A thread for people trying to pay off debt?

[moneyworries8]

Would there be any interest in this?

I'll start us off. I'm 30, a SAHM with 2DC.
Our debts are:

£4,000 loan that we've been paying off for 6 months.
£2,300 on a credit card

The debt is manageable but I've had the realisation that if something doesn't change, these figures are going to get bigger and bigger. I know it's a hard time of year to start but I don't believe in "waiting until the new year!"

We could post on here for advice/support as well as sharing our successes (and failures, but hopefully there won't be many of those) with each other. I feel like I need some people to help keep me on track.

So, is anyone interested?

NewYoiker I think I'd be inclined to pay it towards the 3k one so that's close to closing - would you be able to pay off the remaining £500 in the next few months?

At least then you can snowball the repayments and avoid two separate charges.
And congratulations! That's some excellent debt repayment

Wow new yoiker that’s big progress.

I’d think about paying off the £3k one first if the interest rates are the same. Then after that you only have one card left to focus on. That might also help your credit rating? So might be worth seeing in a bit whether you can get a 0% card.

NewYoiker you are an inspiration!! That's amazing progress!

I didn't get paid properly AGAIN (the situation has made the national press here) so not only have I not paid off anything, I've also had to borrow €1000 from the credit union just to pay my rent. I am trying not to stress. I was doing yoga with adrienne the other day and she said "relax, everything is as of should be, you're alive, it's all gonna be OK". So I'm trying to have that as my mantra right now.

It's so frustrating and stressful. Sorry to be a moany pants.

I will look into a loan from the credit union to clear the credit card. But they might not give it to me as I am not steadily employed right now. And I'm also worried about me or more likely DH seeing the empty space on the cc and filling it up again

BonBon what bad luck you've had... it just doesn't seem fair! But I love the mantra 👍🏻 and I'm just hoping you're going to get all the money you are owed soon 🙏🏼

NewYoiker that's incredible progress! Amazing stuff. Do you mind me asking how you've managed it? Did you come into money or did you save until you had enough to clear a load of debt at once? Regardless of how you've done it, what a great feeling that must be for you ☺️

I'm not in an ideal scenario right now. Plenty of money available to me but I'm determined not to spend it and to use it for the debt. I went to the dentist and she advised me I had mild gum disease and that I really needed to get an electric toothbrush so I've had to fork out £60 for that which doesn't help 👎🏻 I'll keep plugging away at it though.

(((((( BonBon ))))))
What an utter PITA
but yes, hang on in there.
You are not adding to the debt with fripperies. Your spending habits are under control. So once the wages money comes in, you'll be in an even better place.
Namaste fellow yoga addict

@moneyworries9 we saved until we could pay off a good chunk as it felt like we weren't getting anywhere it's a good 6 months of solid saving but I feel so relieved now

NewYoiker
Its better to pay the cards off every single day
as the interest you are earning will be dwarfed by what you are paying.

Thanks money and Talk for the moral support. Yes, once the issue gets sorted I'll be in a better financially. And I'm lucky I can borrow from somewhere than not have any options I suppose.

Some really good progress people
I'm feeling quite fed up. I worked 60 hour weeks for 3 months, only had Christmas day off over Christmas and earned enough to pay £3000 ish off credit card. I get a very small amount of child tax credit which has now been halved. The overtime I did is not guaranteed and now I'm really worried how I'll manage with the cut it feels like I can't win

pocopops
Hang on in there
Paying down £3000 in debt is a massive achievement.
Do not let ANYBODY tell you otherwise
Once the card is gone, how much will you have a month that is not paying the fat cats ?
Also, have you joined the frugaleers to see if there are tricks you can use to make your money go further ?

Talkinpeace
Thank you. I'm a single parent, divorced now and took over the mortgage, so with one income it's not easy to keep it all together. I really did work so hard and missed Christmas and New Year with DS as worked all hours. I did have Christmas day, which was the most important.
I don't have an awful lot of spare cash, but I'm ok. I'll have to sell stuff, work more hours or even getting a better paid job. My mental health suffers a but, loneliness etc but I'm trying my best. Everything is cut back and I really want to pay the debt. Will take me a couple of years. I'll have a look for more tips, thanks

Just checking in for Feb. Glad to read so many achievements on debt management and general 'keeping head above water' achievements of fellow posters. Well done everyone

A few unexpected outlays this month but have managed to make the above minimum payment on CC and debt now below £10k for first time in a long time. Feels like a big barrier to have broken through!

I'm still waiting for the agreement in principle on my new mortgage. I have been a bit slack chasing it but with half term coming up I will be able to get on the phone.

I had an unexpected £1000 bill on the car yesterday
but I'll cope
everybody gets nasty surprises
but once you have a cushion they hurt less

Keep up the good work folks

Sorry to hear about the car bill Talkin - that is quite a whopper. Glad you have that cushion. That is my aim. So unexpected bills/expenses don't mean steps backwards.

MsDebt
Thank you for your support
but I mentioned it to highlight that everybody gets bumps in the road
its just about how we have the resilience to cope

Brutal car bill talk

Twerk
Another £800 to pay in six weeks !!!!
Its an expensive car that does a lot of miles - we accept that

Ouch! But yes, somewhat inevitable if you are doing a lot of miles.

Hello folks...it's been a while and I may not have posted on this specific thread, but have been around the money boards for a few years.

I'd say that as I rule I am well on top of finances, but I've woken this morning feeling utterly defeated by everything. I have 2 court cases imminent and their associated costs... x has taken it upon himself to stop paying maintenance along with the money he owed me (being repaid in line with a Minute of Agreement), I feel I can't chase this as he is suffering PTSD and has been off work for nearly 6 months.

I lost my Dad 6 months ago and then my father-in-law last week...ashamed to say the financial burdens of these are part of my problem.

Husband is self employed so while he is off and away dealing with funeral/family we have lost his income.

I opened a letter this morning and it's a bill for nearly £4K from finance company DH had a car on which he voluntarily exited from and the car was picked up in January. He spoke to them previously and they said things had crossed in the post and to ignore any further letters...but this one today has me thinking we've missed something in the small print and that we do owe this money.

I need to pull myself together and refocus, but it just all feels futile at the moment

I'm seriously considering going to Bank and taking on additional borrowing just to take the pressure off, but then is that just kicking the van down the road?

((((((( Fergus )))))))
It never rains but it pours.

Taking ex to court. Sorry but you have to. His PTSD will not get any better quickly so he needs to use the help available and get back to work and start paying you again.

Funerals - exhausting and draining but you'll get there

Car : check the paperwork from when you handed it back. Check the letter VERY carefully. If needs be call them and ask for a full breakdown and explanation.

Taking on more debt. Not an ideal solution but may be necessary.

Thanks TiP...exhausted and drained just about sums me up. I finally heard a from CMS this week-have moved to collect and pay and they are taking into account now that x does not have DS overnight...so that's something positive.

I'll dig out letters from car finance but may not be able to do much as was in DH name so they won't speak to me directly.

I need to get on to spreadsheet and take full stock of everything I think, might help me focus more x

Fergus
Will DH sit next to you to give them authority to talk to you as you go through it all with them ?
standard practice in our house as DH lets me do all finances

He'd happily let me deal with it...but he's at other end of the country dealing with his Dad's funeral...if I can source an email address I can do it that way I think. We have a joint email address in our married surname for all things house/work/car related so finance company would be none the wiser if it was me or him emailing.

Good call.
Its worth checking everything as quickly as possible ....
The finance company might even show some compassion if he calls them and instructs them to talk to you and gives the reason ....