Clear debt vs saving!

helzyb

Hello
Im desperate to clear debts and save for our own house!
I have quite a few debts:
2800 to welcome finance with a dca (would like to offer a f&f)
236 to lowell
800 to halifax for my current overdraft
500 to vanquis (upto date)
180 to capital1 (upto date)
117 pounds tosinclair goldberg
I also have some disputed nursery arreas!

My problem is I would really like to save which I know I should put off until debts cleared.

Trying to cut back to help with this but need to get my head around prioritising the debt over saving!

Im saving with park for next xmas 30 a month

Putting a pound a day in a tin and attempting the 52 week challenge.

I did manage to clear some debt last year around 4000 paid off although acquired 1000 with capital 1 and halifax!

I will have about 400 left a month after essentials and min payments charges etc

helzyb

Hi
Paid 100 off a debt yesterday and a couple of pounds off credit card taking it down to 10221. Hoping I will be able to bring that down under 10000 at the end of the month?

Thinking of switching an account as halifax who I'm overdrawn with offer 100 to switch so that would bring it down a bit!

I just did an online tesco shop and with coupons managed to get 54 pounds worth for 39 although did nt seem an awful lot their but main meals breakfast and pop definitely sorted (pop is my guilty pleasure, sad I know)

I have a 20 pounds boots voucher and 10 pounds body shop voucher so will stick up on essentials eg wipes nappies bubble bath and maybe a treat with these which will save a few quid!

Have nt really got much cash left without dipping into my little savings pit first.

Can't decide whether to pay off vanquis or halifax first halifax would take longer and to easy to dip into however more expensive?

Wish I could magic it all away!

helzyb

Managed to only spend 2.75 today on a reduced diary. Which is quite good for me! Going to try the snowball calculator later to figure out the best way to tackle these debts!

helzyb

I have sent a full and final settlement offer to one of my debts fingers crossed they say yes! If not will have to set a small dd offer up with them.

Patman_Post

Well Done Helzyb - keeping my fingers crossed for you.

Have you decided on the order you want to repay these debts? If you get the £100 from Halifax - that practically wipes out the debt to Sinclair Goldberg. One less ball to juggle....

Keep fighting the good fight.

helzyb

Hi
Never thought of it like that! ( clearing Sinclair Goldberg with the switch offer) will go into bank on
Thursday!

I was thinking that I would like to pay halifax off first as I get charged 1 pound a day for anything over 300 a month so would have to bring it down by 700 which would be dooable but would end up back in itafter about 2 weeks (but would then only be charged 14 instead of 30)

Then I think I could use the money and clear vanquis and have a debt gone. I'm spoilt for choice!

Thank you for replying ☺️

helzyb

Hi
Still considering switching bank to get the 100 fee, my only concern is bank that I will be closing reports on my credit file if I close it then I won't get that positive rating) but as Patman post said that 100 would pretty much clear a debt taking me closer.

I said a few posts ago that I had offered a 30 percent f and f settlement offer. Creditor has emailed to say they are considering my offer and will be in touch shortly with an answer.

Really excited about that and feel quite positive that their considering it as was worried about their response.

Payday is only 7 days away so will be able to pay a good chunk off although if the final settlement is accepted then it will be minimum payments all around! Oh and beens on toast for a month!

helzyb

Hi


Just 4 days until payday


Been shopping today, Used the 5 pound off shopping at aldi and spent 57 pounds which should last the week their are 5 of us plus my niece so 3 adults and 3 children).


Still hoping my final settlement will be accepted as that would clear a 3rd of my debt!


Going to go the bank on Thursday to switch accounts (100 bonus) plus if my wages are going into that account then that will bring overdraft charges down.


Planning to bake some cakes when I cook dinner to use the oven more economically and keep them for packed lunches. Thinking about freezing them? Not sure if that will work?


Trying to find a recipie for cereal bars as I buy around 6 boxes a week for breakie on the go for kiddies.


I have swapped pepsi for a cheap brand which will save around 60 a month!!!!




I have recently moved to a council house to help me sort myself out the rent is 300 a month cheaper and council tax 60 a month cheaper! Its a little cramped but actually have wages left after paying rent!


In the longer term I am desperate for home ownership but for now I want to clear debt, improve credit history and save!


Could do with hubby being a little more frugal tho as he spends silly amounts on not a lot eg express 10 pounds for pop meal deal and snack! I think that's where most of his wages goes really! Its hard not to become a nagging wife!

helzyb

Managed a NSd today! So pleased with myself!

Took the children to the park fed the ducks.

I did spend a fiver of hubby's money on battery's and bits. So still a NSd for me ��

Only 3 days till payday and being able to bring total debt down some more, will be under the 10000 mark which is exciting!

helzyb

Soooo hoping it's payday tomorrow to pay some debt off....

Still awaiting final settlement decision.

Not sure if I mentioned but I have recently moved from a house where I was paying nearly 700 a month rent and 150 council tax to a housing association house at half the price! Meaning I have an extra 400 a month cash left which is such a relief.

Although still not quite sure what way to tackle them first!

helzyb

So payday has passed I have 350 pounds left to pay on debts!

I have spent quite a lot in the past couple of days:

New shoes for youngest (32 pounds but got a discount of 11 making them 21!)
New coat for me could nt take the cold any longer (reduced from 40 to 25 I then gave in a 5 pounds off voucher so coat was 20)

New skin creams 15 pounds (I was distracted by all the shiney packets)

New Tupperware it's like after turning 30 I love the stuff!

Will put the 350 into overdraft I think as then for a little while I will be under the point where I will be charged so will reduce my fees whilst leaving spare cash just incase my full and final settlement is accepted!

I'm hoping to pay a little extra a day off my credit card even 1 pound a day would be good!