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?

Sounds like loads of people are doing so well 😃👍🏻 so good to hear.

I had a bit of a win today. We weren't supposed to be going on holiday this year since I'm doing driving lessons and we'll be buying a car. I just felt that a holiday would cripple us.

Well, I found a charity who is provide holidays to armed forces families who have had recent deployments and meet certain criteria. I contacted them and they said we qualify for a holiday so we'll be going away for a week (caravan holiday) in the Peak District with the kids in May 😃 it'll be our youngest's birthday while we're there which will make it extra special for her. As a family, we have spent 18 months of the last 2.5 years apart so this will be so lovely for us.

moneyworries
That holiday sounds EXCELLENT

Talkinpeace ..both cards are 21% so equal interest x will take your good advice &finish Barclays this month .I'm actually liking being thrifty &frugal so I'm going to stick at it once I've paid these debts off,kiddies haven't really noticed the difference so I'm keeping it up x thank you for your great advice again X

@moneyworries9 that is brilliant news! The Peak District is beautiful

Morning all. Have been away a few days but back to it today. Have saved £10 from the weekly shop this week so that will go into my debt savings account and when I get to the day before payday whatever I managed to save/ sweep into there will get paid off the debt mountain. Its amazing how even small amounts along side regular payments soon add up.

Thanks Talk and Never

I'm so excited can't wait to surprise the kids!

£350 paid off card. Balance now £7150. Still a long way to go. Car service today. Hope not too expensive

@Rightwayup that’s a big chunk taken off though, focus on the positives. As the numbers start to shrink you will realise what peogrsss you have made.

Well email to x re missing loan repayments has been replied to. In short, tough, he can't afford the repayment of what he owes me and pay what the CMS collect from him. I have a signed Minute of Agreement in place but don't know how much it would cost to pursue through Courts. I find out tomorrow morning first thing if I still have a job...I'm hoping for redundancy but can't see it happening. What a shit start to the year

((((( Fergus )))))
The sun is shining. Something good will happen.

Oh fergus what a lot to take in. So sonhard when your Ex slopes
All responsibility off their shoulders

Thanks folks x. In other news...does anyone know the process for changing name on Premium Bonds? DH has found a pile of them while clearing out his Dads room and we want to put them in his Mums name.

Fergus
Premium bods - its a bit of a faff, but they are very helpful
www.nsandi.com/what-do-i-do-if-nsi-customer-has-died

Thanks TiP, will get that all printed off for a read.

Restructure announced this morning, I've been served redundancy notice. Very happy overall but need a good pour over my spreadsheet to decide next steps.

Any tips gratefully received!

Fergus you have so much going on and must be all be very stressful. Hope now you have your redundancy confirmed, it will help you plan.

I had hoped the debt would start with a 35 going into March and happily, it has just scraped in!

END JAN: £36,680
END FEB: £35,975

Checking in, not caught up with the thread.
Excellent MsDebt. It's a good feeling knowing you have a plan in place and see the numbers coming down.
I get a bonus next month and will pay the last of my Barclaycard. I have 3 other credit cards and am using the snowball effect. I've called one of the cards today and doubled my monthly payment. By Dec 19 I will have halved debt from Dec 18.
I'm not sure if I should really have a holiday this year, I could at a huge push without adding to debt. I feel I need it at the moment.

Great news, just found out my remortgage application has been accepted in principle!
Woo hoo!
Things are really looking up.
It will be so nice not to have the millstone of that debt around my neck.

Well done coffeechoc, it will feel like a great relief to finish the Barclaycard payments and direct that money to the others.

So pleased for you too aleC4 - brilliant feeling to be approved.

Thank you @MsDebt. Yes it will. The other cards are 0% and i don't spend on them. I've just made £50 on eBay so will also use that.
@aleC4. Co congratulations. Is your debt becoming part of your mortgage now, if that makes sense?!

aleC4
Nice
but the important thing now is to focus on paying down that mortgage so that YOU own your house
throw the money you have saved at it for the first few months while you get your new budget nailed to the floor
and then its onwards and upwards

MsDebt - it's such a good feeling seeing the numbers drop 👍🏻 well done 😃

CoffeeChoc - it's a tough one when it comes to holidays. You know your financial circumstances best and if you feel you can do it, go for it! If, deep down, you feel it'll stretch you too far financially, it's not worth it. I've learned from bitter experience that it defeats the purpose because if it does end up adding to your debts, it'll bring you more stress than it will happiness. Also, consider how much debt you could shift with the money you'd be spending on the holiday. My advice would be to weigh this all up and make a decision based on that 👍🏻

Unfortunately this month is rubbish for me. I know I mentioned my husbands pay would be lower and I was going to try to live off the money without adding to the debts but my brain obviously wasn't working when I came up with that plan. We're having to live off the credit card this month and then use what cash we have in our account to pay for my driving lessons (since I can't pay for that using the credit card). Hopefully I'll have my licence in the next 6 weeks so that's really positive but it feels dreadful spending on the credit card. It feels like all our hard work is going out the window even though I know DH's pay will get sorted and we'll get the money back. It's just a little demoralising though 😩

Been there
done that
when Zero is the least negative number
its a bugger
BUT
keep focussed on the long game and you'll get there

Hi all - hope everyone is ending Feb feeling a bit more in control of debts. Looking forward to planning a frugal March to keep me on track. Everyone's posts are really helping me keep focused

moneyworries we had to dip into CC in Feb to cover some unexpected costs. It does feel rubbish to see the balance go in the wrong direction. But TiP is right, it is the long game that matters and a small blip is when CC can be useful on cash flow in the short term.