paid another 200 of the OD
    win no 5 checked out my pension figures. SP easily on track for full amount at 68. My ex employer DC pot has performed well. Left 5 years ago with it sitting around 21k. As of yesterday it's sitting at 32k, with 0 payments in since I left. Also played with the calc and IF investment performance is moderate (2.5%) we should have around 25k a year plus lump sum of 90k ish from the pots. If it's high (5% ish) this figure is MUCH higher. Like 45k a year Fingers crossed

    All in all, a very successful day money wise. Once we smash these debts to oblivion, the plan is to use some of the spare cash each month to up contributions to the pension. Some will be saved towards a 6 month EF, and the rest is then ours to have some fun with. (Balance )

    Don't know if it's the sunshine or what but this week is full of positivity.

    Have a great Thursday
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 11th Apr 19, 8:53 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    I'm still ambivalent on car finance - I've done both the "buy a 4 year old car and run it for 5 years" and the "lease a car and just give it back" thing. In the end, especially with how thirsty some of these cars can be for parts between years 5 and 10, I can't say that buying the older cars worked out particularly cost effective.

    Possibly I need to be happier to chance cars breaking down on me, but foolish me tends to replace components when recommended by the manufacturer.
    Originally posted by Sanctioned Parts List
    This is where I sometimes waiver in what I'm thinking. Older cars CAN get expensive to maintain, it's happened to me. And apart from the monthly payment and the dealer service, everything else is covered on the new car. Maybe I need (another) spreadsheet to work out the true cost of both and compare. I think it might be the monthly sum leaving my bank account that I don't like, but then I'd have one if i took a loan to buy an older car (unless it was a true banger for a few hundred). i
    Hmmmmm. I feel a spreadsheet coming on
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 12th Apr 19, 1:43 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Just had my welcome pack and debit card delivered from FD. Rang the number, all set up for online banking and the app in minutes. Well impressed. Quite reassuring to hear a fellow northern accent on the other end of the phone too! 100% positive with FD so far. Just waiting for all the DD's to go on Tuesday then the switch will happen and hopefully 100 of the Queens English will be appearing in said account not too long after that. By then the overdraft will down to 500 and, as FD give the first 250 of the OD interest free, HALF of my OD will be at 0% and the other half 15.5% (if i remembered the figures correctly) which is less than the HSBC one (18.something, ish, maybe).
    I also noticed that FD are offering personal loans at 3.3% up 30k. My settlement figure today is just under 17k so debating, in my head, whether or not it's worth applying. Obviously I already have the loan with HSBC (12% ish), which will probably scupper my affordability and another search may not look great on the file, but i'm not intending to apply for any other credit in the next few years (other than a new mortgage deal in 2 years but Natwest didn't do a credit check last time as we were just switching deals on the existing mortgage we have with them) and wonder if it's worth a shot. It would save a FORTUNE in interest IF we could get the 3.3% (big IF). Or do I just accept it won't happen and carry on as normal? This is NOT, i repeat NOT, a consolidation loan in the usual sense of the word. Just looking to save a wodge of cash in interest and reduce what's actually owed. there will be no extra applied for to spend and all other debts will remain untouched. Hmmm. Need some opinions. FORUM TEAM ASSEMBLE

    Edit: It's really hitting home now how stupid and careless I was with money, now that i'm sitting down and slowly picking apart what i'm left with and trying to find ways to reduce the cost of the debts. The loan conundrum above is a good example of it. Overdraft, loan and CC. Overdraft is about sorted with half now at 0% and should be gone in a couple of months. The CC was switched to 0% a while back and now i'm looking at the possibility of reducing the loan interest. If i'd just been more careful in the past none of this would need doing. But then, if I'd been more careful in the past i probably wouldn't be here rambling away at all! Ah well, it's all about the journey right?
    Last edited by Pip Boy 111; 12-04-2019 at 1:56 PM. Reason: had more ramblings to add
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Moneywhizz
    • By Moneywhizz 12th Apr 19, 2:52 PM
    • 198 Posts
    • 971 Thanks
    Moneywhizz
    Have just been reading through your diary and wanted to say well done for your radical change of attitude to managing your money. It is such an encouragement to others who are trying to pay off their own debt to read successful stories like yours. A couple of things I noticed in your Soa. You have listed very low amounts for some categories such as clothes, presents, medical etc. Do you actually only spend that amount and are you actually putting money aside each month into all the different categories so that you have the money in a "pot" when it is needed? You are making very sizeable debt repayments every month but it is good budgeting to keep money aside for expenses that crop up throughout the year. Also note that your wife's income is fairly low, will this possibly increase in the future as your family grow up? Just a few thoughts that came to me as I read your diary. Regarding applying for another loan, as long as you are sure you are not too worried about your credit file, there's not much to lose by applying anyway and see what rate you are offered. If you can save some interest it would bring your debt free date closer and you are determined not to add to your debt so it wouldn't do any harm. It sounds like you have a good balance between enjoying life and paying down your debts. Good luck with your journey.
    • Pip Boy 111
    • By Pip Boy 111 12th Apr 19, 4:04 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Well, took a shot in the dark and........he scores

    Absolutely did NOT think that i was going to get anywhere with this application. As soon as you get the message to "call us to provide further information", you just know that it's usually a no. However, after 45 minutes on the phone with a very nice lady and answering many, many questions, I was put on hold for 7 minutes whilst she finalised her checks with the CRA's. 7 minutes of wondering whether it was a stupid idea. And then......it happened. A YES
    No increased rate, exactly the 3.3% advertised. Absolutely ecstatic
    In one phone call i have saved us 3206.45p in interest and knocked 6 months off the term and dropped the monthly payments down by 32.80 per month
    Not updating the signature just yet, not until the agreement is signed, posted and received and the funds are in the account.
    So pleased that I took a punt on FD just to make 100! I am so bl**dy happy right now.
    Last edited by Pip Boy 111; 12-04-2019 at 4:42 PM.
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 12th Apr 19, 4:52 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Have just been reading through your diary and wanted to say well done for your radical change of attitude to managing your money. It is such an encouragement to others who are trying to pay off their own debt to read successful stories like yours. A couple of things I noticed in your Soa. You have listed very low amounts for some categories such as clothes, presents, medical etc. Do you actually only spend that amount and are you actually putting money aside each month into all the different categories so that you have the money in a "pot" when it is needed? You are making very sizeable debt repayments every month but it is good budgeting to keep money aside for expenses that crop up throughout the year. Also note that your wife's income is fairly low, will this possibly increase in the future as your family grow up? Just a few thoughts that came to me as I read your diary. Regarding applying for another loan, as long as you are sure you are not too worried about your credit file, there's not much to lose by applying anyway and see what rate you are offered. If you can save some interest it would bring your debt free date closer and you are determined not to add to your debt so it wouldn't do any harm. It sounds like you have a good balance between enjoying life and paying down your debts. Good luck with your journey.
    Originally posted by Moneywhizz
    Thanks for reading.
    As you can see i went for it and got it
    WRT the clothing, presents and medical. Yes they are right. I'm not what you would call "the height of fashion" (i have a t shirt that is older than my son who's 9 ) and these are based off actual spends. There's enough wiggle room in the fun budget that can cover any needs as they arise (be it school uniform replacement at short notice etc.) We've banned toys as gifts now as the house is full of them, so grandparents etc (big family) are instructed to buy clothes as gifts. It's working well As far as prescriptions go, i can't remember the last time i needed one, or the wife, or kids for that matter (must be something in the countryside air??) Most visits to the Dr have been by me but it's been broken bits and torn thingamys through sport .
    WRT wifes income. Yes, it will increase. As the kids have got older she decided to re train to be a TA in the local school so is currently on 1st year apprentice wages. Only 8 months until an increase.
    Last edited by Pip Boy 111; 13-04-2019 at 3:45 AM.
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 14th Apr 19, 8:43 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Quiet few days as at work.
    Still waiting on the documents for the loan to come through to sign (still on cloud 9 about that).
    All meals for work are from built up freezer stores of "ready meals". So, not much going on, money wise, but the small things continue to add up.
    After the debt busting/money saving action of the past week today feels a bit like progress has halted. I know it hasn't but it's all quiet on that front. Still, payday tomorrow. Debt busting will be resumed
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 15th Apr 19, 9:06 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Bright but windy day here today.
    It's payday!

    So today, paid another 50 off the overdraft. The company bonus was announced this morning and the amount means the overdraft will be consigned to history as of this time next month
    Have paid another chunk off the credit card. This is now under 3400 for the first time in forever. After the overdraft payment next month, there will be enough left over to make a sizeable payment to this on top of my usual budgeted amount. Of course, going forward all my overdraft payments will paid towards this to decimate it before the 0% runs out next year. I need to sit down and work out the figures but i'm aiming to have it clear by September. I just want it gone to have a clear run at the loan.
    The loan is still awaiting the paperwork and funds, but once sorted this will be paid as usual until the CC is clear. I know the CC is 0% but we need to channel funds to it to clear it before the 0% runs out (a lot sooner hopefully) as i have no intention of applying for one again, even a BT card. With the interest dropping to 3.3% the most it will cost us is just over 1000 in interest over the term. However, this won't apply, as once the card is clear in September ALL the CC payments will be going to the loan, so that will come down in double quick time, saving most of the interest. I can live with a couple of hundred in interest after the rate i WAS on (12.5% ).
    Have noticed today my sky bill has jumped to 56.16p . Next month is 76 . I guess my contract is up and I missed it with everything else i was sorting. No matter. A quick call to sky and it turns out, my contract is indeed up. A quick chat with the "retention" team and everything is cancelled as of next billing date (15th May). Too late to do anything about this month as the DD is due tomorrow but that will be my last payment to sky. I refuse to pay 76 per month for ANY TV, especially when they can clearly afford to offer less (as evidenced by my offer I've had for 18 months). So all in all a saving of 30.50 per month from what i have been paying as of next month. Freesat, Netflix and Prime for us for the princely sum of 17.98 per month. For the use it gets from the family, I think that's good value. The sky only really got used by me for sport, and only because it was offered at a low price. I can live with match of the day and F1 highlights.
    Monthly Summary
    All in all, an excellent month of budgeting and debt busting. the totals keep coming down, the budget is on point (even with a couple of unexpected events) and some more money saving actions have taken place. The outlook for the next few months is extremely positive with a new loan rate, company bonus and a slight payrise, and DW is completely on board with the plan.
    Pension wise, checked my payslip and my recent contribution increase means that, combined with the company contribution, there is over 950 per month going to the pot. I hope this is enough to build up a comfortable retirement, but it's a good early start.
    Just waiting for something to bring it all crashing down (I'm a worrier)

    Edit: I've realised, reading these back, that this could come across as bragging or smug to some people. That isn't my intention at all.I'm just so proud and excited about the change in attitude and the ability to budget correctly to enable us to pay these debts as quickly and painlessly as possible. It isn't my intention to brag and i realise we are EXTREMELY fortunate to have the ability to do so. As I've said previously, without the good folk on here we would have bumbled along as normal and ended up with debts that far outweigh our income. It's thanks to this forum that I realised the trend and took corrective action and am still picking up tips and advice to enable me to have the knowledge to be able to make these changes.
    Rather than being smug, my intention is to show the forum members that because of THEM, someone has been able to make changes and that their comments, advice and occasional tough love, have had a positive effect on someones life even if not directly aimed at that person. Thank you all.
    Last edited by Pip Boy 111; 15-04-2019 at 9:20 AM. Reason: AUTOCORRECT!!
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
    • Pip Boy 111
    • By Pip Boy 111 17th Apr 19, 4:10 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Very quiet day, debt busting wise. Nothing to do now but leave the accounts be and watch them sort themselves for the month. It's quite relaxing and reassuring to know that everything is now at a point where a quick check every couple of days is all that's required once the wages have gone in. it certainly shows in everyday life too. I feel less stressed, I'm generally in a much happier mood and I can now be more "c'est la vie" about little problems. In the past, although I didn't realise it, constantly juggling money around to keep up with bills and debts was causing me to be stressed and moody and every little thing was stressed about. it's only in hindsight, however, that I can see this. Another example of the mental toll of debts, even when not actually in dire straits.
    It's funny how just taking the time to be organised and in control can have such a positive effect on the mental state. Of course, there are still things to cause worry in life, but debt is now a much smaller factor, and this contentment seems to radiate through into other aspects of life in general, leading to a much calmer, happier state.
    Of course, when the weather's this good, it's hard NOT to be positive and content. Stunning day for this time of year. Feels good to be sat outside, even if I could sleep on a washing line
    Debts 14/6/2019 (LBM 5/3/2019)
    Overdraft: 900/0 Barclaycard: 3755.55/2859.42 Loan: 21620.29/17997.19
    Total 26275.84 20856.61 (REDUCED BY 20.62%)
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