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  • FIRST POST
    • leimichellecat
    • By leimichellecat 2nd Sep 17, 10:45 PM
    • 141Posts
    • 259Thanks
    leimichellecat
    Cat got the cream... and is paying for it!!!
    • #1
    • 2nd Sep 17, 10:45 PM
    Cat got the cream... and is paying for it!!! 2nd Sep 17 at 10:45 PM
    I'm a terrible long time lurker and have started diaries in the past, but not posted my progress (terrible memory!) but I have cleared it all twice before. This time round the debt is quite a bit bigger, I have two young children and I am fed up of being financed my mine and OHs parents. We also had a couple of medical scares lately which thankfully turned out to be false alarms but have made us review our lifestyles.

    So here's the plan... at our current rate of repayment, snowballing says we will be debt free by June 2019. But that's not good enough for me - I'm a very impatient person. Instead I want it gone by August 2018. OH and I both have opportunities to work extra hours at work, but don't want to kill outselves doing it. Instead, working just 2 extra shifts each will give us the bonus we need. This is workable around child care. We have also started a meal plan, OH has joined SW and I'm a target member so that's going to reduce the risk of frivolous snacking/takeaways.

    The current debt break down is-

    Cc - £2370
    My M&D - £3030
    OH M&D - £6700
    Car loan - £2375

    Currently I am making fixed payments of £200 to OH M&D and £200 to car loan. The car loan is not going to change in interest and the final balloon payments (£375) is august 2018.

    Payments to my M&D are frozen out of good will so I can clear the CC first. This is 0% until December, I really don't want to be paying a balance transfer fee, so instead I am paying this. I have broken it down into monthly chunks, the regular £100 DD, £250 I would normally pay my M&D then £324 from overtime per month (3-4 shifts depending on the tax man) Only 3 OT paydays but 4 regular paydays before 0% expiry.

    Next I will focus on my M&D, then OH M&D and the car loan should complete at about the same time. I will recalculate and post each month with my updated figures and plan of action.

    Oh, nearly forgot! We have agree to join the extended family of holiday in September 2018 so OH is saving the £1000 need for that.

    As our family moto goes... We got this!!!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
Page 2
    • leimichellecat
    • By leimichellecat 20th Sep 17, 7:30 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    It's been a few days since I last updated. Went out for an unplanned dinner with a friend (£20) and had to fill the car with petrol, but otherwise no other spends. The dinner was unavoidable due to a recent unpleasant event, but I really need to start riding my bike more, the petrol is a silly expense! I'll give my bike a service over the weekend.
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • leimichellecat
    • By leimichellecat 23rd Sep 17, 8:18 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    Lack of forward planning this week has cost me a bit of money, particularly birthday cards. Must sit down with DS and do a Mass card making session, people seem to like his crafting!

    It has been quite a stressful week, both at work and personally. And although OH and I have managed to keep a control and made no spontaneous spends, we have both had to talk each other out of wasting money (coffee and lucozade being out no.1 comforts). Just hoping next week will re motivate us with payday and big debt repayment being made.
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • glass_half_full
    • By glass_half_full 24th Sep 17, 8:40 AM
    • 253 Posts
    • 645 Thanks
    glass_half_full
    Hi there,
    Sorry to hear last week was stressful but well done for staying on the path!
    Total unsecured debt - £1,445 - Debt free Target June 2018
    • Poppypen
    • By Poppypen 24th Sep 17, 9:29 AM
    • 39 Posts
    • 81 Thanks
    Poppypen
    Well done I think you're doing brilliantly. Am subscribing x
    • leimichellecat
    • By leimichellecat 26th Sep 17, 12:05 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    Thanks both! Payday tomorrow and £250 still in the emergency pot. Paid £1200 this month towards debt so very happy. Next month is a mass of birthdays, including OH and dad. Once I know what I've been paid I'll sit down with the budget planner. Also my first day at University tomorrow, bought a new note book but sticking with my old faithful rucksack, borrowed a laptop from work and walking from the free park and ride to save pennies!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • leimichellecat
    • By leimichellecat 1st Oct 17, 10:20 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    Payday calculations done, month planned out and itís not great! Sadly OH and I didnít have a great pay (which was sort of expected) so will not have so much to spend on debts as last month but instead have put the money in an emergency pot, which I know we will have to access but hopefully minimally. Iíve pulled out the cash for the weekly food shops and filled my car tank up. My bike is serviced and ready for use, so free transport to work! Might even get my legs toned up ready for summer

    The key I believe is the stay optimistic and keep that goal clearly in sight (my new conservatory) because if I give up Iíll never get that reward!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • leimichellecat
    • By leimichellecat 1st Jan 18, 5:43 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    Happy new year! Really happy to report that although I have not been updating, OH and I have been focused and battling the debt! We cleared a total of £3300 so far and put £400 towards our holiday. We also managed to spend some of our Christmas money from family on nice things (our poor TV was on its last legs!)

    So excited for this year and the saving we are going to make, we want to be free to spend our money as we please, and have guilt free spending!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • leimichellecat
    • By leimichellecat 10th Jan 18, 9:42 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    So frustrating having to wait until the end of the month to make more payments towards the credit card, we are making savings and so pleased to be squirrelling money into the "holding account" but can't move it to the credit card as it's also the emergency fund. It's such an amazing feeling to see the numbers drop each month, keeps up the motivation!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • leimichellecat
    • By leimichellecat 13th Jan 18, 7:54 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    Brilliant day! First I booked out Sun holiday this morning, got the location and date I wanted, everyone is very excited. Then got an email from HMRC confirming they will refund my late self assessment fine which will pay off the balance on my credit card. Makes up for everyone having nasty colds, snotty tissues and calpol bottles everywhere!!!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • leimichellecat
    • By leimichellecat 17th Jan 18, 5:50 AM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    I paid off the credit card
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • enthusiasticsaver
    • By enthusiasticsaver 17th Jan 18, 8:52 AM
    • 6,265 Posts
    • 12,422 Thanks
    enthusiasticsaver
    Excellent news. Well done. I assume your signature has not been updated? Is it now your mum and dad you are focusing on? All your money will be your own from September hopefully. What a great thing to aim for.
    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
    • leimichellecat
    • By leimichellecat 18th Jan 18, 9:36 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    I changed my signature so much I forget what it should say! I keep putting myself back to zero, and just reduce my target each time. The car will be paid off in August, but that!!!8217;s fixed payments, so directing my focus at in laws debt, they are still paying their own mortgage and working full time where as my parents are retired and mortgage free so less rush to pay them back.

    Current total is:

    In laws - £6000
    My parents - £3030
    Car - £1400

    Then the rest is holiday target, but that keeps get spent on the holiday stuff (part booked!)
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • leimichellecat
    • By leimichellecat 21st Jan 18, 7:11 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    Sadly my OH has had some health problems recently which means for the next few months he will not be working overtime - the debt will still get paid just not in record time. Plus since the debt is mostly to our parents they would be horrified if they found out he was working overtime to pay them. I have gone back to the snowballing calculator and with the maximum payments without overtime we are now aiming for April 2019. Means I!!!8217;ll be working full time a few months longer but he can keep up with the house work!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • leimichellecat
    • By leimichellecat 1st Feb 18, 5:48 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    All direct debits have be accounted for, and good news it's a no council tax month!!! The CT money has instead been put in the emergency fund.

    I have also just rang the CC company to get a new 0% deal on purchases to discover I still have 11months 0% left. New PIN has been requested and the card has gone back in the safe for animal emergencies.

    Vauxhall have also called to offer me a new car, I stayed strong and declined their polite offer of 5 more years of repayments and said I would be celebrating my car debt free day in August!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 1st Feb 18, 5:52 PM
    • 1,221 Posts
    • 5,598 Thanks
    wishingthemortgaheaway
    Woo hoo on both things Michelle,
    I bet the car salesman smiled at your comment though. (Then had a little sulk at his lack of commisission from your call)
    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
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1400ish/£2,500
    • leimichellecat
    • By leimichellecat 1st Feb 18, 8:32 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    He asked what would change my mind - I said a brand new car and my repayments stay the same and finish in August, he laughed! Anyway, I!!!8217;ve already got my eye on a posh new car stereo that I!!!8217;m saving my pennies for. New car costs £15k, stereo costs £500 I know which I would prefer (although it!!!8217;s more likely I!!!8217;ll spend it on the new house windows!)
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
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