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  • FIRST POST
    • Nicnak
    • By Nicnak 10th Sep 17, 8:30 PM
    • 907Posts
    • 5,052Thanks
    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 40
    • Nicnak
    • By Nicnak 12th Apr 18, 10:22 AM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Good news:
    Another 5 voucher earned - will sit in my account ready in case I need it.
    Ebay up to 30 in total. I think it should go for a minimum of 50 total. I am wanting 80-100

    Bad news:
    Overdraft is at -250- not at all happy about this. It was -170 last month too. I need to make 250 in the next week extra to fix this issue.

    Potential earnings
    60 tutoring
    50-80 eBay
    110- 140 - so that leaves 140-110 left to find.

    Have some bits in the shed that need selling so will have a look and see what I can get for them. No reply from the book yet, will see if they come back with an offer and provided it is over 250, I will accept it.
    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 13th Apr 18, 1:18 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Waiting for pay to drop into my account. My bank account is on refresh till it does!

    It is usually later on tonight/tomorrow before I see it, but I keep secretly hoping it will be there.

    I have spent the morning on Yolt organising my finances so that I can track everything and anything. Frustratingly, it counts my overdraft as available funds so currently has me in the credit for one of my accounts, which I don't like as it feels like a false economy when I think it is higher than it actually is.

    All eBay items that I wanted to sell have bids on them. All at low offers at the minute, but between 3-4 days left depending on the item. It's up about 30 at the minute, but I am hoping it will go to around 80. One bag in particular should get it up to a minimum of 50, but it hasn't moved for a few days. Lots of watchers so fingers crossed.

    Yolt has indicated a lot of spending on different things so I am hoping to manage it a bit better now.

    Tomorrow starts the new pay cycle. I have to discount 240 that was my overdraft already. I am definitely not happy about that.

    Will have to wait and see how it goes.
    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 13th Apr 18, 8:03 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Still waiting for pay to hit my account! I am sure I was richer when I was a student.
    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
    • DebtFreeDuo
    • By DebtFreeDuo 13th Apr 18, 9:51 PM
    • 809 Posts
    • 4,159 Thanks
    DebtFreeDuo
    Sorry to hear about the overdraft, I'm not sure how Yolt works but is it not possible to remove the overdraft showing as available funds?
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    2018 in 2018 #25: 674.21/2018
    SPC 586
    • pennywisepoundstupid
    • By pennywisepoundstupid 14th Apr 18, 12:55 PM
    • 4,750 Posts
    • 16,038 Thanks
    pennywisepoundstupid
    Hope pay has hit your account and your bids on ebay are going up, have a good weekend.xx
    Be mindful of your self-talk. It's a conversation with the Universe."
    Debt free and saving for my future
    Long term savings 10,000 Holiday spends 1000/349.02 Kitchen savings stage 1 1500/160.24
    Amazon vouchers
    5
    • Nicnak
    • By Nicnak 14th Apr 18, 1:24 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    THanks,

    Not sure dfd just trying to work it out.
    Pay hit my account yay!!!

    eBay so so. I have just paid some off my credit card this month- not tons. I can do it little and often if I need to this month rather than end up in my overdraft.
    Sold 10 melts- possibly on Monday
    8.50 melts- got yesterday
    15 local selling site. Should collect today
    30 eBay so far. Not quite making up the 240 overdraft but on my way.
    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 15th Apr 18, 8:41 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Right,

    eBay stayed the same for two days, so hoping it picks up bids on its last few days.

    Hoping my tutoring doesn't cancel this week and continues for the week. Melts should sell another 10 tomorrow- maybe a little more if I am lucky.

    The book people didn't return my enquiry, that means I will keep the book and see what happens. I might put it on eBay if I am honest and see whether it sells or not. I can list it at a price I want it to go for.

    I have paid a smaller amount off my debt, and will keep topping up the debt payment week by week when I can evaluate how well I am doing.

    Nothing at all on TV that I would like to watch tonight.
    I have completed my diary, and reduced the overdraft on my second bank account so that I have less available balance showing.

    I will be in bed soon ready to go back to work tomorrow 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 16th Apr 18, 8:58 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Item one sold 48 for the bag. I was hoping for 50 so quite happy with this.
    Slowly making up my deficit
    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 18th Apr 18, 2:00 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    All of eBay sold for 83. When I minus the fees,
    I am probably down to more like 70. That is a little way to paying off my overdraft.
    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 19th Apr 18, 6:04 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Trying for NSDs so much, but paying for eBay postage (albeit I have the money in my account) rules out so many NSDs!
    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
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 19th Apr 18, 8:42 PM
    • 4,128 Posts
    • 28,091 Thanks
    HairyHandofDartmoor
    Glad the ebay stuff sold
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = 560.59/Emergency Fund 2 = 0.21/Loss of Income Fund 0
    • Nicnak
    • By Nicnak 9th May 18, 10:02 AM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Hi All,

    long time since I have updated. 6 days away from payday and I am in my overdraft. I eventually ended up -280 last month, and I am around 100 in it this month. I sold 80 on eBay so that countered some of the overdraft. I have a few bits on there at the minute as well to try to bring my overdraft down even further.

    I have 494 on my credit card, which will be paid off by next week so that will mean I have one debt to pay. I plan on overpaying that monthly as well.
    I have overspent this month, and know exactly what I have done. I had a beauty treatment that cost 67. it wasn't needed, and I'm not even sure it was worth it now.

    I am excited that my credit card will be gone by this time next week though. I have had a credit card since last June with money on it, and it's about time it went down to zero again.
    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
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 9th May 18, 7:29 PM
    • 4,128 Posts
    • 28,091 Thanks
    HairyHandofDartmoor
    Well at least you know not to bother with the beauty treatment again. It will be brilliant to get one cc paid off and then only have one left to pay off. You are definitely making progress .

    How is work going?
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = 560.59/Emergency Fund 2 = 0.21/Loss of Income Fund 0
    • Nicnak
    • By Nicnak 12th May 18, 4:01 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Hi,

    Work is ok, thanks for asking! Busy with year 11 exams.

    I sold a few extra bits and my accounts have about 5 in them. I did shopping and present buying for hubbies birthday tomorrow so that cost 60. It is not showing about of my account so I!!!8217;ll either be -55 or plus 5.
    I'm treating him to breakfast tomorrow too but selling some things that will pay for that by tomorrow.

    Hoping to get a little more than breakfast for them so could potentiall have more in my account. I can hope!

    Selling the items for 35 like I think they should will result in me achieving a much lower overdraft figure. I did pay an extra 40 off the credit card too without thinking I needed shopping.

    Ending the month in a much stronger position than last pay day. I need to build on this. X
    Last edited by Nicnak; 13-05-2018 at 8:18 AM.
    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 12th May 18, 4:02 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    I will update my signature later, too.
    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 13th May 18, 8:13 AM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Signature updated
    43% of my debt has been cleared. On tuesday another
    600 extra will be paid so hoping that will bring me down another huge amount. Looking forward to hitting the big 50% gone. That will be a huge accomplishment.

    My bank is not showing the shopping from yesterday so I am still in credit. I do have an eBay item selling today, some cash due tomorrow from a colleague so that will pay for our breakfast out for OHs birthday. Should reduce the money coming out for shopping down a little. I cam't complain too much though. Last month the overdraft was huge and this month I have managed to keep out of it almost, and if it does go in it, it will be round 50. It's not idea, but I also paid another 30 off the credit card so could have probably stayed out of the overdraft.
    Overpayments this month are:
    Credit card: 20, 14.93, 2.80, 20, 10.91, 4.74, 66.62, 360 = 500
    paid off overdraft 270
    Total = 770

    Had my Dad's birthday and hubby's birthday this month as well so quite a difficult one to make sure I was ok.

    Not totally proud as I have gone in the overdraft, but feeling much better.

    This month I will clear another 460 cc
    200 loan plus the natural loan payment of 275. that will reduce my debt to around 13,000 for the first time in a long long time. Then it really is overpaying the loan by extreme amounts every month.

    I am saving so money for an emergency fund. Currently have around 450.

    Here's hoping for another month of me really focussing and getting it right.
    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 13th May 18, 8:21 AM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Forgot to add that I had a few bits of good fortune this month.

    I did two surveys and got 6 back into my account. Every penny counts.
    Then I did a telephone survey with a company I do a fair bit with and they sent me a 20 amazon voucher. (i treated myself with this though!).

    It just helped a lot having the ability to spend a little money without actually spending my money.

    I already know I have my mum's birthday coming up in this pay day so I need to be on it.

    I had to buy little one some school shoes as well this month. That was 36 that I wasn't expecting, but I couldn't make her wait for schools that didn't fit her. I also got her some summer dresses and sandal shoes - she had none of them either, and last time I left it, i had to spend a lot. This month, i just got a few bits to build up her wardrobe.
    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 13th May 18, 8:37 AM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    Writing everything down today so lots of little things in here.
    Plans for this week to ensure that I am doing things right.
    Lower barclaycard to 500 as an emergency thing. That means that I will have lowered the available credit to me by thousands in the last few months.

    It feels so good slowly and slowly removing debt. The credit was given to me with 6k available. It is now at 1200 and will be at 500 by the end of the week. I have closed on halifax credit card, and lowered my overdrafts too. Just trying to put myself into a good position for when our mortgage fixed rate runs out.

    Now to find a job for September, oh the minor things! 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
    • allthe7s
    • By allthe7s 14th May 18, 6:51 PM
    • 86 Posts
    • 301 Thanks
    allthe7s
    Hi Niknak

    I have read your full diary from start to finish over the weekend (stalker alert) lol

    You have done so well! It's fantastic that your whole mentality has changed!

    I'm a bit confused about your overdraft. Is it not better to pay less off your cc to ensure you don't go in overdraft? Or am I missing something.

    Fingers crossed for a good part time job for September

    Xx
    • Nicnak
    • By Nicnak 14th May 18, 8:36 PM
    • 907 Posts
    • 5,052 Thanks
    Nicnak
    You are not missing it, I am just so keen to pay it off that I leave myself short sometime and regret it! I need to get this right, but get over excited.

    Finishing the month officially with -49.32
    However
    Sold some dvds, due 15 tomorrow
    Lady at work owes me 10 for something
    Quiz I just paid out on 24.47 so I think, I have just about made the month with credit!! It will take a few day for it to show, and my account is minus technically but I know the money is in the ethos moving into my account and clearing that overdraft. Starting the month well again, which I am happy about.
    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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