Small Steps Out Of Massive Debt!

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  • Hiddenidenity
    Hiddenidenity Posts: 5,423 Forumite
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    Well done on the student loan :D

    Have a lovely day x
  • Shammi
    Shammi Posts: 17 Forumite
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    I have been lurking for a while. Thougth I would join in! It took me more then 10 years to pay my debt off (Loans/CC/Catalogs/Friends). So you'll get there. I have 11K outstanding on my Student loan. will be tackling that next. All the best!
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    ada-or-ardor wrote: »
    Well done on your student loan!!! So close to sub 10k!!

    And I love your idea of the post it notes and dotting them around here and there, that will be very motivational! And of course every time you can rip one up, you've actually paid off more than 1% since it's from your original, not your current. Just imagine paying off that final one!!! :-)

    If I don't pop in again have a wonderful time in Marrakech! The weather is gorgeous there.

    Ada x

    I know, I wasn't expecting the balance to be under 12K so very pleased with that :) It is just ticking along in the background as the repayments come out automatically and the interest rate is only 1.25%.

    The 1% figure is definitely helping, I love the idea of ripping up pieces of paper every time I make it, or I might make a new spreadsheet with a cell for each 1% so I can highlight every time I do it :)

    We've had such shocking weather here over the past two days & I got soaked on my way home from work yesterday, it is definitely putting me in the mood for sunshine. Got a trip to Wilkos to stock up on sunblock today & will be packing my case this weekend :T
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    mummytogirls wrote: »
    Yay to the student loan GC, annoying that it only gets updated once a year though!! xx

    Thank you! It is annoying that it is only updated once a year (especially as the deductions come out of my payslip every month!) but it is nice when I see the balance reduce by so much in one go! :D
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Treadingonplaymobil wrote: »
    Well done on the student loan (I remember the pain of having it taken from bonuses!), and great idea on the post its. I can't do that as my DC would think I'd lost the plot (and they obviously don't know about the ginormous debt), but I might try to think of a way of breaking it down a little - it's such a huge number to consider in one go.

    Thank you! I think I'll make a new spreadsheet broken down into 1% cells so that I can cross them off one by one. I'm into the grind now, I don't think there are any easy wins left so focusing on 1% at a time will keep me motivated.
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Hiddenidenity wrote: »
    Well done on the student loan :D

    Have a lovely day x

    Thank you lovely :) xx
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Shammi wrote: »
    I have been lurking for a while. Thougth I would join in! It took me more then 10 years to pay my debt off (Loans/CC/Catalogs/Friends). So you'll get there. I have 11K outstanding on my Student loan. will be tackling that next. All the best!

    Hi Shammi! Thank you for stopping by and posting :) It is so good to hear from someone who has gone through this process and come out the other side, it reminds me that this debt repayment dredge WILL end! Good luck tackling your student loan :)
  • EssexHebridean
    EssexHebridean Posts: 21,372 Forumite
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    Wow what brilliant progress!

    Remember that you say things will slow down now, but as you get stuff gone your payments (and so your impact on the remaining figure) to the other debts increase, so it may not slow down as much as you're expecting.

    Your 1% plan is definitely a good one - and if you need even MORE motivation, compare with what your 1% figure now is to really see how much impact you've made!

    I'm subscribed and look forward to seeing your continued progress. :)
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  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    EssexHebridean wrote: »
    Wow what brilliant progress!

    Remember that you say things will slow down now, but as you get stuff gone your payments (and so your impact on the remaining figure) to the other debts increase, so it may not slow down as much as you're expecting.

    Your 1% plan is definitely a good one - and if you need even MORE motivation, compare with what your 1% figure now is to really see how much impact you've made!

    I'm subscribed and look forward to seeing your continued progress. :)

    Hi EH! Thanks so much for reading and your lovely post :)
    I think that the switch away from the HSBC card (and the higher rates on the B/Card & MBNA) will help with seeing more of my monthly payments going towards the capital rather than being swallowed up with added interest!
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Working from home today as I had a few appointments to fit in. I've also collected Wilkos, Boots and H&B orders (sunblock and essential toiletries from Wilkos and supplements from Boots). I've stopped buying things in store unless I'm really desperate, instead I check out the special offers, order online after going through TopCashBack and then order to collect in store. I saved a lot on the sunblock and shower gel etc and got a 3 for 2 on the Boots supplements & buy 1 get 1 for a penny from H&B.

    I have a chronic health condition which entitles me to a medical exemption card from prescription costs - my silver lining! But my specialist also recommended I take certain supplements which aren't covered by my magic free prescription card, and they get expensive so I always look for special offers and stock up when I can. So I've spent £40 on them this week but that is better than £65 when they are full price.

    Also went to vote. I've never been so despondent about an election before but I am always lecturing people about how important it is to vote, so I had to force myself to the polling station :p
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