Paying off £12,000

Minimalistdebt

Hi

I'm new to this site so am hoping to find some motivation! I have 12k worth of debts between a personal loan, three overdrafts and a credit card. I have decided to become a minimalist, being in that frame of mind actually stops me spending and wanting material goods. I have pretty much given up any form of alcohol, except wine at family dinners or friends.

I currently get paid weekly, so everything is going in a spreadsheet and I am attempting to live off £40 a week after travel (my bus is quite cheap) when I can.

Any tips or advice would be great - HSBC have been the best so far, helping me by dropping charges and sorting a payment plan. Natwest were okay with dropping some charges but I had to pay in some to stop any more incurring - they charge £6 per day if you go overdrawn which is ridiculous and they don't make enough effort to try and contact you like HSBC.

I'm also going to use my natwest card to pay my salary into as it's not got an overdraft.

Sorry for the long post but it's good to get it off my chest to others who understand!

marliepanda

Minimalistdebt wrote: »

Any tips or advice would be great - HSBC have been the best so far, helping me by dropping charges and sorting a payment plan. Natwest were okay with dropping some charges but I had to pay in some to stop any more incurring - they charge £6 per day if you go overdrawn which is ridiculous and they don't make enough effort to try and contact you like HSBC.

Firstly budget so that doesnt happen Its your responsibility not to go over, not Natwest's

However, on that note I have text alerts on my account for if I go under a certain amount/over my OR, and I have had no problems with them contacting me.

Minimalistdebt

Hi

I've now set that up - my letters were going to my old address which I've now sorted out, but they still had my phone number and hadn't bother to ring to see why I wasn't replying...hsbc just did it without asking.

I'm loving the budgeting and being frugal, feels like a long road ahead, but my goal at the end is to do a food tour of New York (saving up for it of course) so I am going to keep at it. Realising I don't need more material things has been a godsend so far! Thanks