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  • FIRST POST
    • DebtFreeDuo
    • By DebtFreeDuo 20th Sep 17, 8:43 PM
    • 823Posts
    • 4,204Thanks
    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
    • 919 Posts
    • 3,944 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
    • 937 Posts
    • 5,226 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 = 12,592 Total = 25,330 12,592 49.7% 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
    • 823 Posts
    • 4,204 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: 6065.82/7445.69
    2018 in 2018 #25: 2549.13/2018
    SPC 586
    • Nicnak
    • By Nicnak 27th Mar 18, 7:28 PM
    • 937 Posts
    • 5,226 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 = 12,592 Total = 25,330 12,592 49.7% 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
    • 919 Posts
    • 3,944 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
    • 937 Posts
    • 5,226 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 = 12,592 Total = 25,330 12,592 49.7% 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
    • 4,583 Posts
    • 32,363 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.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    "Tough times never last, but tough people do" - Robert H Schuller
    • DebtFreeDuo
    • By DebtFreeDuo 13th Apr 18, 9:47 PM
    • 823 Posts
    • 4,204 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: 6065.82/7445.69
    2018 in 2018 #25: 2549.13/2018
    SPC 586
    • Nicnak
    • By Nicnak 14th Apr 18, 1:25 PM
    • 937 Posts
    • 5,226 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 = 12,592 Total = 25,330 12,592 49.7% 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
    • 4,583 Posts
    • 32,363 Thanks
    HairyHandofDartmoor
    Brilliant news DFD you must be delighted . Good luck with the revision.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    "Tough times never last, but tough people do" - Robert H Schuller
    • WannabeFree
    • By WannabeFree 14th Apr 18, 9:22 PM
    • 1,756 Posts
    • 15,221 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
    • 823 Posts
    • 4,204 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: 6065.82/7445.69
    2018 in 2018 #25: 2549.13/2018
    SPC 586
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 2nd May 18, 9:08 PM
    • 4,583 Posts
    • 32,363 Thanks
    HairyHandofDartmoor
    I hope your exams are going well DFD, good luck with them.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    "Tough times never last, but tough people do" - Robert H Schuller
    • EssexHebridean
    • By EssexHebridean 3rd May 18, 12:05 PM
    • 8,719 Posts
    • 46,028 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 1229.00/1035.63 (09/07/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Nicnak
    • By Nicnak 13th May 18, 8:24 AM
    • 937 Posts
    • 5,226 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 = 12,592 Total = 25,330 12,592 49.7% 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
    • 823 Posts
    • 4,204 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: 6065.82/7445.69
    2018 in 2018 #25: 2549.13/2018
    SPC 586
    • DebtFreeDuo
    • By DebtFreeDuo 3rd Jul 18, 1:49 PM
    • 823 Posts
    • 4,204 Thanks
    DebtFreeDuo
    Quick update, I have been going through some finances today, I have closed one of my credit cards and will close another one when I can actually locate the card itself, that will leave me with 3 cards, one which I have had for around 10 years which I will not close, one that has 12 months interest free on purchases and another that I have had for some time that I am reluctant to close as I want to have some long relationships with banks when it comes to applying for a mortgage in a few years time.


    Currently living in my overdraft, this will be the case until September but its interest free and will be cleared in full. I think I am going to remove this from my account in January so I have less access to credit.


    I have added my boy to a waiting list at a new swimming pool for his lessons, this is 3 per month cheaper than his current lessons and I really dislike the place he currently goes to. I have cancelled the direct debit this morning so he may go a few weeks without lessons but that will save me a little money if he does. I am however looking at joining the same place myself for a swim only membership, me and my boy decided we wanted to start going swimming together once a week and he will get free swimming with his lessons and I currently go swimming once per week so it makes sense that I have a membership if I am going swimming at least twice per week.



    I also changed my gas and electricity so I am no longer prepaid, immediately I had a credit on my account which I don't really understand, I thought being prepaid that you would never be in credit but I am now around 150 in credit which I am not complaining about at all.



    So I have around 1200 in my budget to cover me until the end of September, this is after all of my bills are paid so it should absolutely be more than doable to cover food, fuel and other day to day bits. I also want a nice summer with my boy so will try and achieve this within that budget. I have given myself a bigger budget now that my loans are clear, with DS being in school now I really want to make the most of our time together.



    I will report here each week hopefully to break down my spends to keep me within my budget.
    Debt free by Christmas 2018 #004: 6065.82/7445.69
    2018 in 2018 #25: 2549.13/2018
    SPC 586
    • Nicnak
    • By Nicnak 8th Jul 18, 8:31 AM
    • 937 Posts
    • 5,226 Thanks
    Nicnak
    Hi,

    Sounds like you have a plan. I don't understand how you are 150 in credit either if it is a pre payment meter? How strange.

    Do you have any nice plans with your boy booked in yet? x
    September 6th 2017 - Updated 13th May 2018
    Credit Card 0 now: 0 Tesco Loan 7500 = 0 Consolidation 15,000 = 12,592 Total = 25,330 12,592 49.7% gone EMF #252 = 700/1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #71
    • DebtFreeDuo
    • By DebtFreeDuo 9th Jul 18, 6:08 PM
    • 823 Posts
    • 4,204 Thanks
    DebtFreeDuo
    I don't have anything booked in just yet but I have lots of ideas of things for us to do, he doesn't finish school for a couple of weeks yet which feels really late. Hope you're doing ok x
    Debt free by Christmas 2018 #004: 6065.82/7445.69
    2018 in 2018 #25: 2549.13/2018
    SPC 586
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 9th Jul 18, 8:48 PM
    • 4,583 Posts
    • 32,363 Thanks
    HairyHandofDartmoor
    Your finances sound a lot more positive . What's happening with your course?
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    "Tough times never last, but tough people do" - Robert H Schuller
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