On a Mission

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  • mobo1980
    mobo1980 Posts: 368
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    Ooh strange MB- hope it turns out to be nothing !

    I have a book for shopping list
    a book for cleaning
    a book for bills
    ... but no squared paper one's - i'm jealous lol :D

    It's good o/h has had his lbm I keep thinking I've had mine then I do something else that's daft :mad:

    I like how you are thinking of it as a challenge :) I think that might help if I thought of it as a little game !

    Have a nice day :)

    Mobo xx
    CC1-£1729.53
    CC2-£4323.00
    LOAN-£14,519.05
    TOTAL DEBT £20,571.58 :eek:
    Then there's the mortgage :o
  • Mummy_bear
    Mummy_bear Posts: 604
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    Just a quick update.

    been super busy. Offering to do overtime..but always just missing out as it's taken by others very quickly.

    Not had a chance to Ebay recently. But there is a local car boot at the end of the month and I think I'll do that instead. £10 outlay and the rest is all profits.

    Paid another £40 towards the credit cards. Think I've done well for the first month debt busting. Just need to keep motivated to overpay.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £46444.23 :eek:
    £40773.61 /£46444.23 87.8% paid
  • Mummy_bear
    Mummy_bear Posts: 604
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    Plodding along slowly.

    Paying teeny amounts off here and there. Mainly trying to achieve nice round figures on outstanding debts.

    I looked at the monthly loan payments that we have. I can long into one of the accounts, the other has no online management facility. However, neither offer an on line over payment feature. So I'll have to ring up if ever I want to do this.

    When I get paid this month I'll ring up and round up the payments a little

    £155.45 will be rounded up to £160
    £213.04 will be rounded up to £220

    ~~~~~~~~~~~~~~~~~~~~~~~~~

    Had a bit of a lapse in doing surveys of late. I can't really do them properly on my phone. Keep forgetting to keep my tablet charged and I don't always get to go on the PC with a toddler running around. It's a shame as I know I could earn quite a bit from this.

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~

    June was a productive month for repayments I feel. Managed 5.4% off total debt.

    I will soon be amending the total debt to include DH's. I might actually do this a little later. So the figure will be considerably bigger :eek: and scarier :eek:
    BUT I accept the challenge :o

    I suspect we may not achieve the 5.4% pay off in July as we'd made some changes such as shifting debt and reducing interest etc. However, we will try our best that's for sure.

    Anyway, off for now, will try and update with new figures later.

    MB
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £46444.23 :eek:
    £40773.61 /£46444.23 87.8% paid
  • Mummy_bear
    Mummy_bear Posts: 604
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    So I thought why delay the inevitable.

    Worked out a few new figures.DH was able to add over £10k in his own personal debt :eek:

    I'm so so glad he's had his LBM. I've now got control of all accounts. He's got more of the debt that involves interest payments. So will most definitely be paying extra off on those.

    The total figure of £37139.86 is scary. I feel physically sick. I'm just grateful that we are going to tackle this together.

    We're in fir the long haul people. This may be a bumpy and eventful ride!

    MB
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £46444.23 :eek:
    £40773.61 /£46444.23 87.8% paid
  • UncannyScot
    UncannyScot Posts: 2,070
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    Good to here DH is on board now. You've got this, even if it means a longer journey...
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
  • Lucylocks
    Lucylocks Posts: 92 Forumite
    On the plus side, however scary that figure may look, you finally know exactly how much the total is. There are now 2 of you working on reducing it so it may be scary but ultimately manageable - less than £20k each
    LBM 28/3/17 £24,971 :eek: 28/6/17 £14,376 42% paid
  • Mummy_bear
    Mummy_bear Posts: 604
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    I've decided I'm going to lose track of where things are up to if I don't resort to my trusty list making. I have my notebook IRL but want something on here also.

    I'm going to list each debt total and whenever I pay off anything on it I will update as I go along

    As of 9th July 2017

    Lloyds CC £1443.20
    Next £415.85
    MBNA CC £2471.76
    Barclaycard CC £2720
    Littlewoods £273.29
    My overdraft £126.65
    Tesco Loan £10,438.96
    Santander Loan £5720.55
    DH overdraft £700
    TV -DH purchase £726 *
    M&S Loan £8220.88*
    Bicycle finance £187.5*
    DH CC £1010.49
    Other £600*

    *(not strictly accurate, will update once I have accurate figures)

    I *think* this is everything.


    Wow I'm soooo glad I've done this. I've totted up figures and we've actually paid off more than I thought (or at least saved on more interest than I thought-closed a few accounts). Such a boost....signature amended from £1654.87/£37139.86 4.46% paid to £2087.73/£37139.86 5.62% paid

    So the idea is that over the course of July whenever a payment is made to a debt I'll make a note of it next to the relevant one on the list.
    Then at the beginning of August I'll redo the list and do it again. It'll help me in the future to look back and see how things have reduced. I hope it'll be motivator in those times where I may become disheartened.

    MB
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £46444.23 :eek:
    £40773.61 /£46444.23 87.8% paid
  • Mummy_bear
    Mummy_bear Posts: 604
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    Oh, want to add,

    I've worked out that the total of our 'minimum payments' for the month is £1018.22 .... embarrassing

    SO...currently debt balance is £35052.13

    35052.13/1018.22 = 34.4 months - lets say 35 months. So my current DFD (excluding Mortgage obvs) is looking like June 2020. I desperately want to reduce this..and we will.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £46444.23 :eek:
    £40773.61 /£46444.23 87.8% paid
  • TeaRex
    TeaRex Posts: 52 Forumite
    Hey, I thought I would come and say hello on your diary as you were very kind to say hello on mine! :wave:

    Your partner sounds very much like my ex partner! Spending on credit, taking out loans and finance for things we didn't need, new TVs etc! Unluckily for me he would talk me round into taking the credit in my name and when we split he probably owed me over £10k which he has never paid! I managed to keep the very nice TV though :rotfl:

    You have made great progress so far, one thing I would say is have you used a snowball calculator to work out your debt free date? I only ask as if I divide my debt by my minimum payments it says i will be debt free in 24 months but a snowball calculator will work out including the interest so for me its more like 32 months :( Not trying to discourage but instead encourage to smash it even more!
    June 2015 Debt - £23643 // March 2018 Debt - £1490
    Sealed Pot Challenge Member - 584
  • Mummy_bear
    Mummy_bear Posts: 604
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    TeaRex wrote: »
    You have made great progress so far, one thing I would say is have you used a snowball calculator to work out your debt free date? I only ask as if I divide my debt by my minimum payments it says i will be debt free in 24 months but a snowball calculator will work out including the interest so for me its more like 32 months :( Not trying to discourage but instead encourage to smash it even more!

    Thanks for stopping by.

    Most things are on 0% interest such as the credit cards. Those that aren't have the interest already calculated into the payments.. e.g. the loans or the fixed finance deals such as the TV and so overpayments should hopefully reduce amount owed.

    The main thing that does have interest accumulating is my NEXT account. And so I'm looking to get that cleared asap so that I can shift that payment into the next thing

    MB
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £46444.23 :eek:
    £40773.61 /£46444.23 87.8% paid
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