Where does all the money go?!?! £1,000 PCM...24 months to go!!

[Deleted User]

YB, just popped over from the savings challenge thread. Gutted for you that this has happened. Lots of good advice here for you so I hope you manage to pay it off as quickly as you can.

lovinituk

Sorry, I just can't resist the urge to ask - what was the court case about?

gothrockchic1

How are you getting on YB? Probably busy selling stuff

YoungBusinessman

I won't be disclosing just yet what it was for as still all over news websites etc so would be easy to find out my true ID which I wouldn't like to happen!

Gothrockchick you are quite right, iv had a right declutter and about 25 items sent off and paid for already! Should be ending June with about 4,500 in the bank now...will try to build it upto 6(3 months expenses) then solicitor fees(1000?!) then will overpay the debt off....interest on it is 20% aswel!!!! Unbelievable how high it is!! So about £12k a year towards it and £4k of that is interest!!?

gothrockchic1

Good for you YB, keep it up. Focus on the positives, I know that is easier said than done. But what is done is done and you are doing what is best to make it right.

Well done on the selling too :j

Another thing that helped me when I was in debt was a plan after I had paid the debt off. It keeps you focussed, not that you need it

YoungBusinessman

Since starting this thread, down from £24,478.84 to £23,031.71.....I make that £1,447.18 off which is including interest that's been added back on!! The interest is an eye watering 20% but tackling it as hard as I have since starting the thread, should soon plough through the debt and get saving!! The thing is my net worth is actually positive despite the debt!!! Lots of hard work ahead but off today for a holiday as my back been quite sore the past week! Need a rest every now and then! First goal is obviously to break down below £20k this year while having 3 months expenses in bank! Aiming for achieving that by end of October!!

gothrockchic1

Well Done YB, first step in the right direction :T

YoungBusinessman

Small step of very many!! Got to start somewhere though and iv got some self employed jobs lined up for during trades fortnight. Seems like iv got so far to go, will keep at it though. I want to build up a few months expenses for over winter but the money is there to pay some more off it's very tempting but don't want to leave myself short! Keep reading these forums, they are actually one of the best free past times ul get and I'm sure they wil help me on the way. Trying to imagine how great lts going to be wire disposable income again!!

in_need_of_direction

Stumbled across your diary and am so impressed with your progress to date. Well done

YoungBusinessman

Thanks in need of direction, still feel like iv got so long to go. One thing at a time. Going to step up the self employed side earnings to overpay this as much as possible. If I pay the £1,000 a month, I think only about £600 comes off as the interest is crippling. Id be screwed if I was to lose my job. Worked my way up and don't think id get same income anywhere else. Dreading the solicitor costs now aswel! At least iv a few months to save for them. Need a frugal living Couple of months where I'm just buying whatever is absolute nessesary to allow me to save/overpay as much as possible. Thanks for the support this far guys.