A support thread for people paying off debt #2

[moneyworries9]

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

Can I join please! Named change for me too just incase. I took a loan with sainsbury's in 2017 and paid of just over 13K combined overdrafts and credit cards. With interest the amount to pay was around 16K. I've got just over a year left, never missed a payment and have around 2500K left, (I think) I cannot wait to have more money next year when paid off, it will help me so much.

You're so close, @Halloweengirl!

Hi everyone well I thought last month was going to be speedy and I wasn’t wrong ! Need to try and be more on top of it this month .
update today cc balance is 2349 . I can’t wait to get into the one thousands !

You’re doing so well Greyingmum!

am now at £15900. Groan. Getting there but seems like such a long haul to go.

Pay day again! (Though, first world problem, I did so much overtime the tax man thinks I'm a higher rate tax payer, so my pay was £170-ish short this month, which means I can't pay as much off my debt.)

Lloyds credit card - £125.00 (min payment will take it down to £100 for paying off next month.)
Tesco credit card - £3.459.99
Lendable - £7,211.34
Lloyds - £9.833.00

Greyingmum, you're doing really well!

MakingProgress, you're making big dents into it! You're doing so well. 😁

Thank you making progress and becoming debt free , have made a payment will update later ( having a read of this thread at the bus stop ) . I worked it out that one more payment will mean I’ve paid 60%…getting there very slowly .

Update now 2253. I can’t wait for it to be gone !

Hi I've not read the full thread as it a pretty long one but....my approach would be to transfer any Credit card debts to a 0% interest deal some of which are interest free for up to 22 months....budget and reduce costs where possible....pay off higher interest debts....got some good tips off www.beamoneypro.com

beamoneypro.com/10-easy-ways-to-save-a-packet/

How’s everyone getting on ? Been quiet on here lately
update today 2168

Morning!

Yes, I didn't post when I got paid. I did some jiggling with my debt as Barclaycard offered me a 0% cash transfer with 3.1% fee until Dec 2023, so I moved stuff about a bit, which makes it look worse this month (because I paid the remaining £2k off my student loan which I'd never put on here and I'm channeling that payment money towards Barclaycard).

As of today, my figures are:

Barclaycard £10,100.65
Lloyds £9,443.15
Tesco £1,893.45

Tesco is set to be paid off by December's pay day. Then I need to decide if I'm going to reschedule the rest or not. I shall see what loan quotes I get at that point.

I've stopped doing as much overtime now, so won't have the huge (for me!) chunks of cash available after I get paid this month.

You're doing well, @Greyingmumto3.

@BecomingDebtFree that will be great to have 2 debts gone by the end of the year ! Well done 😀

Morning!

Today's figures are:

Tesco £1,578.00
Barclaycard £9,495.10
Lloyds £9,241.92

Tesco is on track to be paid off when I get paid in November now, thanks to some extra overtime I've done / will do next week.

Gutted to say it but mines gone up ! Not by too much thankfully but still annoying. I’ve had to buy some new glasses , just so much to pay lately that I’ve put it on the card.!
balance now 2309

Oh no, @Greyingmumto3. These things happen though. Life's very expensive right now. You won't be the only one in this position.

Thanks @BecomingDebtFree that’s very true . Trying to remind myself lately that we’re actually pretty lucky . The bills are all paid and although there’s not a fortune left after there is something left .
all uniform has now been bought so ready for back to school too

Afternoon!

This month's figures are:

Tesco £1,161.50
Barclaycard £9,035.10
Lloyds £9,042.04.

I <think> I'm now on course to pay Tesco by October's pay, not November due to slightly more overtime being worked this week. I'll work it out once I get paid in September though.

Slow progress here !
update 2268

Evening!

The scores this month are (I feel like I'm announcing Eurovision points!):

Tesco £505.00
Barclaycard £8,574.50
Lloyds £8,839.82

I feel like I'm getting somewhere now. Tesco will be gone on payday, which is in this statement cycle, which I'm pleased about. Plus the other two now dropping below £9k as well is another mental barrier passed. I still owe loads, compared to people without debt, but it's going down, which is the main thing!

Well done @BecomingDebtFree

I seem to have stalled a bit now £ 2240

Can I join please? I have been lurking since earlier this year and taken inspiration from you all in knocking chunks off your debts. How is everyone getting on?

We have debt on Tesco card and a NatWest card resulting from a holiday and unexpectedly costly house renovations last year and earlier this year. We have been chipping away at both cards. Debt on the cards today are:

Tesco 1971 (0%)
NatWest 4759

I want the Tesco cleared by end of January. I can’t wait to see it in 3 figures. The NatWest one feels like a slog. Realistically I don’t think we’ll see the back of it until next summer.

Hi, @MinnesotaMuffin!

You seem to have a reasonable plan in place, so if you have them both cleared by next summer, that will be great!

Hello @BecomingDebtFree yes, hopefully the plan will work out but it’s definitely a slog. Forthcoming Christmas costs and our fixed rate mortgage coming to an end in February are not helping. Pay day tomorrow though, so it’ll feel good to get another chunk off the debts then.

Pay day today. The debt left is now:

Tesco £1500
NatWest £3379

I’m glad to see the NatWest start with a 3, that feels like progress.