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

Made another payment so now stands at 2724
have a lovely Christmas everyone

It's been a long time since I posted on here, but I've finally cleared my debt today and I just can't believe it. I've just checked back to my first post on here in December 2019. I'd just kicked my cheating XH out, leaving me as a single parent with £14,400 over 2 ccs. It's been awful at times, but it feels as good as you want it to when you send that last payment. Good luck in 2023 everyone, and have a lovely Christmas.

Amazing @flummingbird and what lovely timing! A huge step forward ☺️

Amazing! Well done, you must be so proud of yourself.

Amazing news @Flummingbird I hope to be writing this one day too!

Unfortunately my debt reduction is now going to take longer than i’d hoped! Dh was in a car accident and is out of work for at least 6 months whilst he recovers, which means I’ll be picking up the slack with some bills!… The first one being a £1000 repair bill for our car (not related to accident! Different car!)

I’ve gone from £1500 owed on my cc to £2500 (approx) 🙁 Luckily it’s 0% until April 24. I’ve been concentrating on my higher interest cc which will hopefully stay on track by paying £200 a month still.

That's really crappy, I'm sorry. You'll get a good chunk of that gone by April 24 though!!

Well done @Flummingbird that must be an amazing feeling!
sorry to hear that @Gwdihooooo hope he’s ok
happy new year to everyone !!

@Gwdihooooo oh no that's rotten luck. I suppose looking on the bright side your efforts to pay down debt mean you are in a better place to deal with this now. I am guessing there is no chance of claiming the losses on the insurance?

We’re currently in the process of claiming comp for loss of earnings. But will be a while yet

Oh no, that's so unlucky @Gwdihooooo . Hope you get something back soon!

I'm currently waiting anxiously for my bonus (will find out the amount mid-Jan). I have a performance-based sales job so the bonus is a huge % of my annual income but I'm worried it will be lower than expected due to the recession etc. Company hasn't communicated anything. It will make a big difference to my debt repayment plans if it's really low...

Ah, I hope it’s enough! 🤞

Jan check in…

I used my cc with 0% a little bit last month due to my husband’s accident. So instead of just paying the minimum this month I have paid £300…. Which is about £150 less than I used. But better than nothing! I’m just hoping I don’t have to dip in to it again this month! I might have paid too much off 🙄

I’ve also paid the usual £200 in to my other cc that has interest charges

Getting there slowly!

0% cc - £1990
cc 2 - £2640

Quick update
cc1 1906
cc2 708
total 2614

Gwdihooooo

Pay min on the 0 card and put any extra on the interest card.
once the interest card is paid off - use all that cash to throw at the 0% card.
Don’t overpay on a 0% card you gain nothing.

Thanks, yeah I’ll do this going forward 👍

January update for me.

Main student loan: just under £42k @ 6.9%

Second student loan: ~£3k @ ~3%

So £45k to go. Was ~£90k at its highest so this is a bit of a milestone, halfway done!

Half way is brilliant! Well done

January update

Tesco - gone ✅Hurrah!
Nat West £1000

Fantastic! Well done 👏

Welldone@MinnesotaMuffin that’s great
now on 2484
cc1 1821
cc2 663

Feb update:

CC1: £2467.78 slowly chipping away. £450 and I’ll be back in the 0% promotion!… in 2 months hopefully.

CC2 has had a big hit due to car repairs! Feels like I’m back at square 1! Just spent £1000 on it 🙈…. Currently owe £2882.26, but at least it’s on 0% until Oct 2024. So I’m just paying off the minimum until I can get CC1 paid as the 0% ends in Oct this year.

NatWest gone 😀🎉 so that’s all the credit card debts sorted, which feels great.

I might stay on the thread if that’s okay? I know many people don’t consider mortgages as debt in the same way but we are on a mission to reduce ours as rapidly as we can. This is a useful spot to hold myself to account on that unless there’s another mortgage free wannabe type thread out there?

We have approx £80k left to pay and want to make overpayments to get it paid off faster than the current July 2027 end of term. To do give us the flexibility for this we are moving onto a svr in April when our fix runs out. 😬

Well done @MinnesotaMuffin that must feel amazing 🎉🎉🎉
good to see you’re staying too 😀

I was on this thread at the start - I had three debts which cleared 2.5 years ago.

for the first time in my life I now have £6000 in savings - apart from the mortgage I own nothing to no one and have a cushion should anything break.

It’s possible!

I was also on this thread previously - have just made the last payment to my DMP and will be debt free from now on.