Stupid, stupid mistake

eschaton

Moneymash wrote: »

I've just read this entire thread, I know the OP only works part time and to pay off £15,000 in one year is a major achievement.

However, what I find most incredible is when people post about debt and then I look at their join date in this case 2008 and their usename debtfreeby2013. I then see their signature, it's disappointing but also a major motivator for me to get out of debt as soon as possible. Also, threads like these stop me buying things that are going to stop me being debt free sooner.

Before any one comments, I realise there are all sorts pf people struggling with debt, people on low, limited and part-time incomes. There are also people on benefits, DMPs and IVAs so I know it can be a long haul process but motivating for me none the less.

You need to try harder at reading

£15k has been in 6 years, not one. It also appears that OP needs to change their username to debtfreeby2015.

debtfreeby2013

eschaton wrote: »

You need to try harder at reading

£15k has been in 6 years, not one. It also appears that OP needs to change their username to debtfreeby2015.

Nope because I still have plans to pay by the end of this year. The loan payments are paid in 2015 if I pay the £70 a month on it but I intend to put some money aside over the next few months (from student loan, and some other payments I have coming in the next few months) and pay a lump sum by the end of the year.

But yes, you are right about the £15k over 6 years (actually probably 5 because I started paying when I set up this account) but about £8k of that has been in the last 2 years because I lived at home for the first year on uni and used a lot of my student loan to pay other debts.

innovate

debtfreeby2013 wrote: »

Nope because I still have plans to pay by the end of this year.

May be change your signature which still says (in your words): ALL DEBTS REPAID BY 2015!!!

debtfreeby2013

innovate wrote: »

May be change your signature which still says (in your words): ALL DEBTS REPAID BY 2015!!!

This is true but that is because there are no guarantees in life an some of the payments I'm expecting are estimates (it's a compo claim) and also relies on me getting a full time job in June when I finish my degree so it's still plans and hopes at the moment but I hope to still be debt free by 2013 but if plans do not work out a I hope then it will be 2015

debtfreeby2013

Plus, I'm mostly on here on my phone which is fiddly enough as it is without changing signatures. The credit card is £800 lower than the sig but haven't changed since about may last year. Also shown by the fact that my car loan is still on there and that is long gone!

stclair

Regardless of other replies what actions have you taken to resolve your issue?

debtfreeby2013

stclair wrote: »

Regardless of other replies what actions have you taken to resolve your issue?

I have spoken with the bank who are happy that this is a first time offence and as I have close to £3k going in my bank account on Monday I will not be charged.

I have another account which at the moment is idle and, starting from when I get paid, I will be putting £100 a month into that (which is the extra money I spent for the last 3 months to go towards Christmas) with the aim to using it to lump sum pay towards my debts but will also be a buffer so, if I have to pay out an amount I wasn't expecting again, I can fall back on that. Also, any payments I am getting on top of my normal pay (did some casual work over Christmas) will also go in to that account so, £200 from casual work, £2k from my next student loan plus £100 a month means a minimum of £3400 by the end of the year, hopefully my compo payment will be £2-£3k, I am getting a £1k grant off the university and will hopefully be earning £1k extra a month once full time which means being able to completely pay my debts by the end of the year.

Obviously only the first £3400 is guaranteed plus the £1k grant from the uni but that's a minimum of £4400 paid off my debts by year end.

eschaton

debtfreeby2013 wrote: »

Nope because I still have plans to pay by the end of this year. The loan payments are paid in 2015 if I pay the £70 a month on it but I intend to put some money aside over the next few months (from student loan, and some other payments I have coming in the next few months) and pay a lump sum by the end of the year.

So you intend to pay a loan from a new loan to then be debt free.

Am I missing something?

debtfreeby2013

eschaton wrote: »

So you intend to pay a loan from a new loan to then be debt free.

Am I missing something?

My faults, badly worded. It actually comes from the £5k adult learners grant from the welsh assembly.

I do have a student loan which was for my tuition fees but will not be counting that as a debt-to-concern-myself-with for several reasons:

A) it come automatically out of my pay and I don't pay if I'm not earning enough
it has no effect whatsoever and
C) MSE says its not actually worth paying back early. Better to save.

innovate

debtfreeby2013 wrote: »

C) MSE says its not actually worth paying back early. Better to save.

The keyword there is 'early'. Eventually, you'll have to pay it back (unless you intend to stick with jobs paying mediocre salary for the rest of your working life)

How are you saving for paying back the loan?