How is everyone doing?

sarah0404

Hello. I've not been around here much lately. Just been slowly getting rid of my debts. I'm kind of fed up. I really want rid of my debts, but there's not really much more I can do. It's just a case of going on as I am. My mum and dad have bought several houses, that they are in the process of renovating. I went to look at the houses at the weekend and now I REALLY want a house!!! It's making me more impatient to get rid of my debts.

How is everyone else doing? How are your debts now?

I think it was about April when I seriously started doing something about mine. At that time I had £32,000 worth of debt. :eek: So far I've sold my car (really don't know how I could afford to run one in the first place) I transfered all my credit card balances on to 0% cards. The deals are just running out on them now. I've cut my phone and internet package. Cut my food shopping bills. Not by as much as I'd like though. I've got my bank out of the £1,600 overdraft it was in, and reduced the overdraft limit to £250. I hardly ever go into the overdraft now. I'm doing ok really.

I now have around £26,000 of debt. That includes the £3,000 I have borrowed from the Bank of Mum & Dad to pay off my credit cards, instead of finding a new 0% deal. I'm paying them back £70 a week, so that should be cleared by August 2007. By then the balances on my loans should have come down by a fair bit. My smallest loan will be about £3,000 by then. I'm hoping my mum and dad will re-lend me the £3,000 so I can pay it off. I'll be able to pay it back at £90 a week then. After that it'll just be the big loan to tackle. I've not really made plans for how to tackle that yet. It's £311 a month, and I'll have at least another £300 a month to add to that.

My OH has been doing extra training, and will be able to find a better paid job really soon!!!!!! Hopefully he will be able to earn around £1,500 to £2,000 a month. If we continue living the way we are now, and use the extra money for debts then we will be able to pay it back twice as fast! Which would be great.

Once I'm debt free, I am going to SAVE my money! I hope to set up savings for Christmas and Birthdays, for household expenses (how great would it be to be able to afford a new washing machine without having to buy it on credit! :j ) I want to set up pensions, savings for my kids, and a house fund. We think if my OH gets a new job, and we pay our debts back, we could save £48,000 in 5 years. Hows that for a deposit!

I'm just wondering how everyone else is getting on. How much longer have you got to go? Is there light at the end of the tunnel? Does anyone have any advice to get through the long hard slog bit? It feels as if I'm not really getting anywhere at the moment.

HairyHandofDartmoor

Hi Sarah. It can be agonisingly slow at times can't it? I joined recently but have been lurking since March and have paid off 1/3 of what I owe, it is all on credit cards and have got most of it onto low interest for life of balance recently.

I know this will speed things up but haven't been able to do anything but minimum payments this month due to birthdays and other expenses and find this really frustrating, so I understand how you feel.

You have done really well so far. Can you cut anything else off your expenses, or get a part time job or sell anything to raise money to pay it off a bit quicker. I have just decided not to go to the pantomime this christmas to save about £48 cos next year we are hoping to be virtually debt free. Every time I make a decision like this it cheers me up because lots of decisions like this add up to pay off the debts a lot quicker. Coming on here helps too sometimes. Good luck.

nidje

Hi Sarah
Maybe you could post a new SOA for people to have a look at and hopefully come up with a few suggestions.
N x

crawley_girl

I know what you mean. I think now that I have acknowledged my debts, I just want to wipe them out asap and none of this hanging about business.

Trouble is, I like to spend too!

I think it is about getting the balance right, so not spending huge huge amounts but spending weeny amounts on stuff like a bar of chocolate or can of coke.

:heartpuls CG :heartpuls

leni

I'm quite please with the way things are going. The past couple of months I've been especially focused and although we haven't really cut down on our spending, OH has become more aware of what we are spending and is taking an interest. I've set myself goals to aim for each month as a minimum to pay off debt and I need to pay another £60 to hit the target this week. The back account is suprisingly healthy considering we've paid all bills etc and I've just been comissioned to make a cake for next weekend we're just haggleing on price but I'm hoping to get £50 from that.

Quidco and Mystery Shopping are helping no end and I already have £100 payments to come in November. Got £150 payments in October from them

I've gone myself a table and I colour in a square for each £10 paid off the debt, I have milestones i.e 20% paid, 25% paid Our target is to be below £1800 by christmas and not put christmas on credit!

Our only lapse was the new car I bought last month, I didn't get half as much for my old car but it was on it's way out so I needed rid of it, I still owed £450 on the car and only got £1000 for it, so in effect I got £550 for a car I've been paying for 3 years! So until christmas, I'm actually paying 2 loans each month (whoops)

themaccas

Hi, it is a slog and after the initial euphoria you feel when you first start and looking at the debt going down, the Hard Slog starts. There is no easy remedy but you have to keep your eye on the prize - becoming debt free, ease up once or twice during the year and give youself a 'minimum payback month' Not adding to your debt but paying minimum payments to cc's and using the extra that month to treat yourself to a holiday/treat, making up any shortfall you still need for your holiday/treat by ebaying/overtime/second job. It will give you something else to look forward to.

I feel tempted to spend EVERY day but I want to be debtfree more and it is that battle of wills that is winning the day for me.

You have done so well so far, keep going!

Imelda

Hi Sarah,

Well when I first joined MSE I had debts of about £7,000 + student loan (which was over £4,000 at it's highest). I am now down to £1,740, which is all on a 0% card. I'll admit I got a good bonus in April which left me with about £3,500 debt, but I have also signed up to do a course which cost £990. I had my LBM as a result of finding out my bonus and instead of being happy I was upset because it wouldn't even cover half of my debt. I am determined that next year's bonus will all go into my savings. I have also started overpaying my mortgage to save more interest, I wouldn't have even considered it before joining MSE!