£7k in 7 months...I hope!

jtr2803

Good Evening All,

First of all I have to say a massive THANK YOU to everyone who took the time to post and PM me today, that's exactly why I love being an MSE-er and I would never have got as far as I have without you all *HUGS*

OK, well I got home and had a serious chat with OH about what happened today, where I now stand and what my options were. He agreed that as I will not save anything significant by now paying off my debts early that it would seem a little foolish to scrimp for another 4/5 months like I have been and then go back to having no savings and starting over again. We talked about my monthly disposable income and even without the pub money, should I lose my job, I can more than manage with my basic salary. Ok I wont be able to save like I have been but touch wood, I can keep my job at the pub for at least a few months yet. The only issue OH brought up was that he thought by paying it back early I would improve my credit rating, once I explained that it was actually irrelevant and my credit rating would only improve once my defaults dropped off he concluded that I should still aim to pay off somewhat earlier than Dec 2012 but not in the time frame I had orignally set myself.

I have tried to look at this situation as 'every cloud has a silver lining' and to an extent it does. I obviously brought the subject of the Maldives in that over the past 6 months I have managed to save enough to pay for me to go, on top of that I also have my year end bonus coming in a few weeks time which I am going to put away as my safety net. I was quite surprised at his reaction but he has agreed that given the current debt situation, my savings and the price of the trip that we could go (he even suggested spending a little more to get something more special as it's a once in a lifetime thing :rotfl:). I know some people will be shaking their head at me for doing this but the bare facts remain that I have worked hard over the last six months for this and if anything, I personally think it will encourage me to work even harder to build my savings back up. We are planning to go in May so there is plenty of time for me to re-coup the cost of the holiday. If I was going to save myself money by repaying 18 months early I would, unfortunately that window of opportunity seems to have now passed me by.

So where does that leave me in MSE land?

Well, I am kinda hoping you wont call me a debt free wannabe disgrace and will allow me to stay . This IS NOT the end of my debt free journey, I will still pay it off earlier than my DMP suggests as I am aiming to continue saving the % I posted on Kat's thread, I will come to a point where what is in my bank will be more than the DMP balance and when that happens I will clear it all down. It just means that should something unexpected happen in the mean time then I wont be up S creek without a paddle and will have something to fall back on. I still want to hang out here with you guys, after all, I am starting to see that it's not necessarily the destination but the journey that matters the most.

PS, Feel free to tell me I'm a nutbar for swanning off to the Indian Ocean, I deserve it!!!
xxxx

LittleMoog

Hi Jody,
I think your decision totally makes sense, as you say you're not going to save anything by paying off early, and you've now got such good control ofyour money that I'm sure you'll have saved up what you need to clear it much sooner than your predicted DFD. Since you've got it all under control, nothing wrong with having a holiday either, especially since you've actually already saved the cost, and you'll have plenty of time before May to save lots of spending money and replace what you use on the holiday

One question though - do Payplan ask you to complete an SOA on a regular basis, and might they insist you increase your payments if they see you've had a payrise? If so worth keeping that in mind

I'm a bit jealous, we won't be getting our next proper holiday until early 2012 when we're debt free I've just been invited to go and visit my best friend from school in Washington with 2 of our other good friends, but the flights alone are £420

Kepp

Hi Jody,

I think that decision makes perfect sense.

You've thought it over and done what's right for you, and that's the most important thing.

And enjoy the holiday! You've worked hard for it so thoroughly deserved.

And you'd better stick around!

If_My_Pennies_Were_Pounds

Great decision Jody, sounds like a perfect holiday is just what you need! And you have to stick around to tell us if the maldives was any good!

Also you are a saver on the % challenge like I hope to be so you are stuck with us!

Are you going to change you sig to reflect your savings targets etc?

kavics17

I'm not sure if it's a great decision, personally I would have still paid it back as soon as possible. But I can see your reasoning and as long as you and your OH are happy with it,than go for it. I will be extra jealous of you sunbathing on the Maldives but hey, one day I'll be there too:).

Woowoo

Hi Jody

Well done for sitting down and having a good chat with your OH.

Sounds like you have got it all in perspective and have made your decision based on fact, rather than in frustration or anger.

I think your right to book your holiday to the Maldives, it will be a dream come true and you have saved every penny to pay for the trip. It is the most amazing place, I really want to go back one day.

You better not be leaving our little DFW Group, I would miss you!

Choc-addict

Hey,

Sorry settlement didn't go as planned. I think i'm with Kavics on this one in that I would pay it regardless just to get rid of the debt and not have it hanging over me until 2012. That said, that's me and I just want rid of my debt for good!

Don't be too quick though as DCA's and Banks have a habit of refusing any first offer of settlement. If you have a good read through F&F settlement threads on this site there are loads of good tips.

I'd be inclined to wait a few months and offer them again - they try and get the most out of you but at the end of the day they want money and as quick as possible. I'd perhaps try one more time once you have the money and say something along the lines of it being a one time offer of assistance from family memeber and that it is a first and final offer....also only do it in writing....just remember they want your money and would prefer not to wait until 2012 i'm sure.


P.S - travelzoo this week have some good offers on Maldives

Choc xx

EB69

Jody - I dont know how I missed this - your diary is one of my "regulars" but I haven't had so much time to catch up on here lately so must have missed it in my haste.

So sorry to hear of the set back. My head says I should be saying nooooooooooooo - no dont spend your savings, blah blah blah but you have clearly thought through all the options and if you are not going to be any better off then so what? You work so very hard and you and OH deserve a nice break. I know what I'd be doing if I were you, and its not like you are putting it on a card...

I still hope that the company in question come back to you with a better offer but if not then screw 'em, frankly.

And you will of course still be a DFW - as long as the debt is still there are you want to clear it (and are not ading to it!) then nothing has changed for you.

Best, EB xx

Woowoo

Hi Jody

Hope your ok hun x

jtr2803

Hi Woo et al,

Sorry about my brief absence, it wasn't because of anything anyone said! Had a manic two days at work and been feeling a bit under the weather, think I had too much on my mind :rotfl:.

I am going to have a shower in a sec then I shall settle down and catch up with everyone xxx