anyone trying to clear more than £30k debt

scotdebs

hello all just started my dairy on trying to clear my £43k of cc debt - anyone else with a similar large amount to tackle as it does feel a bit overwhelming. I know what seems like a large or small debt is totally dependent on individual circumstances but if any of you have a mountain of similar size and also have a diary going with would be great to follow your progress.....

January2015

Hi

I have a mountain of debt. I have a diary, but am pretty useless at keeping it up to date. I tend to post on it once a month.

Just wanted to say good luck with your journey

1974nicola

Yup. I also have my Everest. Here's hoping this will be my year. I'm approaching it slightly differently from others I believe. I'm not paying much. Instead I'm hoping to save enough to offer full and final" settlements. Hoping to get £25K together this year to pay off what is now £54K.........its a plan. I am sick of it though so really hoping it works.

January2015

1974nicola wrote: »

Yup. I also have my Everest. Here's hoping this will be my year. I'm approaching it slightly differently from others I believe. I'm not paying much. Instead I'm hoping to save enough to offer full and final" settlements. Hoping to get £25K together this year to pay off what is now £54K.........its a plan. I am sick of it though so really hoping it works.

Wow ! I wish you all the best with this. I will watch to see you if post of any successes with predators re. F&Fs.

:beer:

scotdebs

Thanks for replying Nicola and January glad to know I'm not the only one facing their own particular mountainous lump of overspend - will look out for both your diaries - will be a bit of a slog for us all I'm sure but man I'm so ready to be rid of this - we would actually be pretty comfortably off if we weren't throwing over a grand a month at cc repayments
Onwards and upwards:T

sourcrates

Yep, 57k of debt re-paid by an IVA.

Paid in £16,500.

Due to change of circumstances, creditors accepted payments to date as full and final settlement.

£20,000 debt was never claimed by one creditor.

So £40,500 was written off.

Very lucky chappie was I !!

crazy_cat_lady

I paid off almost £30k of debt... My diary doesn't start until almost the end of it though - I started it when I had a small crisis and needed to find almost £1000 for a vet bill, and it's turned into a long rambling place where I just vent about anything and everything.
Good luck - you can get there.

Ellieseleven

Hello,

I'm into the final stages of paying off 46k and I have kept a diary of my ups and downs:


https://forums.moneysavingexpert.com/discussion/2599257

I break my debt down into smaller chunks so as I reach each target (milestone), I feel as though I have achieved something. This is my 6th year on a DMP and the time has passed quickly, there have been a few hiccups along the way but I have survived and I'm getting quite excited now at the prospect of being debt-free in the not too distant future;)

Good Luck with everything!

Ellie xx

carol1963_2

Morning, I've got £40K'ish. Like you I feel it's a slog but I'll get there some day. I haven't got a diary but love to read all the other lovely ones that people do scribe too.


I would also love, love, love an emergency fund (but never seem to get one), have managed to squirrel £100 this month but the Van is due it's MOT tomorrow and I know for a fact that it is going to cost more than that so back to square one.

lazer-zxr

I started with 51k in Feb 15.
Now at around 39k.
I didn't bother with any IVA or contacting my debtors, or a debt advisory organisation, .... maybe I should have, I'm simply throwing quite a lot at paying them back.
I've a fairly regular diary, and I'll make sure I sign up to follow yours to keep me motivated ... goodness knows I need it after one year into the five year long haul.

Best of luck. We all need to just keep going year after year with the plan ... its the hardest part of the journey, and most boring bit. But just imagine ... debtfree one day

Gettingtherequickly

I had my LBM in reverse. I was so sick of debt that I simply bit the bullet and paid it back. I was so terrified of the total amount that I waited until I was debt free and worked out how much I had owed, was staggered to realise it was over £30k. I didn't know about this site until the last few months of payments.

However, I regularly read here, not to feel smug because I no longer have debt, but to keep me on the straight and narrow. I know exactly what everyone is going/has gone through so I am not in a position to be judgemental and that is very empowering.

You have taken the first step, that it is the most difficult, which direction you go in will need to be decided as a couple and with the help of one of the free debt advisory companies. Once you start the journey properly, the relief you will feel at being in control (and loss of control is what is giving you a tough time at the moment)) will ensure that not only will you start to sleep better, it will empower you.

Best of luck.