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  • FIRST POST
    • FrugalShaz
    • By FrugalShaz 25th Feb 18, 7:24 PM
    • 10Posts
    • 5Thanks
    FrugalShaz
    My Debt Free Journey and a Better Life!!
    • #1
    • 25th Feb 18, 7:24 PM
    My Debt Free Journey and a Better Life!! 25th Feb 18 at 7:24 PM
    Hi
    I have lingered on here for a while and taken some really good advice! I have decided to start a journey diary as I hope this will keep me motivated. I have so far been paying off a huge debt of £63k....this consisted of (over the years) moving house (maxed out credit cards, loans etc to move from a nightmare area in a city) sofas, cooker, cars, holidays, children etc! My OH and I have never worried about the consequences of having interest free debt as well as high interest debt...we just paid the minimum and carried on with life! We had out LBM a 4.5 years ago when I decided to look at our credit files, debts etc when we wanted to move again to a bigger house. It was shocking! I felt sick and became very panicky over the whole situation. I lost my dream house and needed to address this debt and our spending was out of control.

    Thankfully, we have never missed a payment and paid interest free plans (argos card) in time before they backdated interest. We have done well so far...

    Within two years we have paid, settled and closed:

    Hitachi Finance
    Car Finance
    Next Card
    3 x Catalogue Credit
    2 x Credit Cards

    This Year so far we have finished paying off our £3100 argos card and closed the account. We have two loans finishing this year too and have another card (if all goes to plan) paid off by Christmas this year....Our outstanding debt so far to date is £36,046.36..we have a plan to get this under £20k by December 2020..Hopefully by then we can consolidate this into a single loan and save to pay off chunks or to just keep going, which ever is cheaper. We also said that we will look at possibly moving around this time as our mortgage fix rate will expire...this will be our moment whether we stay or move! Until then, the debts are the priority.

    I will be updating my journey every month, hopefully seeing it reduce every month in a positive way!

    Last edited by FrugalShaz; 25-02-2018 at 7:26 PM.
Page 1
    • Lilith1980
    • By Lilith1980 25th Feb 18, 7:34 PM
    • 1,810 Posts
    • 5,146 Thanks
    Lilith1980
    • #2
    • 25th Feb 18, 7:34 PM
    • #2
    • 25th Feb 18, 7:34 PM
    Welcome to the forum! You seem to be making great in-roads to your debt already! It can be frightening when you realise just how much debt you have, but the LBM is part of the battle and once that's been set off then you can do something about it
    My debt-free diary
    • beanielou
    • By beanielou 25th Feb 18, 9:37 PM
    • 54,944 Posts
    • 219,345 Thanks
    beanielou
    • #3
    • 25th Feb 18, 9:37 PM
    • #3
    • 25th Feb 18, 9:37 PM
    Happy shiny new diary
    Great start.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • debtfreeby2020
    • By debtfreeby2020 25th Feb 18, 9:48 PM
    • 88 Posts
    • 172 Thanks
    debtfreeby2020
    • #4
    • 25th Feb 18, 9:48 PM
    • #4
    • 25th Feb 18, 9:48 PM
    Happy new diary! You have done fantastically well. The amount you have paid off is seriously impressive. True inspiration.

    I would read some of the consolidation advice on this forum. So many people think that it is the best way forward but often it does more harm than good. At the end of the day, it is your journey but I don!!!8217;t want you to get burned when you are doing so amazingly the !!!8216;old fashioned way.!!!8217;
    Emergency Fund: £300.01/£1000 (30%) March NST: 2/18 NSDs
    Tesco Loan: £3,877/£5000 Barclaycard: £3149.99/£3169.79
    • Onebrokelady
    • By Onebrokelady 25th Feb 18, 10:16 PM
    • 369 Posts
    • 989 Thanks
    Onebrokelady
    • #5
    • 25th Feb 18, 10:16 PM
    • #5
    • 25th Feb 18, 10:16 PM
    Well done so far, I would avoid consolidating debt if you can as its generally not a good idea,years ago I had a smaller debt I added to my mortgage to pay off while vowing never to get into debt again,of course I didnt learn my lesson and now have 4 times the amount of the original debt plus Im still paying off the extra mortgage I took out,in fact my debt now exceeds my total mortgage,I think if I had done the DMP that was suggested at the time I would have learned my lesson the debt would be gone and my mortgage would be lower
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £770.00 Total Now Owed = £16,860
    Emergency Fund = £400.00 Xmas savings = £250.00
    • savingholmes
    • By savingholmes 25th Feb 18, 10:53 PM
    • 8,955 Posts
    • 17,015 Thanks
    savingholmes
    • #6
    • 25th Feb 18, 10:53 PM
    • #6
    • 25th Feb 18, 10:53 PM
    Hi Frugallass - love the name. Sounds like you are making great progress already. Look forward to seeing you on the Debt free roll of honour
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • savingholmes
    • By savingholmes 25th Feb 18, 10:54 PM
    • 8,955 Posts
    • 17,015 Thanks
    savingholmes
    • #7
    • 25th Feb 18, 10:54 PM
    • #7
    • 25th Feb 18, 10:54 PM
    Frugal Shaz even... must be the northerner in me that wrote lass!
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • FrugalShaz
    • By FrugalShaz 28th Feb 18, 4:00 PM
    • 10 Posts
    • 5 Thanks
    FrugalShaz
    • #8
    • 28th Feb 18, 4:00 PM
    • #8
    • 28th Feb 18, 4:00 PM
    Thank you for all the lovely replies already!

    Today is payday in the household and spreadsheet has been completed and all payments have been allocated! Feeling very positive that March will be a low spend month. Just completed the main Tesco shop for the this fortnight....I then buy milk, bread a odd bits from Lidl.....we find this works well for us and brought our shopping bill down dramatically!! Unfortunately I cannot buy everything I need from Lidl so this, for us, works well!
    • FrugalShaz
    • By FrugalShaz 4th Mar 18, 6:01 PM
    • 10 Posts
    • 5 Thanks
    FrugalShaz
    • #9
    • 4th Mar 18, 6:01 PM
    • #9
    • 4th Mar 18, 6:01 PM
    medium spend weekend, my daughter needed her hair cut, cost £12 plus a few bits from Lidl....no spend day today...not needing much this week and looks like I don't need to do a large shop this week! Food seems to be lasting considering I've had the kids home since Thursday lunchtime! I've done some baking with them, lucky I had all the ingredients. Planning on a low spend week, only buying essentials....
    • beanielou
    • By beanielou 4th Mar 18, 9:53 PM
    • 54,944 Posts
    • 219,345 Thanks
    beanielou
    You are plodding on nicely.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
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