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?

Hi there Scifi
the name changes are because I had a problem with somebody who used to Advanced search me to work out who my kids were :-(

If the mortgage holiday is within the terms then I see no reason why not
BUT
whatever you were paying on the card then gets added to the mortgage overpayments

cucumber
THe algorithms of card companies are utterly random
I've not had card debt for years
but its worth a try

I'm going to add whatever I was paying on one card and the car loan to the other credit card first. Then when that's gone every single spare penny is getting whacked into mortgage overpayments (I just need to convince DH) he's rather more laid back about debt than I am.
After growing up with parents in debt and housing instability I want our house to be secure ASAP.

Just chipping in to say family of 6 here - 8-10 wash loads a week and that accounts for daily clothes changes and daily bedding change for one due to medical needs. We have a very large drum washing machine and tumble dryer to save on wash loads. Our techno use is ridiculous and we spend £1600 a year on household energy.

Checking in, after being on the thread a few months. How is everyone getting on?
I've made amazing progress the beginning of the year. I'm not going to earn as much due to reduced overtime. Feels like it's taking it's toll a bit at the moment. Slow process. How is everyone getting along?

I'm still in the same place. We took on more debt to buy a car but we genuinely needed one, the old one was about to turn into a money pit with no resale value.
The cc still stands with only €460 paid off. I want to get to at least €500 paid off. Pay day is this week so I'll put money towards it then.

DH however has just spent I don't know how much - probably €70 - on books on amazon. He has no interest in paying off the cc. Or other debts. I have asked him before to at least puts the same amount towards the debt as he spends and he agreed. But then he doesn't. And if I mention it again I'm a nag (he doesn't say that but he implies it) or trying to ruin a nice day and not able to count our blessings. He thinks he will get rich quickly and then all the debts will be paid off in one fell swoop. And because he'll be rich why deny himself in the mean time. I don't know how to deal with this, apart from slowly paying everything off myself.

OP

Start a new thread!!! You’re keeping us going

I have £2000 CC dept on 0% interest with 23 months to run. I have saved £1400 to pay it off so far, but keeping it for now in a separate account - it’s great knowing I could pay it off - but I don’t want 0 savings - I’m challenging myself to a large pot when the time comes!!

oh @Turquoise, difficult when your husband is not on the same page. Have you got a budget spreadsheet so can show him the figures? seems he isn't quite there yet in terms of maybe denial.
@Green, that's a great position to be in.
I've nearly halved my debts now. Absolutely cannot wait to get there! Keep having 'lulls'

Ah the lulls - I keep thinking of the big expenses that get in the way - like school uniforms, shoes for the kids, car repairs, car tax etc that eat into the cash.

Still plodding on here. Just did my big panty shop...just under £90 but that will do us til Christmas time so happy with that. Have redundancy settlement figure agreed and my end date. Feel very impatient waiting for payment date to come around now that we've planned what is happening with it all lol x

• Pantry...not panty

Lol I'd love to spend money on panties . Having had a moan earlier I'm back on to say that since the beginning of this thread, on the positive side, I've cleared almost €500 off the cc, and have a much better budget in place. I have been able to pay for oil as needed and have even put another 200l in the tank which should do us over the summer. I'll be able to pay for the year's car tax from money I've set aside and I can put this week's pay check towards next month's expenses which is great. So although the figures are not coming down super fast, I'm in a much better position that I was in December. Thanks everyone! 💕

Mum4Fergus £90!!! How big are those panties?

Turquoise
Your DH will never get rich if he does not learn to be tight fisted

Well done to everybody who is reducing / not increasing debt
it is a slow process and involves a total mindset change
but its worth it

just a quick question?
for credit card debt, do you make additional payment as soon as you get paid or do you wait to know the exact amount you have left and make the payment just before pay day? I've left myself a bit short leading up to payday this month. I do have a budget spreadsheet but I don't stick to it to the penny

It’s better to set up a standing order rather than a DD.

But I’ve found that waiting for treats at the end of the month really helps, rather than splashing out at the beginning.

So if your short wait and see, but still try and over pay even by £5 it all adds up

7400 on a credit card. Is 0%. Signed up for lots of overtime. Hoping to clear it by end of year. Posting ready for a new thread. X

My credit cards are with companies that allow you to increase your dd to a set amount to prevent it from reducing as the balance reduces
So I have 3 cc, am paying above minimum on all 3 but I'm also targeting the one where 0% interest runs out first to pay it off by making additional payments. I've been doing this bit this month have left myself a bit short. Get paid tomorrow though.
@Rightway up. I'm about the same as you but spread over 3 0% cards. We can do this!

coffeechoc in relation to credit cards, I get paid twice a month. My minimum payment this month is €70. I'm aiming to pay back €250 a month. So from my first paycheck I pay €125 immediately. I then transfer the money I need for bills etc to my bills account and keep €125 (or whatever's left) in the account I get paid into. When I get paid again I transfer that €125 over. And start again. So I pay more than the minimum amount as soon as I get paid and the extra money is a bonus. My wages are never the same due to the nature of my work at the moment so I can't be sure of how much I'll get each month /fortnight

Hi good to hear so many people tackling their debt with enthusiasm.
I am STILL waiting for my new mortgage to go through, it's the slowest process ever and I'm not even moving!
Apparently my old lenders were slow to come up with a redemption figure.
Fingers crossed it will be done by the end of the month!

thanks @Turquoise. I too get varying amounts each month. Plus being single everything falls on me. I'll try holding off until towards the end if the month, I just like seeing the balance come down
Today is a gorgeous day and everything seems much 'lighter' ..
@ale, it's so frustrating waiting but rest assured it will happen. I'm still awaiting insurance company from storm gareth!!

I applied online for a 0% cc and was refused (probably because my job is not permanent). Has anyone phoned / emailed their cc provider and asked for a lower interest rate with any success?

Earlier today my DH and I arranged a two month mortgage payment holiday. So with that and some savings by the end of June we'll have cleared £2,500 of debt PLUS finished the car loan (yay!)
We're going to do a big finance review in July and set our goals for the next few years.
We'll be back to paying the mortgage in July and plan to overpay again, we've only ever managed a small amount so will do that as a minimum but actually try and do more.
Was really surprised with the index valuation of our home and now at a 69% LTV so totally and utterly chuffed.
There will still be a bit of debt on a credit card in July, but 0% and we'll do the standing order trick then.
We just have to keep chipping away at it.

SciFi that's great, it'll be brilliant to have that much cc debt repaid.

I've knocked €600+ off my cc. That's 20%😁.
Next month I should be able to knock at least another €100 off, hopefully more.

So sorry guys... we are away visiting our family up in Scotland so it's been hectic. I know we really need a new thread. I will create one but I'm such a novice. No idea how to put a link to it in the old thread? I'm using the app?

I'll create one now and if you stumble upon it and happen to know how to link it, feel free

www.mumsnet.com/Talk/legal_money_matters/3436092-a-thread-for-people-trying-to-pay-off-debt?pg=39&order=

Copy and paste link