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  • FIRST POST
    • One-step-at-a-time
    • By One-step-at-a-time 12th Feb 18, 8:05 PM
    • 127Posts
    • 450Thanks
    One-step-at-a-time
    The future is what you make it
    • #1
    • 12th Feb 18, 8:05 PM
    The future is what you make it 12th Feb 18 at 8:05 PM
    Newbie here. In December 2016 I had my lightbulb moment when a travel insurance payment got declined. The DIY financial review I did at that point scared the living daylights out of me.

    CC1 - 20300 @17.9% (maxed out)
    CC2 - 10500+ 60% @12.9%, 40% @6.9% for its lifetime
    CC3 - 6000+ @18.9%
    CC4 (hubby) - 13k @7.9%

    I know exactly how it got that bad. Hubby lost his job shortly after we got our mortgage, followed by periods of ill-health (luckily not coinciding) for both of us, and some (with hindsight) really bad decisions (mostly made by me). Because we never missed a payment on anything, the enormity of the debt was ignored.

    In Jan 2017, pretty much as a knee-jerk reaction to the numbers, we decided to try to remortgage. It was a shock to us to be turned down, but we are both glad it happened, as it made us realise that consolidation was not a good idea and we had to tackle the problem at source.

    Fast-forward a year and a bit, the unsecured debt has been reduced by 7k, and thanks mostly to balance transfer ping pong, only 5.5k of it is left at a high rate, with the majority being at 0% or 4.9% for at least the next couple of years. I have not used a credit card for 14 months, minimum monthly repayments are down to less than £700 per month, and I'm snowballing repayments onto my highest rate card.

    The last year hasn't been smooth. It started with a drop in income of 5k when my second job folded last January, literally days after the remortgage was denied. Then we had car repairs in the high hundreds, followed a few months later by having to scrap the car and find replacement transport (I can do without a car, husband needs one to work), and more recently I had an injury and health scare with some out of pocket medical expenses.

    And honestly, we did not cut our spending as much as we could have; it took time to adjust to doing things more mindfully. But on the whole, we really surprised ourselves with how much we were able to claw back in a year. The plan for 2018 was to double down on our efforts, completely splat the debt from the highest interest card and start work on the next one, and aim to clear at least 2k more than the previous year. So far, so good!

    Then came the plot twist. Right now I am on the verge of having to take on an extra huge lump of debt which will put us back to square one with cherries on top. No details here other than to say that it is entirely my fault, and is the result of really bad handling of a situation several years ago. The whole thing was totally avoidable and I am disgusted with myself that I allowed it to happen. I will know the true horror within the next two weeks, but if *lucky* it is likely to cost me £400 per month until it has gone. So within a few weeks, the best case scenario is that we will be back where we started with an additional few thousand of unsecured debt on top of our starting point.

    We have nobody but each other to talk to about it, so really I'm writing this to get it off my chest and give my husband a rest as it is largely my fault we are in this mess! I am treating the last year of debt repayment as the trial run. We have already made lots of cutbacks, but there ia a lot more we can do - I do need to redo the SOA as it has been a year since I last attempted one.

    Currently the stress of the incoming additional debt and the uncertainty over how that is going to pan out is ruining my sleep and concentration, and I am lucky if I go a couple of days without having a fairly big wobble. I need to keep telling myself that we have a year of successful debt tackling under our belts and that although daunting, it is doable. Anything is doable, I just need to keep focus.
    Highs, lows and inbetweens will be documented here. I will be keeping tabs on everything except my OH CC on here.
    Last edited by One-step-at-a-time; 11-04-2018 at 3:03 PM. Reason: same name as another thread
Page 8
    • One-step-at-a-time
    • By One-step-at-a-time 8th Apr 18, 7:34 AM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    Gardening was a really good workout. Uuuurgh.

    Two admin things today - BGas emailed our final bill, a manageable £23.74, and HFax have finally coughed up my credit card statement. That's all I've got before caffeine
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • Drawingaline
    • By Drawingaline 8th Apr 18, 1:20 PM
    • 414 Posts
    • 1,403 Thanks
    Drawingaline
    So what happened to the boiler? Or did I miss that?

    I also have those kind of financial ponderings, 'if I shift this to here and this to here'....... I must admit it has worked for me in the past, but sometimes it's a gamble that doesn't pay off.
    • One-step-at-a-time
    • By One-step-at-a-time 8th Apr 18, 7:11 PM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    You haven't missed anything - nothing's happened with the boiler yet. Usual guy not available for a few more days (and I'd rather wait for him than go through the rigmarole of finding someone new), heating not really needed at the moment, and we can get away with the electric shower and kettle boiling for washing and hot water needs. I'm just glad it didn't happen in January!
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • One-step-at-a-time
    • By One-step-at-a-time 9th Apr 18, 9:56 AM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    GOOD MORNING!!!

    Up and at 'em, Monday. I need to convince myself that today will be all dynamic, but that's not how I'm feeling!

    I try to do my account checking first thing to get it out of the way for the day.
    According to YNAB this morning, when all my direct debits for the month including the extra £202.74 in final utility bills have gone out, I should still be £46 in credit. I also have £14.52 in cash plus £21.14 to come in from Prolific surveys, so this month's challenge is to raid the emergency fund as late in the month as possible, rather than do a straight transfer of the full amount.

    Unfortunately I still need £60 for transport as well as top-ups of milk and fresh veg for the next 19 days, so I *may* have to raid it a bit, but £20-ish left to spend on food to top up the enormo-shop we did last week, plus three weeks of non-food NSDs is entirely feasible, if not exactly comfortable.

    The EF is currently at £385. Until we get the plumber's verdict I have no idea whether we will have to spring for a new boiler and the EF money would only cover a fraction of that, so I really don't want to touch it if at all possible.

    At the beginning of May we get our mortgage cashback so along with my regular payment that's another £400 to go where it's needed before we have to think about taking on more debt, so the situation (although unpleasant) is something we *should* be able to juggle.

    I didn't do any exercise yesterday as it was my rest day, and watching the pennies will at least prevent gratuitous snack buying!
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • One-step-at-a-time
    • By One-step-at-a-time 9th Apr 18, 7:26 PM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    My attempts to be dynamic haven't yet been entirely successful...
    It's been a bit of a miserable day at work (not the work itself, but colleagues on downers as the restructure stuff is due to come to a head this week) so I am trying to have a productive evening at home.

    DH is in charge of dinner tonight and I have plans to move some furniture around (all manageable by myself save for a computer desk currently in the spare room that I can't navigate the stairs with on my own; he can help me with that later). I'm aiming to get the spare room thoroughly tidied once the desk has been relocated, and that will probably be quite enough of being organised for one evening.

    I have found myself getting a bit frustrated today due to the lack of ability to make overpayments this month. However, nothing gets improved by wallowing, so I'm going to make a big effort this week to start trying to generate more freelance work and sales. I've looked at the provisional figures for my 17/18 SA tax return from the running total I've been keeping, and it's absolutely pathetic this year compared to the last two (thanks to my regular extra work going down the tubes when the company closed the business), but at least it means that I only have to give a couple of hundred quid to HMRC by the end of January 2019. Silver linings!
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • One-step-at-a-time
    • By One-step-at-a-time 10th Apr 18, 9:31 AM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    A bit more get up and go today. The furniture moving was done last night, but the post-move vacuuming and tidying has been deferred to tonight because we were both knackered. Nothing got broken or scraped during the move and no digits were squashed, and by the time we've finished tonight, two rooms will have been pretty much transformed (other than the still-imposing pile of ebay stuff ).

    One thing that's a real positive about tightening our belts and not going out as much is that the extra time at home is being spent dealing with lots of little niggles and gradually freshening the house up.

    On the CC front I had a payment clear which has allowed me to pay off another £40 this morning.
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • One-step-at-a-time
    • By One-step-at-a-time 10th Apr 18, 4:11 PM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    I almost had to stage an intervention on myself today!
    At lunchtime I walked past a new hair salon near work.
    Now, I've been cutting my own hair for years and I can't actually remember the last time I set foot in one, but the idea of the luxury of a head massage, a cuppa, and not having my arms ache from holding bits of hair in the air at silly angles and grumbling at myself in the mirror for once was REALLY appealing. Then I saw the price list. Yup, it's been a REALLY long time since I went to a hair salon
    Intervention no longer required!
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • Drawingaline
    • By Drawingaline 10th Apr 18, 6:25 PM
    • 414 Posts
    • 1,403 Thanks
    Drawingaline
    Lol with the hair prices! I spend FAR too much getting mine done, but for me it is in my budget (goal in ynab) and I love experimenting with my hair so need it done properly. I get it dyed, I am not going grey gracefully, besides my mil who is 20yrs older than me hasn't succumbed to the grey yet, I refuse to if she hasn't lol.
    • strawberryfield2233
    • By strawberryfield2233 10th Apr 18, 8:39 PM
    • 93 Posts
    • 215 Thanks
    strawberryfield2233
    Hello One-step just caught up with the thread! Wow lots going on! , I am in your camp I cut my hair, hubby’s and son’s (rather badly at times ) still I am NOT paying salon prices unless its a really special occasion! Sorry to hear about boiler hope it can be fixed.
    Well done on what you have been doing and the decorating!
    Have been buying lots of yellow sticker easter eggs (25p lindt eggs small but in a box with a few animals) this is not good for the waistline eek: take care
    • One-step-at-a-time
    • By One-step-at-a-time 11th Apr 18, 11:18 AM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    Have been buying lots of yellow sticker easter eggs (25p lindt eggs small but in a box with a few animals) this is not good for the waistline eek: take care
    Originally posted by strawberryfield2233
    I've been zooming past the cut-price eggs in S-bury for the last week

    Nothing moving out of my accounts today, but Nwide have kindly paid in our mortgage cashback three weeks earlier than I was expecting, so that's gone straight to the EF.

    Still waiting for the plumber but have started to look at replacement boilers. For the size/type we're looking at worst case £1170 + labour (and if certain DIY chains give staff discounts I can enlist a relative to help out), OR (if it's just the circuitboard that's gone, as is hoped, and not the whole thing) £178 plus labour. Labour is the unknown quantity here; I've not spent much time researching yet, but most of the sites I've looked at quote £500-1000 for full replacement . I'm hoping like-for-like would be the bottom end of that scale, being a less complicated job. If I am prepared for around a £2.2k hit I am less likely to burst into tears when the verdict comes in, and *might* be pleasantly surprised. We will have at least £750 to go to it upfront, and I have enough card space and BTs available to buy a boiler and move it to 0% for 18 months if I HAVE to.

    I am now feeling very motivated to list the rest of the ebay stuff!
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • One-step-at-a-time
    • By One-step-at-a-time 11th Apr 18, 3:21 PM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    100 day report
    We're now 100 days into 2018.

    My camera insurance is up for renewal in June. Initial quote shopping could save me more than a third for the same cover I have now! .
    The renewal date is in the calendar with a 15 day reminder set so I can get a fresh quote.
    This plus the interest free payment plan that comes to an end on June 30th could mean that the budget has £85 or more extra wiggle room in it from July. That would be so helpful. We have such a huge mountain still to climb!

    BUT a 100 day review should be positive, so I will say this: I have just looked at last December's spreadsheet, and I'm gobsmacked. When I started this diary in February, I estimated we'd shifted more than £7k between us in 2017, and my share of that was somewhere around £5-5.5k. I haven't been keeping track of dh's card in my totals (though I know it's going down more slowly than last year at the moment due to his car payment) BUT I have paid £5318 off my debts in 4 months
    Some of it has been helped by having two council tax free months, and some pre-emptive saving towards the lump that landed in March, but I'm still pretty pleased with that.

    The high payments are difficult, but so many lessons have been learned that I am choosing to see it as paying for a valuable education (and honestly, when you look at the numbers it's really not that much worse than paying tuition fees these days!)
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • remote_control
    • By remote_control 11th Apr 18, 4:23 PM
    • 232 Posts
    • 919 Thanks
    remote_control
    That's incredible how much you have paid off in 4 months!! If I had that kind of dedication it could be gone in a year.....

    Well done!
    • One-step-at-a-time
    • By One-step-at-a-time 11th Apr 18, 4:44 PM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    That's incredible how much you have paid off in 4 months!! If I had that kind of dedication it could be gone in a year.....

    Well done!
    Originally posted by remote_control
    Thank you! Unfortunately that level of repayment is not going to be sustainable; we've done virtually nothing so far this year in an attempt to get ahead of ourselves, but it would drive us both absolutely potty to have no social lives for the rest of the year. May, June, August and September all involve events/travel that we either can't or don't want to avoid, but I'm planning in advance as much as I can- we've got a couple of hotel rooms free from saved loyalty points (and a couple more were pre-paid last year), some car shares, a few long drives home to save forking out for accommodation, that sort of thing. I'll still have to do 980/month as a minimum but it will get juggled somehow
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • remote_control
    • By remote_control 11th Apr 18, 7:07 PM
    • 232 Posts
    • 919 Thanks
    remote_control
    The thing I love about paying that kind of amount a month is that it really ticks down, like sub £30k on debt 1.

    Make the most of clubcard vouchers and 2-4-1 deals if you have to eat out.
    • RhiBi
    • By RhiBi 11th Apr 18, 7:14 PM
    • 452 Posts
    • 1,425 Thanks
    RhiBi
    That's amazing, I'm in awe! Well done!
    Virtual Sealed Pot 2018 #7 £152.81/£250
    • One-step-at-a-time
    • By One-step-at-a-time 11th Apr 18, 7:39 PM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time


    ^^See that happy dance?
    I wasn't planning on another post, but this is a good exception That's the "Boiler doesn't need replacing and circuit board plus labour is £260" happy dance!
    Ohmygoodness I actually physically felt the weight lift from my shoulders!
    Last edited by One-step-at-a-time; 11-04-2018 at 7:52 PM.
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
    • remote_control
    • By remote_control 11th Apr 18, 8:55 PM
    • 232 Posts
    • 919 Thanks
    remote_control
    wow! Amazing!!
    • Drawingaline
    • By Drawingaline 11th Apr 18, 11:02 PM
    • 414 Posts
    • 1,403 Thanks
    Drawingaline
    Fantastic news! We had to get a new boiler in 2012. We paid to have it moved upstairs, found a fantastic plumber in checkatrade who charged 2k for boiler and installation. Which was fantastic as other quotes were between £3500 and £5000. And we have had no problems with it since.

    I hear you re the debt repayments. We have paid off a large chunk since January, but with life getting in the way and wanting to actually enjoy the extra time I now have this will scale back until after the summer.
    • Debaroo
    • By Debaroo 11th Apr 18, 11:17 PM
    • 1 Posts
    • 1 Thanks
    Debaroo
    I didn't get any help towards bills/food etc for 6 months off my husband. I made him sit down and discuss. Turned out he was £37k in debt. I have managed this by taking on a total of 3 jobs to ensure my wage meets our joined income. We have reduced the debt by over £10k in 12 months and both of our credit scores are over 970 with Experian. I am under pressure with work to seek legal advice and give up my 2 other jobs. I am concerned that this will affect our credit scores, take longer to pay off and have a greater sum to pay out over time. Please advise
    • One-step-at-a-time
    • By One-step-at-a-time 12th Apr 18, 7:22 AM
    • 127 Posts
    • 450 Thanks
    One-step-at-a-time
    I didn't get any help towards bills/food etc for 6 months off my husband. I made him sit down and discuss. Turned out he was £37k in debt. I have managed this by taking on a total of 3 jobs to ensure my wage meets our joined income. We have reduced the debt by over £10k in 12 months and both of our credit scores are over 970 with Experian. I am under pressure with work to seek legal advice and give up my 2 other jobs. I am concerned that this will affect our credit scores, take longer to pay off and have a greater sum to pay out over time. Please advise
    Originally posted by Debaroo
    Hi, I think you'd be best off starting your own thread on the Debt-Free Wannabe board or asking a moderator to move this one, you may not get many views buried in this thread! I've never heard of the number of jobs you have affecting a credit score, but that wouldn't be my first concern if I had no intention of applying for more credit.
    Last edited by One-step-at-a-time; 12-04-2018 at 7:49 AM.
    Jan 2017 CC debt £37,800.21: £29,399.52 / £8,400.69
    Mar 2018 Other debt £7,693: £5,680.84 / £2,012.16
    Debt 22.97% PAID
    Emergency fund £350/£1000 DFD March 2022
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