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  • FIRST POST
    • Bigskies
    • By Bigskies 4th May 17, 8:12 AM
    • 109Posts
    • 360Thanks
    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 7
    • Kitten868
    • By Kitten868 9th Apr 18, 6:01 PM
    • 928 Posts
    • 1,987 Thanks
    Kitten868
    Have you paid it yet? I definitely vote for clearing the card! To sell it to you: you pay £120 off it every month, that £120 a month goes into an emergency fund. You bank with nationwide, they have a single access isa at 1.4% - you can only withdraw once so would that keep your fingers off of it?
    One less creditor!

    Anyway, so hello! I think you can see your failings and temptations. I also think you can't see that you have got things majorly in your favour - you have the means to afford to service your debt. When you focus it comes down in chunks. Every pound you pay off saves you pounds in interest. You do so great when you're on it. Keep up the great work. Xxx
    Loan 1 £5800/£8000
    Loan 2 £3800/£5800
    Total £9600/£13800 30% PAID
    • Bigskies
    • By Bigskies 9th Apr 18, 6:21 PM
    • 109 Posts
    • 360 Thanks
    Bigskies
    Have you paid it yet? I definitely vote for clearing the card! To sell it to you: you pay £120 off it every month, that £120 a month goes into an emergency fund. You bank with nationwide, they have a single access isa at 1.4% - you can only withdraw once so would that keep your fingers off of it?
    One less creditor!

    Anyway, so hello! I think you can see your failings and temptations. I also think you can't see that you have got things majorly in your favour - you have the means to afford to service your debt. When you focus it comes down in chunks. Every pound you pay off saves you pounds in interest. You do so great when you're on it. Keep up the great work. Xxx
    Originally posted by Kitten868
    Thanks! Not yet, the cheque for the windfall money is at my house and Iím not until the weekend so have to pay it in and let it clear. Then will be paying off the card, hopefully by the end of the month though!
    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 22nd Apr 18, 8:40 AM
    • 109 Posts
    • 360 Thanks
    Bigskies
    Well, month end totals are in and we have hit sub 60K! Woohoo! Technically, I have not yet cleared the MBNA card, but will be doing it Monday, as the min payment goes out then, so once thatís gone, will top up the total balance before the interest hits!
    So total cleared since the start of the year is nearly nine thousand pounds of debt we will never see again!
    Itís been a busy month with lots of family birthdays and activities. Itís winding up to the summer now and will not really calm down now until October, but we will just keep on plugging away at this debt.
    Plans for May are to try and reduce our food shop costs down a little as they are creeping up now it is warming up, and we want more salad and fresh produce. I also need to get back on the ebaying wagon as havenít done much for a month or two and we have so much stuff!
    Anyway, will keep on posting weekly, or more often if I get a chance.
    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 22nd Apr 18, 9:56 AM
    • 1,618 Posts
    • 16,554 Thanks
    Treadingonplaymobil
    Brilliant on getting below £60k! That's amazing.

    Fresh produce is the killer of our food budget - ideally we'd be buying 175 portions of fruit and veg a week (5 a day for five of us). No chance!
    £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 7th July 2018: £13,005 unsecured debt/£19,970 parental loan/£191,654 mortgage = £224,629
    • Bigskies
    • By Bigskies 22nd Apr 18, 10:03 AM
    • 109 Posts
    • 360 Thanks
    Bigskies
    Brilliant on getting below £60k! That's amazing.

    Fresh produce is the killer of our food budget - ideally we'd be buying 175 portions of fruit and veg a week (5 a day for five of us). No chance!
    Originally posted by Treadingonplaymobil
    Yup, itís really tricky. Iíd love to eat freshly prepared, gorgeous locally produced salads every day, but when you do your shop at Lidl you have to make tough choices. I do buy lots of whatever is the fruit of the week, or whatever, and do have to suck it up and have the same salad every day for a week to make it more cost effective to buy in bulk!
    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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