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  • FIRST POST
    • Bigskies
    • By Bigskies 4th May 17, 8:12 AM
    • 109Posts
    • 359Thanks
    Bigskies
    Head out of sand time! 63k to zero!
    • #1
    • 4th May 17, 8:12 AM
    Head out of sand time! 63k to zero! 4th May 17 at 8:12 AM
    Hi,
    Have dithered for a while about this diary. I've lurked on and off this page for years, but never really done anything about our debt. It's been creeping up for the last ten years and I've now come to terms with, and got help for my depression that had, I think, led to most of it.
    Initially, my hubby lost his job, which started us on the path, but I wasn't working, and bored and depressed at home with three young children led to me spending, and spending, and spending.

    Once I went back to work, I still wanted nice things and to be honest over the last ten years we have had amazing holidays, three or so a year. We've travelled most of Europe, and Australia and Asia, but all on credit.

    So anyway, now we are sitting on a debt of 68k

    Our eldest two go to uni in eighteen months and currently we don't have enough spare cash each month to pay their accommodation costs, so need this under control.

    We are both working and together have a combined salary of just about 80k. We currently pay 1900/month in debt payments and the snowball calculators reckons 4 years to clear.

    This diary will hopefully keep me on track. So, hello!
    Last edited by Bigskies; 11-01-2018 at 5:50 PM.
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
Page 4
    • Cherryfudge
    • By Cherryfudge 9th Jun 17, 11:05 PM
    • 1,711 Posts
    • 9,250 Thanks
    Cherryfudge
    Ah - wundaweb! That boon of parents! Great stuff
    MFW #30 Paid off 1,622.77/3770 as of 4/5/18
    • Bigskies
    • By Bigskies 8th Jul 17, 9:46 AM
    • 109 Posts
    • 359 Thanks
    Bigskies
    I'm still here! Things are absolutely shocking at the moment, money is really tight as I've started a new job, but paydays aren't working out (I started too late to hit full payroll and haven't got my p45 from old job) and the forthcoming emergency tax is going to be a nightmare! Have had to use the credit card a bit to juggle stuff around, and my commute has trebled with associated fuel costs. I'm hoping that within the next month or two it will settle and actually my salary has gone up a fair bit so we will end up in a much better position, but this is so painful!
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • Bigskies
    • By Bigskies 14th Jul 17, 8:37 AM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Still hanging on in there. Really got little to update at the moment, just going from day to day and trying not to panic about cash flow this month! I'm also getting to grips with this new job, in a new organisation, and new area, so lot to learn! On the upside each payment we make is a payment less to make, eh?
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • Treadingonplaymobil
    • By Treadingonplaymobil 15th Jul 17, 9:24 AM
    • 1,585 Posts
    • 15,547 Thanks
    Treadingonplaymobil
    Well done. Keep on keeping on and you'll get there eventually. It's tough to keep motivation when you've got a big debt and it's going to take a long time, but as long as you keep going, it'll happen.
    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 13th May 2018: 13,648.58 unsecured debt/20,000 parental loan/192,680.11 mortgage = 226,328.69
    • Cherryfudge
    • By Cherryfudge 10th Nov 17, 11:12 PM
    • 1,711 Posts
    • 9,250 Thanks
    Cherryfudge
    Any news? Have things settled down at all yet? I hope the new job (not so new now) is going okay?
    • Bigskies
    • By Bigskies 11th Jan 18, 7:59 AM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Hi,
    I!!!8217;m back. Things haven!!!8217;t been great, frankly. I broke my foot in early October and have been off work since (paid, thankfully) but being stuck at home and depressed has led to me not visiting here at all, and spending. Debt payments have continued but have also used a card, so debt hasn!!!8217;t reduced at all, and might have gone up slightly. I feel so ashamed and have been resisting coming on here to post. I!!!8217;m healing now, after fusion surgery, and should be back at work in February/March.
    So now on it, and need to get cracking with sticking to the budget.
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • Bigskies
    • By Bigskies 11th Jan 18, 9:04 AM
    • 109 Posts
    • 359 Thanks
    Bigskies
    To add, going to update (or restart!) the snowball tomorrow when I have some spare time, and then will see what the damage is. I literally feel sick t the prospect.
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • Bigskies
    • By Bigskies 11th Jan 18, 9:49 AM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Snowball restarted. 48 months. Gutted.
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • Bigskies
    • By Bigskies 11th Jan 18, 11:26 AM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Right. Enough feeling sorry for myself. Need to get my game face on!
    Budget done, snowball done and ive listed some clothes I don!!!8217;t wear on FB to sell.
    According to the snowball, we should clear 13k this year. I!!!8217;m going to chunk this down as just can!!!8217;t see beyond 68k, so will set a target for 2018 of 10k (as our boiler is on its last legs and will need replacing before next year). 10k in a year is 833 a month, so my monthly target is that.
    Hopefully, this will keep me more motivated!
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • fatrab
    • By fatrab 11th Jan 18, 11:49 AM
    • 844 Posts
    • 1,986 Thanks
    fatrab
    Good luck with your new-found motivation!
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 25/31 AFDs, 15/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • Mags35
    • By Mags35 11th Jan 18, 2:46 PM
    • 10 Posts
    • 31 Thanks
    Mags35
    Just wanted to say good luck on your journey
    • Sunkencosts
    • By Sunkencosts 11th Jan 18, 3:12 PM
    • 93 Posts
    • 95 Thanks
    Sunkencosts
    Hi there, we look like similar amounts /time scales, so will join you on your journey - good luck!
    • Bigskies
    • By Bigskies 16th Jan 18, 3:09 PM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Well, this week has been fairly busy so far, I!!!8217;ve not doing any massive money saving, but have sold a few bits on eBay which has gone into the general money pot as this is along month and things are always tight. There always seems to be an odd 10 here for something with one of the kids, and an extra 20 for a trip, or something we need to buy here and there.
    The clothes I!!!8217;m selling are ones I!!!8217;ve slimmed out of, and am buying a few replacements, also on eBay, but seem to be in profit, so that!!!8217;s okay!
    Things feels bit slow at the money as I!!!8217;m quite busy with home and family, so no real time to hang around on here, but also nothing is shifting in the debt stakes as waiting for the next lot of statements so I can post reduced totals (hopefully!) Problem is, with the number I am dealing with, the reductions are likely to be in the tens of pounds, certainly to start with, which is also depressing when you are paying huge amounts of repayments.
    It!!!8217;s all about keeping that motivation going, which is hard.
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • Bigskies
    • By Bigskies 16th Jan 18, 3:36 PM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Have decided to put some targets for 2018, to try and keep me on track.

    2018 Targets
    Reduce debt total by 10,000 to 58,000 (which is still MASSIVE, but less!)
    Move mortgage to new fixed deal in April
    Move repayments from loan 1 (222/month) to emergency savings fund when loan end at end of March and not fritter away on crap!
    Not to book any holidays AT ALL, even !!!8216;cheap!!!8217; ones for 2019 until finances sorted at the end of this year and we know what we will be paying for Uni from Sept 2019
    Use eBay sales of the endless stuff we have cluttering up the house to pay for house jobs that need doing, and not put on credit.
    Do mileage/expenses claim EVERY month at work on time.
    Not to buy any new books until read all the ones I have in !!!8216;to read!!!8217; pile.
    To save money EVERY MONTH for Christmas so don!!!8217;t end up putting it on plastic.

    Repayment 0/10,000
    eBay sales 0
    Mileage/expenses claims FMAMJJASOND
    Christmas 2018 savings 0
    Emergency Savings Fund 0

    Last edited by Bigskies; 23-01-2018 at 4:07 PM.
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • EscapingTheAlarm
    • By EscapingTheAlarm 16th Jan 18, 5:54 PM
    • 96 Posts
    • 213 Thanks
    EscapingTheAlarm
    I think your goals look really good! You should work out how much interest paying off the 10,000 will save you! That sort of thing keeps me motivated mid month! I!!!8217;ll be cheering you on!
    ETA x
    • Bigskies
    • By Bigskies 23rd Jan 18, 10:08 AM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Well things are going okay, still have money left at the end of the the month so far so good! Normally weve started on the plastic by this time of the month.
    Have been selling a few bits on eBay and Facebook, which is covering a few bits and bobs like Slimming World fees and the odd coffee out. Went to London wits my son on Saturday for a classical concert that was part of his Christmas present and some of the eBay money paid for the train and a meal out, which ordi airily would have come from the grocery budget, leaving us stuck for the last shop of the month!
    So all in all, feeling quite positive.
    Waiting for the last credit card bill to land so I can tot up how much weve cleared this month off our total......every single card has reduced this month. Not by much, but none of them will have gone up, which is amazing!
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • enthusiasticsaver
    • By enthusiasticsaver 23rd Jan 18, 1:17 PM
    • 6,422 Posts
    • 13,233 Thanks
    enthusiasticsaver
    I thought I had not seen you posting for a while. Sorry the debt has gone up but you are doing the right thing by just focusing on getting back on target. Clearing 10k this year would be great.

    My suggestion would be you focus on building up an emergency savings account and stop using the cards altogether. Your debt is too high to continue using them regardless of what you are spending on them and you won't then be tempted to spend because you will not have access to plastic apart from one debit card. You need the emergency savings account though as a backup for when you have unexpected bills. I would also urge you to post an soa.
    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
    • Bigskies
    • By Bigskies 23rd Jan 18, 3:56 PM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Thanks enthusiasticsaver. I agree that an emergency fund would be great, actually is more like essential. We have a loan that finishes in March, and I!!!8217;m considering using that money to put away for emergencies such as dead washing machines and so on! At least to accrue a couple of thousand and then the funds can go towards overpayments on debt. I absolutely agree that we need to stop using cards completely, and at the moment we don!!!8217;t have any buffer if anything goes kaput.
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
    • Treadingonplaymobil
    • By Treadingonplaymobil 24th Jan 18, 5:45 AM
    • 1,585 Posts
    • 15,547 Thanks
    Treadingonplaymobil
    Great idea to build an emergency fund - we haven't (yet) and it has scuppered us at several points over the past year, as we've never been able to build up savings pots for annual expenses because they keep being used for emergencies! Our new budget has a paltry 50 a month or so going towards emergency savings, so hopefully it will start to build this year.
    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 13th May 2018: 13,648.58 unsecured debt/20,000 parental loan/192,680.11 mortgage = 226,328.69
    • Bigskies
    • By Bigskies 24th Jan 18, 9:23 AM
    • 109 Posts
    • 359 Thanks
    Bigskies
    Great idea to build an emergency fund - we haven't (yet) and it has scuppered us at several points over the past year, as we've never been able to build up savings pots for annual expenses because they keep being used for emergencies! Our new budget has a paltry 50 a month or so going towards emergency savings, so hopefully it will start to build this year.
    Originally posted by Treadingonplaymobil
    Yes, for us its things like my eldests bus pass -180 a term. Previously weve tried to put money away, but had to use it for something urgent, then needed to put the bus pass on plastic. Id planned to use the 200 from the ending loan to throw at the debt, but after listening to you and enthusiasticsaver, Im definitely going to use it to build up an emergency saving pot.
    We do save, hubbys work run a 10 year saving plan that you pay into every month and each year you start a new one. Think were up to year 7 now so in 3 years time it will start to pay out annually which will be nice! But obviously the money is tied in for ten years so no use for emergencies!
    Jan 2018 68,274 May 1 2018 59,537
    Percentage of total debt paid 12.79%
    2018 target 10k So far: 8737
    Monthly target 833 January 1129 Feb 1278 Mar 1176 Apr 5152
    POAYDBX18 #124 8737/10,000
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