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  • FIRST POST
    • Nicnak
    • By Nicnak 10th Sep 17, 8:30 PM
    • 907Posts
    • 5,051Thanks
    Nicnak
    Debt Free Year
    • #1
    • 10th Sep 17, 8:30 PM
    Debt Free Year 10th Sep 17 at 8:30 PM
    Hi,

    I've pretty much buried my head in the sand over the past 15 years about debt and what it means. I've always seen it as 'normal' to have debt for things, and never thought twice about it. Recently though, I have wanted to think about cutting down my work hours, and I just can't. I can't be the mum I want to be to my 4 year old because I need to work to make sure I can pay the bills and debts. That is when it hit home, that I can't continue like this. I am having a wedding reception in December, which I know is going to take up most of my 'spare' cash, but from January 2018, I will make a difference to my debts.

    Currently have
    485 0% credit card. It was 2000 in July, So I have been ensuring that I am working on it.
    7500 Tesco loan at 3.2% - Paying 220 a month and due up in Three years
    17,450 car loan. Car is in negative equity and I'm stuck in the PCP. The car also is over mileage and has damage. I am 10 months away from handing it back, but with excess mileage and damage, I am thinking this might not be the best idea. Currently paying 351 a month for this luxury that I am thinking I don't need. (I shouldn't have got it, but I did, I can't change what I have stupidly done, and now need to work on the best options).
    I spend money every month on things I don't need, and really need somewhere to record and focus on what it is I am doing, and the inspiration to keep going when I see progress is being made.

    I've started a written diary as well to try to help. If I pay off these debts, then I know that I will be 500 better off. In April, my phone is due up for renewal, and I have already looked at the SIM only deals which will take it to the 500 a month mark.

    i am going to try to earn some extra per month to pay off the debts, which in the short term might reduce the time I have with my daughter.

    Here goes...

    I really need to do this now.
Page 38
    • Nicnak
    • By Nicnak 4th Mar 18, 10:31 AM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Just looked into sorting out my mobile phone and got a deal for 5. Looks like I will be 45 a month better off come May for this one now. Had hoped for 35 a month saving, but now really happy with 45 a month.

    Another one of my changes. No new phone for me, but another 45 a month better off. In April, we pay out last joint gym payment too. That will see me another 100 a month better off as well. So 145 in two months. Mix that with everything else, and I think I must be about 500 a month better off minimum since starting this journey. Debt is slowly getting better, and being able to pay more is making a huge difference. x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • savingholmes
    • By savingholmes 4th Mar 18, 9:37 PM
    • 8,955 Posts
    • 17,004 Thanks
    savingholmes
    Making great progress. Massive saving on the phone and gym
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • Nicnak
    • By Nicnak 5th Mar 18, 5:09 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Thank you

    Another 18 on prescriptions today. At what point will they do more than just say here another one.
    30 on fuel too today
    Not good at all.
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • savingholmes
    • By savingholmes 6th Mar 18, 7:23 AM
    • 8,955 Posts
    • 17,004 Thanks
    savingholmes
    HI NicNak - have you considered buying a prescription pre-payment certificate - -sounds like it could save you a lot of money for 10.40 ish per month. You can buy 12 month or 3 months at a time.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • Nicnak
    • By Nicnak 6th Mar 18, 9:08 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Not heard of them, it might be worth it over the next few months! I seem to be struggling to shift this infection at the minute x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • savingholmes
    • By savingholmes 6th Mar 18, 9:26 PM
    • 8,955 Posts
    • 17,004 Thanks
    savingholmes
    It's roughly 104 for the year - so the 10.40 was 10 payments and you get 2 months free.

    You mostly apply online but you may be able to do it at the chemist itself.
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • Nicnak
    • By Nicnak 7th Mar 18, 6:06 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    THank you, I think I!!!8217;ve spent that already this year so worth looking into it x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 9th Mar 18, 1:55 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Bank accounts not good. I now know I need an emergency if ill fund to cover medical things.
    Still have Mothers Day to pay for
    Dentist and hygienist next week too

    Not good at all
    Last edited by Nicnak; 10-03-2018 at 2:20 PM.
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 10th Mar 18, 2:22 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Trying to go back over my diary to see how much better off per month I am, but I can't seem to find the information.
    I know there was an original
    65 from the little things
    200 from the car
    42 from the phone now
    120 from the gym now with me and little one.
    That is 427, but I am sure there was more.

    I can't remember if there was anything else though. Will go and have a look and see.
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • savingholmes
    • By savingholmes 10th Mar 18, 2:31 PM
    • 8,955 Posts
    • 17,004 Thanks
    savingholmes
    Don't knock how far you've come
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • Nicnak
    • By Nicnak 10th Mar 18, 2:37 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Thank you. It's along way since i started this journey and even longer since January 2017. I had so much then x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 11th Mar 18, 7:15 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Well, I have reduced everything down now to the best possible thing i can do. Now it is a case of time and paying monthly.

    Phone bill is now 5 a month
    gym has gone
    car went months ago.

    I guess it's just cash back and over paying. Never thought I would get to this point.

    Not sure what else I can do with myself now. I'll feel lost!
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 11th Mar 18, 7:31 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    I've just counted up my bills and earnings for the next 5 months. I should be just over 1000 a month 'free' money. As in, all bill have been accounted for. I will initially pay off the credit card and then spend the next three months paying off the loan. That should bring me in around the 10k mark by August.

    I have signed up for an agency for September to do three days a week, which will be great for me. I get to lower my childcare, but also to ensure that I have quality time with my little one and the ability to pay off more of my debts.

    It'll be another month before I am right down on my debts, but I'll be worth it when I get there.

    Gym has stopped now, and hubby has got a free month out of it so that means no gym payment at all for April from either of us. That'll mean the joint will also get a bit of a buffer too, and build it up slowly again so that I can have a month off if needed.

    it doesn't feel real now that I am finally here. I have lowered all debts so far to a point that I can not reduce anything any further. We are overpaying the mortgage by around 90 a month as well. Not amazing, but it is extra.

    Hope everyone else is ok.
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 11th Mar 18, 7:34 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Sig updated too. 37% debt gone now since September.
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Cumbria lass
    • By Cumbria lass 11th Mar 18, 7:44 PM
    • 1,786 Posts
    • 10,669 Thanks
    Cumbria lass
    That's a lot of debt you have got rid of in a few months well done. Glad things are working out for you later in the year with your part time hours. Before you know it you will be debt free.
    CC1 3655 April 2018.
    • Nicnak
    • By Nicnak 12th Mar 18, 7:52 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Thank you, I hope so! X
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 14th Mar 18, 7:43 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Ending the month -140. That is a tough one to come back on. All of that was unexpected medical stuff.
    Still does not make it any better. X
    Last edited by Nicnak; 16-03-2018 at 7:00 PM.
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 16th Mar 18, 7:09 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    A party to pay for tomorrow, and my wages have just again by 140- very strange as I am on a salary! x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 24th Mar 18, 3:12 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Still plodding along and paying little and often. Being in my overdraft meant I couldn!!!8217;t pay off as much on my credit card. I!!!8217;m rounding down my bank every month to ensure I can do this.

    Hope everyone is ok?
    X
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • Nicnak
    • By Nicnak 27th Mar 18, 7:29 PM
    • 907 Posts
    • 5,051 Thanks
    Nicnak
    Still plodding along xx
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 460 Tesco Loan 7500 = 0 Consolidation 15,000 = 13,855 Total = 25,330 14,315 43% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
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