Thread for supporting each other during debt repayment?

[Inforapenny2]

I’m not sure how successful this will be, I remember a thread quite some time ago where people would list their debt and encourage each other with paying it off. I’m hoping this can be one of those?

I’ll start. I have £6,500 on my credit card. Some of this belongs to my partner for a recent holiday we have booked. I want to have this at 0 by the end of the year, but that might be wishful thinking!

No other debt. Usually really good with money but I’ve let things spiral after some recent life events, diagnosed depression/anxiety. The debt doesn’t help! It is manageable though.

I am getting a bonus next week so I am hoping to pay off a small chunk then.

I will update every month. Anyone want to join?

While I'm no longer in this position I'd just like to offer you some words of encouragement. Did have a significant debt albeit a mortgage so somewhat necessary but debt all the same. For years and years I flogged my guts out working extra shifts, overtime, anything to generate capital to overpay. The joy and relief I felt when making the final payment and two days later the mortgage disappearing from my online account. You'll feel exactly the same when your credit card balance hits zero. Then you have a fabulous situation the following month as to what to do with the chunk of cash normally allocated for debt repayment. Personally I started saving as I previously had none, all went on debt servicing. Its liberating to be debt free and have some money set aside for emergencies. Once you've done this treat yourself, I cut down on my hours as a reward. Wish you the very best in your commendable endeavours to become debt free.

Hi,

I’m £2865 in cc debt. On 0% for the next year.

I’m paying £200 a month and hoping to pay it of in 12 months. But I am so close to the bone at the end of every month, it’s crippling!

Thank you @Poisonata. I was certainly never somebody to get into any kind of debt - but sometimes life takes over and once it starts accruing, it’s easier said than done!

@oObyeOo well done for paying off £200 a month! Why not come back here and check in every month like me?

I get paid next Thursday and with a bonus I’m hoping to clear off a decent chunk.

@oObyeOo I feel your pain, I really do. I committed my extra payments (albeit not credit card) start of the month as then there was no going back. Last week of the month was always dreadful, every time I swore next month I'll not commit so much to overpaying. Pay day eventually comes, relief and did the same again. This went on for years and years. All the neighbours had new cars, holidays, one even suggested jokingly not to park my car next to his lest the rust leapt from mine to his. In the end it was all worth it, now I can afford to work part time. Debt of any kind is a burden, huge burden that has the potential to be very destructive on other aspects of your life. Keep plugging away at it, keep hammering in those £200 payments and feel truly liberated when your debt free. Wish you the very best and every success.

It's so tough. We have £1950 on a cc at 0%. A £900 overdraft, a loan at £5000 and I owe my mum £700. My DH got a new job but with childcare fees increasing and a month without his wage, we had to get the overdraft. I'll be able to pay all if it bar the loan (apart from monthly payments) by the end of the year. But we've 2 and half weeks til payday and £140 to last us until then.

I'll join in. I have slightly more cc debt - all on 0% and determined to shift it. Am currently paying back at £500 a month, and if I can keep going I'll be clear by July 2025. It is PAINFUL by the last week of each month, but I'm keeping focussed on how good it will feel when it's gone.

One thing I have done is open a Starling account for day to day spending and putting cash aside each month in pots for, eg. holidays/Xmas, car repairs etc. Knowing I have pockets of cash stashed away for larger expenses has really helped me stop reaching for the credit card and this seems to have spilled over into other areas of spending. I also use the Snoop App to track how my main current account is doing. Just doing those two things has made me feel much more in control of my finances.

Thank you for your story. It’s encouraging x

Great idea OP

My DH has a credit card balance of £2.9k which we will pay off next month. My CC balance is currently sitting at £3.4K and I really want to get it cleared by the end of the year but not sure if it's achievable to be honest.

DH and I both work, joint income of £60K. Unfortunately no opportunity for overtime or bonus etc. I'm part time and we pay for youngest DS nursery until he turns 3 next March and his 30 hours kick in, so it's tight!

We would love to go abroad next year and we'd like to start doing our house up so lots of money goals in mind.

Refreshing to hear honesty about how cut to the bone they are as we feel exactly the same but friends around me all seem to have lots of money to throw around - always makes me feel like a failure.

Once the credit cards are gone, they are being cut up forever!

We also have 2 x car loans of £4K and £7K which costs us £400 a month in repayments. Would love to get these settled early but we are torn between paying them off and taking the kids on holiday / saving for (much needed) home improvements.

Any advice welcome!

I feel like a failure too… it’s half term next week. I have £120 in the bank and the kids keep asking me what we’re going to to, can we go camping. I can’t even afford to go fucking camping!!

Camping is expensive if you need to buy all the equipment!!

We are very lucky that we have lots of National trust places around us so we pay £12 a month for that and we also pay £33 a month for a Merlin pass so we can take the kids out for the day come rain or shine (we live in the North West)

We have all the camping kit. We’re seasoned campers. But the sites and travel cost are more than the money I have spare 😣

We are in the NW too. We have NT membership purely for the parking.

Welcome everyone! So glad you have all joined. Thank you for sharing your stories. I’m weirdly excited about pay day this Thursday - I want to pay off a good chunk and leave myself with a decent amount of disposable income. Then anything leftover at the end, I will use to pay off some more.

@Belatedeyebrows the end of the year sounds absolutely fine. How are you getting on with your remaining budget to last until next payday?

@SeasideRock I agree, it’s so painful when you’re waiting for your next payday! After a good few months of intense money management to pay off the debt, I definitely want to get into the habit of avoiding that final week of stress. Great tip there re the bank account, thank you.

@rootsandwings89 Im terrible at giving advice. My sensible side says you should use the money to pay off the cars, but you also have to live a bit now, too. Can you have a middle ground, perhaps go away but self catering to save on costs?

@oObyeOo sorry to hear that. I know there are some excellent threads on mumsnet about cheap/free activities during half term. How are you getting on so far?

I can only relay my experience regards your dilemma. The least attractive option is paying off your car loans as taking your children on holiday and / or improving your home environment, well who wouldn't want that. Sadly the former not the latter is the option I'd choose. Its a matter of thinking ahead, change in paradigms if you will that if you choose the least attractive options now while your able (i.e. current earning capacity) then should anything happen in the future you'll have more options. Even if you don't choose to take these (e.g. go part time) the fact they are available and financially viable is a tremendous psychological boost. That said I find your selfless thought process highly commendable as the option I'd not choose is for the benefit of your children not self indulgence.

Hi. Can I join you please?

My debts got so out of control that I recently entered into an IVA. I'm now paying £120 pcm for 6 years. I'm so ashamed of myself. I know it's going to be hard but there is light at the end of the tunnel.

It came about following years of being a single parent and being unable to work for some of that for MH reasons. I was turned down for LCWRA and PIP so living on the bare minimum for years.

@Inforapenny2 rubbish, currently 5 days to go and not a penny left. We knew it would be tight! Luckily, I've enough in the cupboard to make some basic meals for the rest of the week. Annoyingly, I got my first ever parking fine on my birthday last week (used the wrong parking clock- lesson learnt!!) 🙃

Oh, I sound very "woe is me!" We're doing fine otherwise, how's everyone else getting on?

It's so stressful when you're in debt!

I've managed to get mine down over the years by consolidating debts and moving to 0% cards when the time comes.

I'm about 6k in debt on my CC.

I should be getting a bonus next month and plan to pay what I get towards it.

You don’t at all! It’s very stressful! 😣

I’m now officially over drawn by £100 😫… But I picked up an extra bit of work last night, which I’ll be paid for on Tuesday and will put me back in the black.

5 more days until payday!

I have just been transferring to 0% too. Even though I’m in debt I refuse to pay interest if I don’t have to

Still plodding along here.

Got paid on Friday and all the money is already allocated, with very little spare for fun. Feeling mildly grumpy as on paper at least, I should be fine. Well paid job etc. Keep on reminding myself that I will feel fabulous when it is all paid off… and it was my choice to set up such an aggressive payment schedule.

How is everyone else doing after bank holiday?

Check in time everyone!

@namechangeasimsoashamed please don’t be ashamed. 6 years will fly by, you’ve got a payment plan in place and it sounds like you’ve come out of a really tricky time recently! Is overpaying an option at all?

@Belatedeyebrows how are you getting on today? Sorry to hear about the parking ticket, god dammit! Is there an option to pay it off early for half the price?

@trampoline123 i agree, it’s very stressful. Sounds like we have similar on our cc and both with a bonus coming up, which I’m incredibly grateful about.

@oObyeOo how are you getting on? Well done for picking up an extra shift. You’re right about not paying interest, why pay interest if you can avoid it by transferring?

@SeasideRock sorry to hear you’re grumpy. I completely agree with you, on paper we have a good household income, yet the money is disappearing somewhere? When do you plan to have everything paid off?

To update on my progress. I got paid my bonus last week and paid £800 off my credit card. I’m down to £5,700 on my cc.

i am extremely lucky that I received a bonus. I’ve had a really tough year so I also wanted to use some of the bonus to treat myself, but before my next pay day I’d like to pay off another £200. That’s my goal!

@Inforapenny2 - thank you! July 2025. I know I’m really lucky compared to SO many people and it’s only a year away. I’m just impatient (and irritated I got myself into this position in the first place frankly…,).

Great job on the £800. I can see that £200 to take it to a nice round £1000 will be very pleasing indeed 😁

@Inforapenny2 IVAs arent like that. The amount I pay is based on affordability (which was based on "government accepted amounts" rather than my actual costs.)
If my income goes up then I have to tell them and my payments will be adjusted. It will still be for 6 years though AFAIK as I won't have paid off all my debt by the end. Whatever is left gets written off