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

Ugh the maintenance STILL isn’t sorted- so that’s nothing until at least mid July (with a small faith they sort it by the end of this month) it’s infuriating and my overdraft is suffering!

Going to call the loan provider today to see if it’s ok to make additional payments along side monthly ones. I wish they had an app to manage the loan but they don’t. Can only change the direct debit twice a year so reluctant to do it until maintenance is sorted. All this and court was cancelled- possibly until next year!

So as it currently stands
CC1: £0
CC2: £918 (£125 per month payment)
Loan: £10,000 (£221 per month payment starting mid June)
Overdraft: £900

Just need maintenance sorted and my client in arrears with payments to drop their clothing line (in the next week!) and the overdraft will be sorted and I can increase the loan repayments once child maintenance is coming in (small mercies- he’s £3.3k in arrears with payments)

Oooh just spoke to loan provider- bulk payments are allowed! woohoo! so plan of action

Loan: £10,000
Bulk payment: £1500 (around 15th June)
Balance: £8,500
Monthly payments @ double min: £450 (perfectly do-able once the maintenance is sorted)

The loan can be cleared in less than two years rather than 5 and I'll save myself a whopping £2,600 in interest!

Great news @Bishalisha ... well done 👍🏻

that's good news @Bishalisha

I was trawling through emails today and turns out the hoover is still in its 5 years parts and labour guarantee, no £60 spend for us yay! I've put that £60 straight towards the Fridge Freezer payments though.

I've created my won version of the snowballing calculator on my spreadsheets, shows at the current rate of payments we will be completely debt free by August 2023. My aim is to make that date some point in 2022 instead, every spare penny I get will reduce the debts 1 at a time. It is higher than I thought but having the spreadsheet showing how it reduces is bloody brilliant.

Bishalisha How annoying about the maintenance. It sounds as though you've got a great plan in place now though 👍🏻 well done.

My situation is as follows:

Car loan (which also incorporates a personal loan I had before)

£18,300 to repay. £321 per month starting in August.

Credit card £1,200.

Standing order will pay off £200 per month on credit card. Will be cleared in December.

Savings account £100 😂😂 woohoo! Will continue to add £50 per month to this.

I've got a few hundred spare in both of my current accounts also. I was in a vicious cycle of making big repayments on our credit card but leaving myself so skint that I'd need to spend on the credit card again to make ends meet. It was demoralising so I'm focusing on breaking that cycle. Adding £50 per month to savings and also having a bit of extra money in my current accounts should help prevent that in future 🙏🏼

quick check in. So my ds had a wonderful 2 night, 3 days away over May half term. Paid in full and budgeted for. I can afford a short break for school holidays. Do I do it? or do I pay towards debt? I'll be paying minimum to debt anyway. This is tough

What are the figures coffeechoc ? How much will it cost? What's your debt at?

have reduced debt from £11913 to £6344 currently since Christmas. May half term trip cost around £200. I was thinking of budgeting £500 for us both for summer trip away, in UK for around 5 nights. However that's £500 that could reduce debt quicker. All credit card debt and all interest free.

Long time lurker here, but I've been finding the posts really helpful. Have been quietly dealing with a lot of debt approx £18k @ beginning of last year. Have chipped away at it a little bit but seem to take one step forward & 2 steps back, I can be impulsive when it comes to spending and I'm hoping joining this thread will help me stay on track & keep me accountable

TalkinPeace has been banned by MNHQ but has asked me to let you know that if hopefully when when she is allowed back by MMHQ, she will mend the spreadsheets.

She can lurk but can't post but is frustrated that she can't directly help people like Bad , Fairylea and Bisha

What in the world could TiP do that merits a ban?!

Indeed. That's crazy. Thanks for letting us know, prettybird

Oh no 😱

Please let her know we are missing her and her words of wisdom. I'm so shocked she's been banned after all the good she does on here. Hopefully this is all resolved soon.

I assume TiP was banned for controversial comments she made on the Brexit threads, but I am guessing.

No - that wasn't what got her banned.

What on earth did she do then, Pretty

She was on a final warning but (as an American) posted advice about an F1 Visa on a thread that has since been deleted - and in fact a later poster (Mathanxiety) posted similar advice (before the thread was deleted), warning about potential illegality, given the specific circumstances. For whatever reason, it was reported and it was deemed to be the final straw

She's not 100% sure that that is what it was - but that was the last "incident" before whoever at MNHQ decided that she was not the sort of person that they wanted on MN

I don't want to be more specific as I don't want to be deleted myself.

Thanks Pretty

I'm an old poster TIP helped a lot.

I hope she can read this.

Thanks to her example I am going to train to be a CAP debt advisor.

Hopefully MNHQ will show some common sense and realise that TIP was targeted by a group of posters with an agenda.

It's happened before on the SNboards.

You would have thought MNHQ could see the posting patterns of these trolls/bots but apparently not....

I hope TIP can return soon, she is a credit to mumsnet

TIP- thank you for all your help so far, genuinely

coffeechoc I'm trying to think "what would TiP advise re holiday? It's going to cost you £100 for every £1,000 you've paid off. So you could view it as a reward?

lannister hi!

Talk sincere thanks for your help so far. I hope you're back soon

@StellarLunar. As it's turned out my mum has surprisingly paid for us a short trip away. So I need spending money but will be very good. I'm not buying any new clothes etc. I've lived within means although this month tight as paid for new school uniform whilst an offer was on.
There is no overtime at work so my big repayments will slow. I'm feeling quite frustrated. Having said that I probably could not have maintained 50 hour weeks much longer.
I hope everyone is doing ok. What a shame about TiP

TiP won't be returning: Warning to anyone who might think about querying MN moderation. DON'T if you ever want to be allowed back.

Oh no. I'm really sorry to hear that. I personally am gutted about this. TiP was so helpful to me and gave me some great advice regarding the accountancy qualification I am doing. She has also made me believe that I CAN and I WILL get out of debt. I never believed I'd actually reach that light at the end of the tunnel but she really has made me see that it's possible. Please thank her for me. I think if we carry on thinking "what would TiP tell us to do", we'll hopefully be able to carry on in the right direction. How sad that this couldn't all be resolved