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  • FIRST POST
    • Treadingonplaymobil
    • By Treadingonplaymobil 12th Feb 17, 9:56 AM
    • 1,636Posts
    • 16,287Thanks
    Treadingonplaymobil
    67,031.92 is a frightening number indeed....
    • #1
    • 12th Feb 17, 9:56 AM
    67,031.92 is a frightening number indeed.... 12th Feb 17 at 9:56 AM
    67,031.92. Seriously. 67,031.92. That is a SCARY number. I can't believe our debt has peaked (and it is the peak, I am determined) at this level.

    Our light bulb moment actually happened a few months back, but it's taken since then of wrangling utilities and carefully watching out income/outgoings (using You Need a Budget) to really figure out where we were overspending and how the monthly shortfall of anything from 200-1,000+ was happening.

    We have literally nothing to show for this debt, it's just crept up over the past 8 years or so, and has always been at manageable levels, but back in October we realised we were spending more on credit cards each month than we were paying off.

    We committed that cardinal sin of taking out a consolidation loan, but alongside it we looked really carefully at our spending over the next couple of months, budgeted realistically for what we spend and have (I think) picked off all the easy 'low hanging fruit' of budget cuts and really identified why we were overspending.

    The main reason for the debt is, erm, me. Not that I'm the biggest spender (neither of us are amazing), but because I am self employed with a hugely variable income and basically worked out our budgets on the basis I would always earn my 'best' month's income. Which was, with hindsight, maybe a TINY bit deluded.

    The aim of this diary is to keep us on track with actually reducing our debt every single month, not doing it in a three steps forward, two (or four) steps back sort of way. Having sat down and put our numbers into the whatsthecost site, it appears that we are looking at 7 years and 1 month of repayments to clear the debt (and that's assuming we can get rid of the shortfall showing below). I REALLY want to reduce this term as that just seems bonkers.

    SOA below, with a couple of explanatory notes.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 250 (variable, but this is the minimum I have earned in any month in the last 5 years)
    Partners monthly income after tax....... 2711.86
    Benefits................................ 192
    Other income............................ 0
    Total monthly income.................... 3153.86


    Monthly Expense Details

    Mortgage................................ 698
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 174 (including overpayment for a period when we messed up during a house move 18 months ago and didn't restart the direct debit for the new property. Will drop by a little under 50 after either March or April, can't remember which)
    Electricity............................. 52 (gas and electricity are one combined DD, I haven't checked the exact split but the total is 104)
    Gas..................................... 52
    Oil..................................... 0
    Water rates............................. 104 (also including a debt from previous property, but I think this will be included for another 6 months or so. I'm not sure what our actual usage is)
    Telephone (land line)................... 18.5 (includes internet)
    Mobile phone............................ 85 (45 for my contract, which I use for work as well, 40 for DH)
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0 (included in landline cost)
    Groceries etc. ......................... 520 (Includes 40 for one lot of school lunches. I am REALLY struggling to reduce this, but feel I could and should be able to!)
    Clothing................................ 100 (growing children, plus see notes below re clothes)
    Petrol/diesel........................... 225 (90% DH commuting costs)
    Road tax................................ 16.27
    Car Insurance........................... 25.22
    Car maintenance (including MOT)......... 30
    Car parking............................. 0
    Other travel............................ 50
    Childcare/nursery....................... 70 (this will disappear in April as child 3 gets free 15 hours)
    Other child related expenses............ 81.85 (music/swimming lessons x2, cubs and beavers, National Trust membership as they love visiting them)
    Medical (prescriptions, dentist etc).... 5
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 27.07
    Contents insurance...................... 0
    Life assurance ......................... 16.26
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 90
    Haircuts................................ 20
    Entertainment........................... 135
    Holiday................................. 75
    Emergency fund.......................... 25
    Total monthly expenses.................. 2707.29



    Assets

    Cash.................................... 0
    House value (Gross)..................... 210000
    Shares and bonds........................ 0
    Car(s).................................. 800
    Other assets............................ 0
    Total Assets............................ 210800



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 173733...(698)......3.14
    Total secured & HP debts...... 173733....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard....................6880.21...156...... .0
    MBNA...........................9614.71...98....... .0
    Parental loan..................20000.....0.........0 (see notes below)
    Tesco loan.....................21000.....377.......10
    Total unsecured debts..........57494.92..631.......-



    Monthly Budget Summary

    Total monthly income.................... 3,153.86
    Expenses (including HP & secured debts). 2,707.29
    Available for debt repayments........... 446.57
    Monthly UNsecured debt repayments....... 631
    Amount short for making debt repayments. -184.43


    Personal Balance Sheet Summary
    Total assets (things you own)........... 210,800
    Total HP & Secured debt................. -173,733
    Total Unsecured debt.................... -57,494.92
    Net Assets.............................. -20,427.92


    Created using the SOA calculator at stoozing.
    Reproduced on Moneysavingexpert with permission, using other browser.


    Regarding the (relatively) high clothes expense, it is a combination of 3 growing children (8, 6 and 3), plus the fact that my job is in the fashion industry, and as a self employed person I need to have the right sort of 'look' in order to get work (think along the lines of a self employed personal shopper - people need to see you looking good in order to book with you).

    The parental loan was for a house deposit. The parent in question has no idea about our debts. She is not desperate for the money back and isn't charging us interest, but has asked us to save 150-200 every month into a savings account and then once we've saved a decent sum to either repay them or 'reborrow' it for work on the house (basically they want us to be able to make repayments if they suddenly need the extra income, but meanwhile are happy for us to benefit from it. I am not saving the money while our debt payments are so high - we are hoping to have paid enough off that if the parent ever needs it that we can reborrow it and pay them back). This isn't great, but realistically I think the best solutions is to treat it as the lowest priority for snowballing - once we have paid back the other debts we will throw the entire 630+ at this debt.

    So, there is a freaking enormous shortfall every month, which is somewhat depressing. Most months it is covered by the fact that I earn more than my 'bare minimum', but it is those months where it isn't covered that the debt creeps up again, and I am a total disaster for going 'oh well, we've spent on the credit card, we might as well keep going' and buying more clothes or something for the house - this is probably a significant proportion of our debt problem.

    We have managed to get rid of the balance on the one credit card we were spending on, so the remaining ones are both on 0% deals (although one expires in September). I have not cut up the remaining credit card, because we don't have an emergency fund in case of eg boiler repairs, but it has not been used for all of a month, and I hope to keep it that way.

    A DMP or similar isn't really on my horizon right now - I feel like we should be able to make the cuts to make our budgets balance, and I am optimistic that as my income goes up (when I can work more as child 3 starts school) that we will be able to make overpayments.

    My plan for now is:
    1) Try to wiggle those budget numbers around enough that we don't have a shortfall any more.
    2) Make a plan for any months where I make extra - do I use it for an emergency fund, as a fund to cover future months' shortfalls, to throw money at the debt to try to reduce minimum payments in case of future 'shortfall' months?
    3) Try to make more money. Not quite sure how this will work as I am largely limited to working around DH's working hours (I work evenings and weekends and the 5hrs childcare per week we are paying for for child 3).

    Now that's all down in black and white I am feeling a combination of relieved (to be clear on the numbers) and immensely stressed (by the semi-regular 180+ shortfall).

    Onwards and downwards (for the debt, not me)!

    edited to add: the original 67,031.92 figure was based on the total figure for the Tesco loan, which included all interest payable over the entire term of the loan. I have updated the debt figure in my signature and in all posts going forward as at 4th June 2017 to reflect that actual current debt balance rather than the balance plus interest over the lifetime of the loan. This has knocked 7,911.62 off the debt figure, but means that each monthly payment will have the interest for that month deducted from it, so it won't affect the DFD if I don't make overpayments.
    Last edited by Treadingonplaymobil; 04-06-2017 at 2:58 PM.
Page 113
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Jan 18, 2:41 PM
    • 1,454 Posts
    • 6,907 Thanks
    wishingthemortgaheaway
    Woo hoo TOPM.
    I suggest to get a couple of weekends campin pencilled in though
    So you have got something positive to think about rather than feeling a bit glum about something that's not going to happen.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1600ish/2,500
    • Suffolk lass
    • By Suffolk lass 5th Jan 18, 7:44 PM
    • 2,013 Posts
    • 20,889 Thanks
    Suffolk lass
    Definitely a halo for that decision! Have you considered a house swap or sit? you know, bit of cat feeding and garden watering in return for free accommodation, somewhere different? It might offer a good alternative to camping (although I know you love your camping!)
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after May 45.81% 4,581.38/10,000
    OS Grocery Challenge 2018 spent 1,021.80/3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Treadingonplaymobil
    • By Treadingonplaymobil 6th Jan 18, 11:58 AM
    • 1,636 Posts
    • 16,287 Thanks
    Treadingonplaymobil
    Week 47: Day 7

    No lists today, in an effort to have downtime. Relatives are staying and I am enjoying half an hours peace while they and my lot are in town - I have DHs birthday cake in the oven and cant leave till its cooked, so will meet them shortly.

    The holiday thing is weird - it actually feels like the first time weve said a genuine no because of money. Not oh, well make it work or well add it to the budget somehow but this falls outside our budget and priorities, so its a no. Its oddly satisfying to feel able to do that. It definitely came as a shock to the relative who offered the house and my mum - I think even though they know we are theoretically financially tight, they have never actually seen it influence a decision we have made. Hopefully this will pave the way for it being more obvious what we can and cant afford, even though we arent going to open up about the whole debt thing.

    Have a good weekend, MSEers!
    67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: 38,608 unsecured debt/20,000 parental loan/173,282 mortgage = 231,890
    debt on 6th June 2018: 13,265 unsecured debt/20,000 parental loan/191,971 mortgage = 225,236
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jan 18, 12:10 PM
    • 6,601 Posts
    • 13,820 Thanks
    enthusiasticsaver
    Prioritising your extension over a holiday sounds perfectly reasonable to me.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jan 18, 12:12 PM
    • 6,601 Posts
    • 13,820 Thanks
    enthusiasticsaver
    Or are you prioritising the debt repayment? Whatever the reason, not spending out thousands on a holiday when you need more space and disposable income is a good thing. You can still go on holiday either after the debt is reduced or the extension built or a cheaper one in the meantime.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DawnW
    • By DawnW 6th Jan 18, 12:24 PM
    • 5,050 Posts
    • 39,857 Thanks
    DawnW
    Week 47: Day 7

    The holiday thing is weird - it actually feels like the first time weve said a genuine no because of money. Not oh, well make it work or well add it to the budget somehow but this falls outside our budget and priorities, so its a no. Its oddly satisfying to feel able to do that. It definitely came as a shock to the relative who offered the house and my mum - I think even though they know we are theoretically financially tight, they have never actually seen it influence a decision we have made. Hopefully this will pave the way for it being more obvious what we can and cant afford, even though we arent going to open up about the whole debt thing.
    Originally posted by Treadingonplaymobil
    It is absolutely fine to say that you can't afford something, you don't have the budget or you are prioritising something else (such as your extension), without going into detail about your finances. To be honest, most people, unless they are either rich or in denial, will be faced with this, due to inflation, flat wages and rising prices. Far more people will be in a similar position to you in this respect (whether or not they have debt) than not.
    NSDs for June 7 / 10
    Groceries / cleaning / toiletries / pet food etc 136.68 / 250
    Fuel 50.01 / 100


    • Gemsy81
    • By Gemsy81 6th Jan 18, 8:40 PM
    • 94 Posts
    • 264 Thanks
    Gemsy81
    Can I just say how inspiring I have found this thread!

    I am new over here as have a mountain of debt and some serious financial planning to do.....we have had our head in the sand for way too long! I had already easily shaved 300 per month off our expenses but this has shown me there is so much more we can and need to do!

    Wishing you all the best and I will continue to look in !!!55357;!!!56842;
    • Sea Shell
    • By Sea Shell 7th Jan 18, 7:19 AM
    • 778 Posts
    • 1,053 Thanks
    Sea Shell
    Well done and keep at it. Your lightbulb is burning brighter everyday!!!

    I know in the past I advocated telling family...well I've changed my mind, don't!! Obviously I don't know your family, but from experience I know that once family know your financial situation, they can treat you differently. Whether it's because you don't have money or because you do.

    So keep it under your hat for now, and keep plugging away!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Treadingonplaymobil
    • By Treadingonplaymobil 7th Jan 18, 2:24 PM
    • 1,636 Posts
    • 16,287 Thanks
    Treadingonplaymobil
    week 48: day 1

    Not exactly a good morning post as its 2 in the afternoon, but never mind. Relaxing after house guests left this morning, going to play another board game in a moment. The last of the Christmas holidays for DH, so it feels a bit last day of the holidays for all of us, even though the DC went back last week.

    The relatives we had over are in (I would guess) a not entirely dissimilar situation to ours a year ago - Id be amazed if their debt is as enormous, but they are definitely in a regular cycle of spending more than their income each month. It came up in conversation and I was trying to explain the various things weve done to get on top of it (YNAB being the main success) and I really recognised the responses as ones I would have given 18 months or so ago - we work so hard, its so depressing not to be able to grab a coffee, we just dont have the energy to shop at two supermarkets etc etc. I cant fault them for it, as its exactly how we were. They dont know our exact debt or anything, but I tried to give them a bit of an insight into our finances to show them how much difference its made to budget properly.

    Fingers crossed, the remortgage will complete tomorrow and well be able to move forward with our new SOA. I will be starting my first week of limiting my working hours to an average of 18 per week (this is planned out and averaged over the year, so some weeks its more, others - like summer hols - its virtually none) and having a (preschool length) day a week for managing the house. One of my first tasks will be to plan out gifts for Christmas and birthdays to ensure we stay within budget and any handmade things get done well in advance.

    To do today (not that theres much of today left!(
    1. Ironing - so much to do!
    2. Clear the house as much as possible before the week starts.
    3. Play more board games .
    4. Make a quiche for packed lunches.

    To do this week
    1. Raise prices for smaller business.
    2. Sort and tidy our room.
    3. Menu plan carefully and do as minimal a good shop as possible - we seem to have very full cupboards and freezer!
    4. Move all the money round to pay off Tesco loan, assuming it comes in as planned.
    5. Finish updating 2018 business plan.

    To do in January
    1. Review 2017 spending and try to improve 2018 plans by being more prepared - plan big spends like holidays and Christmas now and be realistic about the cost. Done with DH before doing SOA.
    2. Redo SOA once the remortgage is through. Done.
    3. Make a 2018 business plan that is less frenetic than originally (I think I had too high expectations of myself, leading to much stress in Nov/Dec). Made a good start on this.
    67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: 38,608 unsecured debt/20,000 parental loan/173,282 mortgage = 231,890
    debt on 6th June 2018: 13,265 unsecured debt/20,000 parental loan/191,971 mortgage = 225,236
    • Honeysucklelou2
    • By Honeysucklelou2 7th Jan 18, 4:01 PM
    • 879 Posts
    • 3,557 Thanks
    Honeysucklelou2
    Something you wrote A few posts back (sorry can't figure out the quote button) really made a lot of sense about recognising that running a home takes time. It's something that often frustrates me but when you break down the amount of tasks that have to be done it's no wonder it takes time!!

    I think you have made a wise decision to plan for a 200 a month income from your business. Hopefully this will be less pressure on you and if you happen to have a good month and extra can be used, all well and good but you're not under pressure to make a higher amount.

    Happy New Year!
    paydbx #93 692/8,000.
    Loan 17k - paid off in Aug 2017. Home improvement loans 3342 March 2017. 3123 in Jan 18
    • Karonher
    • By Karonher 7th Jan 18, 8:48 PM
    • 491 Posts
    • 2,126 Thanks
    Karonher
    Hope you enjoy your extra time if you are cutting back hours. I have just read today's posts and wondered if I was reading it incorrectly. One post mentions 18 hours a week = 72 a month, then another says earning 200 a month. That is just 2.77 an hour. Is there something I have missed.
    Getting ready for Christmas 2018

    Aiming to make 5,000 online in 2018.
    • popuppirate75
    • By popuppirate75 7th Jan 18, 9:10 PM
    • 5 Posts
    • 15 Thanks
    popuppirate75
    If you do prefer shopping in person, shop smart and don't fall for the mind games of the big retailers. Perishables are often at the store entrance, and treats at the exit (alcohol, chocolates etc that people "can't resist").

    In particular, when we arrive in store we often bypass the non-food aisles that occupy the first three or four aisles, eg DVDs, games, stationery, gardening equipment, electrical goods etc, and head straight to the frozen and tinned section (long life goods).
    • Treadingonplaymobil
    • By Treadingonplaymobil 8th Jan 18, 9:55 AM
    • 1,636 Posts
    • 16,287 Thanks
    Treadingonplaymobil
    Week 48: day 2

    Sigh, so much for my new relaxed working week. DC3 is off preschool with a horrible cough today, so instead of getting house stuff or work done I am looking after her. Trying to get a bit of work done while she stares at the tv, hopefully she'll doze off at some stage.

    Karonher 200 is my bare minimum income - last (tax) year I earned c.10,000 on an average of 14 hours a week, so I'm optimistic that it will end up higher, but the point is not to pressure myself in case (like today) those working hours can't happen. Also, I am trying to build up a new area of my business over the next 12-18 months, which will make virtually nothing while I am building it up, but hopefully will make a reasonably passive income once it is established, so some hours will be working for free this year to get that off the ground.

    Honeysucklelou2 I was honestly shocked, when I sat and worked it out, how many hours it takes to run a house, especially to live a life where things are cooked from scratch, the house is kept looking nice, the food shopping/insurance etc is all shopped around to keep to a tight budget, holidays and special occasions etc are planned in advance to avoid stress. Never mind the day to day washing up/laundry/cleaning!

    I am anxiously awaiting confirmation of the remortgage, so I can move money around and make a start on life with our new finances!

    To do today
    1. Another laundry load or two.
    2. Keep on top of the ironing as clothes dry - I cleared a massive backlog yesterday and don't want it to build straight back up again.
    3. Make quiche.
    4. Make flapjacks.
    5. Prepare house for client tomorrow.
    6. Pack orders for smaller business.

    To do this week
    1. Raise prices for smaller business.
    2. Sort and tidy our room.
    3. Menu plan carefully and do as minimal a good shop as possible - we seem to have very full cupboards and freezer!
    4. Move all the money round to pay off Tesco loan, assuming it comes in as planned.
    5. Finish updating 2018 business plan.

    To do in January
    1. Review 2017 spending and try to improve 2018 plans by being more prepared - plan big spends like holidays and Christmas now and be realistic about the cost. Done with DH before doing SOA.
    2. Redo SOA once the remortgage is through. Done.
    3. Make a 2018 business plan that is less frenetic than originally (I think I had too high expectations of myself, leading to much stress in Nov/Dec). Made a good start on this.
    67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: 38,608 unsecured debt/20,000 parental loan/173,282 mortgage = 231,890
    debt on 6th June 2018: 13,265 unsecured debt/20,000 parental loan/191,971 mortgage = 225,236
    • Treadingonplaymobil
    • By Treadingonplaymobil 8th Jan 18, 3:54 PM
    • 1,636 Posts
    • 16,287 Thanks
    Treadingonplaymobil
    Ooooh, remortgage has cleared, and I currently have over 21k sitting in my bank account to pay off the tesco loan! If my maths are right there will be almost exactly 2k left once the loan is paid off (although I don't have the login for the loan to check this - DH will phone and pay it tonight). 725 is allocated to paying the architect and I am intending to use the remainder to give us one month's savings in all our annual savings pots categories (holidays, car maintenance, extension savings etc) which comes to another 782, which will leave a few hundred to make an overpayment on the partnership card.

    I am so pleased to reduce our 'on paper' consumer debt down to just the partnership card and barclaycard, although trying to remember that it has come at the expense of a larger mortgage (albeit not a much more expensive one, as the interest rate is lower and the term re-increased to the original 33 years).
    67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: 38,608 unsecured debt/20,000 parental loan/173,282 mortgage = 231,890
    debt on 6th June 2018: 13,265 unsecured debt/20,000 parental loan/191,971 mortgage = 225,236
    • Misslayed
    • By Misslayed 8th Jan 18, 3:57 PM
    • 4,529 Posts
    • 22,894 Thanks
    Misslayed
    Congratulations!
    Hi. Martin has asked me to tell you I'm a (novice) Board Guide on the Competitions, Site Feedback and Campaigns boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with abuse). Any views are mine and not the official line of MoneySavingExpert.com.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Jan 18, 4:38 PM
    • 1,454 Posts
    • 6,907 Thanks
    wishingthemortgaheaway
    Yay. Pleased it's come through for you.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1600ish/2,500
    • Silver Queen
    • By Silver Queen 8th Jan 18, 4:52 PM
    • 388 Posts
    • 1,873 Thanks
    Silver Queen
    I have just noticed. There's a world of difference between the monthly repayments you were making at the start of this diary, and the monthly repayments you will be making now, even taking into account the higher mortgage!

    Well done! I am so please for you all that things are starting to ease up and work a bit better.

    Fingers crossed you'll be able to squeeze in a few extra earnings here and there too, which will help with your holiday/treats fund.
    Debt Totals June 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 10,000 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18)
    • PositiveBalance
    • By PositiveBalance 8th Jan 18, 5:16 PM
    • 752 Posts
    • 3,777 Thanks
    PositiveBalance
    Yes, congratulations, although thinking about it quickly would it not be better for you to use the pot money to pay off more of the interest-earning card, speaking strictly in terms of interest?

    I understand why you would go the other way as well, though.
    Original debt to source: 11,640.02; debt repaid: 6201.01 (53%); remaining debt: 5439.01
    0% CC balance: 4999.67 now
    3326.64 (381.64 on existing card: 2945.00 BTed)
    Emergency Fund (#187): 0/500
    Terrimundi: fleeced!
    • Verbatim
    • By Verbatim 8th Jan 18, 11:07 PM
    • 4,584 Posts
    • 13,661 Thanks
    Verbatim
    Wonderful news. Really pleased that it's come through for you.
    CCs @0% 24k Dec 05 19,621.41 Au 13400 S 12600 Oct 11,981 9481 7500 Nov 7250 D 7100 Jan 6950 F 5800 Mar5400 May 4830 June 4660 July 4460 Aug 3200, S 900, 0 18/9/07 DFW Nerd 042
    • Honeysucklelou2
    • By Honeysucklelou2 8th Jan 18, 11:56 PM
    • 879 Posts
    • 3,557 Thanks
    Honeysucklelou2
    Wow! Glad the in limbo time has finished and you can plan your new budget with certainty.
    paydbx #93 692/8,000.
    Loan 17k - paid off in Aug 2017. Home improvement loans 3342 March 2017. 3123 in Jan 18
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  • We all knew we'd win in the end. Never in doubt! ....walks away whistling

  • Yeeesss. Phew. Wow. Uh. Oy yoy yoy

  • It's interesting that 80% of the crowd are young women... According to the close ups we keep seeing anyway.

  • Follow Martin