Anyone with debt of around £4k?

Miffi_2

I was wondering who is in the same boat as me with a debt of around £4k? I'm just interested to know about others the same as me and how you plan to sort your debt out and what your repayments are etc - if that isn't too nosey.

piratess

Hi Miffi .. well mine is about 2and halfk ......and ive drawn up letters to send to a couple of companys and also got a direct debit arranged for another company, and just have to sort out the other one and then im sorted! ..

how are you getting on ??

heybigspender2006

Hi, mine's about 3500 on credit cards, I used that snowball calculator thing and worked out I can be credit card debt free by May 2008, which made me breathe a big sigh of relief at the weekend.
That's by putting £200 a month across 4 credit cards - not bad in my book. If I just payed the minimum payments (which I've been doing for the last year or so) then I'd be debt free in 2012.

Zabl

Hi Miffi,

Mine is just under £4k with £3k of that on a credit card. I plan to get my total down to £3k by the end of July, by claiming back bank charges, doing mystery shopping, writing down everything i spend and ebaying everything in sight!

Whats your plan to reduce your debt?

Warriorsith

Hello

Mines approx £4k, I got it years ago and then it was £10k. I pay extra to my Dell account and once thats cleared by September. I'll be paying more to my CC to reduce them and then get rid of the BarclayCard account, the debt am in most is a £3k defaulted loan and I repay small amounts per month but once the Dell and CC accounts are cleared I'll be increasing that amount till I clear it by the end of next year.

My plan is set each month knowing how much I get each fortnight, I simply have a spreadsheet on my computor and have budgeted for the next 18 months with the stuff I need to pay out, I'm not left skint I have at least a £100 left to last me two weeks just incase anythink arises admittedly I'll spend it more on treats but I think thats fair as even though I'm in debt doesn't mean I should miss out on anythink as I was in that situation years back with my wage going mostly on debt and me struggling and it wasn't good for me.

So you should possibly make a spreadsheet of all your main outgoings ie rent, gas, phone etc then whatever's left divide it in to repayments for your debt or debts.

Zabl what are you selling on Ebay to get good sales like you are?

Miffi_2

Sorry, I'm things are a bit mad today so having to dip in and out of MSE....

At the moment I don't have a plan or a spreadsheet or a proper budget...but it is somewhere lurking in my mind and I will put it onto paper at some point. I've only been paying off the minimum which is why I don't seem to be getting anywhere, but I plan to up that as soon as possible. I was going to try and get a second job, but my day job is going to be pretty manic over the summer (get time off in lieu not over time pay unfortunately) so have decided to resume looking to start a second job at the end of August/early September. But up until then, I will have to be ruthless with my spending.

You will see that my plan is bitty and not a solid on paper plan like everyone else, but I'm getting there...I think I'm going to have start being ruthless and ebay a heck of a lot more stuff just to give me a bit of breathing space as far as day to day spending goes - petrol etc........

One day I'll get there...(sorry to ramble, feel in a dream today)..

lady_fuschia

Hiya,
Mine's just over £4k a bog standard bank loan - took it out mostly to pay upfront for a part time course (worked out cheaper than paying installments). Paying £90 a month off at the moment by direct debit on pay day, which will take me another 3 years, but once I come back off holiday in August (booked prior lightbulb moment!) am planning to increase the amount to £200 a month (and possibly a little more if I can) to try and drive it down sooner. Will probably do it by cheque or cash at first (I know it will take discipline but I'm determined!) to be sure I can manage it, then set up a dd after a couple of months.

Kevicho

At the end of this month mine should be down to about that