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  • FIRST POST
    • XSpender
    • By XSpender 4th May 17, 11:12 AM
    • 3,168Posts
    • 32,624Thanks
    XSpender
    Spend Nowt, Buy Nowt, Owe Nowt
    • #1
    • 4th May 17, 11:12 AM
    Spend Nowt, Buy Nowt, Owe Nowt 4th May 17 at 11:12 AM
    How do I start what feels like yet another diary?

    After being on the MFW board I have come back to the DFW board to shift the debt we have run up in the last 12 months.

    A quick back story….DH and I are classic impulsive over spenders who went pop back in late 2008 and managed to climb out of the pit of debt we were in by me losing my job and a big redundancy pay out in early 2010. We avoided debt until 12 months ago when we found our dream house about 4 months before we had planned to start looking which we could afford but were short on the deposit. If we had only ended up borrowing the bit we needed to top up the deposit we would be have been debt free by now.

    We have run up debt on buying the house, having some work done in the house and some furniture and soft furnishings and impulsive spending on holidays, meals out and the odd high ticket item. We thought we were past making these kinds of stupid decisions and are both worried and angry with ourselves at the level of debt we are in once again.

    The one thing we are agreed on is that we will live on fresh air to keep this house and we need to sort our finances out to give us the security that this could never happen. One day I will get to be a MFW again!

    To make matters worse 6 months after we moved DH has had some issues at work and has taken a job (same company) at a different location which has resulted in a reduction in the bonus he is paid monthly effectively reducing his monthly take home pay and his travel costs have gone up significantly. It hasn’t done much to reduce his stress levels either!

    Worrying about money and our financial security has started to get to me and I don’t want to feel like that again, I thought I had left that behind in 2010. It makes me worry about losing my job and I then start to doubt my ability to do my job. I also worry it will impact on our ability to re-mortgage at a good rate in 12 months’ time.

    I manage the finances but DH has (finally) got on board and has been writing his own plan about how we can stop spending and stop buying so we can owe nowt. Our good friends are also pulling in the purse strings as they have a family holiday to pay for so we have agreed to entertain each other at home rather than go out for meals with the kids which we did at least twice a month.

    Current Debts

    Bank of Mum and Dad - £4336.66 (17 payments left)
    Bank Loan - £12,114.51 (49 payments left)
    Bank CC - £9019.51 (1% payment to come off for May) – all at 0%
    DH CC - £5500 approx. – all at 0% until August
    My CC – £5782.31 – mostly 0% but some spending at standard rate
    BNPL – £400 – due 21st December 2017
    Owed to DS – £1296.79 – 0%
    Balance of trip to New York - £1098 due October 2017

    TOTAL £39,547.78

    Our plan is to drastically cut our spending and cancel the trip to New York for a start. There is not much we can do about our bills until June/July when they will all be up for renewal and I will hit the comparison sites. It is our spending on food and booze and stuff that needs to be reigned in hence the title of this diary.

    If we can stop adding to the debt by paying the minimum payments each month as well as clearing the BNPL we will knock £6000 off the balance by the end of this year. My goal is to be under £30,000 owed by the end of the year and then have cleared all CCs by June 2018 which is a massive challenge. We both get performance related bonuses, DH quarterly and me twice a year but none of these are guaranteed.

    Wish us luck and control over our spending urges.
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
Page 25
    • XSpender
    • By XSpender 11th Apr 18, 7:45 PM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    We did another 5 miler on Monday night which was flatter but just a tiring.

    DS sports camp has been cancelled so I will get a refund. I will put this towards his bike. I’m not quite sure how I have managed it but by using the birthday pot and some other bits and bobs left in some of the pots I have only £50 to find to have covered the bike and a cycling top we got him

    If we sell his old bikes this should cover the cost of his party. I will then use a little of May’s salary to cover a couple of small gifts, a cake, party bags and a piρata. Better than the £300 I thought I’d need to find!

    Bit of a mid month lull money wise as all the debt repayments have gone out except one cc payment.

    I still haven’t rang the mortgage broker back and I must do it this week as I am away in the Scottish highlands most of next week with work.
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • XSpender
    • By XSpender 12th Apr 18, 9:11 AM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender

    Stuff I need to pay for in April:
    • My passport - will take a picture when I have my hair cut on Saturday but will be paid for out of May's pay
    • DS party - sell bikes to cover cost, not booked it yet
    • DS bike (due to be collected 5th May so technically to be paid for May) - £50.44 to find to cover cost of bike and cycling top
    • £60 for 2 vet consultations £30 covered and 2nd one on Friday is to be cancelled as I can't get there and doggle is back to normal
    Originally posted by XSpender
    Quick review of the stuff I need to pay for in April. I am going to need to add school shoes and school shorts to my list. I've got £30 in the clothing pot but this won't be enough and will have to borrow next month's £50 budget from another pot.

    As DH pay date is changing to the 20th this will become the new date our month starts. Is it a bit sad that I am looking forward to being able to allocate money twice in YNAB instead of once when we used to get paid on the same day or within a couple of days of each other? I always used to change the dates on any payments made out of the salary paid on 28th or 31st to the 1st so YNAB budgets were calendar monthly but as I have built up my pots and have a good balance in the account before payday this has become less important and getting 2 payments in a month is actually going to help me use YNAB properly.
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
  • archived user
    Is it a bit sad that I am looking forward to being able to allocate money twice in YNAB instead of once when we used to get paid on the same day or within a couple of days of each other?
    Originally posted by XSpender
    Nope!! I'd be exactly like you!
    The only thing I wish is that you could change your month start date in YNAB to a different date as I manage to hide my groceries spend across 2 months, which makes it easier to be naughty!
    • XSpender
    • By XSpender 12th Apr 18, 2:25 PM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    Nope!! I'd be exactly like you!
    The only thing I wish is that you could change your month start date in YNAB to a different date as I manage to hide my groceries spend across 2 months, which makes it easier to be naughty!
    Originally posted by ramblehan
    It's the food budget that always gets messed up between one month and the next for me too. Plus I pay my MIL for childcare as soon as we are paid which I then adjust the date for.
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • XSpender
    • By XSpender 12th Apr 18, 2:37 PM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    Re-mortgage Shenanagins
    Finally spoke to the broker. Different person as we are classed as 'normal' not 'poor credit' anymore.

    I have looked at different options around part consolidation and no consolidation and we will probably opt for a part consolidation as this allows us to access the same rate as if we didn't do any consolidation. It also allows a little bit more freedom in our budget, we can save more and we can focus on clearing other debts.

    Overall we will save £100/mnth on the mortgage repayment and £330/mnth on credit repayments and will be debt free at 50 which is my target date. It would be great if I could get to be debt free before 50 but this is unrealistic if we ever want any kind of life or finish the work on the house and garden. DH will not go uber frugal.

    If we did no debt consolidation we would save £200/mnth on the mortgage. If we did a bigger consolidation the rate would be over 2% or nearly 3% and the monthly payment would be the same or up to £80/mnth more

    I've spent so long fiddling with my spreadsheets I haven't got any work done today
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • apple muncher
    • By apple muncher 12th Apr 18, 6:16 PM
    • 8,054 Posts
    • 61,468 Thanks
    apple muncher
    Your head must be awash with numbers!
    NST December in the TARDIS #1; NSD 6/15; Shlder Ex 6/21 ; craft 2(261); remove (669)
    2018 Pay off: £4641; 2
    018 sell £98.10; WLOSW 3/10

    Mortgage £18,634 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • Suffolk lass
    • By Suffolk lass 12th Apr 18, 6:54 PM
    • 2,228 Posts
    • 22,895 Thanks
    Suffolk lass
    Finally spoke to the broker. Different person as we are classed as 'normal' not 'poor credit' anymore.

    I have looked at different options around part consolidation and no consolidation and we will probably opt for a part consolidation as this allows us to access the same rate as if we didn't do any consolidation. It also allows a little bit more freedom in our budget, we can save more and we can focus on clearing other debts.

    Overall we will save £100/mnth on the mortgage repayment and £330/mnth on credit repayments and will be debt free at 50 which is my target date. It would be great if I could get to be debt free before 50 but this is unrealistic if we ever want any kind of life or finish the work on the house and garden. DH will not go uber frugal.

    If we did no debt consolidation we would save £200/mnth on the mortgage. If we did a bigger consolidation the rate would be over 2% or nearly 3% and the monthly payment would be the same or up to £80/mnth more

    I've spent so long fiddling with my spreadsheets I haven't got any work done today
    Originally posted by XSpender
    The thing with consolidating some of your debt into your mortgage, is really a number of things:
    1. It becomes secured, against your home, whereas credit cards are unsecured. This means your home is at risk if you cannot make repayments at some point in the future
    2. Because it is over a much longer period, you may end up paying much more interest
    3. It could trip your complacency filter - that is the one where you think "I've got this" and start spending more and building your debt back up again (I have heard you talk about this tendency in you and your DH) so you could drift into the cycle of debt

    There are some tactics for mitigating these, but only you will know your personalities and the traps you might be vulnerable to.

    For me, unsecured is better. I would rather put myself under some pressure so that I don't trip my complacency tipping point. When I met DH we collectively owed more than £10k more than the mortgage on credit cards. We sold my car, his motorcycle and took out an unsecured consolidating loan with steep payments that caused a certain amount of pain without constant misery or deprivation. Then we bought a bigger property....
    MFiT T4 #2 update 90.89% after Q11 against revised stretch target of £60k balance
    Save £12k in 2018 #53 108.06% £12,967.42/£12,000 (after upping my target from £10k to £12k in October)
    OS Grocery Challenge 2018 spent £2,410.06/£3,000 including stores 80.34% of my annual budget at the start of Dec.
    My DFD is here
    • XSpender
    • By XSpender 12th Apr 18, 9:09 PM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    Your head must be awash with numbers!
    Originally posted by apple muncher
    It is battered apple, but I feel confident about our decision now that I have done the numbers (over and over again )

    The thing with consolidating some of your debt into your mortgage, is really a number of things:
    1. It becomes secured, against your home, whereas credit cards are unsecured. This means your home is at risk if you cannot make repayments at some point in the future
    2. Because it is over a much longer period, you may end up paying much more interest
    3. It could trip your complacency filter - that is the one where you think "I've got this" and start spending more and building your debt back up again (I have heard you talk about this tendency in you and your DH) so you could drift into the cycle of debt

    There are some tactics for mitigating these, but only you will know your personalities and the traps you might be vulnerable to.

    For me, unsecured is better. I would rather put myself under some pressure so that I don't trip my complacency tipping point. When I met DH we collectively owed more than £10k more than the mortgage on credit cards. We sold my car, his motorcycle and took out an unsecured consolidating loan with steep payments that caused a certain amount of pain without constant misery or deprivation. Then we bought a bigger property....
    Originally posted by Suffolk lass
    You raise some valid points Suffolk lass especially about getting complacent and spendy again. I have been much better since our credit went up again at the end of last year at saying no to DH, that we haven't got the money for something whether it is a meal out or some new running trainers. We would have loved 2 weeks in Italy this summer but knowing it would all have to go on a card put us completely off the idea.

    Most, but definitely not all, of the debt was related to buying or refurbishing the house and the drop in income DH suffered last year and these costs will not reoccur. Having some flexibility in the budget to save for things when we do want to spend will stop us having to use a card as there is no money in the budget. I have 'house-refurb-burn-out' at the minute and have no inclination to do another room for some time. DH wants to do some work in the garden but I am saving/budgeting for that as we will need some outside help.

    The only big ticket item I can see us having to buy in the next 12 months is a new sofa. We have had ours over 13 years and while it still looks good the springs have gone in the bottom. One side sags alarmingly and DH and I both get pins and needles in our legs from sitting on it. I am trying to convince DH that a plank of wood across the base will do the job for now. Not sure he's buying it.

    We haven't used a card since January when we bought our bargainous dining suite (which has been paid off) and I am finally seeing money in the YNAB savings pots at the end of the month
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • Suffolk lass
    • By Suffolk lass 13th Apr 18, 8:24 AM
    • 2,228 Posts
    • 22,895 Thanks
    Suffolk lass
    We consolidated once, but then interest rates started to trickle down from the 14% (no, I did not omit the decimal point) and we left our repayments at the same level so overpaid by the reductions and paid off all but £2000 of the consolidation amount by the time we moved house. I think we ended up paying more overall but over a longer period so it felt like less. It convinced me we needed to keep overpaying and that was really my lightbulb moment
    MFiT T4 #2 update 90.89% after Q11 against revised stretch target of £60k balance
    Save £12k in 2018 #53 108.06% £12,967.42/£12,000 (after upping my target from £10k to £12k in October)
    OS Grocery Challenge 2018 spent £2,410.06/£3,000 including stores 80.34% of my annual budget at the start of Dec.
    My DFD is here
    • XSpender
    • By XSpender 15th Apr 18, 8:04 AM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    DH has completed his weight loss challenge at the gym and has lost 22.5lbs in 7 weeks He has reinvested the money into a further 3 months of gym and has a new diet plan for me to peruse. He was supposed to be repaying the account this money but I can't see this happening TBH. He has borrowed next months personal spends for an afternoon out with his friend which he had cancelled originally as he wasn't going to complete his challenge until next week. This has messed up the account a bit and there is a lot of red on my YNAB. We paid for DS bike this month which was a big expense so less of a surplus. DH is paid on Friday.

    I am going to speak to DH about setting up a separate account for him with enough funds to cover his mobile phone and personal spends. The DD for his gym can come out of this when it starts in August. This way when he hasn't got it he cant spend it out of the joint account. He has asked about doing this before so he will be OK with it. I have an instant savings account on the internet banking so will either put mine in here or track it in my existing YNAB category.

    We both had haircuts yesterday and I bought DS school shorts, hair dye (for me) and a notebook for work. Oh and a T-shirt and shorts for DS which I will wrap up for his birthday which he won't be very impressed with but as he has had his bike his prezzie pile will be very small.

    He really needs some school shoes as has boots at the minute but not sure when we are going to get them as he is at an outdoor play session all afternoon and I am away with work from Monday afternoon until Thursday teatime.

    I have asked my DMIL to come and clear the ironing for us as it is getting out of hand and with DH at the gym 3 times a week and me away 3 days this week it hasn't got a chance of getting done. The house needs cleaning too so I will try and get the floors cleaned today and the rest can wait as it is too much for my DPIL to do although DMIL usually gives the kitchen a once over while she is here. I will be paying my DMIL to do the ironing.

    I am feeling a bit stressed out today, I always am when I am away for so many days on the trot. I have so much work to do as well I have decided to take the train to next week's destination as I get spend the 5 hours each way working instead of driving. It will make it a bit inconvenient getting to the 'office' and not sure how I will pick up lunch but I'll sort that out when I am there. I will need some cash for taxis.

    To get done before I leave on Monday afternoon although most needs doing today:

    1) Sort laundry into stuff to be put away and stuff for DMIL to iron on Tuesday
    2) Take DS to outdoor play event this afternoon
    3) Smallest shop possible to keep DH on plan for the week I am away
    4) Fridge audit - there is some dodgy leftover salmon DH left that needs to go
    5) Hoover everywhere
    6) Clean wooden floors
    7) Up to date with washing - towels are in, 1 load of woollens, 1 load of lights to do
    8) Buy a couple of lunch deals from M&S (Monday)
    9) Cash out (Monday)
    10) Pack DS bag for staying at DMIL and find PE kit, clean trainers
    11) Bigger suitcase out of loft for me for next week
    12) Pack my stuff
    13) Pick up DS shorts from M&S
    14) Buy DS new school shoes
    15) Put away all laundry that doesn't need ironing
    16) Book taxi to station and pay with work visa
    17) Dye my hair
    18) Clear all dishes/empty dishwasher
    19) Find something for tea in the freezer
    20) Fix the printer so I can complete passport application
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • apple muncher
    • By apple muncher 15th Apr 18, 8:44 AM
    • 8,054 Posts
    • 61,468 Thanks
    apple muncher
    So much to do! Hope you manage to get enough of it done and still have time to prepare yourself for the week ahead.
    NST December in the TARDIS #1; NSD 6/15; Shlder Ex 6/21 ; craft 2(261); remove (669)
    2018 Pay off: £4641; 2
    018 sell £98.10; WLOSW 3/10

    Mortgage £18,634 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • Suffolk lass
    • By Suffolk lass 15th Apr 18, 8:55 AM
    • 2,228 Posts
    • 22,895 Thanks
    Suffolk lass
    Oh my, that is a list, if ever I saw one. If I read your sig correctly you have paid debts 1 & 3 in your Action Plan Part 1 So just that one card to go. I think you said the 0% deal expires next month so it needs a bit of attention but you have paid just under 80% of your first target
    MFiT T4 #2 update 90.89% after Q11 against revised stretch target of £60k balance
    Save £12k in 2018 #53 108.06% £12,967.42/£12,000 (after upping my target from £10k to £12k in October)
    OS Grocery Challenge 2018 spent £2,410.06/£3,000 including stores 80.34% of my annual budget at the start of Dec.
    My DFD is here
    • XSpender
    • By XSpender 15th Apr 18, 6:39 PM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    Oh my, that is a list, if ever I saw one. If I read your sig correctly you have paid debts 1 & 3 in your Action Plan Part 1 So just that one card to go. I think you said the 0% deal expires next month so it needs a bit of attention but you have paid just under 80% of your first target
    Originally posted by Suffolk lass
    Virgin Part 1 will be cleared at the end of April (0% expires end of May) and Part 2 will be cleared before September when the 0% deal ends.
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • XSpender
    • By XSpender 20th Apr 18, 11:37 AM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    Lloyds Loan #1……………….£9472.59….£275.11…..3.9% APR…….37 payments left
    Lloyds Loan #2……………….£13,596.26….£265.98…..3.9% APR…….56 payments left
    Lloyds CC (Me) Part 2………….£2958.24….….£0......…….0.0% APR…….until March 2019
    Virgin (Me) Part 1…………..£599.42……..£25………0.0% APR…….until 30th May 2018
    Virgin (Me) Part 2…………..£1038.00……..£0.00….…….0.0% APR…….until 30th Sept 2018
    Virgin (DH) Part 2……………£5653.38……..£102………0.0% APR…….until July 2018
    Virgin (DH) Part 3……………£4372.97……..£0.00………0.0% APR…….until Sept 2018
    MBNA…………………………….£8040.65……..£81.21…….0.0% APR….…until Sept 2019
    Person 1…………………………£1275.79……..£0.00……….0.0% APR……………………………
    Person 2…………………………£1377.18..…..£0.00……….0.0% APR……………………………
    Hitachi…………………………...£1439.31……..£47.97……...0.0% APR…….BNPL payments start May 2018


    TOTAL £53,315.15 @ 16.12.17 TOTAL NOW £49,778.78

    I'm back under £50K

    Today is DH new payday so I have done the end of month update as it is the end of my April.

    We have not used the CC for anything this month or since January. I have had to make a slight adjustment to the balance on Person 2.

    The Virgin(me) at £599.42 will be cleared from my bonus at the end of April when I get paid. By the end of May we should be in the low £48ks which will be about £5k paid off since December last year. Not fabulous but definitely heading in the right direction.

    The re-mortgage and monthly repayments will take us down to under £30k by July and I would like to be under £25k by the end of the year.

    DH will also apply for a 0% BT card in the summer to move his virgin balance to and anything left on my virgin card and repay person 2.

    We will try and reduce the final part of the Virgin as best we can before July when it will be BT and then we will the be focussing on the Lloyds CC which expires in March 2019.

    We have had our recommendation from the mortgage broker and will complete the application form and send off payslips this weekend. 0.1% higher than original offer as h@l1f@x withdrew their previous rates but still almost £100 less than current payment and almost 1.5% less than we are paying now. With the small consol we are still borrowing less than we originally borrowed to buy the house.

    I'm off the play with my spreadsheet
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • apple muncher
    • By apple muncher 20th Apr 18, 12:38 PM
    • 8,054 Posts
    • 61,468 Thanks
    apple muncher
    Yay to being in the 49s!!! Well done!
    NST December in the TARDIS #1; NSD 6/15; Shlder Ex 6/21 ; craft 2(261); remove (669)
    2018 Pay off: £4641; 2
    018 sell £98.10; WLOSW 3/10

    Mortgage £18,634 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • Treadingonplaymobil
    • By Treadingonplaymobil 20th Apr 18, 12:40 PM
    • 1,767 Posts
    • 18,219 Thanks
    Treadingonplaymobil
    Well done on crossing the £50k threshold! Great news.
    £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 1st Sept 2018: £12,221.27 unsecured debt/£19,940 parental loan/£191,003.72 mortgage = £223,165
    • XSpender
    • By XSpender 20th Apr 18, 4:19 PM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    Yay to being in the 49s!!! Well done!
    Originally posted by apple muncher
    Well done on crossing the £50k threshold! Great news.
    Originally posted by Treadingonplaymobil
    Thanks both. It does feel good been under £50k even if it is only by a couple of hundred quid . I can’t wait until we are under £25k.
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • Treadingonplaymobil
    • By Treadingonplaymobil 20th Apr 18, 5:14 PM
    • 1,767 Posts
    • 18,219 Thanks
    Treadingonplaymobil
    Thanks both. It does feel good been under £50k even if it is only by a couple of hundred quid . I can’t wait until we are under £25k.
    Originally posted by XSpender
    How long will that take? Ours is so painfully slow.
    £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 1st Sept 2018: £12,221.27 unsecured debt/£19,940 parental loan/£191,003.72 mortgage = £223,165
    • XSpender
    • By XSpender 20th Apr 18, 5:22 PM
    • 3,168 Posts
    • 32,624 Thanks
    XSpender
    How long will that take? Ours is so painfully slow.
    Originally posted by Treadingonplaymobil
    I am aiming for the end of the year. £17k is getting consolidated into the mortgage and the rest is normal payments, my small bonus and an extra £200/month scraped up from somewhere. I will still need to find a couple of grand to hit that. Hopefully DH will start earning a bonus again soon which will cover the shortfall.

    The hardest thing will be getting through this year without a holiday and not thinking sod it and adding £2k to the debt
    £15,568.83 all at 0% at 16/11/18

    CC 1 £1980 CC2 £12,465.53 Carpets £1055.39 (22 months left) - £15,500.92 Total at 04/12/18

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £100.47 (2+)
    • Treadingonplaymobil
    • By Treadingonplaymobil 20th Apr 18, 5:31 PM
    • 1,767 Posts
    • 18,219 Thanks
    Treadingonplaymobil
    I am aiming for the end of the year. £17k is getting consolidated into the mortgage and the rest is normal payments, my small bonus and an extra £200/month scraped up from somewhere. I will still need to find a couple of grand to hit that. Hopefully DH will start earning a bonus again soon which will cover the shortfall.

    The hardest thing will be getting through this year without a holiday and not thinking sod it and adding £2k to the debt
    Originally posted by XSpender
    Wow, that would be amazing! Wish we were looking at something so efficient. Our 'on paper' debt is only just over £14k now (all on CCs), but we still actually owe another £20k (parental loan), plus what we consolidated into the mortgage at the beginning of the year (similar reasons to you - made payments more affordable). I'm hoping to get the CC below £10k by the end of the year, but that's as lofty as my ambitions get as we're also trying to work towards our extension.
    £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 1st Sept 2018: £12,221.27 unsecured debt/£19,940 parental loan/£191,003.72 mortgage = £223,165
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