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?

Yes my debt will become part of my mortgage now and the monthly payments are less as well as I have got a better rate.
It feels such an achievement to me to be able to remortgage successfully, and with a high street lender. It shows how much my credit rating has improved.
When I had to buy my ex out of this house 2 years ago I really struggled to get a mortgage at all.

Thanks moneyworries. sometimes it is a case of short-term loss but long-term gain and I hope things improve for you next month.

I, too, know what you mean about holidays - for the last three years we have holidayed while a nagging voice has said "you really can't afford this" with each meal, trip etc.

MsDebt. Talking of holidays I've been looking at different options, playing around with dates etc. I've booked last minute previously. I'm now thinking how it would make me feel after paying off so much and doing well. I'm not sure. I feel I need it but...

I've paid off extra today. The numbers are coming down and I'm getting a bit obsessed with it. I'm also feel low as I have no life

Oh please may I join you? I had a moment just before Christmas when I realised that I was running out of credit to use and was constantly topping up my income with credit card transactions. So I had a terrified, pit of my stomach sick evening with a calculator, pad and paper creating myself a budget that I’ve managed to stick to (more or less) ever since. I’m scared to tell you all what I owe but it’s around £36k. It was over £40k that evening so I am making progress. Please don’t judge me - it’s taken a lot to even post this, but I could really use the mutual support as I chip away at this debt mountain.

of course you can join us @Dontrainonmyparade and that’s is huge progress you have made. Focus on how well you have done since Christmas and not on what went before.

Dontrain hi there, it sounds like you have made a great start on the debt reduction . You'll get good advice and plenty of support here.

coffee I totally get the 'no life' feeling and really struggled with this before Xmas. A few things have stopped me spending over the past few months, and have also given me something to do. Makes me sound sooo square but it actually has made me happier and helped me break some bad habitats. Maybe some/similar might work for you?

Taken up running at lunchtimes to avoid shops and get free excercise
Counted up my unread books (30) and started reading them (3 so far)
Found out all my old craft projects and plan to finish them (none done so yet!) and will give as presents to family/friends (should give them a laugh as well as saving me some money!)
Had a mini-clear out and sold some stuff that I would have sent to charity shop otherwise (£40 - covered a weeks food)
Looked through my wardrobe, rejuvinated/fixed some hems etc and worked out a few new outfit combos
Sorted out bathroom goodies and made a vow to use them up before buying new (still working on this one - bought a expensive nice shampoo last week that I don't really need)
Went through my make up and realised I never use most of it and should not buy anymore this year!
Sorted out my paperwork and bought a couple of nice boxes to store it in (£8, BOGOF)
Got given a small flask and can now make my own 'take out ' coffee for trips out (along with re-fillable water bottle and picnic)
Sorted out all those 'free' seed packets from gardening magazines bought last year and will try and grow these instead of buying more plants for garden/gardening mags
Been to the cinema a few times as nights out with friends but not bought the coffee/ popcorn/ ice cream (that took some will power)

Tonight I filled an 'virtual' basket with lovely sale clothes but in the end I couldn't bring myself to spend the money so just deleted. I have also bought then returned clothes to shops a few times but seem to have broken that habit!! I currently keep oggling nice jewellery but planning to sort through and clean what I have to help lay that one to rest.

What are others doing?

We use Tesco vouchers to treat ourselves - we have 4 children though so get quite a lot of Tesco points!

I also keep my eye out for random cheap/ free events that are going on locally. The summer is best for this though.

Welcome @Don't. Well done for taking back control. No judgement, we are all working towards the same goal. It is an awful feeling at first facing it, but better than being in denial. Now I've started, the numbers are coming down more quickly than expected.
@bobinks. Love your list! I'm doing similar. It's also great in terms of getting organised! I'm going to get back to running too. This weekend I'm going to list more on eBay. Also, try to spend as little as possible.
Another truck, if I see something non essential I'd like to buy, I transfer the money to another account and see it build up! then that money will at the end of the month either be transferred back if I need to, or paid towards debt.

Night/morning all... No sleep for me, random nights happen where my brain won't switch off so try and do something productive!.. Been over on the £10 a day thread and thought I'd update here too. My daughter just moved into new flat so had a few unexpected spends helping her out with few bits she needed. she works 2 jobs and college and never asks for much so nice to help if I can. Got 2 weeks til payday and then Argos will be gone from my life and that 25 a month will make an extra dent in the next debt. I should also get a bit extra on my wage this month as get bonus for hitting targets. Can't wait to get my payslip and work out my March budget! Anyway I'm rambling now and off to work shortly. Roll on bedtime tonight!!

Hi there Dontrain
This thread is about supporting you out of debt and helping you get your head into a place where it never happens again.
WELL DONE on making a start.
Have you got all cards on standing orders ?

Bobinks
Well done on not spending.
You do not need that stuff

I used Facebook marketplace to sell some stuff this week - excellent. I can strongly recommend.
Just do not give out your address until you are certain they are not a timewaster
but as a way of decluttering its cracking.

Went into town today with friends and spent no money at all.
Nothing I needed so I bought nothing.
Going to go out for supper with them instead. Much more fun.

talk I have 4 cards that I have set a fixed sum payment by DD but my 5th card has nothing set up - this is the one that I throw every leftover penny at. My income fluctuates as I’m self employed so whatever I earn over my budget ‘minimum’ I pay off that card as a BACS payment. This month I’ve had my MOT and accountant to pay though so have literally only paid £3 over the min payment, most months it’s a few hundred £.

I’m obsessed with checking my online banking now instead of burying my head. It’s the first thing I do in the morning. It’s nice to feel in control and know exactly what I am paying out. I set up a Monzo account for my day to day spends and I really, really like it. I like that a debit card payment pings instantly on my phone so I always have an up to date balance.

Just checking in. I haven't managed to pay off any debt this month. My pay is still not sorted but I have high hopes for next week's pay check. I'm veering between imagining it's going to be a monster pay check and allocating the money to rent etc. And imagining it's going to be another small one so I don't get too excited.
But I now have €200 wiggle room on my credit card. I have food for the next few days. I have €125 in my bank account that will go to the cc of I get paid correctly, I'll try not to touch it til then. My DH has some new clients so we should have more money coming in soon (though he has a few bills to pay too). And I borrowed money to pay for rent but I should be able to pay that back instantly when the money I've overpaid to the tax department comes back.

I've also further updated my fudget budget app and added the dates my dd are due so instead of having to log into online banking each time I can quickly check. It helps me to plan, and see if this bill should be paid first or that bill. I really recommend it

Joining! We have currently got about £18k on credit cards 😥 I feel sick thinking about it. We have worked out that we can be completely debt free by 2022 (apart from the mortgage). All the cards are interest free apart from one of DH’s which charges about £50 a month interest on a £3200 balance. Fortunately he is starting a new job tomorrow and we have worked out that his net pay will go up by at least £200 per month. It could be by £300 but we are not sure. Whatever extra he gets, we’re putting 75% of it towards debts.

Good luck everyone 👍

HotChocolate
0% cards are a much better place than many.
Set them all onto standing orders and ignore.
Interest card - throw everything at that
and then snowball each of the 0% so that they are all gone before the interest returns
you'll be clear a LOT sooner than 2022 using my methods

Welcome Hotchoc and Dontrain. Dontrain, we have identical debt so no judging here. Keep chipping away.

Bobinks, well done on taking big action. I too probably have a couple of years worth of beauty products that have barely been started, I have stopped buying new products now. Plus using more natural products for cleaning. I have half a wardrobe of clothes that have been hanging there for a year or more, never worn, as sure I would drop a size needed to get into them. Now is the time I think.

Sorry to hear about the pay BonBon, glad you have a bit of a buffer and a plan but frustrating nonetheless.

Quick question...

We are going to a wedding next month. I am bridesmaid. We don't live locally so have booked a hotel for DH, I and our 2 DC for the night before and the night of the wedding. I've also had to buy my shoes for the wedding and also have to pay for my hair & makeup to be done on the wedding day (the bride and all the bridesmaids are doing this together in the morning so I think it would make things really awkward if I opt out). My question is, how much money do I need to give the bride & groom as a wedding present? I'd normally give £100 but I don't feel like I can afford to given everything else we need to pay for. Would £50 be too little? They've specifically asked for money. Really appreciate your advice.

@moneyworries9 Please don’t feel pressured to give anything you can’t afford. Have you got any lovely pics of the couple that you may have taken? If so you could get it framed with a card. If not, I would just do a lovely card and write something personal. I wasn’t offended by the people that didn’t give money or gave little at our wedding.

moneyworries £50 is my go to figure as a gift when we attend a wedding, we usually end up paying for accommodation/fuel etc etc so it mounts up and I think that’s reasonable.

Can I join? I have £1000 on an overdraft to pay down ASAP and £2300 on a 0% card that Ive had on a DD - I didn’t realise the SO trick until I read it here last week.

So here is my question the 0% card comes to an end in May. When do I need to look at switching it and can you transfer debt like this from one 0% card to another? My current 0% card is with MBNA.

Okay, I'll stick with £50. Thanks for the reassurance ☺️

Warminstermum my best guess would be to apply for one a couple of months before your current 0% runs out. You can transfer the balance over but it's likely you'll have to pay a small fee to do so. From memory, I think the fee is normally 2/3% of the balance. I'm not the most knowledgable on this though. Someone else on here may be able to advise you better ☺️

Hi there WarminsterMum
If they will let you transfer it to another 0%, go for it.
If not you'll just have to use the standing order trick to whump it ASAP

moneyworries
Wedding presents - give what you can afford.
If the bride has already expected you to buy your own shoes and pay for your own hair etc, then she'll have to settle for excellent memories rather than folding notes from you

I have a cheque to pay in my account and I’ve remembered how much I hate cheques. There are NO local bank branches anymore. I can pay into my bank at the post office but I need a paying in slip, which I can’t find. So I need to find the time to drive to town, probably pay for parking and then pay in the cheque
I know I’m being ranty but they need to be outlawed.

Don'train do you have the facility to pay them in virtually through online banking?
I'm with hsbc and their online banking lets you do this. You just have to take a photo of the cheque with your phone.
It's very clever!

Oh ale yes I bloody do! What an idiot.