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  • FIRST POST
    • Meowcom
    • By Meowcom 2nd Mar 18, 9:15 AM
    • 6Posts
    • 13Thanks
    Meowcom
    Close but no cigar
    • #1
    • 2nd Mar 18, 9:15 AM
    Close but no cigar 2nd Mar 18 at 9:15 AM
    Have been lurking round the site for sometime. Reading diaries and wishing Was debt free

    Have been trying really hard on my own but have hit a wall and need some advice / support / accountability and so I thought I would start my own diary

    I have 2 loans
    Tesco 18,000/11033 @3.5% 216
    Nationwide 25,000/24,540 @7.1% 374

    No credit cards and own my car. I have paid back parental loans of 15,000 and my car loan of 11,000 in 18 months

    However Am finding the last 35,000 really hard to focus on...it seems so long to pay it all off, my partner has no work (Freelance work has dried up) and they are unable to work in a normal job due to anxiety issues. Therefore their contribution is unknown so I am only planning around my income.

    I have 3 jobs and think I am suffering from burnout. I have just signed up for another year contract at work, which I should be pleased about ....but feel overwhelmed and out of control. I bring in about 2600 per month on average, which sounds amazing but ploughing it all into debt with no respite and seemingly no end is taking its toll.

    I can!!!8217;t earn any more so am maxed out on income and can!!!8217;t juggle finances to get them cheaper as my score is a wreck.

    I just need a positive focus on this. I know I CAN do it, I MUST NOT give up as I am come too far.

    Sorry for the rant but I just needed to get it all off my chest


    Onwards and upwards
    Last edited by Meowcom; 02-03-2018 at 9:36 AM.
    2016 45000 2018 34965
Page 1
    • Meowcom
    • By Meowcom 2nd Mar 18, 9:32 AM
    • 6 Posts
    • 13 Thanks
    Meowcom
    • #2
    • 2nd Mar 18, 9:32 AM
    • #2
    • 2nd Mar 18, 9:32 AM
    OK so here is the plan for the day:

    1) Pay 100 off the Tesco loan to get it into the 10Ks - Annoyed the rebate from my 1100 overpay last week is still not showing - Done
    2) Plan my tutoring session for tomorrow morning - Earn 30
    3) Order cheap radiator from Screwfix 20.98 (Despite the fact I want a nice Victorian one 156)
    4) Check when EE contract ends, already have GIFFGAFF
    5) Watch some minimalist Vids on YouTube for motivation / positivity
    2016 45000 2018 34965
    • redofromstart
    • By redofromstart 2nd Mar 18, 9:35 AM
    • 1,676 Posts
    • 10,016 Thanks
    redofromstart
    • #3
    • 2nd Mar 18, 9:35 AM
    • #3
    • 2nd Mar 18, 9:35 AM
    hi Meowcom - great name btw

    Hope the freelance picks up soon, its hard to cope with the 'famine or feast' cycle it sometimes generates

    Good luck with your diary
    • Meowcom
    • By Meowcom 2nd Mar 18, 9:40 AM
    • 6 Posts
    • 13 Thanks
    Meowcom
    • #4
    • 2nd Mar 18, 9:40 AM
    • #4
    • 2nd Mar 18, 9:40 AM
    Hi redofromstart . Yes they had low but regular money which gave the confidence to keep ploughing money in to pay off debt. The reason I am in debt is my impatient nature and so when the debts was going down fast i was positive as it satisfied this part of me. Now it is much slower and I am finding that really hard to cope with, especially as I have shaved every outgoing to the bone. Frugal was fun, now it is miserable (Maybe the weather isnt helping).
    2016 45000 2018 34965
    • Meowcom
    • By Meowcom 2nd Mar 18, 9:51 AM
    • 6 Posts
    • 13 Thanks
    Meowcom
    • #5
    • 2nd Mar 18, 9:51 AM
    • #5
    • 2nd Mar 18, 9:51 AM
    courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 2465
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 90
    Total monthly income.................... 2555


    Monthly Expense Details

    Rent.................................... 325
    Council tax............................. 125
    Electricity............................. 20
    Gas..................................... 10
    Mobile phone............................ 10
    Internet Services....................... 28
    Groceries etc. ......................... 200
    Petrol/diesel........................... 200
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 10
    Pet insurance/vet bills................. 54
    Contents insurance...................... 15
    Presents (birthday, christmas etc)...... 20
    Total monthly expenses.................. 1067[/b]


    Assets

    Car(s).................................. 7000
    Other assets............................ 40000
    Total Assets............................ 47000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Nationwide loan................24540.....376.......7.1
    Tesco Loan.....................11033.....216.......3.5
    Total unsecured debts..........35573.....592.......-



    Monthly Budget Summary

    Total monthly income.................... 2,555
    Expenses (including HP & secured debts). 1,067
    Available for debt repayments........... 1,488
    Monthly UNsecured debt repayments....... 592
    Amount left after debt repayments....... 896


    Personal Balance Sheet Summary
    Total assets (things you own)........... 47,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -35,573
    Net Assets.............................. 11,427
    Last edited by Meowcom; 02-03-2018 at 10:04 AM.
    2016 45000 2018 34965
    • Meowcom
    • By Meowcom 4th Mar 18, 4:59 PM
    • 6 Posts
    • 13 Thanks
    Meowcom
    • #6
    • 4th Mar 18, 4:59 PM
    • #6
    • 4th Mar 18, 4:59 PM
    OK so lots changed in 1 day.

    Partner has had a wobble and is likely not to be earning for the foreseeable...not without us both having a breakdown.

    I feel a huge amount of pressure and so I think I now need to put the debt busting on hold and put any extra money in a savings account for emergencies i.e. if I lost my job how would I live? I would like to have at least 6 month's worth of living expenses saved i.e. 10k - This is annoying as it is pretty much 1 debt cleared...but if we don't need to use it, I can use it to pay off the loan.

    So fed up as I had it all figured out and was feeling positive about being 216 better off each month from January, but maybe I will feel mentally better about having savings...

    Anyone got any better ideas? Overpaying on a 10k 3.5% loan didn't seem to be netting me much anyway financially...
    2016 45000 2018 34965
    • Meowcom
    • By Meowcom 4th Mar 18, 6:19 PM
    • 6 Posts
    • 13 Thanks
    Meowcom
    • #7
    • 4th Mar 18, 6:19 PM
    • #7
    • 4th Mar 18, 6:19 PM
    Hello...
    2016 45000 2018 34965
    • doingitanyway
    • By doingitanyway 4th Mar 18, 6:33 PM
    • 3,014 Posts
    • 14,789 Thanks
    doingitanyway
    • #8
    • 4th Mar 18, 6:33 PM
    • #8
    • 4th Mar 18, 6:33 PM
    It sounds sensible to build up some savings in your circumstances. As they build you are bound to feel more relaxed. Maybe the buzz you got paying to debt will be replaced by a new buzz of paying to savings.

    With a long haul there will be times the debt is fiercely attacked and other times it isn't. You have had your lightbulb moment so you know what you need to do, maybe just not at this moment.

    Roll with the punches and good luck
    JANUARY 2016/SECURED DEBT=24,822/March 2018=0 DEBT FREE 23/03/18
    MORTGAGE FREE 25/07/16
    • redofromstart
    • By redofromstart 4th Mar 18, 6:59 PM
    • 1,676 Posts
    • 10,016 Thanks
    redofromstart
    • #9
    • 4th Mar 18, 6:59 PM
    • #9
    • 4th Mar 18, 6:59 PM
    makes sense to service the debts rather than overpay while you build an emergency pot. Our famine would have been far, far worse if we hadn't started with some savings.

    50/50 debt to emergency fund is often suggested which I like, but you have to judge by your circumstances.
    • beanielou
    • By beanielou 4th Mar 18, 9:49 PM
    • 53,926 Posts
    • 213,566 Thanks
    beanielou
    Happy shiny new diary
    You could build up an emmergency fund but also chuck an extra 100 quid a month at the smaller loan so you can at least see it reducing.
    Keep posting!
    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.
    • savetosave
    • By savetosave 4th Mar 18, 10:51 PM
    • 94 Posts
    • 193 Thanks
    savetosave
    Hi
    Don't forget that if your partner isn't working you may be able to claim some of there tax allowance. Ring HMRC 0300 200 3300.
    You seem to have a good amount left after making all your payments, so I think the advice to build up savings and pay more off debts at the same time is a good one.
    Maybe your partner could do some surveys? I recommend one pulse and prolific academic. They don't bring in loads but every little helps.
    Good luck x
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