New plan...time to see some movement!
jwil
Posts: 19,053 Forumite
:wave: 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!
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
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Comments
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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. I’ve just survived the latest restructure which is a relief."If you can dream it, you can do it". Walt Disney0
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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 won’t allow DH to contribute to them. He has bailed me out before and I didn’t learn, so I am dealing with it myself as it’s 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. [STRIKE]£2301[/STRIKE]/£2276
2. [STRIKE]£8388[/STRIKE]/£8326
3. [STRIKE]£4022[/STRIKE]/£3989
4. [STRIKE]£2380[/STRIKE]/£1889
5. [STRIKE]£4813[/STRIKE]/£4776"If you can dream it, you can do it". Walt Disney0 -
The house.
Our house needs almost complete refurbishment. It hasn’t been touched since it was built. We put heating in before we moved in, but the rest needs doing – windows, doors, electrics, plumbing, kitchen, bathroom, carpets, decorating etc. Even our cooker is 40 years old!
Part of the reason we haven’t 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 we’ve got a regular in and out of stuff. We both love car boots so that doesn’t help, though I have learned to not buy so much stuff! "If you can dream it, you can do it". Walt Disney0 -
The targets:
Debt: [STRIKE]£34,557[/STRIKE]/£21,256 = £13,301 or 38.49% cleared.
Car: [STRIKE]£3,500[/STRIKE]/£2,400 = £1,100 or 31.4% cleared.
Mortgage: [STRIKE]£119,124[/STRIKE]/£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."If you can dream it, you can do it". Walt Disney0 -
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 Disney0 -
Hi jwil :hello:
Happy shiny new diaryNEXT TARGET: Halifax credit card DEC 22 £0 / £4499.12POAMAYC 2011 £6378.35 POAMAYC 2012 £5000.78POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90 POAMAYC 2017 £7278.80 POAMAYC 2018 £13208.18POAMAYC 2019 £13309.28 POAMAYC 2020 £15026.050 -
Thanks Abba
"If you can dream it, you can do it". Walt Disney0 -
Hi Jwil,
Read all your old diaries and just wanted to say good luck with your new plan!
I’m also on a DMP and saving for an emergency/F & F fund so will lurk about and hopefully pick up some useful tips/inspiration
SwimmingVSPC 2019 #10 - £168.80/£100 VSPC 2020 #4 - £262.03/£200 VSPC 2021 #9 - £242.88/£200 VSPC 2022 #3 - £188.03/£200 VSPC 2023 #7 - £0/£2000 -
Hi Jwil,
I've subscribed to your new diary and will be cheering you on. LBM Aug 2017.
Debt at LBM - £30,055
Debt at highest - £43,148.59
Current debt - £18,880.00
EF - £1,000.00
Challenges
PAYDBX 2021 - #29 Pd £2,355 / £8,000 PAYDBX 2020 - Pd £6,459.00 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.0 -
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 :T 🎉
EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS0
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