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    • dipdap
    • By dipdap 1st Oct 14, 1:22 PM
    • 6,133Posts
    • 88,549Thanks
    dipdap
    Working towards being debt free, a new house and now beyond!
    • #1
    • 1st Oct 14, 1:22 PM
    Working towards being debt free, a new house and now beyond! 1st Oct 14 at 1:22 PM
    This could be a long post with a lot of rambling as I'm not sure where to start.

    Me and DH currently owe 26,059 (I know right down to the penny what we owe ) and are working our backsides off to clear it all away
    This is only a fraction of what we originally owed. I've decided to post on here (it's taken me 18 months since I joined mse to finally feel confident enough to write everything down on here) as I need it to serve as a reminder to me to keep ploughing through this debt as we both really want that end goal.

    I'll start at the beginning way back in 1999.
    We did as many people have in their twenties and ignored our parents advice and spent money we didn't have. I finally realised the extent of our debt when i signed up to check our credit reports in 2009 (for both me and DH) and saw in black and white the amount we owed. My memory is a little hazy but a recent calculation has set the figure at 68,000 in early 2009. This was the peak of our debts and i was a figure I've been scared to utter for many years since. Nobody knows exactly how bad we were, just me and after a few months DH (I initially kept it to myself while i tried to get my head round everything).
    Like many other people I have no idea where some of it has gone (3 brand new cars over the years account for quite a bit).
    On top of that we have a house which was bought for 30,000 many years ago and after remortgaging a few times (yes I know how stupid it was) the mortgage ended up at 100,000

    Seeing this written down makes me feel sick but I've felt the need to post it here to serve as a reminder to myself and DH that we will not make the same mistake again down the line.
    I set myself up a spending diary in January 2013 (back then it was a little notebook, today I have a 2014 diary) which documents every penny we spend and all money that comes in.
    I've just totted up how we've handled our debt in the last 5 years (using the free to access credit report)
    *edited to include a couple more years *

    2009 = 63600
    2010 = 62200
    2011 = 55200
    2012 = 47900
    2013 = 37600
    2014 = 26000
    2015 = 7520
    2016 = 2500

    In the last couple of months we've had an agreement in principle on the mortgage for the new house we want to buy (new build, not very mse i know) and we have about 38k in equity in this house, so the new mortgage is on the proviso that we clear all our debts before we move (I know a mortgage shouldn't be used to clear debts, but we're happy to go down that route as any spare money when we move will be used to overpay and bring down the balance).

    Sorry for rambling, we have gone it alone in clearing off the debt, I've posted on here as money recently has become less tight as monthly commitments have been removed. I don't want us to become complacent, we can keep working on this debt

    I wish I'd posted this at the start of last year, but at the same time I just couldn't bring myself to write it down
    Last edited by dipdap; 05-01-2017 at 10:50 AM. Reason: Adding new figures
    Historic Debt August 2009 = 63,600 10th March 2017 = 0 100% paid all gone!
    PAYDBX2018 # 102 = 1,810 / 7,000 25% paid
    Saving for Xmas 2018 = PP 0 TCC 195 Amazon 0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
Page 39
    • dipdap
    • By dipdap 12th Jul 18, 2:13 PM
    • 6,133 Posts
    • 88,549 Thanks
    dipdap
    Hi diary
    Just been on the wii fat and I now weigh 14st 8lb so I'm still going down (all be it slowly!)
    Done some number crunching....

    CC1 3,500
    CC2 8,300
    Car 4,950

    Total debt 16,750

    Cash ISA 10,950
    Shares ISA 2,294
    Savings jar 592

    Total savings 13,836

    I've come to the conclusion that our debt isn't going to clear any time soon (it's all on 0% so there's no rush) so figured I'd work out how much is in savings vs debts instead.
    Need to get the savings up above the debt figure. Before the end of the year would be nice
    Historic Debt August 2009 = 63,600 10th March 2017 = 0 100% paid all gone!
    PAYDBX2018 # 102 = 1,810 / 7,000 25% paid
    Saving for Xmas 2018 = PP 0 TCC 195 Amazon 0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 9th Aug 18, 1:53 PM
    • 6,133 Posts
    • 88,549 Thanks
    dipdap
    Hello diary.
    Long time, no speak
    Well we've been on holiday, now back to reality. Think we may have spent a little bit too much while we were away stayed in a caravan in a holiday park.
    Big local supermarket was a 6 mile drive away so we saved money by driving there every other day for food (loaf of bread was 1.50 and 2 pints of milk was 1.10 on site ) rather than eating in the bistro each night (we worked out just 1 meal would have cost 100 )
    Laundrette charged a fiver a wash and a couple of quid to dry so I did hand washing all week.
    Luckily the weather was good so we took the kids to the beach each day and did swimming and the evening entertainment (both of which were included)
    So, now it's back to trying hard not to spend money.
    Overtime at work is pretty hard to come by so OH is doing his fair share when he can.
    Came home to find a letter from HMRC to say we owe 200 in overpaid tax credits from last year. Also had a letter from our last mortgage company to say we overpaid interest so that had a cheque for 250.
    3 more months of council tax payments and 3 more months of holiday (DLP) payments to go.
    Keeping the kids entertained at home so saving money there, shame school uniform all has to be replaced again!
    Better get on, need to do dinner. Will see how the debt totals are looking later on
    Historic Debt August 2009 = 63,600 10th March 2017 = 0 100% paid all gone!
    PAYDBX2018 # 102 = 1,810 / 7,000 25% paid
    Saving for Xmas 2018 = PP 0 TCC 195 Amazon 0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • abba1772
    • By abba1772 9th Aug 18, 5:02 PM
    • 4,958 Posts
    • 17,443 Thanks
    abba1772
    Glad you had a fab time but ouch to the price of a meal at the bistro that's eye watering prices xx
    NEXT TARGET HALIFAX CC WAS July 18 5493.20 NOW 4127.12
    POAMAYC 2011 6382.66 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 6524.04
    • dipdap
    • By dipdap 10th Aug 18, 1:39 PM
    • 6,133 Posts
    • 88,549 Thanks
    dipdap
    Hey Abba.
    I know, it was restaurant prices! Captive audience though I suppose. Fish and chips or burger and chips was 12-13 a person, add on drinks and dessert and it soon sky rockets.
    We did grab some sweet potato chips from the takeaway one evening and had them with microwave burgers, but 3 portions of chips was a tenner and on the last day we did breakfast, that came to around 25 so we did pretty well.
    Money saved went towards the kids doing some pottery painting (that was seriously expensive, a plate was about 15) on the day when it rained. They also spent about a tenner in the arcade over the week and about 20 on various activities that cost extra.
    Right, need to grab pen and paper and see what we owe now.
    Back in a bit!
    Historic Debt August 2009 = 63,600 10th March 2017 = 0 100% paid all gone!
    PAYDBX2018 # 102 = 1,810 / 7,000 25% paid
    Saving for Xmas 2018 = PP 0 TCC 195 Amazon 0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
    • dipdap
    • By dipdap 10th Aug 18, 2:07 PM
    • 6,133 Posts
    • 88,549 Thanks
    dipdap
    Well I have some figures for our debts

    Car - 4,840
    CC1 - 3,400
    CC2 - 8,100

    Total amount owed - 16,340

    We can get this down positive thinking.
    We do have a 3rd credit card which I don't factor into calculations because the bill is paid off in full every month (it's currently at 800, mostly caused by holiday spending )
    Hopefully that figure will be 16,000 or below by the start of next month
    We can do this
    Historic Debt August 2009 = 63,600 10th March 2017 = 0 100% paid all gone!
    PAYDBX2018 # 102 = 1,810 / 7,000 25% paid
    Saving for Xmas 2018 = PP 0 TCC 195 Amazon 0
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
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