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  • FIRST POST
    • Mum.Wife.Me
    • By Mum.Wife.Me 1st Jan 18, 9:03 PM
    • 17Posts
    • 46Thanks
    Mum.Wife.Me
    No More Never Never
    • #1
    • 1st Jan 18, 9:03 PM
    No More Never Never 1st Jan 18 at 9:03 PM
    Hello and a Happy New Year to you all

    After lurking for sometime I've decided to start my own diary...

    My husband I have around 25 grand worth of debt and I've had enough! I feel like we have been plodding along for years, we will get our debt down and then we will build it back on and we seem to be stuck in this cycle. One problem we have is that we never have any emergency money / savings so in the past when we have dealt with maternity leave / redundancy / long term sick we have turned to credit cards so while paying off our debt it's important to me to try and save a little bit too.

    Our debt is split across 4 accounts - We have a loan which has quite an high APR, 2 credit cards (both on 0%) and Very which is on BNPL. Our main focus is the loan, we have looked at whether or not we could get a lower interest loan to replace the current one, the online eligibility calculator shows us to have 7/10 chance, however we haven't applied as we don't want to risk being rejected and then it affecting our credit ratings so we are just going to over pay the loan for now and maybe consider this again in a few months?

    So really I am looking at extra ways to pay the loan off.

    I will list an accurate account of my debts tomorrow but for now I am going to have a read of some other diaries and posts for some inspiration!

    xX
Page 1
    • Mum.Wife.Me
    • By Mum.Wife.Me 1st Jan 18, 11:14 PM
    • 17 Posts
    • 46 Thanks
    Mum.Wife.Me
    • #2
    • 1st Jan 18, 11:14 PM
    • #2
    • 1st Jan 18, 11:14 PM
    Spent a couple of hours reading through some posts and making a plan, while watching Pitch Perfect 2

    I joined the pay off you debt by Christmas 2018 challenge, although I don't think its realistic to attempt to pay it all off so instead I am just focusing on the loan, which is our largest debt and also the only debt that is currently charging interest! the current balance of said loan is 13,914.71 I am also going to do the Payment a day challenge along side this and have started by rounding down my balance and paying 2.19 off. Small steps and all that!

    Anyway last day off tomorrow before the kids are back at school and I am back at work so off to bed I go!

    Good Night All xx
    • mumoftwo30
    • By mumoftwo30 1st Jan 18, 11:44 PM
    • 5 Posts
    • 2 Thanks
    mumoftwo30
    • #3
    • 1st Jan 18, 11:44 PM
    • #3
    • 1st Jan 18, 11:44 PM
    Hi Mum.Wife.Me,

    I am also a lurker but I thought I'd log in to reply to you. We were in a similar position to you until I had my lightbulb moment in 2016. I started using this website in August 2016 to read other people's stories and make a plan. In November 2016 we had 19k of debt despite having two decent incomes coming in each month. Then our circumstances changed and we only had my income to rely on. Now my partner is earning again but only a fraction of what he used to earn. Despite this, we have now reduced our debt to 10k. I haven't used a credit card since summer 2016, I have a 1k emergency fund and I now understand how to budget. It's all down to budgeting software called YNAB (it stands for "You Need A Budget"). I read about it on this forum and it has helped me so much! I would definitely recommend it.

    Good luck on your journey to being debt-free!
    • ramblehan
    • By ramblehan 2nd Jan 18, 8:06 AM
    • 610 Posts
    • 1,251 Thanks
    ramblehan
    • #4
    • 2nd Jan 18, 8:06 AM
    • #4
    • 2nd Jan 18, 8:06 AM
    Good luck with your journey.
    You are not alone In the cycle -its so frustrating!!
    Will be subscribing xxx
    • Mum.Wife.Me
    • By Mum.Wife.Me 2nd Jan 18, 10:10 PM
    • 17 Posts
    • 46 Thanks
    Mum.Wife.Me
    • #5
    • 2nd Jan 18, 10:10 PM
    • #5
    • 2nd Jan 18, 10:10 PM
    Hi mumoftwo and ramblehan - thanks for both your posts!

    mumoftwo - you sound like you are doing really well! it's difficult when the household income takes a hit! I will have a look at you need a budget, as I know that's one of my problems.

    I have made a payment off my loan of 5.77 today, I need to figure out how to work my interest out so I can keep track of how much I am actually paying off!

    I have also started skimming my bank accounts at the end of each day.

    Not much more to report at the moment, haven't had chance to get my exact debt figures. Its the last day of the holidays for me and the kids so we have had a super lazy day and then this evening I have been shopping and getting uniforms ready etc. I've been going to bed ridiculously late so have promised myself an early (ish) night.

    Good Night All xx
    • Mum.Wife.Me
    • By Mum.Wife.Me 3rd Jan 18, 9:42 PM
    • 17 Posts
    • 46 Thanks
    Mum.Wife.Me
    • #6
    • 3rd Jan 18, 9:42 PM
    • #6
    • 3rd Jan 18, 9:42 PM
    Good evening, another busy day here so don't feel like I have really had a minute. I've just made a PAD of 3.75 off my loan. I've got some of my balances worked out so going to update my signature to include them and then I'll be able to see them go down.

    It's going to be a long month January as I was paid a week early last month due to Christmas and Bank Hols but fingers crossed I make it!

    Hope you all had a good day, i'm off to skim my accounts and then it's time for bed!

    Night x
    • Mum.Wife.Me
    • By Mum.Wife.Me 3rd Jan 18, 9:53 PM
    • 17 Posts
    • 46 Thanks
    Mum.Wife.Me
    • #7
    • 3rd Jan 18, 9:53 PM
    • #7
    • 3rd Jan 18, 9:53 PM
    Just a quick one to say my loan is slightly higher than I thought, I used the balance it will be it after my next monthly payment without realising so I have put the true amount in my signature x
    VERY 54.87/1124.88
    CC1 0/5698.96
    CC2 0/4000(TBC)
    LOAN 0/14240.00
    • Mum.Wife.Me
    • By Mum.Wife.Me 4th Jan 18, 10:07 PM
    • 17 Posts
    • 46 Thanks
    Mum.Wife.Me
    • #8
    • 4th Jan 18, 10:07 PM
    • #8
    • 4th Jan 18, 10:07 PM
    Feeling motivated today, I really want to move house and I can't do it until some of this debt disappears!!

    So I was doing a payment a day off my loan but I am finding it difficult to track as every time I make a payment it takes 5 days for it to process and to come out of my bank, so although I've made 3 payments no money as yet come out of my bank account. I have decided that instead I am going to focus on paying off Very as although its on BNPL I have been caught out before by not worrying about it and then leaving it too late to pay off and then getting hit with the high APR! I am also going to budget a monthly over payment for the loan.

    Tonight i've paid 46.89 off Very, that means one item has been paid off in full, my next BNPL item runs out in June but I am hopeful I will pay it off before then and i'll be able to move onto the next item...

    Hope everyone has had a positive day and you are smashing that debt!

    xxx
    VERY 54.87/1124.88
    CC1 0/5698.96
    CC2 0/4000(TBC)
    LOAN 0/14240.00
    • ramblehan
    • By ramblehan 5th Jan 18, 11:05 AM
    • 610 Posts
    • 1,251 Thanks
    ramblehan
    • #9
    • 5th Jan 18, 11:05 AM
    • #9
    • 5th Jan 18, 11:05 AM
    Hiya, good lucuk with the daily payments - I use YNAB so every penny has a jo to dob so can never do the daily payment thing - it must be so motivating.
    • MeenaM
    • By MeenaM 5th Jan 18, 11:09 AM
    • 251 Posts
    • 461 Thanks
    MeenaM
    Hello and welcome !

    My advice is to start off with doing a budget for the month , i have found the best way of doing this for me is to do a zero balance one which means you allocate every penny of your money including some to go towards an emergency budget.

    In respect of your debts i would pay min on the lower interest ones and then pay as much as you can towards the highest interest one , snowball your debt , so far it is working for me

    see what you can cut down on in respect of your outgoings , cut out paying for coffee etc

    see if you can increase your income , extra jobs? selling stuff on ebay ?
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • MeenaM
    • By MeenaM 5th Jan 18, 11:11 AM
    • 251 Posts
    • 461 Thanks
    MeenaM
    Feeling motivated today, I really want to move house and I can't do it until some of this debt disappears!!

    So I was doing a payment a day off my loan but I am finding it difficult to track as every time I make a payment it takes 5 days for it to process and to come out of my bank, so although I've made 3 payments no money as yet come out of my bank account. I have decided that instead I am going to focus on paying off Very as although its on BNPL I have been caught out before by not worrying about it and then leaving it too late to pay off and then getting hit with the high APR! I am also going to budget a monthly over payment for the loan.

    Tonight i've paid 46.89 off Very, that means one item has been paid off in full, my next BNPL item runs out in June but I am hopeful I will pay it off before then and i'll be able to move onto the next item...

    Hope everyone has had a positive day and you are smashing that debt!

    xxx
    Originally posted by Mum.Wife.Me
    oh yes for sure pay off that Very debt before the interest kicks in as it is a killer rate!
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • Mum.Wife.Me
    • By Mum.Wife.Me 7th Jan 18, 4:26 PM
    • 17 Posts
    • 46 Thanks
    Mum.Wife.Me
    Hi and Happy Sunday! I didn't get chance to post yesterday as I was busy during the day and went out last night. I also didn't make do a PAD but I have today paid 4.99 off Very.

    My daughters have had their first swimming lesson this morning since before Christmas. We have to pay for them in block bookings and its always a bit of a killer when payment is due, so today I have been to the bank and withdrawn the amount it costs for the lessons and have put it to one side and it is my plan to do this every week so I am in effect paying as I go and come the end of this term I shall have the money at hand to pay!

    January is such a long month, especially as we got paid early in December, I feel like I can't make any real progress with the debt busting, i think i'm just impatient! can run it up in the blink of an eye but paying it off just takes ages!

    Just need to stay focussed though.

    How are others getting on? I am going to read some diaries when the kids are in bed, need some inspiration and motivation today I think xx
    VERY 54.87/1124.88
    CC1 0/5698.96
    CC2 0/4000(TBC)
    LOAN 0/14240.00
    • Mum.Wife.Me
    • By Mum.Wife.Me 14th Jan 18, 3:08 PM
    • 17 Posts
    • 46 Thanks
    Mum.Wife.Me
    Hi, I thought I had better check in as I haven't posted since last weekend, the reason for that is because I have been wiped out with the flu and I've spent the last 5 days in bed, so as you will understand I haven't done anything MSE related but I am still here and as soon as I am back on my feet i'll get cracking and will be sure to update on my progress!

    hope everyone else is chipping away successfully! x
    VERY 54.87/1124.88
    CC1 0/5698.96
    CC2 0/4000(TBC)
    LOAN 0/14240.00
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