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  • FIRST POST
    • bytheseas
    • By bytheseas 8th Apr 18, 10:47 AM
    • 51Posts
    • 48Thanks
    bytheseas
    Debt Free in 15 years.
    • #1
    • 8th Apr 18, 10:47 AM
    Debt Free in 15 years. 8th Apr 18 at 10:47 AM
    Right all.

    I have been inspired to get myself debt free after seeing all the positive progress logs and diaries.
    I signed up just to have a little moan about my current situation but now I'm determined to never be in it again, once it's cleared.

    Current debt (08/04/2018):

    Mortgage: £68,455.13.
    Student Loans: £18,954.88.
    Tax/accounting: £2873
    Total: £90283.01

    Goal: Debt free in 15 years.

    I have said 15 years as a realistic approach, based on my current financial situation.
    Ideally I would like to get this done much faster.

    Goal 1: Wipe that tax/accounting debt. I have around £750 per month currently going out to cover this. Once that's wiped I will be able to relax a little. Stop living hand to mouth and having to sell off items just to make it to the end of the month.

    However if I managed without that and more in previous months then I can certainly increase debt payment after.

    Goal 2: Save £1000 emergency fund.

    Goal 3: Setup a £200 a month mortgage over-payment.

    I'm not going to worry about the student loans too much. Mortgage interest is a lot higher. I will tackle this with minimum payments unless I hit my max 10% mortgage over payment for the year. Then I will consider some additional payments.

    Onward and upward!

    I've edited to include my first post on the forum below. That probably explains my situation a little better than the above.

    Probably the worst 12 months of my life.

    Pre warning this is as much for me to get it out and have a rant as it is to ask for advice. So sorry in advance. 12 months ago today, literally today. I got the keys to my house (Own). After splitting with the mother of my daughter I used my savings as a deposit and spent the rest renovating/starting again with furnishings and such. All was well, other than the break up and struggling as a 50/50 custody working parent.

    Then business earnings started to drop I had enough to still live on and no debt other than the mortgage so it wasn't the end of the world. Then I get a 7.5k corporation tax bill. Completely wipes company bank account. 3 months later 6.5k personal tax bill. Had to setup a payment plan for that. Still got 2 payments left on it. Month after that 1.4k bill from accountants (Still to be paid).

    I managed to get myself a part time job literally a mile from home just working 16 hours a week the days I don't have my daughter. This brings around £550 a month. The money the company is making 90% of that goes straight to the payment plan and the earnings are dropping month on month as I'm able to work on it less/change of market.

    Paying back tax from my best year ever out of earnings from my worst year ever is really something else. Especially after having to fork out to start my life again after the break up.

    On top of this my mother was diagnosed with cancer a few months back which appears to get worse every time she has a new treatment or scan. My car died on me a few months back and had to be replaced too.

    I'm literally at the point of auctioning off my possessions on ebay just to be able to make my direct debit payments and have been like this for probably 8-10 weeks now.

    I'm at the point now where I'm not sure I can take much more. Thought I had enough to cover the month then boom £45 ebay selling fees destroys my plan. Very little food in the house. Literally not a penny in my wallet. My ex has been kind enough to lend me £10 so I have enough for my next bill coming out on monday but with another 4 at the end of the month it's just feeling like an endless battle.

    I work my own business when my daughter is sleeping and working for someone else when she's at her mothers. I can't have her in nursery my days as I can't afford it and her mother already uses her free hours.

    I'm apparently not entitled to any help. Although the ex has started giving me £34 a week as of a month ago, to help out (half child benefit/child tax) which has really really helped.

    I just don't know what to do. Tempted to sell the car but then can't pickup/drop off my daughter or get to work (no public transport to it).

    I just keep thinking "Only 2 payments left" but then remember the accounting fees too. So I'm probably going to be in this same position for at least another 3-4 months. I'm honestly at my whits end.

    The idea of just being able to walk into asda and not worry about what I put in the trolley can't leave my mind. I keep thinking of supermarket sweep haha. I can't even afford to take my little one to soft play at the moment. Luckily it's starting to warm up so we can use the play parks more.

    Any words of encouragement or advice?
    Last edited by bytheseas; 22-05-2018 at 10:07 AM.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
Page 1
    • bytheseas
    • By bytheseas 9th Apr 18, 11:09 AM
    • 51 Posts
    • 48 Thanks
    bytheseas
    • #2
    • 9th Apr 18, 11:09 AM
    • #2
    • 9th Apr 18, 11:09 AM
    So. Today is a good day. Logged into my online banking to find my council tax payment was £13 less than expected. Must be the final one of the tax year or something I guess?

    I got £10 off my mother yesterday for Easter and was going to give that to the ex for the £10 she lent me to cover the council tax coming out but I I can just transfer her £10 left in the bank.

    I've had very little food in for the last week so decided to use this £10 to top my stocks up. My daughter is at her mams all this week (Easter holidays are a different routine) so this week is going to be super cheap for food and petrol as I don't need to cook real meals or go anywhere other than work tomorrow, Saturday and Sunday.

    Cheap asda/aldi shop. I should have enough to last 2 weeks now.

    Petrol: 139 miles left in the tank. Certainly wont have to worry this week possibly next week or the week after when my daughter is back home and it's getting used up for pickups/drop offs and going out.

    Bank balance will be down to around £3 when I send that £10. Cash 34p.

    I have £120 left to come out in direct debits this month and £68 due to come in before they leave.

    Shortfall of £49 which I'm hoping eBay sales will cover or fingers crossed I will get some more work from the new business this month.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
  • archived user
    • #3
    • 9th Apr 18, 11:52 AM
    • #3
    • 9th Apr 18, 11:52 AM
    Welcome. Great long term goal!
    Are you pretty good at budgeting / staying on track?
    • bytheseas
    • By bytheseas 9th Apr 18, 12:05 PM
    • 51 Posts
    • 48 Thanks
    bytheseas
    • #4
    • 9th Apr 18, 12:05 PM
    • #4
    • 9th Apr 18, 12:05 PM
    Welcome. Great long term goal!
    Are you pretty good at budgeting / staying on track?
    Originally posted by ramblehan
    Thank you.

    Erm.. I'm not sure to be honest.

    I kind of force myself to be... I guess that's the best way to put it.

    At the moment I'm in payment plan which I knew would leave me struggling but will get the debt paid off faster. So I'm forced to be good with budgeting, I guess? Because I pay the debt first and then sort everything else afterwards.

    I will do the same going forward once I get this tax/accounting debt sorted. I will setup the additional saving funds and then additional mortgage payments to go out just after pay day and then make something work with the rest haha.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • beanielou
    • By beanielou 9th Apr 18, 9:32 PM
    • 58,703 Posts
    • 243,237 Thanks
    beanielou
    • #5
    • 9th Apr 18, 9:32 PM
    • #5
    • 9th Apr 18, 9:32 PM
    Once the tax/ accounting debt is gone things will be easier.
    Keep going
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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. ***Be the difference.***
    • bytheseas
    • By bytheseas 10th Apr 18, 12:05 PM
    • 51 Posts
    • 48 Thanks
    bytheseas
    • #6
    • 10th Apr 18, 12:05 PM
    • #6
    • 10th Apr 18, 12:05 PM
    Once the tax/ accounting debt is gone things will be easier.
    Keep going
    Originally posted by beanielou
    Oh it certainly will! However, It's been a nice training exercise in saving money! Haha
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • bytheseas
    • By bytheseas 10th Apr 18, 12:14 PM
    • 51 Posts
    • 48 Thanks
    bytheseas
    • #7
    • 10th Apr 18, 12:14 PM
    • #7
    • 10th Apr 18, 12:14 PM
    Today was.... is another good day.

    I have just finished prepping my Q1 2018 books to be handed over to the accountants. 1 less major thing to worry about (I hate anything to do with accounting)

    Also had a delivery a couple hours back! Noticed someone mention nectar points on here. Which reminded me of accepting an invitation from ebay to setup an account or something many years ago. Anyways, I checked it after digging through old emails and had enough points to exchange for a £17.50 ebay voucher. Well... I'm a crisp addict so thought I would treat myself. Yup... a couple store size boxes of crisps are now sitting on my dining table. Not even sorry. There's also a few pound left on my ebay voucher balance thingy.

    I'm going to cook myself some lunch after writing this. Left over chicken from yesterday mixed with pasta, onion and olive oil.

    Then 2 games to test and one store listing to setup an experiment on of my work to get sorted before 3pm as I start my part time job at 4pm and finish at 8.

    I will then come home, eat and sprawl out in from of Deadliest Catch.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • Dolly Rocker
    • By Dolly Rocker 10th Apr 18, 2:20 PM
    • 4,205 Posts
    • 12,197 Thanks
    Dolly Rocker
    • #8
    • 10th Apr 18, 2:20 PM
    • #8
    • 10th Apr 18, 2:20 PM
    That was a bonus with the ebay voucher.

    Yay to the crips, I am currently sitting her munching on some hula hoops - nom nom nom!

    Productive day for you.

    Hope work goes by in a flash for you and enjoy Deadliest Catch.

    Dxxx
    Debt Free 2018 £12754.09 - PIF 30.11.18
    Goal Weight in 2019 30lbs/91lbs
    SPC#13 £71.50
    My Home Fund £30
    26th November 2018 - I have 2 Nationwide Referrals available, PM me if you want £100 to switch accounts
    • bytheseas
    • By bytheseas 10th Apr 18, 2:50 PM
    • 51 Posts
    • 48 Thanks
    bytheseas
    • #9
    • 10th Apr 18, 2:50 PM
    • #9
    • 10th Apr 18, 2:50 PM
    That was a bonus with the ebay voucher.

    Yay to the crips, I am currently sitting her munching on some hula hoops - nom nom nom!

    Productive day for you.

    Hope work goes by in a flash for you and enjoy Deadliest Catch.

    Dxxx
    Originally posted by Dolly Rocker

    Thank you and good choice of crisps haha.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • bytheseas
    • By bytheseas 11th Apr 18, 3:09 PM
    • 51 Posts
    • 48 Thanks
    bytheseas
    Day 4 in the big brother house...

    All is well, but the housemates seem to be loosing the plot.

    Anyways. Another decent day, had a small job on this morning from the second business £30.
    I had to go to ASDA for dog food. Ended up getting a pack of doughnuts and some Dr Pepper too. Oh, well...

    Total spend £5.75
    I will keep the £4.25 as petty cash and bank the £20.
    So that bring this months shortfall for direct debits down to £29.

    Actually I sold 2 old games on ebay last night too. £5.20 sitting in the paypal account so total shortfall of £23.8.

    However I do need to go post these and 5 previous sales today so that shortfall will go back up shortly.

    Going to pop to the post office now that I've remembered. Get these sent off.

    Also 109 miles left in the petrol tank after today's job. Decent size return trip which hurt a little. But not as much as it helped!
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • bytheseas
    • By bytheseas 11th Apr 18, 3:37 PM
    • 51 Posts
    • 48 Thanks
    bytheseas
    Seem to have lost the post office receipt already... But I remember her saying £8 something so lets just round up to - 9.

    Shortfall now at £32.80.
    Should be able to hit that, fingers crossed.

    Now I'm going to do a little more game testing. iOS version this time then take a little dog walk, cook. some tinder swiping, TV time, a little more work and then zzzzzzz.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • Dolly Rocker
    • By Dolly Rocker 11th Apr 18, 3:54 PM
    • 4,205 Posts
    • 12,197 Thanks
    Dolly Rocker
    Productive day for you.

    You will manage to get that shortfall up I am sure

    Mmmmmm doughnuts!

    Dxxx
    Debt Free 2018 £12754.09 - PIF 30.11.18
    Goal Weight in 2019 30lbs/91lbs
    SPC#13 £71.50
    My Home Fund £30
    26th November 2018 - I have 2 Nationwide Referrals available, PM me if you want £100 to switch accounts
    • bytheseas
    • By bytheseas 11th Apr 18, 6:33 PM
    • 51 Posts
    • 48 Thanks
    bytheseas
    Yeah, it's not a bad one this month.

    Wouldn't have even had a shortfall if it wasn't for 2 extra bills. Been here a year this month so had to renew my water rates and home insurance. Home insurance is paid for the year and water rates until October. So it's not too bad and it means I'm not adding to the direct debits paying them like that.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • Dolly Rocker
    • By Dolly Rocker 11th Apr 18, 6:44 PM
    • 4,205 Posts
    • 12,197 Thanks
    Dolly Rocker
    Hate when you get wee unexpected bills that come in.

    Better to do it that way rather than having additional monthly expenses.

    Dxxx
    Debt Free 2018 £12754.09 - PIF 30.11.18
    Goal Weight in 2019 30lbs/91lbs
    SPC#13 £71.50
    My Home Fund £30
    26th November 2018 - I have 2 Nationwide Referrals available, PM me if you want £100 to switch accounts
    • bytheseas
    • By bytheseas 12th Apr 18, 12:11 PM
    • 51 Posts
    • 48 Thanks
    bytheseas
    I'm not really feeling too human today.
    Everything is a bit fuzzy and I don't seem to have any motivation.

    Treat myself to haircut (£5 petty cash) to see if that would make me feel more human. It didn't work, she was talking to me and I felt like I was drunk or something. I kept getting words and sentences mixed up and talking as if I was under the influence. Almost walked out a few times while waiting too from finding it hard to handle the noise of a woman with 2 kids who she didn't even try to control.

    Sat back down to do some work now but I just don't seem to be able to start.
    Looks like signs of stress are starting to show, can't say I'm surprised with the amount of time spend thinking about financial troubles haha.

    Think I'm going to have some lunch, watch a little TV and see if i can get the brain to switch off a little.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • Dolly Rocker
    • By Dolly Rocker 16th Apr 18, 12:03 PM
    • 4,205 Posts
    • 12,197 Thanks
    Dolly Rocker
    How you feeling today?

    Dxxx
    Debt Free 2018 £12754.09 - PIF 30.11.18
    Goal Weight in 2019 30lbs/91lbs
    SPC#13 £71.50
    My Home Fund £30
    26th November 2018 - I have 2 Nationwide Referrals available, PM me if you want £100 to switch accounts
    • bytheseas
    • By bytheseas 26th Apr 18, 8:50 AM
    • 51 Posts
    • 48 Thanks
    bytheseas
    Hi,

    Yes, sorry. Just a bad day felt much better the day after.

    Managed to pick up 2 more jobs with the second business, just about survived this month but next month is going to be a hard one.

    Payday from my part time job and that's over £100 less than I thought it would be. I also broke my phone which I not only need to get calls for business 2 but need it for testing games with business 1.... so I've just spent £132 of company funds getting a new phone. Which just leaves enough for the HMRC direct debit and payment for a project.

    Current bank balance: £419.45
    Due next 30 days: £139
    Direct debits next 30 days: £573.86
    Shortfall: £15.41

    That current balance is before I go get some food in or put petrol in the car (on emergency). That will go down to probably £320 just after today. Also doesn't include day to day living costs. So over all I'm probably going to need to find an additional £200 - 300 this month.

    Probably going to have a carboot sale this Sunday as I'm off work and don't have my daughter. As long as I don't get any work bookings and the sun doesn't look too bad. So that should be a bit of a top up.

    I also leave this part time job this Saturday, end of my 4 weeks notice. Starting another part time job the start of next month which is set days and working evenings so it will allow me to book in more and advertise myself more for the second business without worry what I'm going to be working on my shifts the following week.

    However, I'm not sure if the new place pays in arrears or not, as my last place didn't. So I may have to possibly go a month without pay.

    I'm nearing the end of HMRC debt (Not including accounting) which is nice, but it is certainly getting harder the longer it lasts.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
    • WannabeFree
    • By WannabeFree 26th Apr 18, 8:56 AM
    • 1,947 Posts
    • 17,856 Thanks
    WannabeFree
    Keep going you're doing amazing
    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • beanielou
    • By beanielou 26th Apr 18, 9:49 AM
    • 58,703 Posts
    • 243,237 Thanks
    beanielou
    Keep plodding.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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. ***Be the difference.***
    • bytheseas
    • By bytheseas 29th Apr 18, 10:16 AM
    • 51 Posts
    • 48 Thanks
    bytheseas
    Literally just finished stuffing the car to have a carboot sale and the rain has started. Been on it like an hour too. I don't know if I should keep the car packed and wait to see if it clears within the next half hour. Sellers are meant to arrive at 10:30, it's 10:05 now. (Only 5 mins drive away) or if i should just unpack the car.

    It's £12 to get in. Which I don't have spare I would have to transfer £20 from bills account to spending account to be able to get it out the cash point and pay in then go put that £20 back in tomorrow before mortgage comes out on Tuesday. Then even if the carboot sale isn't cancelled not many might turn up because it's been raining. So I could end up making a loss anyway.

    I really need the money from this, I can't believe it's raining. UUURRRGHHHH

    I have a job on this afternoon. 4:30pm. That will bring me £50 for probably 2ish hours work. However I did spend £20 on chemicals for it yesterday, but this will last me a few of these type of jobs (blood removal).
    So it will only give me a +30 from yesterday, financially.

    No other jobs booked in, no other wages until the 31st of next month and that will only be a weeks pay. £34.75 coming in every Friday but I dunno. This is by far the worst one yet. Month hasn't even started and I'm already struggling.

    All my ebay listings have also been cancelled. Last month I made a net loss of just under £20 against ebay selling fees and paypal fees. Ebay had charged me for every item it had automatically renewed. I was already only making 50p - 1.50 on most items after costs. I guess all my 'good' stuff had sold, just leaving the harder to sell items. That just made it cost me money to send stuff. So I've taken them all down. One less revenue source.
    Last edited by bytheseas; 29-04-2018 at 10:18 AM.
    Mortgage: £60,744.22 Student Loans:£16,726.59
    Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81


    Goal: Debt free by 2033
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