Fat, forty and financially f**ked

mothsinmywallet_2

Congratulations! You have made amazing progress!

DayDreamerandGeneralWaster

@mothsinmywallet_2 it's a great motivator. At the beginning of the year we were paying £640 a month on debt repayments, with just one being overpaid. Two ccs down and we are focussing on a car loan l took out. I needed a car as the gear box went in my old one but l really really wish l had bought a cheaper one. At the moment we are paying out £565. The extra has gone to the mortgage account. One other loan left that l try not to think about..we took it out at the same time as our mortgage in the bad old pre credit crunch days and although it's low interest it has cost a shocking amount over the 13 years and  it's still £17.5k 🙈🙊 sorry that turned into a long spill!! 

mothsinmywallet_2

I'm having a quandary at the moment over whether to borrow the remainder of the credit card debt from my dad and then pay him back at the same rate. Will save about £1k in interest and take 4 months off payback date. But I don't want to borrow any more money from him as we owe him so much already. It would adversely impact my mental health tbh. 

mothsinmywallet_2

The point of that post was yes, interest is terrifying! 

Running_man

No do not borrow from your dad
ANYTHING that COULD affect  your mental health is not worth it
You are doing amazingly well
Take a look back at what you have achieved in such a short time
You should be proud of yourself

Sarahwithlove

If you think it will effect your mental health then I would say it's not worth it. I know it's not nice owing money to family but 1k is quite a bit to save. It's 1k you can pay back to your dad quicker so maybe have a look at how and why it's going to effect your mental health and if it's something you can work around. 

mothsinmywallet_2

Both replies are good food for thought. At the moment I think I won't because this is something I need to do to prove to myself my mindset has completely changed. If, six months down the line, I have stuck to all my plans I will revisit the idea. 

EssexOstrich

I've found the best lessons learnt come from paying back the debt the harder way. You seem really motivated at the moment so agree you should carry on as you are. Plus your mental health is more valuable than the interest in the long run.

Well done on all your progress so far!

mothsinmywallet_2

Exactly! I feel like I have to walk this path (sorry for the hippy bullsh1t)

Sarahwithlove

mothsinmywallet_2 said:

Exactly! I feel like I have to walk this path (sorry for the hippy bullsh1t)

Just do what's best for you. Not everyone is going to take same path.