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  • FIRST POST
    • DebtFreeDuo
    • By DebtFreeDuo 20th Sep 17, 8:43 PM
    • 813Posts
    • 4,159Thanks
    DebtFreeDuo
    This Duo's debt free journey
    • #1
    • 20th Sep 17, 8:43 PM
    This Duo's debt free journey 20th Sep 17 at 8:43 PM
    I had a previous thread but having problems locating it so thought I would start a fresh one. Brief intro, the duo is me and my little one, just over a year ago my debt was at a figure of around £12k, as of today it stands at £6124.40. This is made up of 2 loans (one car) and one credit card which is 0% until April 2019.

    My aim is to save up over the next 6/8 months so that I can overpay 6 months worth on the loan with the shortest term, this will clear the loan completely as the last payment is December 18. Then I will tackle the second loan which is due to end April 19, I aim to clear this by around December 18 and then clear the 0% card last but well in time for the 0% ending.

    I can't do much until January, I'm currently studying and therefore get my income 3 times per year which I use to overpay, I have just cleared £1500 which is all I can manage until my next payment. This includes a monthly saving to my Help to Buy ISA. I have around £4k in my ISA but I am reluctant to use this to clear my debts as I will earn more back on this then I will save in interest with the governments 25% bonus.

    I have gone over all of my monthly bills and I am certain that I cannot make any further savings than I have made recently. I am currently listing as much on ebay as I can to give me a little extra money for treats that I haven't included in my budget up to December.

    Will update my signature shortly but as it stands my debt free date is April 2019, I aim to bring this forward to Dec 2018 at the very latest.
Page 31
    • ladymay
    • By ladymay 4th Mar 18, 2:32 PM
    • 916 Posts
    • 3,936 Thanks
    ladymay
    Agree with Niknak completely, congratulations on the new achievement - over a third gone!!
    Moved back to the UK 05/01/18
    New Job and New Business
    2018 Aim - Save £10k
    • Nicnak
    • By Nicnak 11th Mar 18, 7:18 PM
    • 911 Posts
    • 5,065 Thanks
    Nicnak
    You're quiet at the minute. I hope you are managing your anxiety and feeling ok?

    It's almost April, which I know was another big stepping stone for you. x
    September 6th 2017 - Updated 13th May 2018
    Credit Card £0 now: £0 Tesco Loan £7500 = £0 Consolidation £15,000 = £13,855 Total = £25,330 £13,855 43% gone EMF #252 = £700/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • DebtFreeDuo
    • By DebtFreeDuo 27th Mar 18, 2:23 PM
    • 813 Posts
    • 4,159 Thanks
    DebtFreeDuo
    Thanks for stopping by Nicnak, I'm ok and I will pop in to update properly soon. I do have lots to update on! Will try and update this evening.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    £2018 in 2018 #25: 674.21/2018
    SPC 586
    • Nicnak
    • By Nicnak 27th Mar 18, 7:28 PM
    • 911 Posts
    • 5,065 Thanks
    Nicnak
    Glad you are ok. x
    September 6th 2017 - Updated 13th May 2018
    Credit Card £0 now: £0 Tesco Loan £7500 = £0 Consolidation £15,000 = £13,855 Total = £25,330 £13,855 43% gone EMF #252 = £700/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • ladymay
    • By ladymay 5th Apr 18, 10:27 AM
    • 916 Posts
    • 3,936 Thanks
    ladymay
    Hope you're ok DFD x
    Moved back to the UK 05/01/18
    New Job and New Business
    2018 Aim - Save £10k
    • Nicnak
    • By Nicnak 12th Apr 18, 11:22 AM
    • 911 Posts
    • 5,065 Thanks
    Nicnak
    Hope you!!!8217;re ok xx
    September 6th 2017 - Updated 13th May 2018
    Credit Card £0 now: £0 Tesco Loan £7500 = £0 Consolidation £15,000 = £13,855 Total = £25,330 £13,855 43% gone EMF #252 = £700/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 12th Apr 18, 9:37 PM
    • 4,154 Posts
    • 28,255 Thanks
    HairyHandofDartmoor
    How are things DFD? I hope you're feeling more cheerful. Lots of people suffer from low moods and anxiety at times, I know I do.

    Often developing coping strategies can help and these tend to be different for different people. I find spending time with family, walking and healthy eating help me.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    Emergency Fund 1 = £560.59/Emergency Fund 2 = £0.21/Loss of Income Fund £0
    • DebtFreeDuo
    • By DebtFreeDuo 13th Apr 18, 9:47 PM
    • 813 Posts
    • 4,159 Thanks
    DebtFreeDuo
    Thank you all for stopping by. I have had a wonderful Easter and now I need to get right back to my revision, my exams are fast approaching. I have had a mixed few weeks, mostly good, but I need to clear my head and get my focus back in a few areas.

    So a pretty big update on my finances, I put in a complaint with my bank regarding a packaged bank account, this was rejected as it was just outside the time period to make a complaint, however, I had money appear in my bank account recently, I phoned the bank who told me it wasn't a mistake and the money was mine. I then had a letter turn up explaining that someone had looked over my complaint again and they decided to refund all of the fees I paid, plus interest! I was shocked for a little while and didn't touch the money but I have now been slowly paying it towards my debts.

    So, I am proud to say that over the next week or so the only debt I will have will be the overpayment I received that hasn't been asked for just yet. I need to look over my finances once I have cleared everything off to see how much I have left towards the overpayment to update my totals here.

    I will stop by for an update on amounts soon, I may get lost in revision over the next month or two but I will be back to update properly soon.

    Thank you again for all stopping by, it really means a lot to me and I promise I will stop by your diaries when I get a chance, I hope you are all well.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    £2018 in 2018 #25: 674.21/2018
    SPC 586
    • Nicnak
    • By Nicnak 14th Apr 18, 1:25 PM
    • 911 Posts
    • 5,065 Thanks
    Nicnak
    That is fantastic news. Congrats on being debt free!
    September 6th 2017 - Updated 13th May 2018
    Credit Card £0 now: £0 Tesco Loan £7500 = £0 Consolidation £15,000 = £13,855 Total = £25,330 £13,855 43% gone EMF #252 = £700/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 14th Apr 18, 2:24 PM
    • 4,154 Posts
    • 28,255 Thanks
    HairyHandofDartmoor
    Brilliant news DFD you must be delighted . Good luck with the revision.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    Emergency Fund 1 = £560.59/Emergency Fund 2 = £0.21/Loss of Income Fund £0
    • WannabeFree
    • By WannabeFree 14th Apr 18, 9:22 PM
    • 1,535 Posts
    • 13,269 Thanks
    WannabeFree
    Brilliant news DFD

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • DebtFreeDuo
    • By DebtFreeDuo 2nd May 18, 11:39 AM
    • 813 Posts
    • 4,159 Thanks
    DebtFreeDuo
    Its been too long since I updated, life has been pretty hectic and will be for the next 6 weeks until my exams are over. I wanted to get a quick update in whilst I thought about it but I should be back with more focus in around 6 weeks time. So from having a look over my finances today I believe my current debt sits at around £300 (not including the overpayment), this was a very quick look though and I plan on going over everything properly when I have a little more time.

    I do feel that my spending at the moment is very all over the place because I'm not focused at all on it, I think its just going to be a case of trying to spend as little as possible without really thinking too much about it just while I get through the next few weeks. It has also been my smalls birthday which has cost a small fortune and I have treated myself a little with the money I received from the bank.

    I hope everyone is ok, I will do a post with all my figures on once I'm back and I may post a new SOA too as some things have changed since my last one.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    £2018 in 2018 #25: 674.21/2018
    SPC 586
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 2nd May 18, 9:08 PM
    • 4,154 Posts
    • 28,255 Thanks
    HairyHandofDartmoor
    I hope your exams are going well DFD, good luck with them.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    Emergency Fund 1 = £560.59/Emergency Fund 2 = £0.21/Loss of Income Fund £0
    • EssexHebridean
    • By EssexHebridean 3rd May 18, 12:05 PM
    • 8,682 Posts
    • 45,752 Thanks
    EssexHebridean
    Wowee just catching up with your news - how absolutely fantastic and well done you!

    Good luck on the exams!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£944.19 (15/05/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Nicnak
    • By Nicnak 13th May 18, 8:24 AM
    • 911 Posts
    • 5,065 Thanks
    Nicnak
    Good luck on the exams. x
    September 6th 2017 - Updated 13th May 2018
    Credit Card £0 now: £0 Tesco Loan £7500 = £0 Consolidation £15,000 = £13,855 Total = £25,330 £13,855 43% gone EMF #252 = £700/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • DebtFreeDuo
    • By DebtFreeDuo 25th May 18, 2:09 PM
    • 813 Posts
    • 4,159 Thanks
    DebtFreeDuo
    I can't believe how long it has been since I last updated! So I am currently right in the middle of exams, it's not going well at all and I think I am going to end up having to redo the whole year (excluding the modules that I did pass), I have accepted this and I am prepared for it, I am trying to look at the positives, an extra year being able to spend school holidays with the small and the extra time I will get to really work on the areas that really need improving, which will in turn, I believe, give me a better level of degree. I am NOT feeling sorry for myself, I am going to give this all I have and in the grand scheme of things, what is an extra year really working on my learning and learning more about myself in the process? I think initially I worried because I feel like I am getting on and really feel like I should be in a stable job with good prospects by now.

    Enough about that, I have looked over my finances this morning, not in huge detail but a little more depth than previously. As I'm a student I have to look at my finances months ahead to see the real picture so here goes, currently I am not in my overdraft so my debt looks lower but by September I will be approximately £800 in my overdraft (provided I stick to my budget), this is interest free so not a huge deal and once my student finance comes in at the end of September this will be gone completely and I am going to remove it from my account.

    So current balances are:

    Loan 1 and 2 - Gone forever
    CC debts - £200 (Not sure on exact figures but once exams are over I am going to be going through my cards and closing some accounts down as I currently have around 4 cards with either zero or relatively small balances)
    Overpayment - £1200 (This still hasnt been asked for but I want to try and put this amount to one side so that its there for when it is asked for but it will most likely be taken from my student finance in small chunks.
    Overdraft - £0 at the moment but as above this will increase, it will all be cleared Sept/Oct.

    I'm feeling really good about where my finances are, I don't think I have ever been in such a strong position. I still have a good amount in my Help to buy ISA which will hopefully help get me on the property ladder once I eventually complete my degree and my debts are almost completely gone much earlier than I could have hoped.

    I hope you are all doing well and I will check in again soon.
    Debt free by Christmas 2018 #004: 2565.82/7445.69
    £2018 in 2018 #25: 674.21/2018
    SPC 586
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