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Disease called Debt

A blog about getting out of debt

July Debt Repayment Update

Debt Repayment Update July 2014

Image © Disease Called Debt

Happy Monday! Another month has now passed and I’m pleased to report that we’ve made a little more progress in paying off our debt.

During July, we paid off £600 to our last creditor and that was because the hubby got paid early so we made August’s payment before the end of the July. That brings our debt total down to £13,373.74.

We wanted to get August’s payment through in plenty of time, because we’re expecting a phone call soon from our remaining creditor to review our financial situation again.

You may remember that we had a tricky time with them a few months back because of our debt management plan and the fact that we wanted to increase our payment to £300 from £119. We were able to increase our regular payment so much because we successfully paid off our other debts.

You can read all about what happened in May’s repayment update but here’s a quick recap for you anyway. Let’s just say that trying to increase our payment opened a can of worms resulting in this creditor believing we could pay more than £300 per month. The creditor didn’t seem to understand that my income fluctuates and we needed to make sure we can top up our emergency fund each month.

Ideally what we wanted to do was to make payments over and above the £300 if we had a good month. But this creditor wanted a regular fixed amount each month and obviously we couldn’t commit to any more than that. So the hubby and I decided that we would save any extra money that we could get together each month to make a large over-payment in the future.

That way, we’re not draining our emergency fund which we really do need to keep topped up for our car and our rental property both of which seem to need a few repairs at the moment. At the same time we’re preparing ourselves for the next review and this time we’re going to make sure that we have our figures ready and completely accurate.

So how much did we save during July?

During July, we managed to save £400, this was mainly due to the freelance work that I did in addition to my day job. The savings account is actually our emergency fund account as we didn’t open a new one. It’s gradually getting topped up and I really hope we can take some money out of the emergency fund account and make a big payment towards the debt soon. Our mission is still to become debt free by the end of the year. I’ll keep you all posted!

How was July for you?

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Filed Under: Debt total Tagged With: debt repayment August 4, 2014

Comments

  1. 1

    paidinchickens says

    August 4, 2014 at 11:48 am

    It’s just like banging your head up the wall with some companies isn’t it? I’m really impressed you’ve done so well x
    paidinchickens recently posted…Questions from Chickpea,My Profile

    Reply
    • 2

      Hayley says

      August 4, 2014 at 7:31 pm

      It certainly is! Thank you for your kind words Paid In Chickens! 🙂

      Reply
  2. 3

    Laurie @thefrugalfarmer says

    August 4, 2014 at 1:33 pm

    Great job on the debt repayment stuff, Hayley! Our July was a mess, but August is slated to be much, much better. 🙂
    Laurie @thefrugalfarmer recently posted…Saturday Morning Ramble: More on HomesteadingMy Profile

    Reply
    • 4

      Hayley says

      August 4, 2014 at 7:30 pm

      Thanks Laurie, sorry to hear that July wasn’t great for you, I’m glad things are looking up for August. Bad months happen but the great thing is that you’re on track still with your main goals and things are going the right way.

      Reply
  3. 5

    Brian @ Debt Discipline says

    August 4, 2014 at 1:50 pm

    Congrats on a great month!
    Brian @ Debt Discipline recently posted…Are you part of the 20 percent?My Profile

    Reply
    • 6

      Hayley says

      August 4, 2014 at 7:28 pm

      Thanks so much Brian for your support! 🙂

      Reply
  4. 7

    Tonya@Budget and the Beach says

    August 4, 2014 at 3:01 pm

    Congrats! I think it’s great you are going to be debt fee by the end of the year. What a way to start the new year!
    Tonya@Budget and the Beach recently posted…Why Do We Touch a Hot Stove?My Profile

    Reply
    • 8

      Hayley says

      August 4, 2014 at 7:27 pm

      Thanks Tonya! It sure would be a great way to start 2015! 🙂

      Reply
  5. 9

    Michelle says

    August 4, 2014 at 3:26 pm

    Good job on paying off some debt. July was good for us, but I think August will be better 🙂
    Michelle recently posted…$14,937 in July – My Highest Income MonthMy Profile

    Reply
    • 10

      Hayley says

      August 4, 2014 at 7:27 pm

      Thanks Michelle! 🙂 Wow, earning nearly $15K during July sounds pretty awesome to me! You’re my inspiration as always!

      Reply
  6. 11

    Alicia @ Monster Piggy Bank says

    August 4, 2014 at 3:35 pm

    Awesome! I’m also hoping to reduce my credit card debt by at least 20% at the end of this month. Wish me luck! 😉
    Alicia @ Monster Piggy Bank recently posted…Where the money goesMy Profile

    Reply
    • 12

      Hayley says

      August 4, 2014 at 7:26 pm

      Thanks Alicia! Good luck I really hope you meet your goal of 20% debt reduction! 🙂

      Reply
  7. 13

    Stefanie @ The Broke and Beautiful Life says

    August 4, 2014 at 7:28 pm

    Congrats! It’s awesome that you’re able to devote your freelance earnings to the debt payoff journey!
    Stefanie @ The Broke and Beautiful Life recently posted…Turning 28: Abandoning Self-Imposed DeadlinesMy Profile

    Reply
    • 14

      Hayley says

      August 4, 2014 at 7:34 pm

      Thanks Stefanie! Now I just need to up the freelance earnings! 🙂

      Reply
  8. 15

    Kayla @ Shoeaholicnomore says

    August 5, 2014 at 4:20 pm

    Debt free by the end of the year sounds amazing! Best of luck and keep on hustlin’ 🙂
    Kayla @ Shoeaholicnomore recently posted…Guest Post: Why I’m Saving for my Wedding BEFORE I Have a RingMy Profile

    Reply
    • 16

      Hayley says

      August 8, 2014 at 7:45 pm

      Thanks so much Kayla! 🙂

      Reply
  9. 17

    Retired by 40 says

    August 5, 2014 at 5:25 pm

    That’s super tough with the whole credit thinking you can pay more each month! Even so, you had an awesome month!
    Retired by 40 recently posted…Jen Glantz of Bridesmaid for Hire and thethingsilearnedfrom.com Interviewed me….My Profile

    Reply
    • 18

      Hayley says

      August 8, 2014 at 7:44 pm

      Yeah, this creditor is a bit of a headache unfortunately. We still haven’t had the long awaited review so we are just waiting for them to call us!

      Reply
  10. 19

    Debt and the Girl says

    August 5, 2014 at 11:07 pm

    Great job! You are really killing it.
    Debt and the Girl recently posted…Would You Change Your Career?My Profile

    Reply
    • 20

      Hayley says

      August 8, 2014 at 7:43 pm

      Thanks so much Natalie!

      Reply
  11. 21

    Kate @ Money Propeller says

    August 6, 2014 at 1:41 am

    Hayley, good job on your debt repayment stuff! July was still pretty expensive for me, hopefully I can cope up next month.
    Kate @ Money Propeller recently posted…Things to ask a Potential TenantMy Profile

    Reply
    • 22

      Hayley says

      August 8, 2014 at 7:43 pm

      Thanks Kate! Hope you have a better month during August!

      Reply
  12. 23

    Tennille says

    August 6, 2014 at 4:21 am

    Congrats on doing so well at paying down your debt! You must be so excited being able to see the finish line at the end of this year. My husband and I still have a long way to go but knowing there are people out there like you who are doing this is very motivational! :o)
    Tennille recently posted…Five Easy Ways You Can Start Saving Today!My Profile

    Reply
    • 24

      Hayley says

      August 8, 2014 at 7:43 pm

      Thank you for stopping by and commenting! I’m so glad to have inspired you! I look forward to reading more about your progress over at your site. 🙂

      Reply
  13. 25

    debt debs says

    August 9, 2014 at 2:29 am

    Keep on pluggin’ Hayley! You guys are doing great!
    debt debs recently posted…Sticky Business: A busy bee ‘s work is never doneMy Profile

    Reply
    • 26

      Hayley says

      August 9, 2014 at 9:19 am

      Thanks Debs!

      Reply
  14. 27

    Michelle says

    August 11, 2014 at 2:41 am

    Wow! The momentum is really starting to pick up. Soon we will be reading your “Debt Free” post.
    Michelle recently posted…I’m Over Your Economic PessimismMy Profile

    Reply
    • 28

      Hayley says

      August 15, 2014 at 10:44 am

      I really hope so Michelle – this debt is just the beginning of getting our finances sorted lol!

      Reply

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Any views and opinions expressed on this site are either my own or from unqualified sources. I hope you find the articles here helpful but please note that these should not be taken as any form of professional financial advice. If you need financial advice, please consult a professional.

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