Not sure what else we can do?

debtfreesomeday

We started to focus on reducing our debts back in August / September of last year after we realised how long we would be in debt if we kept frittering our money away. We have had ups and downs, but have done ok so far in reducing our credit cards. We have one left with Virgin which has a balance of £4520 on it (see sig. below), this is 0% until August when I will try and get another 0% deal. We are overpaying by approx £300 per month on this. When this is cleared, we shall overpay one of the loans.

I have been doing survey websites, selling surplus stuff on ebay, Amazon and offline (advertising locally), cashing in on dvds and cds via music magpie and we're sorting stuff for a car boot sale when the weather is warmer. I enter loads of competitions in the hope of a big win or to win stuff that we can sell on ebay to make a bit of extra money.

We're budgeting for groceries, petrol etc and I have switched all utilities as much as I can. We don't have much of a social life; we cook from scratch and don't have takeaways etc and a second job is out of the question due to the amount we work now.

I just feel like there's nothing else we can do. I'm feeling like we've hit a brick wall and, although we're paying extra monthly, there's nothing we can do to get us out of debt quicker.

Does anyone have any other suggestions or any other options to help us move forward and get out of this rut?

DawnW

It looks to me as though you have actually done very well since your 'light bulb moment', and are perhaps feeling a bit flat at the moment, maybe due to the horrible weather and dull time of year? You could post a SOA on here if you haven't done so already, and then the 'experts' can come along and offer advice?

lilian1977

Hi debtfreesomeday

I feel the same as you, my debt is completely manageable and I have worked out a plan with myself where it will be paid off by Dec this year (instead of June 2011 which is when it was meant to be paid by).

However we are saving for a deposit and in the current climate it feels like this will never come together. I'm 31 and my BF is 33 and I feel like we don't have long to sort this as I don't want to have a child in a small, damp, rented flat.

All I can say is keep slogging away, you WILL get there. And everything you're doing is going to bring that day closer.

Good luck xx

Naarwich

As per the comments above...it looks like you've done extremely well since your LBM, however understand why you really want to clear that debt a.s.a.p!

This isn't the best option for everyone however have you ever thought about matched betting? You can start on a float of around £100 and it's a great way to make extra cash. I've currently made around £1300 since late October 2008 and I've not really been pushing it. It's fully supported by MSE and there's a really good guide here: http://forums.moneysavingexpert.com/showthread.html?t=325861

WorkingHardDFW

From your signature it looks like you made significant progress already. Its not always about seeing the debt reducing but about changing your habits (which probably got you into debt in the first place) and not increasing your debt.

I fully sympathise. Since our LBM in 2007 we've had many ups and downs. Often it feels like it will never end but at other times it feels like an real challenge reaching a particular goal/challenge.

Perhaps you can set your self some mini goals, rather than focusing on the ultimate goal of being DF? Personally I take a CC at a time and just think about that ignoring the overall debt.

The other thing I always tell myself when I've feeling demotivated is that we didn't acquire our debt overnight and therefore its not going to disappear over night either - no fairy godmothers in this neck of the woods.

Good luck :cool:

debtfreesomeday

Thanks for replying everyone, it is so frustrating isn't it. I just wish I had a spare £25,000 to wipe this whole debt out in one go! Never again would I be so foolish with loans and credit cards.

Naarwich - thanks for your suggestion, I'd love to get into matched betting but, try as I might, I just can't understand how to do it, no matter how many times I read things through! I'll have another read tonight and see if I can understand it...

Hi lilian1977 - I know what you mean, I'm 30, hubby is nearly 34 and we want kids but seriously can't afford for things like maternity leave and childcare. Our debts would NEVER get paid off if we had a baby anytime soon, I'm sure.

I guess we just keep on going with the long slog... x

Jacks_xxx

Hiya sweetie, :wave:

I always think it's a little bit exciting immediately after your LBM - there's lots to do and lots to plan and organise, but after a while you've got your ducks in a nice tidy row and all that you need to do is keep on doing what you're doing - and that's when it gets frustrating.

What helped me was to have little flurries of extra activity such as carboot sales, babysitting, eBaying or extra hours or cutting the grocery spend down to the bone for 3 weeks etc, throwing the money I made or saved at the debt and working out how much sooner I'd be debt free because of it.

When I first did The Snowball it said we'd be paying until 2028 but we only have one debt left now and I hope to be able to finish it off this week. (and if not, this year.)

When's your debt free date pencilled in for hon?

Love Jacks xxx

lilian1977

That's great advice Jacks

partickz

debtfreesomeday wrote: »

We started to focus on reducing our debts back in August / September of last year after we realised how long we would be in debt if we kept frittering our money away. We have had ups and downs, but have done ok so far in reducing our credit cards. We have one left with Virgin which has a balance of £4520 on it (see sig. below), this is 0% until August when I will try and get another 0% deal. We are overpaying by approx £300 per month on this. When this is cleared, we shall overpay one of the loans.

I have been doing survey websites, selling surplus stuff on ebay, Amazon and offline (advertising locally), cashing in on dvds and cds via music magpie and we're sorting stuff for a car boot sale when the weather is warmer. I enter loads of competitions in the hope of a big win or to win stuff that we can sell on ebay to make a bit of extra money.

We're budgeting for groceries, petrol etc and I have switched all utilities as much as I can. We don't have much of a social life; we cook from scratch and don't have takeaways etc and a second job is out of the question due to the amount we work now.

I just feel like there's nothing else we can do. I'm feeling like we've hit a brick wall and, although we're paying extra monthly, there's nothing we can do to get us out of debt quicker.

Does anyone have any other suggestions or any other options to help us move forward and get out of this rut?

Look at your sig?? I would say that you are doing rather well!!! It is a bit painful, but if it was quick and easy everyone would do it!

partickz

Jacks_xxx wrote: »

Hiya sweetie, :wave:

I always think it's a little bit exciting immediately after your LBM - there's lots to do and lots to plan and organise, but after a while you've got your ducks in a nice tidy row and all that you need to do is keep on doing what you're doing - and that's when it gets frustrating.

What helped me was to have little flurries of extra activity such as carboot sales, babysitting, eBaying or extra hours or cutting the grocery spend down to the bone for 3 weeks etc, throwing the money I made or saved at the debt and working out how much sooner I'd be debt free because of it.

When I first did The Snowball it said we'd be paying until 2028 but we only have one debt left now and I hope to be able to finish it off this week. (and if not, this year.)

When's your debt free date pencilled in for hon?

Love Jacks xxx

And I bet that once you are free of debt, your 'habits' will be changed forever?? That is the important thing- saying no to a life of debt and paying on the 'never-never'! Short-term pain for permanent gain!

ps Well Done Jacks

Naarwich

debtfreesomeday wrote: »

Naarwich - thanks for your suggestion, I'd love to get into matched betting but, try as I might, I just can't understand how to do it, no matter how many times I read things through! I'll have another read tonight and see if I can understand it...

I know exactly what you mean. It is quite daunting initially but once you've got your head round it and understand that it's only a numbers game rather than gambling, it can be a significant vehicle for getting rid of more of that debt. If you've any specific queries then feel free to PM me and i'll either answer your query if I know the answer or at least point you in the right direction!:beer: