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Original poster

A support thread for people paying off debt #2

847 replies

moneyworries9 · 19/04/2019 21:42

Hi all... hope you manage to find the thread?

The last one seemed to be such a success 😃 I will be honest and say that I haven't cleared as much as I would have liked but I know if I hadn't been on here, the debts would most likely have increased rather than decreased. I currently owe

£3,355 - loan
£1,600 - credit card

We do have some cash in our bank accounts. I'm in the process of paying for driving lessons so have about £1,000 in our current account, most of which is to cover that.

On the plus side, when I started the other thread, I had around £2,500 on my credit card and £3900 loan so I'm taking baby steps in the right direction.

The other thread was a huge source of support and motivation for me and I hope that this one will be for many others.

Feel free to give a quick summary to introduce yourself Smile

OP posts:
Walkingwounded · 04/06/2021 19:30

You are doing so well Daeneris! Nearly below 2000.
Update for this month
CC1 2246
CC2 11085
Loan 10729

Slow and steady here too. Managed to pay 260 off CC1 this month, 114 off CC2 and regular 350 off loan. Can’t wait until that money is mine to spend...

everythingissoexpensivenow · 05/06/2021 00:47

Walking wounded - well done. We have similar amounts.

Agree though it will be wonderful when the money is ours. I can't actually remember what it feels like to be debt-free - it's been years. I wonder if I will always have a guilt feeling attached to spending when the debt is gone.

Daeneris · 01/07/2021 20:05

Hi everyone, hope you're all OK. Checking in for 1st of the month.

Loan £400
Credit card £460
Electricity £525
Overdraft £700

Total £2085, down from last month by £64.

Walkingwounded · 01/07/2021 21:42

Daeneris you are so close to having it below 2000!

This thread is helping me keep on track and accountable.

CC1 1868 (was 3500 when started posting)
CC2 10971, still have 114 payment to make
loan 10, 403.

Slow but steady.

Daeneris · 02/07/2021 09:10

@Walkingwounded

Daeneris you are so close to having it below 2000!

This thread is helping me keep on track and accountable.

CC1 1868 (was 3500 when started posting)
CC2 10971, still have 114 payment to make
loan 10, 403.

Slow but steady.

I know! I'm so happy. I've managed to halve my debt since I started posting. My credit card interest was very high but I was pleasantly surprised this month when I paid £50 and the interest was only £10 which was much lower than it was previously!

You're doing great, keep on track!

everythingissoexpensivenow · 02/07/2021 19:03

Hello

Well done Daeneris and Walkingwounded

Another steady one going in right direction, was 25.500k now 25.020k

AMCDad · 08/07/2021 16:39

This reply has been deleted

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flummingbird · 23/07/2021 15:57

Hi everyone. Just a quick one... my 0% offer runs out in December, I still owe £8k on my card and can't get another card to balance transfer to, however I have another £8k available on that card. Does anyone know if there's a reason I can't take an £8k cash transfer (which would be at 0% for a year or so) then pay it straight back onto the card, and that should essentially be the same as a balance transfer in my head?

everythingissoexpensivenow · 23/07/2021 22:05

Hi flummingbird. I have done that; taken a cash transfer for the 0% offer. The arrangement fee was slightly higher than a balance transfer - mine was 4% for a cash transfer offer with around 3% for a balance transfer (an extra £10 per £1000 transfer) and the deal was over a shorter time, 12 months deal rather than an 18 month deal but it still worked out cheaper, over that 12 months, than the end of deal interest rate it would have shifted to.

Daeneris · 01/08/2021 10:33

Good morning all. 1st of the month check in for me.

Credit card £420
Loan £375
Overdraft £700
Electricity £450

Total £1945. I'm below £2000! So happy.

Kitkatandcoffee · 01/08/2021 16:39

Daeneris well done!! I am a lurker on the thread and potter along having to be frugal. Seeing everyone bringing the totals down is great encouragement.

Walkingwounded · 02/08/2021 07:00

Yay Damaris! That is such an achievement - well done!

You must be paying less interest all the time. What is your next target?

Monthly check in here:
CC1 - 1300 (got overtime so managed extra repayment this month. 0% deal ends in Oct so desperate to pay it off before then)
CC2 - 10,857 (still have 114 repayment to make)
Loan - 10,081.

Sometimes feels like such a slog, but getting there.

everythingissoexpensivenow · 07/08/2021 21:02

Well done Daeneris must feel really great to be below 2k.

Well done also, walking wounded - still going in the right direction - a big chunk off your CC1.
I am now at 23,150.

Greyingmumto3 · 08/08/2021 09:11

Hi can I join ?
I owe cc1 1190
Cc2 2292
(Total 3482 )
I keep a record in a notebook and back when I started it in jan 2020 I owed 5325 so I’m hoping this thread will give me an extra bit of motivation to keep going

Greyingmumto3 · 19/08/2021 12:18

Cc1 now 1143
Cc2 now 2250
Total 3393

everythingissoexpensivenow · 19/08/2021 12:37

Hi and welcome Greying, hope you find the motivation and support you need here.
Well done for chipping away and for getting it down by 2k already, that must feel so good. Keep going and keep us posted

Walkingwounded · 19/08/2021 19:59

Well done Greying! You are doing great. Fantastic progress so far.

Greyingmumto3 · 19/08/2021 22:47

Thank you . I’ve spent the evening reading through the entire thread . Its very encouraging reading everybody’s progress

MsWalterMitty · 25/08/2021 08:30

Hi, my 1st time posting. Here’s my debt:

CC1 2921.11 0% over 27 months
CC2 160.32 0% over 4 months
OD 22

The CC2 and OD are purely from the summer hols and we haven’t even done much! Just trying to entertain the kids Confused

Hoping to have them paid off in Sept.

The CC1 I’m chipping away at with £100 a month.

everythingissoexpensivenow · 31/08/2021 20:49

Hi MsWalter. You have a plan. That's good. At £100 a month, within a couple of months you will be down from 3 avenues of debt to 1. Sounds great.

For me:
Beg Aug - 23,150,
Beg Sept - 22,400.

MsWalterMitty · 31/08/2021 22:56

Thanks @everythingissoexpensivenow

I’ve managed to pay the DD and CC1 off completely. But I have the dc’s birthdays these next 2 Months so I can see the CC1 being used again 🙈

What is you £22k debt from if you don’t mind me asking?

MsWalterMitty · 31/08/2021 22:56

Sorry meant to add that thats also a good substantial amount you’ve reduced in a month!

everythingissoexpensivenow · 31/08/2021 23:41

Buying an old house probably. A very, very expensive life choice.

At our current pace, it should be Dec 2023 when the last payment is made.

Walkingwounded · 02/09/2021 21:17

Everythingissoexpensivenow - same reason for debt here. House expenses.

Check in for 1st of month

CC1 680
CC2 10629
Loan 9797
Total 21,106

Also aiming for Dec 23 last payment if things stay the same.

Daeneris are you OK? You normally check in on 1st of the month.

MsWalterMitty · 03/09/2021 20:38

@everythingissoexpensivenow

Buying an old house probably. A very, very expensive life choice.

At our current pace, it should be Dec 2023 when the last payment is made.

Ah yes! Been there! Done that!... Luckily it was only a 2 bed old quarry house, but it was 200 years old so ended up selling after 5 years due to the ongoing expense . We now live in a 1970s bungalow 😀