Well I have done it.

Fuffa

I have joined and this is my first post so hello everyone

This year I have decided to get out of the hole I created.

I have called all the companies I owe and totaled it all up and it's not
as bad as I had imagined.

So is it possible to clear £12,998.61 in a year?

I think I need to get another job to help clear some of this off.

Any ideas?

svmitche

Welcome and well done!

It's not so much whether you need another job, because you do need a life - it's more about the strategy you employ to start digging.

If you could post some of the details of where your debts are and how much, what the interest is etc, people can be much more helpful with suggestions of where savings can be made in your interest and your spending to help you throw the maximum amount at these debts and get them gone!

Have a look round at the boards to look at your bill snad how you might reduce them, look at some of the advice posted to other users and also check out the articles on the main site for more.

Good luck and well done for taking the first step!

rchddap1

Congratulations on deciding to make a start in getting rid of your debt. Some people have managed to clear huge sums in a very short space of time....but they key is spending what you have carefully and clearing the most expensive debt first. If you post a statement of affairs here (incomings, outgoings, debts etc..) lots of people will give you suggestions on how to cut down.

Fuffa

Thanks I know I'm doing something positive and only I can do it!

lottie26_2

I have just started too.
I have 5900 on a virgin card which is O% just taken that out 485 left on my Halifax cc which is the remander left from the 5900 just paid 300 off that so only 185 left which i plan to pay next week and the week after.
I have worked out that I can have all this paid by the beginning of July then I'm going to save and shoud have enough to settle my a+l loan in Dec.
Wish me luck, Goog luck to you all xx :rolleyes:

ms_london

Well done on being so positive!!!

Could you post a SOA, (statement of affairs) which lists your income & all of your outgoings, and also a list of your debts, including balance, available balance, monthly repayment & APR. You might be able to save some money without realising it, therefore being able to throw more money at your debt.

Without knowing what you earn etc, only you can answer whether it is possible to pay off that much in a year. However, this time last year I had a £10,000 loan and decided that I wanted to pay it off within the year and cleared it on the 27th October in the end. This was through having two jobs, and ebaying my little heart out, and although I did have a holiday last year, I managed it. You can do it if you set your mind to it, but you do also need to strike a balance and have some kind of life in the meantime.

Let us know how you get on. I definately applaud you for making that decision though, well done!!

tattooed_lady

Welcome to MSE Fuffa! Check out some of ms_london's posts, she managed to clear £10,000 in a year! Good luck x

Fuffa

ruyareece wrote:

Welcome to MSE Fuffa! Check out some of ms_london's posts, she managed to clear £10,000 in a year! Good luck x

Thanks Ruyareece I'm still trying to find my way around this board so I'll keep checking everyones useful advice

Fuffa

ms_london here is what I owe

Credit card 1 £1382.05 I pay £75 per month
Credit card 2 1404.62 I only pay £15-20 per month
Loan £11,411.94 I pay £291.16 per month. 3 1/2 years left

I also have a car whihc I pay £113 per month and two and a half years to go.

I earn around £1450 per month but Including bills and food petrol it's becoming a struggle really.

F x

cazywazy

So how long did it take you as I have about 16k and an o/draft of 2k ... student loan i'm not worried about as it's paid at source..
you have given me some hope. thank you

ms_london wrote:

Well done on being so positive!!!

Could you post a SOA, (statement of affairs) which lists your income & all of your outgoings, and also a list of your debts, including balance, available balance, monthly repayment & APR. You might be able to save some money without realising it, therefore being able to throw more money at your debt.

Without knowing what you earn etc, only you can answer whether it is possible to pay off that much in a year. However, this time last year I had a £10,000 loan and decided that I wanted to pay it off within the year and cleared it on the 27th October in the end. This was through having two jobs, and ebaying my little heart out, and although I did have a holiday last year, I managed it. You can do it if you set your mind to it, but you do also need to strike a balance and have some kind of life in the meantime.

Let us know how you get on. I definately applaud you for making that decision though, well done!!

cmjohnson_86

Surely if you are earning £14,500 per month, you could EASILY pay off your debts, just make bigger payments to people you owe money too and that way its getting paid off much quicker.