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  • FIRST POST
    • onehitwonder
    • By onehitwonder 5th Feb 18, 3:45 PM
    • 131Posts
    • 74Thanks
    onehitwonder
    43,800
    • #1
    • 5th Feb 18, 3:45 PM
    43,800 5th Feb 18 at 3:45 PM
    Well the start of a new diary. I have had plenty of light bulb moments in the past and attempts to get back to being debt free - somewhere I was last at about 35 years ago when I was 17.


    Anyway back to business. My total debt is around 44,000 and is made up of 6 credit cards and one loan.
    I also have a mortgage, and that currently stands at around 70,000 - but the house is worth around 150,000 so not all bad.

    I have accumulated the debts over a long period and have no one but myself to blame.
    I am starting this diary in the hope it will motivate me to keep paying off the debts and not add to them.
    I know what I have to do, or should do, and have spreadsheets and completed SOAs in the past so there is nothing to cut back on that I haven't already.
    Mainly I just have to stop spending on unnecessary 'stuff' and get paying it down.


    Currently the damage is with the figures in brackets being the card limit (I know I am maxed out on most):
    Virgin Card (5700) 5,700.73
    First Direct (8000) 7,950.00
    Halifax (4000) 3,938.69
    Halifax Clarity (900) 813.77
    Tesco card (3500) 3,341.30
    MNBA (6800) 6,482.20
    Loan (20000) 15,834.73
    Total: 44,061.41
    Last edited by onehitwonder; 05-02-2018 at 3:48 PM.
Page 2
    • onehitwonder
    • By onehitwonder 4th Mar 18, 10:13 AM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    At the moment paying 500 a month off the debt means I won't finish paying it off for another 7 years !
    I am hoping to reduce that especially when the debt starts to go down I should be able to bring the end date closer - hopefully.

    *Just checking some balances and I think after normal payments are all taken from my account I will have paid off 500 or more this month. I will redo the calculations later in the month That's without me paying extra. So I think I could end up paying off closer to 700 this month. That would take it down to around 5 years to clear my debt if I keep it up - determined to reduce that further as well.


    Not a bad month so far though.
    Last edited by onehitwonder; 04-03-2018 at 10:25 AM.
    • onehitwonder
    • By onehitwonder 11th Mar 18, 9:16 AM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Another calculation and total is 44,254
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • Debtnomoreplease
    • By Debtnomoreplease 11th Mar 18, 9:33 AM
    • 96 Posts
    • 215 Thanks
    Debtnomoreplease
    Hi, Keep going, you will be making huge dents in your debt before you know it. It's not nice to re-calculate and it not be as good news as you thought, but it's better to know exactly where you stand.
    This time next year, your debt could be under 30,000 (maybe more) and that will be amazing! Just keep going and remember although it seems along time, it's not forever.

    All the best on you journey
    • onehitwonder
    • By onehitwonder 11th Mar 18, 9:54 AM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Thanks for the positive encouragement Debtnomoreplease.


    At the moment making looking at June 2022 end date. Hopefully get that down.
    • One-step-at-a-time
    • By One-step-at-a-time 11th Mar 18, 10:19 AM
    • 148 Posts
    • 483 Thanks
    One-step-at-a-time
    Keep going, you will get there! I am in a similar boat - I set myself mini-targets, update my spreadsheet after every overpayment (no matter how tiny) and tell myself this is only temporary and every day is a day of unlearning bad habits and instilling good ones.
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 34056.18 (28922.41 on CCs) Paid: 25.1% EF: 700/1000
    Credit in use: 67% DFD: July 2021
    • onehitwonder
    • By onehitwonder 11th Mar 18, 10:26 AM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Keep going, you will get there! I am in a similar boat - I set myself mini-targets, update my spreadsheet after every overpayment (no matter how tiny) and tell myself this is only temporary and every day is a day of unlearning bad habits and instilling good ones.
    Originally posted by One-step-at-a-time
    Thanks
    Yep, my first target is to be under 40k in August.
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • onehitwonder
    • By onehitwonder 5th Apr 18, 3:16 PM
    • 131 Posts
    • 74 Thanks
    onehitwonder
    Reduced by nearly 400 this month. Not good really as thought I would pay off more. It's a start though and only around 10 more years at this rate to clear the debt .
    Hoping to accelerate the repayments over the coming months though to bring the end-date down
    Debts: Virgin Card 5,600 5,636, First Direct 7,700 7,000, Halifax 3,200 3,810, Halifax Clarity 755 711, Tesco 4,005 4,450, MNBA 6,700 6,580, Loan 15,834 15,218 Total: (45K at highest) 43,794k 43,405
    • dawnybabes
    • By dawnybabes 5th Apr 18, 3:35 PM
    • 1,576 Posts
    • 3,843 Thanks
    dawnybabes
    More than what youd be paying off normally so its good.
    Sealed pot challenge 822

    Jan - 176.66
    • Mummy_bear
    • By Mummy_bear 5th Apr 18, 5:30 PM
    • 302 Posts
    • 1,088 Thanks
    Mummy_bear
    Good luck with your debt busting.

    Documenting everything in a diary has helped me get the bug for reducing my debt.
    It's slow but in the right direction.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) 37139.86
    6180.08/37139.86 16.64% paid
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